Financials Avery Dennison Corporation

Equities

AVY

US0536111091

Non-Paper Containers & Packaging

Market Closed - Nyse 04:00:02 2024-05-15 pm EDT 5-day change 1st Jan Change
226.1 USD +0.16% Intraday chart for Avery Dennison Corporation +0.45% +11.85%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,937 12,862 17,824 14,655 16,280 18,184 - -
Enterprise Value (EV) 1 12,623 14,727 20,766 14,655 19,310 21,006 20,755 20,482
P/E ratio 36.7 x 23.3 x 24.4 x 19.7 x 32.6 x 25.1 x 21.4 x 19 x
Yield 1.73% 1.53% 1.24% - - 1.48% 1.58% 1.7%
Capitalization / Revenue 1.55 x 1.84 x 2.12 x 1.62 x 1.95 x 2.08 x 1.97 x 1.87 x
EV / Revenue 1.79 x 2.11 x 2.47 x 1.62 x 2.31 x 2.4 x 2.25 x 2.11 x
EV / EBITDA 12.6 x 13.8 x 15.9 x 10.7 x 15.3 x 14.7 x 13.4 x 12.3 x
EV / FCF 25.8 x 26.9 x 26.8 x - 32.6 x 27.6 x 24.7 x 22.8 x
FCF Yield 3.88% 3.72% 3.73% - 3.07% 3.62% 4.05% 4.39%
Price to Book 9.25 x 8.64 x 9.24 x - - 7.4 x 6.31 x 5.57 x
Nbr of stocks (in thousands) 83,503 83,418 82,796 80,969 80,531 80,553 - -
Reference price 2 131.0 154.2 215.3 181.0 202.2 226.1 226.1 226.1
Announcement Date 1/29/20 2/3/21 2/2/22 2/2/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,070 6,972 8,408 9,039 8,364 8,743 9,215 9,725
EBITDA 1 1,003 1,068 1,308 1,364 1,262 1,426 1,548 1,669
EBIT 1 823.7 862.8 1,064 1,073 963.8 1,117 1,230 1,348
Operating Margin 11.65% 12.38% 12.66% 11.87% 11.52% 12.78% 13.35% 13.86%
Earnings before Tax (EBT) 1 249.5 737.3 992.6 999.3 694.7 990.6 1,120 1,243
Net income 1 303.6 555.9 740.1 757.1 503 725 832.4 924.2
Net margin 4.29% 7.97% 8.8% 8.38% 6.01% 8.29% 9.03% 9.5%
EPS 2 3.570 6.610 8.830 9.210 6.200 9.018 10.55 11.87
Free Cash Flow 1 489.3 547.5 774.7 - 591.9 761.1 841.4 899.1
FCF margin 6.92% 7.85% 9.21% - 7.08% 8.71% 9.13% 9.25%
FCF Conversion (EBITDA) 48.8% 51.26% 59.21% - 46.89% 53.38% 54.37% 53.87%
FCF Conversion (Net income) 161.17% 98.49% 104.68% - 117.67% 104.98% 101.08% 97.29%
Dividend per Share 2 2.260 2.360 2.660 - - 3.338 3.579 3.834
Announcement Date 1/29/20 2/3/21 2/2/22 2/2/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 2,183 2,349 2,347 2,317 2,026 2,065 2,090 2,098 2,110 2,151 2,180 2,204 2,207 2,263 2,344
EBITDA 1 325.4 358.3 384 360.4 261.4 280.2 307.8 328.3 338.1 351 350.3 364.4 366.6 376.4 399.9
EBIT 1 252.8 286.3 310.8 288.4 187.9 207.9 233.8 253.2 261.1 273.7 272.6 286.6 289 298.1 320.6
Operating Margin 11.58% 12.19% 13.24% 12.45% 9.27% 10.07% 11.18% 12.07% 12.37% 12.72% 12.5% 13% 13.09% 13.17% 13.68%
Earnings before Tax (EBT) 1 244 269.7 287.9 272.5 169.2 168.3 140.2 184.6 201.6 234.4 244 259.7 268.5 259.6 287
Net income 1 182.7 198.2 214.5 221.5 122.9 121.2 100.4 138.3 143.1 172.4 179.5 188.8 195.9 193.7 214.1
Net margin 8.37% 8.44% 9.14% 9.56% 6.07% 5.87% 4.8% 6.59% 6.78% 8.01% 8.23% 8.56% 8.88% 8.56% 9.13%
EPS 2 2.190 2.390 2.610 2.700 1.510 1.490 1.240 1.710 1.770 2.130 2.233 2.357 2.483 2.425 2.685
Dividend per Share 2 0.6800 0.6800 0.7500 0.7500 - 0.7500 0.8100 - - - 0.8100 0.8100 0.8100 0.9485 0.9505
Announcement Date 2/2/22 4/26/22 7/27/22 10/26/22 2/2/23 4/26/23 7/25/23 10/25/23 1/31/24 4/24/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,686 1,865 2,942 - 3,029 2,822 2,571 2,298
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.681 x 1.746 x 2.249 x - 2.4 x 1.979 x 1.661 x 1.377 x
Free Cash Flow 1 489 548 775 - 592 761 841 899
ROE (net income / shareholders' equity) 51.9% 44.2% 43.8% 38% 24.2% 32.6% 31.9% 30.7%
ROA (Net income/ Total Assets) 10.5% 10.3% 10.6% 9.45% 6.23% 8.7% 9.4% 9.96%
Assets 1 2,887 5,395 6,963 8,011 8,080 8,333 8,855 9,283
Book Value Per Share 2 14.20 17.90 23.30 - - 30.60 35.80 40.60
Cash Flow per Share 2 8.780 8.930 12.50 - 10.20 9.870 12.80 -
Capex 1 257 219 272 - 285 278 290 298
Capex / Sales 3.64% 3.14% 3.24% - 3.41% 3.18% 3.15% 3.06%
Announcement Date 1/29/20 2/3/21 2/2/22 2/2/23 1/31/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
226.1 USD
Average target price
227.6 USD
Spread / Average Target
+0.66%
Consensus
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