Financials Arkema

Equities

AKE

FR0010313833

Commodity Chemicals

Market Closed - Euronext Paris Other stock markets 11:35:08 2024-04-26 am EDT			5-day change	1st Jan Change
96.25 ^EUR	+1.74%		+0.68%	-6.55%

Apr. 26	Arkema: BlackRock holds less than 5% of the capital	CF
Apr. 18	Arkema to Acquire Majority Stake in Austria's Proionic	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,190	7,140	9,159	6,250	7,669	7,201	-	-
Enterprise Value (EV) ¹	8,821	8,350	9,636	7,916	9,899	9,243	9,028	8,720
P/E ratio	14.8 x	23.6 x	7.27 x	6.58 x	19.2 x	11.5 x	10.3 x	8.98 x
Yield	2.85%	2.67%	2.42%	4.05%	3.4%	3.79%	4.12%	4.38%
Capitalization / Revenue	0.82 x	0.91 x	0.96 x	0.54 x	0.81 x	0.73 x	0.7 x	0.67 x
EV / Revenue	1.01 x	1.06 x	1.01 x	0.69 x	1.04 x	0.94 x	0.88 x	0.82 x
EV / EBITDA	6.05 x	7.06 x	5.58 x	3.75 x	6.59 x	5.75 x	5.18 x	4.72 x
EV / FCF	13.3 x	16.4 x	63.4 x	10 x	15.5 x	18.6 x	15.5 x	12.2 x
FCF Yield	7.54%	6.11%	1.58%	9.97%	6.45%	5.38%	6.44%	8.18%
Price to Book	1.37 x	1.38 x	1.45 x	0.87 x	1.08 x	0.94 x	0.9 x	0.85 x
Nbr of stocks (in thousands)	75,919	76,359	73,953	74,506	74,456	74,815	-	-
Reference price ²	94.70	93.50	123.8	83.88	103.0	96.25	96.25	96.25
Announcement Date	2/27/20	2/25/21	2/24/22	2/23/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,738	7,884	9,519	11,550	9,514	9,827	10,242	10,686
EBITDA ¹	1,457	1,182	1,727	2,110	1,501	1,608	1,744	1,847
EBIT ¹	926	619	1,184	1,560	939	991	1,109	1,197
Operating Margin	10.6%	7.85%	12.44%	13.51%	9.87%	10.08%	10.83%	11.2%
Earnings before Tax (EBT) ¹	688	510	1,676	1,220	602	828.1	885.1	986.4
Net income ¹	543	332	1,309	965	418	616.1	689.9	783
Net margin	6.21%	4.21%	13.75%	8.35%	4.39%	6.27%	6.74%	7.33%
EPS ²	6.410	3.960	17.04	12.75	5.360	8.357	9.350	10.72
Free Cash Flow ¹	665	510	152	789	638	497.3	581.3	713.3
FCF margin	7.61%	6.47%	1.6%	6.83%	6.71%	5.06%	5.68%	6.68%
FCF Conversion (EBITDA)	45.64%	43.15%	8.8%	37.39%	42.5%	30.92%	33.34%	38.61%
FCF Conversion (Net income)	122.47%	153.61%	11.61%	81.76%	152.63%	80.72%	84.25%	91.1%
Dividend per Share ²	2.700	2.500	3.000	3.400	3.500	3.643	3.966	4.213
Announcement Date	2/27/20	2/25/21	2/24/22	2/23/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	2,398	2,500	2,887	3,184	2,972	2,507	2,524	2,442	2,326	2,222	-	2,407	2,581	4,912	2,545	2,477	4,911	-
EBITDA ¹	474	417	619	705	495	291	367	417	386	331	-	337.7	434.7	782	428.8	397.4	825	-
EBIT ¹	343	273	488	570	356	146	234	285	246	174	420	184.8	283.5	-	274.9	242.6	-	-
Operating Margin	14.3%	10.92%	16.9%	17.9%	11.98%	5.82%	9.27%	11.67%	10.58%	7.83%	-	7.68%	10.98%	-	10.8%	9.79%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	173	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	247	112	-	401	224	11	132	152	114	20	-	121.3	182.5	291	191.5	163.4	325	-
Net margin	10.3%	4.48%	-	12.59%	7.54%	0.44%	5.23%	6.22%	4.9%	0.9%	-	5.04%	7.07%	5.92%	7.53%	6.59%	6.62%	-
EPS ²	3.160	1.570	4.260	5.400	2.860	0.1300	1.690	2.030	1.370	0.2700	-	1.111	2.518	-	2.800	2.354	-	-
Dividend per Share ²	-	3.000	-	-	-	3.400	-	-	-	3.500	-	-	-	-	-	3.800	-	-
Announcement Date	11/10/21	2/24/22	5/5/22	7/29/22	11/10/22	2/23/23	5/5/23	7/28/23	11/9/23	2/28/24	2/28/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,631	1,210	477	1,666	2,230	2,042	1,827	1,520
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.119 x	1.024 x	0.2762 x	0.7896 x	1.486 x	1.27 x	1.048 x	0.8225 x
Free Cash Flow ¹	665	510	152	789	638	497	581	713
ROE (net income / shareholders' equity)	10.6%	6.35%	22.8%	14.2%	9.01%	9.05%	9.88%	10.5%
ROA (Net income/ Total Assets)	5.15%	3.06%	11.4%	7.48%	4.66%	3.79%	4.64%	5.23%
Assets ¹	10,544	10,844	11,506	12,906	8,971	16,235	14,865	14,961
Book Value Per Share ²	68.90	67.60	85.20	96.50	95.70	102.0	107.0	114.0
Cash Flow per Share ²	17.00	14.50	12.10	19.80	17.00	16.30	17.90	19.90
Capex ¹	635	605	763	707	634	750	777	801
Capex / Sales	7.27%	7.67%	8.02%	6.12%	6.66%	7.63%	7.59%	7.49%
Announcement Date	2/27/20	2/25/21	2/24/22	2/23/23	2/28/24	-	-	-

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 Arkema

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

96.25 EUR

Average target price

110 EUR

Spread / Average Target

+14.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
ARKEMA	-6.55%	7.69B
AIR LIQUIDE	+5.14%	103B
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.24B
WESTLAKE CORPORATION	+6.85%	19.22B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B

Other Commodity Chemicals