Real-time Estimate
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5-day change | 1st Jan Change | |
115.66 USD | +0.10% | +7.57% | +56.07% |
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Valuation
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Capitalization 1 | 20 022 | 36 884 | 43 682 | 88 393 | 52 065 | 82 096 | - | - |
Enterprise Value (EV) 1 | 27 988 | 45 946 | 47 404 | 94 080 | 60 163 | 90 596 | 90 606 | 90 841 |
P/E ratio | 13,2x | 24,2x | 24,5x | 27,1x | 14,4x | 29,2x | 21,2x | 18,4x |
Yield | 7,21% | 3,49% | 3,49% | 3,14% | 5,93% | 2,91% | 4,01% | 4,80% |
Capitalization / Revenue | 2,93x | 5,03x | 6,71x | 7,58x | 4,14x | 8,20x | 6,14x | 5,23x |
EV / Revenue | 4,10x | 6,26x | 7,28x | 8,07x | 4,78x | 9,05x | 6,78x | 5,78x |
EV / EBITDA | 9,23x | 14,0x | 12,3x | 13,1x | 7,70x | 14,9x | 11,5x | 10,8x |
EV / FCF | - | - | 26,0x | 24,0x | 9,86x | 19,6x | 12,9x | 9,75x |
FCF Yield | - | - | 3,85% | 4,17% | 10,1% | 5,10% | 7,75% | 10,3% |
Price to Book | 3,10x | 5,36x | 6,66x | 16,5x | 11,4x | 12,0x | 10,7x | 12,2x |
Nbr of stocks (in thousands) | 671 648 | 659 350 | 674 006 | 683 153 | 701 781 | 710 545 | - | - |
Reference price 2 | 29,8 | 55,9 | 64,8 | 129 | 74,2 | 116 | 116 | 116 |
Announcement Date | 31.01.19 | 30.01.20 | 27.01.21 | 27.01.22 | 26.01.23 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 6 833 | 7 338 | 6 515 | 11 663 | 12 590 | 10 013 | 13 360 | 15 709 |
EBITDA 1 | 3 031 | 3 288 | 3 846 | 7 179 | 7 810 | 6 067 | 7 892 | 8 444 |
EBIT 1 | 3 007 | 3 262 | 3 811 | 7 127 | 7 741 | 5 963 | 7 963 | 8 946 |
Operating Margin | 44,0% | 44,5% | 58,5% | 61,1% | 61,5% | 59,6% | 59,6% | 56,9% |
Earnings before Tax (EBT) 1 | 3 513 | 3 067 | 3 646 | 6 931 | 7 425 | 5 611 | 7 731 | 7 754 |
Net income 1 | 1 542 | 2 871 | 3 342 | 6 171 | 6 633 | 5 065 | 6 901 | 7 910 |
Net margin | 22,6% | 39,1% | 51,3% | 52,9% | 52,7% | 50,6% | 51,7% | 50,4% |
EPS 2 | 2,26 | 2,31 | 2,65 | 4,77 | 5,17 | 3,95 | 5,45 | 6,28 |
Free Cash Flow 1 | - | - | 1 824 | 3 922 | 6 101 | 4 616 | 7 018 | 9 320 |
FCF margin | - | - | 28,0% | 33,6% | 48,5% | 46,1% | 52,5% | 59,3% |
FCF Conversion (EBITDA) | - | - | 47,4% | 54,6% | 78,1% | 76,1% | 88,9% | 110% |
FCF Conversion (Net income) | - | - | 54,6% | 63,6% | 92,0% | 91,1% | 102% | 118% |
Dividend per Share 2 | 2,15 | 1,95 | 2,26 | 4,06 | 4,40 | 3,36 | 4,63 | 5,54 |
Announcement Date | 31.01.19 | 30.01.20 | 27.01.21 | 27.01.22 | 26.01.23 | - | - | - |
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 | 2 118 | 3 042 | 4 457 | 3 501 | 4 154 | 2 592 | 2 342 | 2 486 | 2 351 | 2 322 | 2 810 | 2 967 | 3 228 | 3 558 | 4 348 |
EBITDA 1 | - | - | 2 722 | 2 166 | 2 426 | 1 654 | 1 564 | 1 547 | 1 524 | 1 519 | 1 764 | 1 646 | 2 114 | 2 251 | 2 841 |
