Real-time Estimate
Other stock markets
|
|
5-day change | 1st Jan Change | |
321.61 USD | -0.02% | -1.51% | +7.23% |
Nov. 30 | Hedging climate risk a COP28 focus for poorer countries | RE |
Nov. 22 | Britain's growth bet on pension pots a long haul task | RE |
Valuation
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Capitalization 1 | 35 009 | 48 768 | 47 782 | 66 223 | 62 085 | 64 408 | - | - |
Enterprise Value (EV) 1 | 40 425 | 55 317 | 54 319 | 74 779 | 71 713 | 74 354 | 74 101 | 73 364 |
P/E ratio | 31,7x | 32,7x | 25,0x | 54,2x | 24,7x | 23,2x | 22,0x | 19,5x |
Yield | 1,07% | 0,83% | 0,84% | 0,66% | 0,73% | 0,74% | 0,80% | 0,86% |
Capitalization / Revenue | 3,25x | 4,43x | 4,32x | 5,43x | 4,98x | 4,83x | 4,55x | 4,31x |
EV / Revenue | 3,75x | 5,02x | 4,91x | 6,13x | 5,75x | 5,57x | 5,23x | 4,91x |
EV / EBITDA | 14,1x | 17,3x | 16,3x | 19,4x | 18,0x | 17,1x | 15,9x | 14,9x |
EV / FCF | 28,0x | 34,4x | 20,6x | 36,6x | 23,7x | 23,0x | 21,6x | 20,0x |
FCF Yield | 3,58% | 2,91% | 4,86% | 2,73% | 4,22% | 4,35% | 4,63% | 4,99% |
Price to Book | 8,65x | 14,3x | 13,6x | 60,8x | -117x | 30,4x | 12,6x | 7,67x |
Nbr of stocks (in thousands) | 240 844 | 234 137 | 226 164 | 220 332 | 206 853 | 200 216 | - | - |
Reference price 2 | 145 | 208 | 211 | 301 | 300 | 322 | 322 | 322 |
Announcement Date | 2/1/19 | 1/31/20 | 2/5/21 | 2/4/22 | 2/3/23 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 10 770 | 11 013 | 11 066 | 12 193 | 12 479 | 13 345 | 14 169 | 14 935 |
EBITDA 1 | 2 873 | 3 197 | 3 329 | 3 852 | 3 991 | 4 350 | 4 652 | 4 939 |
EBIT 1 | 2 697 | 3 025 | 3 150 | 3 673 | 3 840 | 4 214 | 4 553 | 4 878 |
Operating Margin | 25,0% | 27,5% | 28,5% | 30,1% | 30,8% | 31,6% | 32,1% | 32,7% |
Earnings before Tax (EBT) 1 | 1 246 | 1 871 | 2 465 | 1 931 | 3 156 | 3 666 | 3 767 | 4 104 |
Net income 1 | 1 134 | 1 532 | 1 969 | 1 255 | 2 589 | 2 856 | 2 863 | 3 092 |
Net margin | 10,5% | 13,9% | 17,8% | 10,3% | 20,7% | 21,4% | 20,2% | 20,7% |
EPS 2 | 4,59 | 6,37 | 8,45 | 5,55 | 12,1 | 13,9 | 14,6 | 16,5 |
Free Cash Flow 1 | 1 446 | 1 610 | 2 642 | 2 045 | 3 023 | 3 238 | 3 431 | 3 659 |
FCF margin | 13,4% | 14,6% | 23,9% | 16,8% | 24,2% | 24,3% | 24,2% | 24,5% |
FCF Conversion (EBITDA) | 50,3% | 50,4% | 79,4% | 53,1% | 75,7% | 74,4% | 73,8% | 74,1% |
FCF Conversion (Net income) | 128% | 105% | 134% | 163% | 117% | 113% | 120% | 118% |
Dividend per Share 2 | 1,56 | 1,72 | 1,78 | 1,99 | 2,19 | 2,40 | 2,59 | 2,77 |
Announcement Date | 2/1/19 | 1/31/20 | 2/5/21 | 2/4/22 | 2/3/23 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
Fiscal Period : December | 2021 Q2 | 2021 Q3 | 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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales 1 | 2 886 | 2 702 | 3 080 | 3 670 | 2 983 | 2 696 | 3 130 | 3 871 | 3 177 | 2 953 | 3 361 | 4 138 | 3 375 | 3 128 | 3 564 |
