Financials LDC

Equities

LOUP

FR0013204336

Food Processing

Market Closed - Euronext Paris Other stock markets 11:35:27 2024-04-26 am EDT			5-day change	1st Jan Change
149 ^EUR	+0.34%		+6.05%	+6.43%

Apr. 05	CAC40: week ends at half-mast, gold at its zenith	CF
Apr. 05	CAC40: pullback reduced, WStreet +0.7%, Brent at $91, Gold at $233	CF

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,873	1,616	1,674	1,656	1,960	2,612	-	-
Enterprise Value (EV) ¹	1,769	1,595	1,551	1,475	1,579	2,110	1,988	1,747
P/E ratio	12.5 x	11.2 x	11.9 x	9.83 x	8.72 x	9.32 x	9.48 x	8.85 x
Yield	1.46%	1.27%	1.84%	2.12%	2.41%	2.03%	2.07%	2.21%
Capitalization / Revenue	0.45 x	0.37 x	0.38 x	0.33 x	0.34 x	0.42 x	0.41 x	0.4 x
EV / Revenue	0.43 x	0.36 x	0.35 x	0.29 x	0.27 x	0.34 x	0.31 x	0.27 x
EV / EBITDA	5.57 x	4.49 x	4.31 x	3.7 x	2.88 x	3.4 x	3.17 x	2.62 x
EV / FCF	50.2 x	28.6 x	15 x	19.3 x	6.35 x	9.72 x	8.3 x	6.64 x
FCF Yield	1.99%	3.5%	6.68%	5.17%	15.7%	10.3%	12%	15.1%
Price to Book	1.43 x	1.15 x	1.1 x	0.97 x	1.05 x	1.24 x	1.12 x	1.01 x
Nbr of stocks (in thousands)	17,104	17,084	17,082	17,575	17,496	17,530	-	-
Reference price ²	109.5	94.60	98.00	94.20	112.0	149.0	149.0	149.0
Announcement Date	5/22/19	5/27/20	5/26/21	5/24/22	5/24/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,124	4,419	4,428	5,069	5,846	6,198	6,428	6,578
EBITDA ¹	317.6	355.7	359.5	399	547.4	620.2	627.2	667.2
EBIT ¹	190.1	201.5	194	208.5	299.9	363.5	357.3	382.3
Operating Margin	4.61%	4.56%	4.38%	4.11%	5.13%	5.87%	5.56%	5.81%
Earnings before Tax (EBT) ¹	193	200	188.5	214	302.4	361.9	365.6	403.3
Net income ¹	148.7	143.7	140.7	165.1	224.7	280.9	276	295.7
Net margin	3.61%	3.25%	3.18%	3.26%	3.84%	4.53%	4.29%	4.5%
EPS ²	8.780	8.410	8.240	9.580	12.84	15.99	15.71	16.84
Free Cash Flow ¹	35.27	55.88	103.6	76.23	248.5	217.1	239.4	262.9
FCF margin	0.86%	1.26%	2.34%	1.5%	4.25%	3.5%	3.72%	4%
FCF Conversion (EBITDA)	11.1%	15.71%	28.82%	19.11%	45.39%	35%	38.17%	39.41%
FCF Conversion (Net income)	23.72%	38.88%	73.64%	46.17%	110.58%	77.29%	86.74%	88.91%
Dividend per Share ²	1.600	1.200	1.800	2.000	2.700	3.028	3.086	3.300
Announcement Date	5/22/19	5/27/20	5/26/21	5/24/22	5/24/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2021 S1	2022 Q4	2022 S2	2023 S1	2024 S1	2024 Q4	2024 S2
Net sales	2,105	2,122	1,336	2,673	2,736	3,022	-	-
EBITDA	-	-	-	-	-	-	-	-
EBIT	88.4	89.68	-	-	120.9	193.4	-	168.1
Operating Margin	4.2%	4.23%	-	-	4.42%	6.4%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	-	66.57	-	84.99	93.9	153.2	-	-
Net margin	-	3.14%	-	3.18%	3.43%	5.07%	-	-
EPS ¹	-	-	-	-	-	-	16.70	7.500
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	11/27/19	12/1/20	5/24/22	5/24/22	11/23/22	11/22/23	-	-

¹EUR

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	104	20.8	123	181	381	502	624	865
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	35.3	55.9	104	76.2	248	217	239	263
ROE (net income / shareholders' equity)	12%	10.6%	9.6%	10.2%	12.5%	13.6%	12.1%	11.6%
ROA (Net income/ Total Assets)	-	-	-	-	6.44%	7.2%	6%	6%
Assets ¹	-	-	-	-	3,489	3,901	4,601	4,929
Book Value Per Share ²	76.30	82.40	89.10	97.50	107.0	120.0	133.0	148.0
Cash Flow per Share ²	13.80	16.60	19.40	18.70	29.10	30.50	31.20	32.90
Capex ¹	198	228	227	251	261	301	302	306
Capex / Sales	4.8%	5.16%	5.13%	4.95%	4.47%	4.85%	4.7%	4.66%
Announcement Date	5/22/19	5/27/20	5/26/21	5/24/22	5/24/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for LDC

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

149 EUR

Average target price

179.6 EUR

Spread / Average Target

+20.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Animal Slaughtering & Processing

	1st Jan change	Capi.
LDC	+6.43%	2.79B
TYSON FOODS, INC.	+12.80%	21.61B
HORMEL FOODS CORPORATION	+10.00%	19.34B
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO.,LTD.	+1.09%	12.91B
WH GROUP LIMITED	+15.67%	10.53B
JBS S.A.	-8.03%	9.91B
PILGRIM'S PRIDE CORPORATION	+29.28%	8.47B
BRF S.A.	+26.36%	5.71B
MAPLE LEAF FOODS INC.	-3.76%	2.18B
BELL FOOD GROUP AG	+6.10%	1.85B

Animal Slaughtering & Processing