Financials Gates Industrial Corporation plc

Equities

GTES

GB00BD9G2S12

Industrial Machinery & Equipment

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
17.72 ^USD	+1.55%		+3.02%	+32.04%

Apr. 16	Goldman Sachs Adjusts Price Target on Gates Industrial to $18 From $16, Maintains Neutral Rating	MT
Mar. 28	Gates Industrial Corporation plc Announces Resignation of David M. Wisniewski as Chief Accounting Officer	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,983	3,734	4,633	3,223	3,544	4,683	-	-
Enterprise Value (EV) ¹	6,306	5,921	6,539	5,107	5,275	6,046	5,586	5,078
P/E ratio	5.79 x	47.6 x	15.9 x	14.8 x	16 x	17 x	13.4 x	10.5 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.29 x	1.34 x	1.33 x	0.91 x	0.99 x	1.31 x	1.25 x	1.2 x
EV / Revenue	2.04 x	2.12 x	1.88 x	1.44 x	1.48 x	1.69 x	1.49 x	1.3 x
EV / EBITDA	10.3 x	11.7 x	8.89 x	7.5 x	7.06 x	7.87 x	6.69 x	5.67 x
EV / FCF	22.8 x	23.6 x	21.5 x	27.1 x	12.6 x	16.8 x	13.1 x	10.3 x
FCF Yield	4.39%	4.24%	4.66%	3.68%	7.96%	5.94%	7.66%	9.7%
Price to Book	1.5 x	1.33 x	1.49 x	1.06 x	1.1 x	1.36 x	1.25 x	1.11 x
Nbr of stocks (in thousands)	290,118	290,790	291,935	282,448	264,109	264,271	-	-
Reference price ²	13.73	12.84	15.87	11.41	13.42	17.72	17.72	17.72
Announcement Date	2/4/20	2/8/21	2/7/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,087	2,793	3,474	3,554	3,570	3,567	3,740	3,896
EBITDA ¹	611	506.6	735.8	680.6	747	767.7	834.8	894.8
EBIT ¹	346.8	211.1	484.1	384	462.6	564.8	628.6	727.9
Operating Margin	11.23%	7.56%	13.93%	10.8%	12.96%	15.83%	16.81%	18.68%
Earnings before Tax (EBT) ¹	198.8	71	349.7	257.8	285.3	405	480	682
Net income ¹	690.1	79.4	297.1	220.8	232.9	303.5	363.5	514
Net margin	22.35%	2.84%	8.55%	6.21%	6.52%	8.51%	9.72%	13.19%
EPS ²	2.370	0.2700	1.000	0.7700	0.8400	1.042	1.320	1.684
Free Cash Flow ¹	276.8	250.8	304.7	188.2	419.8	359.2	427.9	492.5
FCF margin	8.97%	8.98%	8.77%	5.3%	11.76%	10.07%	11.44%	12.64%
FCF Conversion (EBITDA)	45.3%	49.51%	41.41%	27.65%	56.2%	46.79%	51.26%	55.04%
FCF Conversion (Net income)	40.11%	315.87%	102.56%	85.24%	180.25%	118.36%	117.72%	95.82%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/4/20	2/8/21	2/7/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q1
Net sales ¹	862.4	815.6	893.4	906.8	860.7	893.3	897.7	936.3	872.9	863.3	869.5	916.1	889.6	892.1	956.7
EBITDA ¹	183.9	139.6	156.8	180.1	177.7	166	174.5	197.3	189.4	185.8	180.9	194.1	195.8	196.7	216
EBIT ¹	130.5	75.9	68.4	112.7	103.8	99.1	87.3	129.1	125.9	120.3	126.5	155.1	142	147.8	-
Operating Margin	15.13%	9.31%	7.66%	12.43%	12.06%	11.09%	9.72%	13.79%	14.42%	13.93%	14.55%	16.93%	15.96%	16.57%	-
Earnings before Tax (EBT) ¹	95.5	41.8	35.2	71.6	67.4	83.6	46.2	80.9	86.6	71.6	84.45	102.8	106.2	111.6	-
Net income ¹	70.2	62.7	30.9	53.1	51.9	84.9	26.4	64.9	78.7	62.9	62.05	76.9	80.1	84.45	-
Net margin	8.14%	7.69%	3.46%	5.86%	6.03%	9.5%	2.94%	6.93%	9.02%	7.29%	7.14%	8.39%	9%	9.47%	-
EPS ²	0.2300	0.2100	0.1000	0.1900	0.1800	0.3000	0.0900	0.2300	0.2900	0.2400	0.2173	0.2598	0.2819	0.2899	0.3349
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/8/21	2/7/22	5/4/22	8/5/22	11/4/22	2/9/23	5/4/23	8/4/23	11/3/23	2/8/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,323	2,187	1,906	1,885	1,731	1,363	904	395
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.802 x	4.318 x	2.591 x	2.769 x	2.317 x	1.775 x	1.082 x	0.4414 x
Free Cash Flow ¹	277	251	305	188	420	359	428	493
ROE (net income / shareholders' equity)	12.1%	7.5%	13.8%	10.6%	11.8%	11.5%	12.2%	11.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	9.140	9.650	10.60	10.80	12.20	13.00	14.20	16.00
Cash Flow per Share	-	1.060	1.290	0.9200	-	-	-	-
Capex ¹	72.1	58.2	77.7	77.6	61.2	97.8	95.7	103
Capex / Sales	2.34%	2.08%	2.24%	2.18%	1.71%	2.74%	2.56%	2.64%
Announcement Date	2/4/20	2/8/21	2/7/22	2/9/23	2/8/24	-	-	-

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 Gates Industrial Corporation plc

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.72 USD

Average target price

19.6 USD

Spread / Average Target

+10.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Parts & Components

	1st Jan change	Capi.
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LEADER HARMONIOUS DRIVE SYSTEMS CO., LTD.	-22.11%	2.78B
HIWIN TECHNOLOGIES CORPORATION	-0.43%	2.54B
HARMONIC DRIVE SYSTEMS INC.	-4.09%	2.41B
XI'AN SHAANGU POWER CO., LTD.	+15.79%	2.2B

Industrial Parts & Components