Financials Derichebourg

Equities

DBG

FR0000053381

Environmental Services & Equipment

Market Closed - Euronext Paris Other stock markets 11:35:03 2024-05-16 am EDT			5-day change	1st Jan Change
4.948 ^EUR	+9.23%		+15.72%	-2.60%

May. 16	French caterer Elior delivers $109 mln core profit in 'robust' first half	RE
Apr. 17	Derichebourg: decline in recurring EBITDA expected in 1st half	CF

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	510.7	402.6	1,592	656.7	761.9	788.7	-	-
Enterprise Value (EV) ¹	635.6	743.8	1,788	1,310	1,535	1,551	1,484	1,439
P/E ratio	9.15 x	19.4 x	9.17 x	2.77 x	5.83 x	7.97 x	5.09 x	4.47 x
Yield	3.43%	-	3.2%	7.77%	3.35%	4.81%	6.16%	6.74%
Capitalization / Revenue	0.19 x	0.16 x	0.44 x	0.12 x	0.21 x	0.23 x	0.22 x	0.21 x
EV / Revenue	0.23 x	0.3 x	0.49 x	0.25 x	0.42 x	0.45 x	0.41 x	0.39 x
EV / EBITDA	3.32 x	4.11 x	4.61 x	2.57 x	4.58 x	4.94 x	4.29 x	3.88 x
EV / FCF	8.41 x	7 x	6.97 x	6.07 x	-58.6 x	21.1 x	12 x	10.8 x
FCF Yield	11.9%	14.3%	14.4%	16.5%	-1.71%	4.73%	8.32%	9.24%
Price to Book	0.98 x	0.77 x	2.28 x	1.26 x	0.77 x	0.75 x	0.67 x	0.59 x
Nbr of stocks (in thousands)	159,397	159,397	159,397	159,397	159,397	159,397	-	-
Reference price ²	3.204	2.526	9.990	4.120	4.780	4.948	4.948	4.948
Announcement Date	12/4/19	12/3/20	12/7/21	12/7/22	12/6/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,705	2,464	3,616	5,276	3,621	3,450	3,609	3,709
EBITDA ¹	191.2	180.9	388.2	510.1	334.8	313.9	346	371
EBIT ¹	103.1	62.4	263.2	353.9	184.9	165	195.6	221.7
Operating Margin	3.81%	2.53%	7.28%	6.71%	5.11%	4.78%	5.42%	5.98%
Earnings before Tax (EBT) ¹	87	41.5	246.5	327.9	213.5	132.3	186.3	202.4
Net income ¹	55.6	21.3	174	237.6	136.9	95.03	154	174.8
Net margin	2.06%	0.86%	4.81%	4.5%	3.78%	2.75%	4.27%	4.71%
EPS ²	0.3500	0.1300	1.090	1.490	0.8200	0.6207	0.9725	1.107
Free Cash Flow ¹	75.6	106.3	256.6	216	-26.2	73.4	123.5	133
FCF margin	2.79%	4.31%	7.1%	4.09%	-0.72%	2.13%	3.42%	3.59%
FCF Conversion (EBITDA)	39.54%	58.76%	66.1%	42.34%	-	23.38%	35.7%	35.85%
FCF Conversion (Net income)	135.97%	499.06%	147.47%	90.91%	-	77.24%	80.21%	76.1%
Dividend per Share ²	0.1100	-	0.3200	0.3200	0.1600	0.2378	0.3050	0.3333
Announcement Date	12/4/19	12/3/20	12/7/21	12/7/22	12/6/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2022 S1	2023 S1
Net sales ¹	1,302	-	1,821
EBITDA ¹	91.5	250.6	179.2
EBIT ¹	33.4	-	106.1
Operating Margin	2.56%	-	5.83%
Earnings before Tax (EBT)	-	-	-
Net income ¹	22.4	-	71.5
Net margin	1.72%	-	3.93%
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	5/26/20	-	5/24/23

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	125	341	196	653	773	762	695	651
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6532 x	1.886 x	0.5041 x	1.281 x	2.308 x	2.427 x	2.009 x	1.754 x
Free Cash Flow ¹	75.6	106	257	216	-26.2	73.4	124	133
ROE (net income / shareholders' equity)	10.8%	4.08%	28.5%	29.3%	14.3%	9.39%	12.4%	12.1%
ROA (Net income/ Total Assets)	-	-	8.02%	8.89%	5.01%	3.5%	5.6%	6%
Assets ¹	-	-	2,170	2,671	2,732	2,715	2,750	2,913
Book Value Per Share ²	3.280	3.270	4.390	3.270	6.210	6.600	7.430	8.430
Cash Flow per Share ²	1.040	1.110	2.040	2.570	1.470	1.640	1.850	1.900
Capex ¹	89.5	70.1	68.4	193	261	187	159	170
Capex / Sales	3.31%	2.84%	1.89%	3.66%	7.19%	5.43%	4.4%	4.59%
Announcement Date	12/4/19	12/3/20	12/7/21	12/7/22	12/6/23	-	-	-

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

Ratings for Derichebourg

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.948 EUR

Average target price

5.89 EUR

Spread / Average Target

+19.04%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Environmental Services & Equipment

	1st Jan change	Capi.
DERICHEBOURG	-2.60%	785M
WASTE MANAGEMENT, INC.	+18.48%	83.83B
REPUBLIC SERVICES, INC.	+13.82%	58.88B
VERALTO CORPORATION	+19.75%	24.41B
TETRA TECH, INC.	+30.85%	11.62B
CLEAN HARBORS, INC.	+20.87%	11.47B
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A.	-6.87%	6.36B
KURITA WATER INDUSTRIES LTD.	+23.57%	4.86B
GEM CO., LTD.	+22.89%	4.78B
CECEP ENVIRONMENTAL PROTECTION CO., LTD.	-3.12%	3.08B

Other Environmental Services & Equipment