EBITDA 1 | 787 | 654 | 1 050 | 1 433 | 823 | 661 | 1 074 | 1 536 | 906 | 759 | 1 168 | 1 646 | 957 | 792 | 1 245 |
EBIT 1 | 746 | 598 | 1 009 | 1 395 | 783 | 624 | 1 038 | 1 498 | 867 | 717 | 1 139 | 1 610 | 935 | 779 | 1 235 |
Operating Margin | 25,8% | 22,1% | 32,8% | 38,0% | 26,2% | 23,1% | 33,2% | 38,7% | 27,3% | 24,3% | 33,9% | 38,9% | 27,7% | 24,9% | 34,7% |
Earnings before Tax (EBT) 1 | 596 | -868 | 1 036 | 1 304 | 633 | 510 | 709 | 1 342 | 658 | 560 | 1 006 | 1 456 | 758 | 600 | 1 033 |
Net income 1 | 379 | -900 | 863 | 1 023 | 501 | 408 | 657 | 1 050 | 560 | 456 | 768 | 1 076 | 529 | 409 | 757 |
Net margin | 13,1% | -33,3% | 28,0% | 27,9% | 16,8% | 15,1% | 21,0% | 27,1% | 17,6% | 15,4% | 22,9% | 26,0% | 15,7% | 13,1% | 21,2% |
EPS 2 | 1,66 | -3,99 | 3,90 | 4,73 | 2,33 | 1,92 | 3,14 | 5,07 | 2,71 | 2,23 | 3,76 | 5,34 | 2,64 | 2,06 | 3,86 |
Dividend per Share 2 | 0,51 | 0,51 | 0,51 | 0,51 | 0,56 | 0,56 | - | 0,56 | 0,62 | 0,62 | 0,60 | 0,61 | 0,63 | 0,63 | 0,63 |
Announcement Date | 7/30/21 | 10/29/21 | 2/4/22 | 4/29/22 | 7/29/22 | 10/28/22 | 2/3/23 | 4/28/23 | 7/28/23 | 10/27/23 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net Debt 1 | 5 416 | 6 549 | 6 537 | 8 556 | 9 628 | 9 946 | 9 694 | 8 957 |
Net Cash position 1 | - | - | - | - | - | - | - | - |
Leverage (Debt/EBITDA) | 1,89x | 2,05x | 1,96x | 2,22x | 2,41x | 2,29x | 2,08x | 1,81x |
Free Cash Flow 1 | 1 446 | 1 610 | 2 642 | 2 045 | 3 023 | 3 238 | 3 431 | 3 659 |
ROE (net income / shareholders' equity) | 46,2% | 72,5% | 66,6% | 119% | 1 073% | 74,5% | 89,1% | 79,4% |
Shareholders' equity 1 | 2 455 | 2 114 | 2 959 | 1 053 | 241 | 3 836 | 3 213 | 3 895 |
ROA (Net income/ Total Assets) | 4,32% | 6,70% | - | 3,92% | 8,01% | 8,70% | 8,70% | 9,10% |
Assets 1 | 26 255 | 22 856 | - | 32 015 | 32 310 | 32 830 | 32 912 | 33 978 |
Book Value Per Share 2 | 16,8 | 14,5 | 15,5 | 4,94 | -2,58 | 10,6 | 25,5 | 41,9 |
Cash Flow per Share 2 | - | - | - | 9,65 | 15,1 | 14,3 | 16,3 | - |
Capex 1 | 240 | 225 | 141 | 137 | 196 | 244 | 231 | 241 |
Capex / Sales | 2,23% | 2,04% | 1,27% | 1,12% | 1,57% | 1,83% | 1,63% | 1,61% |
Announcement Date | 2/1/19 | 1/31/20 | 2/5/21 | 2/4/22 | 2/3/23 | - | - | - |
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 :
C
Sell
Buy

Mean consensus
HOLD
Number of Analysts
20
Last Close Price
321.69USD
Average target price
336.93USD
Spread / Average Target
+4.74%
EPS Revisions
1st Jan change | Capi. | |
---|---|---|
+7.18% | 64 408 M $ | |
+27.85% | 52 045 M $ | |
-0.81% | 25 063 M $ | |
+29.51% | 20 998 M $ | |
+39.76% | 7 132 M $ | |
+6.53% | 5 231 M $ | |
+3.66% | 4 104 M $ | |
+19.04% | 1 936 M $ | |
+109.35% | 1 788 M $ | |
-23.07% | 1 244 M $ |
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