DAVIDE CAMPARI-MILANO N.V. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 9.388 EUR | +0.09% |
|
-0.93% | -8.10% |
| Apr. 25 | Pernod Ricard Sales Fall as It Struggles in China, U.S. -- 2nd Update | DJ |
| Apr. 25 | Pernod Ricard Backs Guidance Despite Lower Sales -- Update | DJ |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 9,375 | 10,514 | 14,452 | 10,626 | 11,555 | 11,281 | - | - |
| Enterprise Value (EV) 1 | 10,153 | 11,423 | 15,283 | 12,179 | 13,409 | 13,550 | 13,483 | 13,153 |
| P/E ratio | 30.1 x | 55.8 x | 51.5 x | 32.5 x | 35.2 x | 27.5 x | 23.7 x | 20.8 x |
| Yield | 0.68% | 0.59% | 0.47% | 0.63% | 0.64% | 0.72% | 0.79% | 0.83% |
| Capitalization / Revenue | 5.09 x | 5.93 x | 6.65 x | 3.94 x | 3.96 x | 3.56 x | 3.23 x | 3.02 x |
| EV / Revenue | 5.51 x | 6.45 x | 7.03 x | 4.51 x | 4.59 x | 4.27 x | 3.86 x | 3.52 x |
| EV / EBITDA | 21.2 x | 28.6 x | 29.7 x | 18.4 x | 18.4 x | 16.9 x | 14.5 x | 13 x |
| EV / FCF | 39.3 x | 59.4 x | 46 x | 64.5 x | -74.5 x | 145 x | 51.6 x | 24.6 x |
| FCF Yield | 2.55% | 1.68% | 2.17% | 1.55% | -1.34% | 0.69% | 1.94% | 4.07% |
| Price to Book | 3.91 x | 5.25 x | 6.14 x | 3.98 x | 6.17 x | 2.97 x | 2.67 x | 2.36 x |
| Nbr of stocks (in thousands) | 1,151,737 | 1,125,648 | 1,124,241 | 1,120,449 | 1,131,192 | 1,201,650 | - | - |
| Reference price 2 | 8.140 | 9.340 | 12.86 | 9.484 | 10.22 | 9.388 | 9.388 | 9.388 |
| Announcement Date | 2/18/20 | 2/18/21 | 2/23/22 | 2/21/23 | 2/27/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,842 | 1,772 | 2,173 | 2,698 | 2,919 | 3,170 | 3,491 | 3,732 |
| EBITDA 1 | 479.8 | 399.9 | 514.9 | 660.3 | 728.9 | 801.5 | 927.1 | 1,015 |
| EBIT 1 | 408 | 321.9 | 435.2 | 569.9 | 618.7 | 679.7 | 787.3 | 864.4 |
| Operating Margin | 22.14% | 18.17% | 20.03% | 21.13% | 21.2% | 21.44% | 22.55% | 23.16% |
| Earnings before Tax (EBT) 1 | 354.6 | 209.6 | 388.6 | 475 | 466.5 | 586.8 | 690.6 | 783.3 |
| Net income 1 | 308.4 | 187.9 | 284.8 | 333 | 330.5 | 415.8 | 487.5 | 552.5 |
| Net margin | 16.74% | 10.6% | 13.11% | 12.34% | 11.32% | 13.12% | 13.96% | 14.8% |
| EPS 2 | 0.2700 | 0.1674 | 0.2497 | 0.2920 | 0.2900 | 0.3410 | 0.3966 | 0.4513 |
| Free Cash Flow 1 | 258.5 | 192.4 | 332.3 | 188.7 | -180 | 93.29 | 261.2 | 535.7 |
| FCF margin | 14.03% | 10.86% | 15.29% | 7% | -6.17% | 2.94% | 7.48% | 14.36% |
| FCF Conversion (EBITDA) | 53.88% | 48.11% | 64.54% | 28.58% | - | 11.64% | 28.18% | 52.78% |
| FCF Conversion (Net income) | 83.82% | 102.39% | 116.68% | 56.67% | - | 22.44% | 53.59% | 96.96% |
| Dividend per Share 2 | 0.0550 | 0.0550 | 0.0600 | 0.0600 | 0.0650 | 0.0680 | 0.0737 | 0.0781 |
| Announcement Date | 2/18/20 | 2/18/21 | 2/23/22 | 2/21/23 | 2/27/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 994.3 | 768.7 | 1,003 | 1,001 | 574.8 | 597 | 1,172 | 534.8 | 722.1 | 1,257 | 748.8 | 691.9 | 1,441 | 667.9 | 789.9 | 1,458 | 743.5 | 717.3 | 1,461 | 660.7 | 837.1 | 1,505 | 856.5 | 803.4 | 1,635 | 743.7 | 1,634 | 1,701 |
| EBITDA 1 | - | 169.7 | - | 261.7 | 156.3 | 96.9 | - | 134.7 | 218.3 | 353 | 204.8 | 102.5 | - | - | 226.9 | 411.1 | 190.3 | 127.5 | 317.8 | 174.3 | 244.8 | - | 219.9 | 165.2 | - | - | - | - |
