Financials Forvia (ex-Faurecia)

Equities

FRVIA

FR0000121147

Auto, Truck & Motorcycle Parts

Market Closed - Euronext Paris Other stock markets 11:35:16 2024-04-26 am EDT			5-day change	1st Jan Change
14.34 ^EUR	+0.99%		+0.70%	-29.80%

Apr. 25	Forvia Prices EUR200 Million Senior Notes Due 2031	MT
Apr. 24	Forvia Prices an Additional ?200 Million of 5.500% Senior Notes Due 2031	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,547	5,738	5,637	2,783	4,023	2,825	-	-
Enterprise Value (EV) ¹	9,071	8,866	9,103	10,722	11,010	9,100	8,477	7,683
P/E ratio	11.2 x	-15.2 x	-73.4 x	-16.3 x	18.2 x	6.93 x	4.34 x	3.37 x
Yield	2.71%	2.39%	2.39%	-	-	3.8%	6.07%	8.35%
Capitalization / Revenue	0.37 x	0.39 x	0.36 x	0.11 x	0.15 x	0.1 x	0.1 x	0.09 x
EV / Revenue	0.51 x	0.61 x	0.58 x	0.42 x	0.4 x	0.33 x	0.29 x	0.25 x
EV / EBITDA	3.77 x	5.28 x	4.32 x	3.56 x	3.31 x	2.55 x	2.14 x	1.82 x
EV / FCF	21.8 x	14.1 x	47 x	33.3 x	25.5 x	9.36 x	9.79 x	8.32 x
FCF Yield	4.59%	7.07%	2.13%	3%	3.92%	10.7%	10.2%	12%
Price to Book	1.6 x	1.7 x	1.68 x	0.54 x	0.89 x	0.62 x	0.57 x	0.51 x
Nbr of stocks (in thousands)	136,310	136,905	134,749	196,951	197,012	197,084	-	-
Reference price ²	48.03	41.91	41.83	14.13	20.42	14.34	14.34	14.34
Announcement Date	2/17/20	2/22/21	2/21/22	2/19/23	2/19/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,768	14,654	15,618	25,458	27,248	27,994	29,521	30,558
EBITDA ¹	2,404	1,679	2,109	3,012	3,328	3,574	3,957	4,228
EBIT ¹	1,283	406	862	1,115	1,439	1,660	2,008	2,215
Operating Margin	7.22%	2.77%	5.52%	4.38%	5.28%	5.93%	6.8%	7.25%
Earnings before Tax (EBT) ¹	794	-185	276	-75	606	766.1	1,153	1,472
Net income ¹	590	-379	-79	-382	222	387.6	642.9	841.6
Net margin	3.32%	-2.59%	-0.51%	-1.5%	0.81%	1.38%	2.18%	2.75%
EPS ²	4.290	-2.750	-0.5700	-0.8683	1.120	2.068	3.300	4.249
Free Cash Flow ¹	416.4	626.8	193.7	321.8	431.2	972.6	866.2	923.5
FCF margin	2.34%	4.28%	1.24%	1.26%	1.58%	3.47%	2.93%	3.02%
FCF Conversion (EBITDA)	17.32%	37.33%	9.18%	10.68%	12.96%	27.21%	21.89%	21.84%
FCF Conversion (Net income)	70.58%	-	-	-	194.23%	250.95%	134.74%	109.73%
Dividend per Share ²	1.300	1.000	1.000	-	-	0.5450	0.8696	1.197
Announcement Date	2/17/20	2/22/21	2/21/22	2/19/23	2/19/24	-	-	-

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 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 S1	2024 S2
Net sales ¹	8,796	6,170	8,484	7,783	3,426	4,409	7,835	5,322	6,301	11,623	6,591	7,244	13,835	13,621	6,528	7,099	13,627	6,531	13,796	14,202
EBITDA	1,233	509	1,170	1,109	-	-	1,000	-	-	1,321	-	-	-	-	-	-	-	-	-	-
EBIT	638.3	-114	520	510	-	-	352	-	-	426.2	-	-	689	675	-	-	764	-	-	-
Operating Margin	7.26%	-1.85%	6.13%	6.55%	-	-	4.49%	-	-	3.67%	-	-	4.98%	4.96%	-	-	5.61%	-	-	-
Earnings before Tax (EBT)	347	-341	155	308	-	-	-32	-	-	-183.4	-	-	108.4	200.3	-	-	405.7	-	-	-
Net income	244	-433	54	146	-	-	-225	-	-	-296.5	-	-	-85.5	28.4	-	-	193.6	-	-	-
Net margin	2.77%	-7.02%	0.64%	1.88%	-	-	-2.87%	-	-	-2.55%	-	-	-0.62%	0.21%	-	-	1.42%	-	-	-
EPS	1.780	-3.160	0.4100	1.080	-	-	-1.650	-	-	-1.980	-	-	1.112	0.1400	-	-	0.9800	-	1.090	1.430
Dividend per Share	-	-	-	1.000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/17/20	7/27/20	2/22/21	7/26/21	10/26/21	2/21/22	2/21/22	4/26/22	7/25/22	7/25/22	10/21/22	2/19/23	2/19/23	7/27/23	10/20/23	2/19/24	2/19/24	4/18/24	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,524	3,128	3,467	7,939	6,987	6,275	5,652	4,858
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.05 x	1.863 x	1.644 x	2.636 x	2.1 x	1.756 x	1.428 x	1.149 x
Free Cash Flow ¹	416	627	194	322	431	973	866	924
ROE (net income / shareholders' equity)	15%	-10.1%	4.02%	1.68%	7.51%	9.88%	14%	16.1%
ROA (Net income/ Total Assets)	3.86%	-2.11%	0.68%	0.25%	1.09%	1.82%	2.56%	3.26%
Assets ¹	15,287	17,962	-11,635	-153,660	20,451	21,282	25,110	25,799
Book Value Per Share ²	30.00	24.60	24.90	26.20	22.90	23.20	25.20	28.20
Cash Flow per Share ²	13.00	8.010	10.10	14.20	13.20	13.10	13.80	14.60
Capex ¹	1,366	1,098	1,200	2,143	2,183	2,140	2,206	2,243
Capex / Sales	7.69%	7.49%	7.68%	8.42%	8.01%	7.64%	7.47%	7.34%
Announcement Date	2/17/20	2/22/21	2/21/22	2/19/23	2/19/24	-	-	-

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

Ratings for Forvia (ex-Faurecia)

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.34 EUR

Average target price

22.01 EUR

Spread / Average Target

+53.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
FORVIA (EX-FAURECIA)	-29.80%	3.02B
DENSO CORPORATION	+29.62%	50.98B
WEICHAI POWER CO., LTD.	+25.77%	20.39B
APTIV PLC	-20.63%	19.42B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+31.67%	17.27B
HYUNDAI MOBIS CO.,LTD	+1.48%	15.84B
CONTINENTAL AG	-18.75%	13.35B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+31.97%	11.74B
SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+28.58%	10.66B
BOSCH LIMITED	+30.12%	10.21B

Other Auto, Truck & Motorcycle Parts