Financials Grenevia S.A.

Equities

GEA

PLFAMUR00012

Mining Support Services & Equipment

Market Closed - Warsaw S.E. Other stock markets 11:55:52 2024-04-26 am EDT			5-day change	1st Jan Change
2.36 ^PLN	+0.85%		-13.39%	-29.55%

Apr. 22	Grenevia S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Grenevia S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Capitalization ¹	1,713	1,293	1,925	1,896	1,356	-	-
Enterprise Value (EV) ¹	1,853	873.2	1,502	2,027	1,613	1,520	1,592
P/E ratio	6.77 x	6.82 x	83.8 x	7.5 x	6.21 x	6.74 x	-
Yield	17.8%	-	-	-	-	-	-
Capitalization / Revenue	0.79 x	1.14 x	1.83 x	1.63 x	0.76 x	0.71 x	1.12 x
EV / Revenue	0.86 x	0.77 x	1.43 x	1.74 x	0.91 x	0.79 x	1.31 x
EV / EBITDA	4.11 x	2.1 x	4.78 x	4.75 x	3.15 x	3.08 x	3.24 x
EV / FCF	7.24 x	1.83 x	15.5 x	4.36 x	7.06 x	7.34 x	5.8 x
FCF Yield	13.8%	54.7%	6.46%	22.9%	14.2%	13.6%	17.3%
Price to Book	1.13 x	0.77 x	1.12 x	1.14 x	0.6 x	0.57 x	-
Nbr of stocks (in thousands)	574,759	574,759	574,677	574,677	574,677	-	-
Reference price ²	2.980	2.250	3.350	3.300	2.360	2.360	2.360
Announcement Date	4/21/20	3/29/21	4/11/22	4/24/23	-	-	-

¹PLN in Million²PLN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net sales ¹	2,165	1,139	1,050	1,166	1,778	1,919	1,216
EBITDA ¹	451	416	314	427	512.4	492.9	491.9
EBIT ¹	269	239	134	284	331.9	308	313.5
Operating Margin	12.42%	20.98%	12.76%	24.36%	18.66%	16.05%	25.78%
Earnings before Tax (EBT) ¹	333	252	60	316	267.4	257.9	277.9
Net income ¹	245	185	34	252	222.9	201.1	175.2
Net margin	11.32%	16.24%	3.24%	21.61%	12.53%	10.48%	14.41%
EPS ²	0.4400	0.3300	0.0400	0.4400	0.3800	0.3500	-
Free Cash Flow ¹	256	478	97	465	228.4	207.3	274.6
FCF margin	11.82%	41.97%	9.24%	39.88%	12.84%	10.8%	22.58%
FCF Conversion (EBITDA)	56.76%	114.9%	30.89%	108.9%	44.57%	42.05%	55.82%
FCF Conversion (Net income)	104.49%	258.38%	285.29%	184.52%	102.47%	103.09%	156.71%
Dividend per Share	0.5300	-	-	-	-	-	-
Announcement Date	4/21/20	3/29/21	4/11/22	4/24/23	-	-	-

¹PLN in Million²PLN

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	2024 Q1
Net sales ¹	238	294	274	290	307	309	370	411	368	402
EBITDA ¹	80	73	95	96	92	144	104	125	145	176.1
EBIT ¹	39	24	54	60	56	150	62	81	96	129.1
Operating Margin	16.39%	8.16%	19.71%	20.69%	18.24%	48.54%	16.76%	19.71%	26.09%	32.11%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	36	-2	59	156	60	63	73	82
Net margin	-	-	13.14%	-0.69%	19.22%	50.49%	16.22%	15.33%	19.84%	20.4%
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/15/21	4/11/22	5/23/22	8/29/22	11/8/22	4/24/23	5/29/23	8/28/23	11/13/23	-

¹PLN in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net Debt ¹	140	-	-	131	257	164	235
Net Cash position ¹	-	420	423	-	-	-	-
Leverage (Debt/EBITDA)	0.3104 x	-	-	0.3068 x	0.5017 x	0.3331 x	0.4785 x
Free Cash Flow ¹	256	478	97	465	228	207	275
ROE (net income / shareholders' equity)	15.4%	11.3%	1.98%	16.6%	8.7%	7.3%	6.45%
ROA (Net income/ Total Assets)	8.26%	6.77%	1.19%	-	-	-	-
Assets ¹	2,966	2,733	2,857	-	-	-	-
Book Value Per Share ²	2.630	2.930	2.990	2.890	3.930	4.160	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	248	162	112	149	313	294	171
Capex / Sales	11.45%	14.22%	10.67%	12.78%	17.59%	15.34%	14.02%
Announcement Date	4/21/20	3/29/21	4/11/22	4/24/23	-	-	-

¹PLN in Million²PLN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Grenevia S.A.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2.36 PLN

Average target price

3.492 PLN

Spread / Average Target

+47.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Mining Machinery & Equipment Manufacturing

	1st Jan change	Capi.
GRENEVIA S.A.	-29.55%	335M
ZHENGZHOU COAL MINING MACHINERY GROUP COMPANY LIMITED	+29.09%	3.84B
SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED	-33.11%	2.06B
SHANDONG MINING MACHINERY GROUP CO., LTD.	+9.31%	780M
NAIPU MINING MACHINERY CO., LTD.	+19.15%	586M
SHANGHAI CHUANGLI GROUP CO., LTD.	-9.31%	481M
LINZHOU HEAVY MACHINERY GROUP CO.,LTD	-11.85%	452M
NANCHANG MINERAL SYSTEMS CO., LTD.	-19.78%	393M
BGRIMM TECHNOLOGY CO., LTD.	-19.95%	370M
BAUER AG	-3.59%	210M

Mining Machinery & Equipment Manufacturing