Financials Avery Dennison Corporation

Equities

AVY

US0536111091

Non-Paper Containers & Packaging

Real-time Estimate Cboe BZX Other stock markets 03:37:51 2025-01-17 pm EST			5-day change	1st Jan Change
191.09 ^USD	-0.08%		+3.53%	+2.28%

Jan. 10	UBS Adjusts Price Target on Avery Dennison to $207 From $235, Keeps Neutral Rating	MT
Jan. 06	BofA Adjusts Price Target on Avery Dennison to $220 From $238	MT

Projected Income Statement: Avery Dennison Corporation

income-statement-evolution-chart AVERY-DENNISON-CORPORATIO

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,070	6,972	8,408	9,039	8,364	8,779	9,187	9,617
Change	-	-1.39%	20.61%	7.5%	-7.47%	4.96%	4.65%	4.68%
EBITDA ¹	1,003	1,068	1,308	1,364	1,262	1,435	1,552	1,645
Change	-	6.52%	22.5%	4.26%	-7.47%	13.72%	8.12%	6%
EBIT ¹	823.7	862.8	1,064	1,073	963.8	1,126	1,241	1,334
Change	-	4.75%	23.35%	0.86%	-10.21%	16.85%	10.19%	7.49%
Interest Paid ¹	-75.8	-70	-70.2	-84.1	-119	-117.8	-112.7	-107.7
Earnings before Tax (EBT) ¹	249.5	737.3	992.6	999.3	694.7	993.3	1,132	1,246
Change	-	195.51%	34.63%	0.67%	-30.48%	42.98%	13.99%	10.04%
Net income ¹	303.6	555.9	740.1	757.1	503	718.7	839.6	915.4
Change	-	83.1%	33.14%	2.3%	-33.56%	42.87%	16.82%	9.03%
Announcement Date	1/29/20	2/3/21	2/2/22	2/2/23	1/31/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	1,773	1,723	1,528	1,729	1,991	2,051	2,102	2,072	2,183	2,349	2,347	2,317	2,026	2,065	2,090	2,098	2,110	2,151	2,235	2,183	2,201	2,241	2,332	2,295	2,327	2,347	2,475	2,416
Change	-	-2.81%	-11.29%	13.12%	15.14%	3.03%	2.47%	-1.44%	5.38%	7.61%	-0.1%	-1.27%	-12.57%	1.93%	1.23%	0.37%	0.58%	1.93%	3.9%	-2.32%	0.83%	1.79%	4.05%	-1.56%	1.41%	0.83%	5.44%	-2.37%
EBITDA ¹	257.2	251.6	213.8	277.9	324.8	339.1	324.5	319.4	325.4	358.3	384	360.4	261.4	280.2	307.8	328.3	338.1	351	367.4	357.8	363.7	375.8	397.4	396.9	409.6	400.6	425.8	424.9
Change	-	-2.18%	-15.02%	29.98%	16.88%	4.4%	-4.31%	-1.57%	1.88%	10.11%	7.17%	-6.15%	-27.47%	7.19%	9.85%	6.66%	2.99%	3.82%	4.67%	-2.61%	1.65%	3.31%	5.76%	-0.12%	3.18%	-2.19%	6.29%	-0.22%
EBIT ¹	211.6	204.1	163.5	225.9	269.3	284.7	269.3	257.5	252.8	286.3	310.8	288.4	187.9	207.9	233.8	253.2	261.1	273.7	288.8	279.7	285.1	297.8	318.8	317.4	329.3	315.4	340.6	339.7
Change	-	-3.54%	-19.89%	38.17%	19.21%	5.72%	-5.41%	-4.38%	-1.83%	13.25%	8.56%	-7.21%	-34.85%	10.64%	12.46%	8.3%	3.12%	4.83%	5.52%	-3.15%	1.95%	4.42%	7.07%	-0.43%	3.75%	-4.22%	7.99%	-0.27%
Charge d'intérêts ¹	-17.8	-18.8	-20	-15.6	-15.6	-16.2	-16	-18	-20	-19.6	-20.8	-21.2	-22.5	-26.4	-31.9	-31	-29.7	-28.6	-29.2	-30	-29.35	-29.13	-28.8	-28.8	-28.47	-	-	-
Earnings before Tax (EBT) ¹	165.3	-	103.3	197.8	255.3	268.9	255.3	224.4	244	269.7	287.9	272.5	169.2	168.3	140.2	184.6	201.6	234.4	238.4	239.3	260.9	272.4	285.1	283	297	-	-	-
Change	-	-100%	-	91.48%	29.07%	5.33%	-5.06%	-12.1%	8.73%	10.53%	6.75%	-5.35%	-37.91%	-0.53%	-16.7%	31.67%	9.21%	16.27%	1.71%	0.38%	9.03%	4.43%	4.64%	-0.74%	4.96%	-100%	-	-
Net income ¹	162.5	134.2	79.7	150.5	191.5	209.5	183.8	164.1	182.7	198.2	214.5	221.5	122.9	121.2	100.4	138.3	143.1	172.4	176.8	181.7	186	199.1	213.6	209.8	219.6	-	-	-
Change	-	-17.42%	-40.61%	88.83%	27.24%	9.4%	-12.27%	-10.72%	11.33%	8.48%	8.22%	3.26%	-44.51%	-1.38%	-17.16%	37.75%	3.47%	20.48%	2.55%	2.77%	2.38%	7%	7.33%	-1.78%	4.67%	-100%	-	-
Announcement Date	1/29/20	4/29/20	7/27/20	10/21/20	2/3/21	4/28/21	7/28/21	10/27/21	2/2/22	4/26/22	7/27/22	10/26/22	2/2/23	4/26/23	7/25/23	10/25/23	1/31/24	4/24/24	7/23/24	10/23/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Avery Dennison Corporation

