Stock REC RECORDATI
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Financials Recordati

Equities

REC

IT0003828271

Pharmaceuticals

Market Closed - Borsa Italiana
Other stock markets
 11:44:59 2024-05-31 am EDT 		5-day change 1st Jan Change
48.4 EUR +1.98% Intraday chart for Recordati +0.12% -0.88%
May. 27 Recordati acquires treasury shares for more than EUR3 million AN
May. 21 Global markets live: Microsoft, Roche, BMW, Nintendo, Nordson... Our Logo

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,667 9,330 11,657 7,959 10,042 9,955 - -
Enterprise Value (EV) 1 8,570 10,195 12,405 9,379 11,621 11,255 11,038 10,840
P/E ratio 21.3 x 26.7 x 30.6 x 25.9 x 26.2 x 21.6 x 19.4 x 18.3 x
Yield 2.66% 2.32% 1.95% 2.97% 2.46% 2.91% 3.2% 3.48%
Capitalization / Revenue 5.17 x 6.44 x 7.38 x 4.29 x 4.82 x 4.33 x 4.08 x 3.89 x
EV / Revenue 5.78 x 7.04 x 7.85 x 5.06 x 5.58 x 4.89 x 4.52 x 4.24 x
EV / EBITDA 15.8 x 17.9 x 20.6 x 13.9 x 15.1 x 13.3 x 12.3 x 11.5 x
EV / FCF 28.3 x 26.7 x 26.4 x 21.4 x 25.5 x 23 x 20.5 x 17.7 x
FCF Yield 3.53% 3.75% 3.79% 4.68% 3.92% 4.34% 4.88% 5.64%
Price to Book 6.45 x 7.33 x 8.42 x 5.15 x 6.06 x 5.15 x 5.23 x 5.14 x
Nbr of stocks (in thousands) 204,070 205,817 206,325 205,406 205,645 205,677 - -
Reference price 2 37.57 45.33 56.50 38.75 48.83 48.40 48.40 48.40
Announcement Date 2/14/20 2/22/21 2/24/22 2/21/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,482 1,449 1,580 1,853 2,082 2,301 2,440 2,556
EBITDA 1 544 569.3 602.3 672.8 769.6 847.8 895.7 945.3
EBIT 1 465.3 469 490.2 437.3 558 687.9 744.9 781.8
Operating Margin 31.4% 32.37% 31.02% 23.6% 26.8% 29.9% 30.53% 30.58%
Earnings before Tax (EBT) 1 444.1 455.7 463.4 401.4 491 587.2 662.2 717.6
Net income 1 368.8 355 386 312.3 389.2 478.4 524.5 555.7
Net margin 24.89% 24.5% 24.43% 16.85% 18.69% 20.79% 21.49% 21.74%
EPS 2 1.764 1.698 1.846 1.494 1.861 2.240 2.498 2.645
Free Cash Flow 1 302.8 382.3 469.8 439 456 488.4 538.3 611
FCF margin 20.43% 26.39% 29.73% 23.69% 21.9% 21.23% 22.06% 23.9%
FCF Conversion (EBITDA) 55.65% 67.15% 78% 65.25% 59.25% 57.61% 60.1% 64.63%
FCF Conversion (Net income) 82.09% 107.69% 121.71% 140.57% 117.16% 102.07% 102.64% 109.95%
Dividend per Share 2 1.000 1.050 1.100 1.150 1.200 1.408 1.549 1.685
Announcement Date 2/14/20 2/22/21 2/24/22 2/21/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1
Net sales 760.2 770.8 423.9 419.4 473.1 892.5 485.1 475.8 551.4 492.9 1,044 511.9 526.1 -
EBITDA 1 311.1 300.5 154.4 163 171.8 334.9 181.3 156.6 220.8 185.4 406.2 189.4 174 244
EBIT 261.5 250.4 117.3 131.3 101 232.3 123.6 81.42 172.6 165.6 338.2 100.6 119.2 -
Operating Margin 34.4% 32.49% 27.66% 31.3% 21.35% 26.03% 25.48% 17.11% 31.3% 33.6% 32.39% 19.65% 22.66% -
Earnings before Tax (EBT) 254.4 235.5 112.7 124.3 69.83 194.2 115.6 91.72 159.9 128.9 288.9 100.8 101.3 -
Net income 1 196.9 207.1 89.61 96.72 54.68 151.4 90.05 70.84 124 103.6 227.6 76.9 84.7 123.6
Net margin 25.9% 26.87% 21.14% 23.06% 11.56% 16.96% 18.57% 14.89% 22.48% 21.03% 21.79% 15.02% 16.1% -
EPS 2 0.9420 0.9900 0.4290 0.4620 0.2620 - 0.4310 0.3390 0.5930 0.4950 - 0.3680 - 0.5910
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 7/30/20 7/29/21 2/24/22 5/10/22 7/28/22 7/28/22 11/8/22 2/21/23 5/11/23 7/28/23 7/28/23 11/7/23 2/22/24 5/9/24
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 903 866 748 1,420 1,579 1,300 1,083 885
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.659 x 1.521 x 1.241 x 2.11 x 2.052 x 1.533 x 1.209 x 0.936 x
Free Cash Flow 1 303 382 470 439 456 488 538 611
ROE (net income / shareholders' equity) 34.1% 28.7% 32% 32.3% 32.5% 28.6% 33.1% 35%
ROA (Net income/ Total Assets) - - 15.4% 9.17% 9.49% 14% 13.9% 14.2%
Assets 1 - - 2,512 3,407 4,103 3,406 3,767 3,905
Book Value Per Share 2 5.830 6.190 6.710 7.530 8.060 9.400 9.250 9.410
Cash Flow per Share 2 1.630 1.960 2.350 2.210 2.320 3.200 1.840 3.180
Capex 1 31.3 21.3 21.9 23.9 380 83.4 82.3 72.6
Capex / Sales 2.11% 1.47% 1.38% 1.29% 18.23% 3.63% 3.37% 2.84%
Announcement Date 2/14/20 2/22/21 2/24/22 2/21/23 2/22/24 - - -
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 Recordati

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
48.4 EUR
Average target price
52.24 EUR
Spread / Average Target
+7.93%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

1st Jan change Capi.
RECORDATI Stock Recordati
-0.88% 10.8B
ELI LILLY AND COMPANY Stock Eli Lilly and Company
+40.73% 739B
NOVO NORDISK A/S Stock Novo Nordisk A/S
+32.83% 598B
JOHNSON & JOHNSON Stock Johnson & Johnson
-6.30% 353B
MERCK & CO., INC. Stock Merck & Co., Inc.
+15.15% 318B
ABBVIE INC. Stock AbbVie Inc.
+4.05% 285B
ASTRAZENECA PLC Stock AstraZeneca PLC
+15.00% 240B
ROCHE HOLDING AG Stock Roche Holding AG
-5.52% 206B
AMGEN INC. Stock Amgen Inc.
+6.17% 164B
PFIZER, INC. Stock Pfizer, Inc.
-0.45% 162B
Other Pharmaceuticals
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