Financials M2i

Equities

ALMII

FR0013270626

Miscellaneous Educational Service Providers

Market Closed - Euronext Paris Other stock markets 03:00:26 2024-06-05 am EDT			5-day change	1st Jan Change
4 ^EUR	0.00%		+5.26%	+6.95%

Apr. 30	M2i Société anonyme Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	M2i Société anonyme Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27.21	20.78	26.78	17.47	19.74	20.97	-	-
Enterprise Value (EV) ¹	31.47	25.31	30.74	19.4	19.74	19.45	15.54	10.96
P/E ratio	55.6 x	2,100 x	55.7 x	9.72 x	9.08 x	7.41 x	6.45 x	6.67 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.59 x	0.57 x	0.57 x	0.31 x	0.34 x	0.34 x	0.32 x	0.31 x
EV / Revenue	0.69 x	0.69 x	0.65 x	0.35 x	0.34 x	0.31 x	0.24 x	0.16 x
EV / EBITDA	7.53 x	30.5 x	5.95 x	7.82 x	4.32 x	3.95 x	2.81 x	2.01 x
EV / FCF	42.4 x	-124 x	25.4 x	-11.2 x	-	7 x	3.92 x	2.58 x
FCF Yield	2.36%	-0.81%	3.94%	-8.9%	-	14.3%	25.5%	38.8%
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	4,946	4,946	5,006	5,006	5,277	5,242	-	-
Reference price ²	5.500	4.200	5.350	3.490	3.740	4.000	4.000	4.000
Announcement Date	4/30/20	4/23/21	4/30/22	4/30/23	4/30/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	45.9	36.62	47.35	55.91	58.71	61.92	65.66	67.96
EBITDA ¹	4.177	0.83	5.165	2.481	4.569	4.93	5.54	5.44
EBIT ¹	1.5	0.84	2.044	1.827	2.671	3.5	4.04	4
Operating Margin	3.27%	2.29%	4.32%	3.27%	4.55%	5.65%	6.15%	5.89%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	0.5	-0.08	0.501	2.054	2.319	2.82	3.245	3.14
Net margin	1.09%	-0.22%	1.06%	3.67%	3.95%	4.55%	4.94%	4.62%
EPS ²	0.0990	0.002000	0.0960	0.3590	0.4120	0.5400	0.6200	0.6000
Free Cash Flow ¹	0.742	-0.204	1.212	-1.726	-	2.78	3.965	4.25
FCF margin	1.62%	-0.56%	2.56%	-3.09%	-	4.49%	6.04%	6.25%
FCF Conversion (EBITDA)	17.76%	-	23.47%	-	-	56.39%	71.57%	78.12%
FCF Conversion (Net income)	148.4%	-	241.92%	-	-	98.58%	122.19%	135.35%
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	4/30/20	4/23/21	4/30/22	4/30/23	4/30/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4.27	4.53	3.96	1.93	-	-	-	-
Net Cash position ¹	-	-	-	-	-	1.52	5.43	10
Leverage (Debt/EBITDA)	1.021 x	5.46 x	0.7675 x	0.7779 x	-	-	-	-
Free Cash Flow ¹	0.74	-0.2	1.21	-1.73	-	2.78	3.97	4.25
ROE (net income / shareholders' equity)	2.83%	-	2.7%	10.1%	-	10.6%	10.9%	9.8%
ROA (Net income/ Total Assets)	-	-	-	2.27%	-	5.5%	6%	-
Assets ¹	-	-	-	90.59	-	51.27	54.08	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	3.06	1.18	1.64	0.44	-	1.45	1.5	1.5
Capex / Sales	6.67%	3.23%	3.46%	0.78%	-	2.34%	2.28%	2.21%
Announcement Date	4/30/20	4/23/21	4/30/22	4/30/23	4/30/24	-	-	-

¹EUR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for M2i

Trading Rating

Investor Rating

ESG Refinitiv

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

BUY

Number of Analysts

2

Last Close Price

4 EUR

Average target price

6.995 EUR

Spread / Average Target

+74.88%

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Miscellaneous Educational Service Providers

	1st Jan change	Capi.
M2I	+6.95%	22.81M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+4.57%	12.75B
TAL EDUCATION GROUP	-12.83%	6.62B
GRAND CANYON EDUCATION, INC.	+9.78%	4.21B
STRIDE, INC.	+17.13%	2.92B
STRATEGIC EDUCATION, INC.	+25.27%	2.8B
ADTALEM GLOBAL EDUCATION INC.	+11.35%	2.45B
LAUREATE EDUCATION, INC.	+10.87%	2.32B
PERDOCEO EDUCATION CORPORATION	+25.57%	1.47B
GAOTU TECHEDU INC.	+51.66%	1.42B

Miscellaneous Educational Service Providers

+201.5% on SUPER MICRO COMPUTER since our purchase on February 17, 2023

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