Financials Armstrong World Industries, Inc.

Equities

AWI

US04247X1028

Construction Supplies & Fixtures

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
117 ^USD	+1.05%		+2.63%	+18.98%

Apr. 24	Armstrong World Industries, Inc. Declares Quarterly Dividend, Payable on May 23, 2024	CI
Apr. 04	Armstrong World Industries Appoints Dawn Kirchner-King as SVP, Chief Human Resources Officer, Effective April 22, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,557	3,560	5,513	3,132	4,344	5,071	-	-
Enterprise Value (EV) ¹	5,123	4,160	6,065	3,693	4,344	5,495	5,432	5,418
P/E ratio	21.8 x	-35.9 x	30.4 x	15.7 x	19.7 x	20 x	19.6 x	-
Yield	0.77%	1.09%	0.74%	1.38%	-	0.98%	1.02%	1.1%
Capitalization / Revenue	4.39 x	3.8 x	4.98 x	2.54 x	3.35 x	3.76 x	3.57 x	3.28 x
EV / Revenue	4.93 x	4.44 x	5.48 x	2.99 x	3.35 x	4.07 x	3.83 x	3.51 x
EV / EBITDA	12.7 x	12.6 x	16.3 x	9.59 x	10.1 x	11.9 x	11 x	9.94 x
EV / FCF	26.1 x	17 x	32.7 x	17.4 x	16.5 x	26.1 x	22.5 x	-
FCF Yield	3.84%	5.89%	3.06%	5.74%	6.05%	3.83%	4.44%	-
Price to Book	12.4 x	7.9 x	10.6 x	5.84 x	7.44 x	7.47 x	6.44 x	6.23 x
Nbr of stocks (in thousands)	48,498	47,860	47,476	45,663	44,180	43,808	-	-
Reference price ²	93.97	74.39	116.1	68.59	98.32	115.8	115.8	115.8
Announcement Date	2/24/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,038	936.9	1,107	1,233	1,295	1,349	1,419	1,545
EBITDA ¹	403	330	372	385	430	462	492	544.8
EBIT ¹	317.4	246	275	301	340	367.2	396.8	444.8
Operating Margin	30.58%	26.26%	24.85%	24.41%	26.25%	27.23%	27.96%	28.78%
Earnings before Tax (EBT) ¹	299.4	-126.7	242.7	257.6	298.3	319.2	347.2	403.1
Net income ¹	214.5	-99.1	183.2	202.9	223.8	248.1	264.7	304.3
Net margin	20.66%	-10.58%	16.56%	16.45%	17.28%	18.4%	18.65%	19.69%
EPS ²	4.320	-2.070	3.820	4.370	4.990	5.777	5.916	-
Free Cash Flow ¹	196.6	244.9	185.7	212.1	263	210.4	241	-
FCF margin	18.94%	26.14%	16.78%	17.2%	20.31%	15.61%	16.98%	-
FCF Conversion (EBITDA)	48.78%	74.21%	49.92%	55.09%	61.16%	45.55%	48.98%	-
FCF Conversion (Net income)	91.66%	-	101.36%	104.53%	117.52%	84.83%	91.04%	-
Dividend per Share ²	0.7250	0.8100	0.8610	0.9470	-	1.131	1.175	1.275
Announcement Date	2/24/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

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	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	292.2	282.5	282.6	321	325	304.5	310.2	325.4	347.3	312.3	319.4	346.3	359.3	324.6	335.4
EBITDA ¹	99	88	87	102	105	92	96	111	125	98	102.9	121.9	131	104.8	111.4
EBIT ¹	76	65	67	81	83	71	75	89	102	75	80.87	98.39	106	79.58	87.74
Operating Margin	26.01%	23.01%	23.71%	25.23%	25.54%	23.32%	24.18%	27.35%	29.37%	24.02%	25.32%	28.41%	29.49%	24.51%	26.16%
Earnings before Tax (EBT)	67.4	51.3	59.4	67.2	67.7	63.3	63.9	-	-	-	-	-	-	-	-
Net income ¹	50.8	41.9	44.4	52.2	57.5	48.8	47.3	60.2	69.5	46.8	51.85	68.62	74.05	54.49	-
Net margin	17.39%	14.83%	15.71%	16.26%	17.69%	16.03%	15.25%	18.5%	20.01%	14.99%	16.23%	19.82%	20.61%	16.79%	-
EPS ²	1.060	0.8800	0.9400	1.110	1.250	1.070	1.040	1.340	1.560	1.060	1.185	1.584	1.727	1.284	-
Dividend per Share ²	-	0.2310	0.2310	0.2310	0.2540	0.2310	0.2540	0.2540	0.2540	-	0.2800	0.2800	0.2800	0.2940	0.2940
Announcement Date	10/26/21	2/22/22	4/26/22	7/26/22	10/25/22	2/21/23	4/25/23	7/25/23	10/24/23	2/20/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	566	599	552	561	-	424	361	347
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.403 x	1.816 x	1.485 x	1.456 x	-	0.9167 x	0.734 x	0.6368 x
Free Cash Flow ¹	197	245	186	212	263	210	241	-
ROE (net income / shareholders' equity)	72.6%	42.9%	37.7%	38.5%	42.2%	38.4%	37.7%	43.8%
ROA (Net income/ Total Assets)	12.9%	10.9%	12.2%	13%	14.2%	14.8%	14.9%	-
Assets ¹	1,666	-909.2	1,503	1,567	1,580	1,676	1,777	-
Book Value Per Share ²	7.600	9.410	11.00	11.70	13.20	15.50	18.00	18.60
Cash Flow per Share ²	3.690	4.570	3.910	3.930	5.220	6.390	6.330	-
Capex ¹	71.3	55.4	79.8	74.8	-	86	89	95
Capex / Sales	6.87%	5.91%	7.21%	6.07%	-	6.38%	6.27%	6.15%
Announcement Date	2/24/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

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

Ratings for Armstrong World Industries, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

115.8 USD

Average target price

119.7 USD

Spread / Average Target

+3.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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