Financials Avery Dennison Corporation

Equities

AVY

US0536111091

Non-Paper Containers & Packaging

Market Closed - Nyse Other stock markets 04:00:01 2023-11-29 pm EST			5-day change	1st Jan Change
192.36 ^USD	+1.40%		+1.35%	+6.28%

Nov. 22	Anthony K. Anderson Resigns as Executive Chairman of the Board of Directors of Avery Dennison Corporation	CI
Oct. 27	Avery Dennison Declares Quarterly Dividend, Payable on December 20, 2023	CI

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	7 789	10 924	12 939	17 931	14 655	15 491	-	-
Enterprise Value (EV) ¹	9 523	12 610	14 803	20 873	14 655	18 304	18 069	17 800
P/E ratio	17,0x	36,6x	23,5x	24,5x	19,7x	29,7x	20,9x	18,3x
Yield	2,24%	1,73%	1,52%	1,23%	-	1,61%	1,65%	1,76%
Capitalization / Revenue	1,09x	1,55x	1,86x	2,13x	1,62x	1,86x	1,75x	1,67x
EV / Revenue	1,33x	1,78x	2,12x	2,48x	1,62x	2,19x	2,04x	1,91x
EV / EBITDA	9,83x	12,6x	13,9x	16,0x	10,7x	14,7x	12,8x	11,6x
EV / FCF	47,3x	25,8x	27,0x	26,9x	-	26,8x	24,6x	21,6x
FCF Yield	2,11%	3,88%	3,70%	3,71%	-	3,73%	4,07%	4,63%
Price to Book	7,97x	9,24x	8,69x	9,30x	-	7,27x	6,22x	5,38x
Nbr of stocks (in thousands)	86 710	83 503	83 418	82 796	80 969	80 531	-	-
Reference price ²	89,8	131	155	217	181	192	192	192
Announcement Date	30/01/19	29/01/20	03/02/21	02/02/22	02/02/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	7 159	7 070	6 972	8 408	9 039	8 344	8 850	9 302
EBITDA ¹	969	1 003	1 068	1 308	1 364	1 245	1 416	1 535
EBIT ¹	788	824	863	1 064	1 073	952	1 116	1 226
Operating Margin	11,0%	11,7%	12,4%	12,7%	11,9%	11,4%	12,6%	13,2%
Earnings before Tax (EBT) ¹	555	250	737	993	999	742	999	1 126
Net income ¹	467	304	556	740	757	526	738	831
Net margin	6,53%	4,29%	7,97%	8,80%	8,38%	6,31%	8,33%	8,93%
EPS ²	5,28	3,57	6,61	8,83	9,21	6,49	9,20	10,5
Free Cash Flow ¹	201	489	548	775	-	683	735	825
FCF margin	2,81%	6,92%	7,85%	9,21%	-	8,19%	8,31%	8,87%
FCF Conversion (EBITDA)	20,8%	48,8%	51,3%	59,2%	-	54,9%	51,9%	53,7%
FCF Conversion (Net income)	43,1%	161%	98,5%	105%	-	130%	99,7%	99,3%
Dividend per Share ²	2,01	2,26	2,36	2,66	-	3,11	3,18	3,39
Announcement Date	01/30/19	01/29/20	02/03/21	02/02/22	02/02/23	-	-	-

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	2 102	2 072	2 183	2 349	2 347	2 317	2 026	2 065	2 091	2 098	2 098	2 206	2 232	2 217	2 198
EBITDA ¹	325	319	325	358	384	360	261	280	308	328	334	339	358	369	369
EBIT ¹	269	258	253	286	311	288	188	208	234	253	259	264	282	294	293
Operating Margin	12,8%	12,4%	11,6%	12,2%	13,2%	12,4%	9,27%	10,1%	11,2%	12,1%	12,3%	12,0%	12,7%	13,2%	13,3%
Earnings before Tax (EBT) ¹	255	224	244	270	288	273	169	168	140	185	230	233	251	266	258
Net income ¹	184	164	183	198	215	222	123	121	100	138	172	175	189	200	194
Net margin	8,74%	7,92%	8,37%	8,44%	9,14%	9,56%	6,07%	5,87%	4,80%	6,59%	8,18%	7,93%	8,48%	9,01%	8,83%
EPS ²	2,19	1,96	2,19	2,39	2,61	2,70	1,51	1,49	1,24	1,71	2,12	2,17	2,35	2,50	2,46
Dividend per Share ²	0,68	0,68	0,68	0,68	0,75	0,75	-	0,75	0,81	-	0,81	0,81	0,81	0,81	0,81
Announcement Date	07/28/21	10/27/21	02/02/22	04/26/22	07/27/22	10/26/22	02/02/23	04/26/23	07/25/23	10/25/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	1 734	1 686	1 865	2 942	-	2 813	2 578	2 309
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,79x	1,68x	1,75x	2,25x	-	2,26x	1,82x	1,50x
Free Cash Flow ¹	201	489	548	775	-	683	735	825
ROE (net income / shareholders' equity)	46,7%	51,9%	44,2%	43,8%	38,0%	30,7%	32,7%	31,5%
Shareholders' equity ¹	1 001	584	1 259	1 689	1 991	1 716	2 256	2 637
ROA (Net income/ Total Assets)	9,06%	10,5%	10,3%	10,6%	9,45%	7,11%	8,86%	9,87%
Assets ¹	5 157	2 887	5 395	6 963	8 011	7 406	8 321	8 413
Book Value Per Share ²	11,3	14,2	17,9	23,3	-	26,4	30,9	35,8
Cash Flow per Share ²	5,17	8,78	8,93	12,5	-	9,97	12,1	13,6
Capex ¹	257	257	219	272	-	273	289	306
Capex / Sales	3,58%	3,64%	3,14%	3,24%	-	3,28%	3,26%	3,29%
Announcement Date	01/30/19	01/29/20	02/03/21	02/02/22	02/02/23	-	-	-

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

Ratings for Avery Dennison Corporation

Trading Rating :

Investor Rating :

ESG Refinitiv :

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

192.36USD

Average target price

197.27USD

Spread / Average Target

+2.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Non-Paper Containers & Packaging

	1st Jan change	Capi. (M$)
AVERY DENNISON CORPORATION	+6.28%	15 491 M $
BALL CORPORATION	+7.20%	17 285 M $
AMCOR PLC	-20.32%	13 707 M $
CROWN HOLDINGS, INC.	+2.26%	10 063 M $
CCL INDUSTRIES INC.	-2.82%	7 364 M $
SEALED AIR CORPORATION	-33.52%	4 789 M $
SILGAN HOLDINGS INC.	-19.93%	4 421 M $
GREIF, INC.	+2.40%	3 212 M $
VISCOFAN, S.A.	-7.31%	2 802 M $
ORORA LIMITED	-12.11%	2 102 M $

Other Non-Paper Containers & Packaging