balance-sheet-analysis-chart AVERY-DENNISON-CORPORATIO

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,686	1,865	2,942	-	3,029	2,680	2,438	2,118
Change	-	10.62%	57.75%	-	-	-11.53%	-9.03%	-13.13%
Announcement Date	1/29/20	2/3/21	2/2/22	2/2/23	1/31/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Avery Dennison Corporation

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
CAPEX ¹	257.2	218.6	272.1	285.1	247.8	289	306.7
Change	-	-15.01%	24.47%	-	-13.08%	16.61%	6.12%
Free Cash Flow (FCF) ¹	489.3	547.5	774.7	591.9	804.3	891	958.7
Change	-	11.89%	41.5%	-	35.88%	10.78%	7.59%
Announcement Date	1/29/20	2/3/21	2/2/22	1/31/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Avery Dennison Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	14.18%	15.32%	15.56%	15.09%	15.09%	16.35%	16.89%	17.11%
EBIT Margin (%)	11.65%	12.38%	12.66%	11.87%	11.52%	12.83%	13.51%	13.87%
EBT Margin (%)	3.53%	10.58%	11.81%	11.06%	8.31%	11.31%	12.32%	12.96%
Net margin (%)	4.29%	7.97%	8.8%	8.38%	6.01%	8.19%	9.14%	9.52%
FCF margin (%)	6.92%	7.85%	9.21%	-	7.08%	9.16%	9.7%	9.97%
FCF / Net Income (%)	161.17%	98.49%	104.68%	-	117.67%	111.91%	106.13%	104.73%
Profitability
ROA	10.52%	10.3%	10.63%	9.45%	6.23%	8.55%	9.35%	9.77%
ROE	51.95%	44.16%	43.82%	38.03%	24.18%	31.7%	31.41%	29.3%
Financial Health
Leverage (Debt/EBITDA)	1.68x	1.75x	2.25x	-	2.4x	1.87x	1.57x	1.29x
Debt / Free cash flow	3.45x	3.41x	3.8x	-	5.12x	3.33x	2.74x	2.21x
Capital Intensity
CAPEX / Current Assets (%)	3.64%	3.14%	3.24%	-	3.41%	2.82%	3.15%	3.19%
CAPEX / EBITDA (%)	25.65%	20.47%	20.8%	-	22.59%	17.26%	18.62%	18.64%
CAPEX / FCF (%)	52.56%	39.93%	35.12%	-	48.17%	30.81%	32.43%	31.99%
Items per share
Cash flow per share ¹	8.782	8.933	12.49	-	10.18	12.34	15.24	-
Change	-	1.72%	39.83%	-	-	21.13%	23.55%	-
Dividend per Share ¹	2.26	2.36	2.66	-	3.18	3.448	3.633	3.926
Change	-	4.42%	12.71%	-	-	8.43%	5.35%	8.07%
Book Value Per Share ¹	14.16	17.85	23.3	-	26.44	30.57	35.82	40.71
Change	-	26.02%	30.51%	-	-	15.63%	17.18%	13.65%
EPS ¹	3.57	6.61	8.83	9.21	6.2	8.855	10.55	11.51
Change	-	85.15%	33.59%	4.3%	-32.68%	42.82%	19.12%	9.12%
Nbr of stocks (in thousands)	83,503	83,418	82,796	80,969	80,531	80,346	80,346	80,346
Announcement Date	1/29/20	2/3/21	2/2/22	2/2/23	1/31/24	-	-	-