Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 82.4 | 82.4 | 82.4 | 82.4 | 82.4 | 82.4 | 82.4 |
| Target Valuation (MEur) | 747.2 | 692.5 | 675.9 | 618.5 | 443.2 | 362.0 | 362.0 |
| Targer Price | 9.07 | 8.41 | 8.2 | 7.51 | 5.38 | 4.39 | 4.39 |
| Potential, % | -3.5 | -12.4 | -26.7 | -47.7 | -61.4 | -68.5 | -68.5 |
| Recommendation | Hold | Hold | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 774.4 | 790.9 | 922.7 | 1182.2 | 1149.2 | 1149.2 | 1149.2 |
| Price | 9.4 | 9.6 | 11.2 | 14.35 | 13.95 | 13.95 | 13.95 |
| EV | 917.0 | 937.0 | 1063.0 | 1308.0 | 1188.0 | 1105.0 | 1017.0 |
| P/S | 2.51 | 2.59 | 2.95 | 3.61 | 3.39 | 3.32 | 3.3 |
| EV/S | 2.97 | 3.07 | 3.4 | 4.0 | 3.5 | 3.19 | 2.92 |
| EV/EBIT | 11.46 | 12.83 | 14.48 | 16.81 | 14.44 | 12.56 | 11.2 |
| P/E | 10.77 | 14.02 | 17.54 | 21.19 | 17.71 | 16.35 | 15.83 |
| P/B | 3.79 | 3.59 | 3.93 | 4.74 | 3.7 | 3.02 | 2.53 |
| P/OCF | 9.78 | 12.55 | 12.5 | 14.54 | 12.01 | 12.38 | 11.74 |
| EV/OCF | 11.58 | 14.87 | 14.4 | 16.09 | 12.42 | 11.9 | 10.39 |
| P/FCF | 10.16 | 12.69 | 17.92 | 20.31 | 13.1 | 13.8 | 13.01 |
| EV/FCF | 12.03 | 15.03 | 20.63 | 22.48 | 13.55 | 13.26 | 11.51 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 308.7 | 304.9 | 312.7 | 327.1 | 339.4 | 346.7 | 347.9 |
| Rev. Growth, % | 12.1 | -1.2 | 2.6 | 4.6 | 3.8 | 2.2 | 0.3 |
| Ebit | 80.0 | 73.0 | 73.4 | 77.8 | 82.3 | 88.0 | 90.8 |
| Ebit Growth, % | 41.1 | -8.8 | 0.5 | 6.0 | 5.8 | 6.9 | 3.2 |
| Ebit, % | 25.9 | 23.9 | 23.5 | 23.8 | 24.2 | 25.4 | 26.1 |
| Profit | 71.9 | 56.4 | 52.6 | 55.8 | 64.9 | 70.3 | 72.6 |
| EPS | 0.87 | 0.68 | 0.64 | 0.68 | 0.79 | 0.85 | 0.88 |
| Profit Growth, % | 62.7 | -21.6 | -6.7 | 6.1 | 16.3 | 8.3 | 3.3 |
| Profit, % | 23.3 | 18.5 | 16.8 | 17.1 | 19.1 | 20.3 | 20.9 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.7 | 0.6 | 0.7 | 0.8 | 0.9 | 0.9 | 1.0 |
| Acc. Receivable | 33.9 | 33.3 | 36.2 | 36.8 | 36.3 | 37.8 | 39.0 |
| Cash | 30.0 | 52.4 | 42.5 | 32.5 | 118.0 | 201.3 | 289.7 |
| Equity | 204.4 | 220.3 | 234.9 | 249.5 | 310.6 | 380.9 | 453.5 |
| ROE, % | 35.2 | 25.6 | 22.4 | 22.4 | 20.9 | 18.5 | 16.0 |
| ROCE, % | 21.2 | 17.4 | 17.6 | 19.1 | 17.6 | 16.4 | 14.9 |
| Net Debt | 142.6 | 145.7 | 140.0 | 126.0 | 39.1 | -44.2 | -132.6 |
| Gearing, % | 69.8 | 66.1 | 59.6 | 50.5 | 12.6 | -11.6 | -29.2 |
| Equity ratio, % | 41.4 | 41.7 | 44.6 | 47.8 | 56.0 | 63.2 | 68.2 |
| Acc. Payable | 35.9 | 35.5 | 39.5 | 38.5 | 35.1 | 36.0 | 36.0 |
| Total Assets | 493.8 | 527.7 | 526.1 | 521.6 | 554.7 | 602.7 | 664.8 |
| ROA, % | 14.6 | 10.7 | 10.0 | 10.7 | 11.7 | 11.7 | 10.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 79.2 | 63.0 | 73.8 | 81.3 | 95.7 | 92.9 | 97.9 |
| Investment Cash Flow | -3.0 | -0.7 | -22.3 | -23.1 | -7.9 | -9.6 | -9.5 |
| Free Cash Flow | 76.2 | 62.3 | 51.5 | 58.2 | 87.7 | 83.3 | 88.3 |
| OCF/CAPEX | 26.4 | 90.0 | 3.31 | 3.52 | 12.05 | 9.72 | 10.25 |
| Financial Cash Flow | -98.1 | -28.5 | -61.3 | -67.8 | -2.3 | 0.0 | 0.0 |
Price Analysis by KNN-algorithm
Price history is compared to 25+ million price patterns in the database. Closest observations are used to estimate future price development.
Candlesticks and 50-day expected Risk and Return
Price Analysis by Fourier Transform
Company recent price history is used to regocnize it's usual movements.
Expected price behaviour based on fitting waves (first tick = last price)
Disclaimer
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
The data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.
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