| EBIT 1 | 227.7 | 130.4 | 191.5 | 223.2 | 136.6 | 75 | 212 | 114.3 | 196.6 | 310.9 | 181.3 | 77.6 | 259 | 159.3 | 200.4 | 359.7 | 160.8 | 98.2 | 259 | 148.1 | 218.3 | 361 | 191.5 | 124.2 | 310.5 | - | - | - |
| Operating Margin | 22.9% | 16.96% | 19.09% | 22.3% | 23.76% | 12.56% | 18.09% | 21.37% | 27.23% | 24.74% | 24.21% | 11.22% | 17.98% | 23.85% | 25.37% | 24.67% | 21.63% | 13.69% | 17.73% | 22.42% | 26.07% | 23.99% | 22.36% | 15.46% | 18.99% | - | - | - |
| Earnings before Tax (EBT) 1 | 200.9 | 101 | 108.6 | 214.4 | 126.6 | 47.6 | 174 | 107.4 | 174.9 | 282.3 | 171.1 | 21.3 | 192.7 | - | 177.5 | 311.1 | 133.3 | 22.1 | 155.4 | 126.3 | - | 250.7 | - | - | 241.8 | - | 291.5 | 296.5 |
| Net income | 185.6 | 73 | 114.9 | 159.6 | - | - | 125 | - | - | 199.1 | - | - | 133.9 | - | - | 216.9 | - | - | 113.6 | - | - | 205.2 | - | - | 174.1 | - | 209.9 | 213.5 |
| Net margin | 18.67% | 9.5% | 11.45% | 15.95% | - | - | 10.67% | - | - | 15.84% | - | - | 9.29% | - | - | 14.88% | - | - | 7.78% | - | - | 13.64% | - | - | 10.65% | - | 12.84% | 12.55% |
| EPS | 0.1600 | 0.0600 | 0.1015 | 0.1400 | - | - | 0.1097 | - | - | - | - | - | 0.1220 | - | - | - | - | - | 0.1000 | - | - | 0.1300 | - | - | 0.1300 | - | 0.1300 | 0.1300 |
| Dividend per Share 2 | - | - | - | - | - | 0.0600 | - | - | - | - | - | 0.0600 | - | - | - | - | - | 0.0650 | - | 0.008120 | 0.008120 | 0.0500 | 0.008120 | 0.008120 | - | 0.0162 | 0.0600 | - |
| Announcement Date | 2/18/20 | 7/28/20 | 2/18/21 | 7/28/21 | 10/26/21 | 2/23/22 | 2/23/22 | 5/3/22 | 7/27/22 | 7/27/22 | 10/27/22 | 2/21/23 | 2/21/23 | 5/2/23 | 7/26/23 | 7/26/23 | 10/26/23 | 2/27/24 | 2/27/24 | - | - | - | - | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 777 | 910 | 831 | 1,553 | 1,854 | 2,269 | 2,202 | 1,872 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.62 x | 2.275 x | 1.614 x | 2.351 x | 2.543 x | 2.831 x | 2.375 x | 1.844 x |
| Free Cash Flow 1 | 259 | 192 | 332 | 189 | -180 | 93.3 | 261 | 536 |
| ROE (net income / shareholders' equity) | 11.7% | 9.22% | 14.1% | 15.4% | 13.9% | 12.4% | 12.3% | 12.4% |
| ROA (Net income/ Total Assets) | 5.68% | 4.3% | 6.38% | 6.99% | 6.15% | 5.31% | 5.29% | 5.81% |
| Assets 1 | 5,434 | 4,367 | 4,463 | 4,766 | 5,372 | 7,826 | 9,220 | 9,502 |
| Book Value Per Share 2 | 2.080 | 1.780 | 2.090 | 2.380 | 1.660 | 3.160 | 3.520 | 3.990 |
| Cash Flow per Share 2 | 0.3200 | 0.2400 | 0.4200 | 0.3700 | 0.1400 | 0.4500 | 0.4800 | 0.6000 |
| Capex 1 | 82.4 | 79.8 | 136 | 213 | 296 | 427 | 344 | 197 |
| Capex / Sales | 4.47% | 4.5% | 6.25% | 7.91% | 10.13% | 13.48% | 9.85% | 5.28% |
| Announcement Date | 2/18/20 | 2/18/21 | 2/23/22 | 2/21/23 | 2/27/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
9.388
EUR
Average target price
10.28
EUR
Spread / Average Target
+9.50%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -8.10% | 12.04B | |
| -0.96% | 296B | |
| +8.51% | 81.55B | |
| +3.90% | 37.87B | |
| -8.93% | 20.67B | |
| +13.62% | 16.62B | |
| +7.26% | 10.21B | |
| +21.13% | 10.16B | |
| +4.00% | 7.61B | |
| +5.11% | 7.31B |
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