Financials Lincoln Electric Holdings, Inc.

Equities

LECO

US5339001068

Industrial Machinery & Equipment

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
229.9 ^USD	+0.88%		-3.53%	+5.74%

Apr. 25	Lincoln Electric Holdings, Inc. Provides Consolidated Earnings Guidance for the Second Quarter of 2024	CI
Apr. 25	Transcript : Lincoln Electric Holdings, Inc., Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,915	6,914	8,235	8,343	12,439	13,086	-	-
Enterprise Value (EV) ¹	6,463	7,374	8,812	9,349	13,150	13,583	13,477	13,243
P/E ratio	20.7 x	34 x	30.3 x	18 x	23.2 x	24 x	21.7 x	20.1 x
Yield	1.94%	1.69%	1.46%	1.55%	1.18%	1.24%	1.29%	1.29%
Capitalization / Revenue	1.97 x	2.6 x	2.55 x	2.22 x	2.97 x	3.04 x	2.9 x	2.81 x
EV / Revenue	2.15 x	2.78 x	2.72 x	2.49 x	3.14 x	3.15 x	2.98 x	2.84 x
EV / EBITDA	13.8 x	18 x	15.7 x	13.2 x	16.3 x	16.1 x	14.9 x	14 x
EV / FCF	19.4 x	25.2 x	29.1 x	30 x	22.8 x	24.4 x	22.3 x	20.2 x
FCF Yield	5.16%	3.96%	3.43%	3.33%	4.38%	4.09%	4.49%	4.95%
Price to Book	7.16 x	8.78 x	9.49 x	8.21 x	9.47 x	8.51 x	7.33 x	6.4 x
Nbr of stocks (in thousands)	61,149	59,471	59,048	57,738	57,200	56,908	-	-
Reference price ²	96.73	116.2	139.5	144.5	217.5	229.9	229.9	229.9
Announcement Date	2/13/20	2/12/21	2/10/22	2/21/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,003	2,655	3,234	3,761	4,192	4,309	4,516	4,662
EBITDA ¹	469.4	408.8	560.4	709.3	805.5	846	904.1	946.1
EBIT ¹	387.9	328.3	479.2	631.2	718.8	756.3	808.2	846.6
Operating Margin	12.91%	12.37%	14.82%	16.78%	17.15%	17.55%	17.9%	18.16%
Earnings before Tax (EBT) ¹	368.5	264	325	-	686.9	713.1	779.8	824
Net income ¹	293.1	206.1	276.5	472.2	545.2	553.7	610.3	654.1
Net margin	9.76%	7.76%	8.55%	12.56%	13.01%	12.85%	13.51%	14.03%
EPS ²	4.680	3.420	4.600	8.040	9.370	9.565	10.60	11.46
Free Cash Flow ¹	333.6	292.2	302.5	311.5	576.6	555.7	605.5	656.2
FCF margin	11.11%	11%	9.35%	8.28%	13.75%	12.9%	13.41%	14.08%
FCF Conversion (EBITDA)	71.07%	71.46%	53.99%	43.92%	71.58%	65.68%	66.98%	69.36%
FCF Conversion (Net income)	113.8%	141.75%	109.43%	65.97%	105.74%	100.35%	99.22%	100.32%
Dividend per Share ²	1.880	1.960	2.040	2.240	2.560	2.856	2.959	2.973
Announcement Date	2/13/20	2/12/21	2/10/22	2/21/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	844.3	925.4	969.6	935.2	930.9	1,039	1,061	1,033	1,059	981.2	1,087	1,091	1,116	1,085	1,157
EBITDA ¹	142.8	183	188	172.4	165.9	193	206.1	204.9	204.1	195.3	217.4	217.2	217.5	209.7	235.4
EBIT ¹	122.2	163.1	168.1	153.2	146.8	171.7	184.2	183.4	182.1	171.4	194.2	194.1	195.6	187.2	211.9
Operating Margin	14.47%	17.62%	17.34%	16.38%	15.77%	16.52%	17.37%	17.75%	17.2%	17.47%	17.86%	17.79%	17.52%	17.26%	18.31%
Earnings before Tax (EBT) ¹	71.57	159.6	159.9	137.5	135.8	155.4	173.1	161.4	197	158.5	185.8	185.2	185.1	177.2	204.6
Net income ¹	74.43	126	127.8	109.2	109.1	121.9	137.3	129.3	156.6	123.4	143.9	144	145.2	138.2	160.1
Net margin	8.82%	13.62%	13.18%	11.68%	11.72%	11.73%	12.95%	12.52%	14.8%	12.58%	13.23%	13.2%	13.01%	12.74%	13.84%
EPS ²	1.250	2.130	2.180	1.870	1.870	2.090	2.360	2.220	2.700	2.140	2.502	2.490	2.478	2.425	2.820
Dividend per Share ²	0.5100	0.5600	0.5600	0.5600	0.5600	0.6400	0.6400	0.6400	0.6400	-	0.7100	0.7100	0.7225	0.7350	0.7350
Announcement Date	2/10/22	4/28/22	7/28/22	10/27/22	2/21/23	4/27/23	7/27/23	10/27/23	2/15/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	548	461	577	1,007	711	498	391	158
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.167 x	1.127 x	1.029 x	1.419 x	0.8833 x	0.5881 x	0.4328 x	0.1667 x
Free Cash Flow ¹	334	292	303	312	577	556	606	656
ROE (net income / shareholders' equity)	34.4%	25.6%	45.1%	51.2%	46.5%	40.1%	35.4%	31.2%
ROA (Net income/ Total Assets)	12.4%	10.7%	15.2%	16.8%	16.6%	16.2%	16.6%	16.7%
Assets ¹	2,361	1,932	1,817	2,807	3,279	3,429	3,688	3,917
Book Value Per Share ²	13.50	13.20	14.70	17.60	23.00	27.00	31.40	36.00
Cash Flow per Share	-	-	-	-	11.50	-	-	-
Capex ¹	69.6	59.2	62.5	71.9	91	101	103	113
Capex / Sales	2.32%	2.23%	1.93%	1.91%	2.17%	2.35%	2.27%	2.42%
Announcement Date	2/13/20	2/12/21	2/10/22	2/21/23	2/15/24	-	-	-

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 Lincoln Electric Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

229.9 USD

Average target price

242 USD

Spread / Average Target

+5.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Welding & Soldering Equipment

	1st Jan change	Capi.
LINCOLN ELECTRIC HOLDINGS, INC.	+5.74%	13.09B
ESAB CORPORATION	+24.52%	6.52B
HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO., LTD.	-2.80%	2.92B
WUXI AUTOWELL TECHNOLOGY CO.,LTD.	-1.65%	2.75B
WUHAN RAYCUS FIBER LASER TECHNOLOGIES CO.,LTD.	-11.60%	1.62B
ESAB INDIA LIMITED	-11.18%	964M
SBT ULTRASONIC TECHNOLOGY CO.,LTD.	-42.33%	762M
SHENZHEN UNITED WINNERS LASER CO., LTD.	-31.54%	656M
SHANGHAI HUGONG ELECTRIC GROUP CO.,LTD.	-10.70%	578M
SHENZHEN JASIC TECHNOLOGY CO.,LTD.	+5.28%	537M

Welding & Soldering Equipment