EBIT 1 | - | - | 2 708 | 2 152 | 2 410 | 1 639 | 1 540 | 1 524 | 1 500 | 1 497 | 1 805 | 1 767 | 1 994 | 2 181 | 2 220 |
Operating Margin | - | - | 60,8% | 61,5% | 58,0% | 63,2% | 65,7% | 61,3% | 63,8% | 64,5% | 64,2% | 59,5% | 61,8% | 61,3% | 51,1% |
Earnings before Tax (EBT) 1 | 1 211 | 1 792 | 2 651 | 2 086 | 2 341 | 1 559 | 1 440 | 1 420 | 1 392 | 1 387 | 1 537 | 1 517 | 1 818 | 2 194 | 1 960 |
Net income 1 | 1 070 | 1 635 | 2 273 | 1 938 | 1 986 | 1 375 | 1 334 | 1 249 | 1 212 | 1 212 | 1 401 | 1 395 | 1 636 | 1 777 | 2 197 |
Net margin | 50,5% | 53,8% | 51,0% | 55,3% | 47,8% | 53,0% | 57,0% | 50,2% | 51,6% | 52,2% | 49,8% | 47,0% | 50,7% | 49,9% | 50,5% |
EPS 2 | 0,82 | 1,28 | 1,71 | 1,55 | 1,49 | 1,06 | 1,07 | 0,97 | 0,93 | 0,94 | 1,09 | 1,12 | 1,28 | 1,41 | 1,70 |
Dividend per Share 2 | 0,82 | 1,09 | 1,45 | 1,32 | 1,27 | 0,90 | 0,91 | 0,82 | 0,79 | 0,80 | 0,88 | 1,00 | 1,12 | 1,16 | 1,39 |
Announcement Date | 07/22/21 | 10/21/21 | 01/27/22 | 04/21/22 | 07/21/22 | 10/20/22 | 01/26/23 | 04/20/23 | 07/20/23 | 10/19/23 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net Debt 1 | 7 966 | 9 062 | 3 722 | 5 686 | 8 098 | 8 500 | 8 510 | 8 745 |
Net Cash position 1 | - | - | - | - | - | - | - | - |
Leverage (Debt/EBITDA) | 2,63x | 2,76x | 0,97x | 0,79x | 1,04x | 1,40x | 1,08x | 1,04x |
Free Cash Flow 1 | - | - | 1 824 | 3 922 | 6 101 | 4 616 | 7 018 | 9 320 |
ROE (net income / shareholders' equity) | 23,7% | 30,6% | 48,9% | 76,8% | 77,7% | 41,9% | 53,4% | 64,1% |
Shareholders' equity 1 | 6 507 | 9 376 | 6 831 | 8 037 | 8 539 | 12 100 | 12 918 | 12 348 |
ROA (Net income/ Total Assets) | 4,87% | 6,66% | 11,4% | 18,3% | 15,8% | 9,86% | 12,4% | 16,6% |
Assets 1 | 31 670 | 43 076 | 29 427 | 33 733 | 41 860 | 51 397 | 55 806 | 47 594 |
Book Value Per Share 2 | 9,62 | 10,4 | 9,73 | 7,85 | 6,52 | 9,63 | 10,8 | 9,45 |
Cash Flow per Share 2 | - | - | 2,78 | 5,54 | 5,25 | 4,10 | 7,21 | 6,63 |
Capex 1 | - | - | 112 | 64,3 | 235 | 82,5 | 111 | 82,0 |
Capex / Sales | - | - | 1,71% | 0,55% | 1,87% | 0,82% | 0,83% | 0,52% |
Announcement Date | 01/31/19 | 01/30/20 | 01/27/21 | 01/27/22 | 01/26/23 | - | - | - |
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
Trading Rating :
Investor Rating :
ESG Refinitiv :
C-
Sell
Buy

Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
115.54USD
Average target price
107.56USD
Spread / Average Target
-6.91%
EPS Revisions
1st Jan change | Capi. | |
---|---|---|
+55.41% | 82 096 M $ | |
+61.57% | 66 570 M $ | |
+59.12% | 20 685 M $ | |
-8.62% | 16 991 M $ | |
+17.29% | 12 855 M $ | |
-3.87% | 12 696 M $ | |
+8.30% | 12 378 M $ | |
+38.88% | 7 559 M $ | |
-17.04% | 6 757 M $ | |
+24.25% | 6 080 M $ |
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