Financials Argan

Equities

Market Closed - Euronext Paris Other stock markets 11:37:00 2024-04-26 am EDT			5-day change	1st Jan Change
72.7 ^EUR	+1.54%		-5.83%	-14.67%

Apr. 25	Invest Securities Keeps Argan at Neutral, Raises PT	MT
Apr. 25	ARGAN : Invest Securities raises its target slightly	CF

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,865	2,629	1,739	1,965	1,678	-	-
Enterprise Value (EV) ¹	1,865	4,325	3,616	1,965	3,481	3,465	3,407
P/E ratio	6.69 x	3.92 x	18 x	-7.47 x	12.8 x	8.86 x	9.04 x
Yield	-	2.23%	3.96%	3.7%	4.54%	4.67%	4.76%
Capitalization / Revenue	-	14.2 x	8.79 x	8.9 x	8.46 x	8.02 x	7.7 x
EV / Revenue	-	23.3 x	18.3 x	8.9 x	17.6 x	16.6 x	15.6 x
EV / EBITDA	-	29.4 x	24 x	11.4 x	19.3 x	15.6 x	14.3 x
EV / FCF	-	41.9 x	-32.8 x	-	20.5 x	37.7 x	17 x
FCF Yield	-	2.39%	-3.05%	-	4.88%	2.65%	5.9%
Price to Book	-	-	-	1.04 x	0.92 x	0.85 x	0.8 x
Nbr of stocks (in thousands)	22,308	22,587	22,940	23,059	23,081	-	-
Reference price ²	83.60	116.4	75.80	85.20	72.70	72.70	72.70
Announcement Date	1/20/21	1/19/22	1/19/23	1/18/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	185.6	197.9	220.7	198.3	209.2	217.8
EBITDA ¹	-	147.1	150.5	172.1	180.1	222.2	239
EBIT ¹	-	147	116.8	-201.2	194.3	224.9	233.9
Operating Margin	-	79.2%	59.02%	-91.16%	97.97%	107.48%	107.36%
Earnings before Tax (EBT) ¹	-	-	-	-246.8	132.8	141.6	137.6
Net income ¹	278.9	668	95.1	-263.5	140.5	171.1	170.8
Net margin	-	359.91%	48.05%	-119.39%	70.86%	81.77%	78.39%
EPS ²	12.50	29.70	4.200	-11.40	5.697	8.207	8.040
Free Cash Flow ¹	-	103.2	-110.4	-	170	91.9	201
FCF margin	-	55.62%	-55.77%	-	85.72%	43.92%	92.27%
FCF Conversion (EBITDA)	-	70.18%	-	-	94.41%	41.35%	84.1%
FCF Conversion (Net income)	-	15.45%	-	-	120.97%	53.71%	117.7%
Dividend per Share ²	-	2.600	3.000	3.150	3.302	3.392	3.460
Announcement Date	1/20/21	1/19/22	1/19/23	1/18/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,696	1,877	-	1,803	1,787	1,729
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	11.53 x	12.47 x	-	10.01 x	8.041 x	7.234 x
Free Cash Flow ¹	-	103	-110	-	170	91.9	201
ROE (net income / shareholders' equity)	-	6.22%	4.38%	6.12%	6.95%	7.05%	6.6%
ROA (Net income/ Total Assets)	-	16.9%	2.13%	2.95%	3.3%	3.5%	3.5%
Assets ¹	-	3,947	4,470	-8,927	4,259	4,889	4,879
Book Value Per Share ²	-	-	-	81.80	79.30	85.40	90.70
Cash Flow per Share ²	-	-	-	-	5.880	6.220	5.970
Capex ¹	-	-	-	-	127	8	-
Capex / Sales	-	-	-	-	64.04%	3.82%	-
Announcement Date	1/20/21	1/19/22	1/19/23	1/18/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

72.7 EUR

Average target price

88.6 EUR

Spread / Average Target

+21.87%

	1st Jan change	Capi.
ARGAN	-14.67%	1.79B
PROLOGIS, INC.	-21.94%	96.34B
GOODMAN GROUP	+21.78%	38.16B
REXFORD INDUSTRIAL REALTY, INC.	-22.99%	9.39B
EASTGROUP PROPERTIES, INC.	-15.05%	7.49B
AMERICOLD REALTY TRUST, INC.	-26.53%	6.32B
STAG INDUSTRIAL, INC.	-12.18%	6.27B
FIRST INDUSTRIAL REALTY TRUST, INC.	-12.66%	6.09B
WAREHOUSES DE PAUW SA	-13.12%	5.8B
FIBRA PROLOGIS	-11.75%	5.48B