Financials Penske Automotive Group, Inc.

Equities

PAG

US70959W1036

Auto Vehicles, Parts & Service Retailers

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
155.6 ^USD	+1.42%		+5.20%	-3.04%

Apr. 10	BofA Securities Raises Price Target on Penske Automotive to $180 From $175, Maintains Buy Rating	MT
Apr. 09	Sector Update: Consumer Stocks Advance Premarket Tuesday	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,071	4,771	8,395	8,195	10,780	10,435	-	-
Enterprise Value (EV) ¹	6,403	6,411	9,768	9,711	12,313	12,097	11,790	12,176
P/E ratio	9.51 x	8.81 x	7.2 x	6.2 x	10.4 x	10.9 x	10.8 x	9.6 x
Yield	3.15%	1.43%	1.66%	1.8%	1.89%	2.29%	2.16%	2.15%
Capitalization / Revenue	0.18 x	0.23 x	0.33 x	0.29 x	0.37 x	0.34 x	0.33 x	0.31 x
EV / Revenue	0.28 x	0.31 x	0.38 x	0.35 x	0.42 x	0.4 x	0.37 x	0.36 x
EV / EBITDA	7.76 x	6.78 x	5.35 x	4.72 x	7.27 x	7.77 x	6.94 x	6.47 x
EV / FCF	23.5 x	6.31 x	9.36 x	8.25 x	17.1 x	17.3 x	39 x	-
FCF Yield	4.26%	15.8%	10.7%	12.1%	5.83%	5.79%	2.56%	-
Price to Book	1.46 x	1.44 x	2.09 x	1.93 x	2.28 x	2.03 x	1.71 x	1.52 x
Nbr of stocks (in thousands)	81,065	80,336	78,295	71,303	67,161	67,047	-	-
Reference price ²	50.22	59.39	107.2	114.9	160.5	155.6	155.6	155.6
Announcement Date	2/5/20	2/10/21	2/9/22	2/8/23	2/7/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,179	20,444	25,555	27,815	29,527	30,509	31,659	33,940
EBITDA ¹	825.3	945.8	1,826	2,057	1,694	1,558	1,698	1,882
EBIT ¹	652.7	699.3	1,373	1,488	1,392	1,285	1,294	-
Operating Margin	2.82%	3.42%	5.37%	5.35%	4.71%	4.21%	4.09%	-
Earnings before Tax (EBT) ¹	591.5	707.6	1,608	1,859	1,420	1,233	935.6	-
Net income ¹	435.8	543.6	1,188	1,380	1,053	938.1	942.4	997.8
Net margin	1.88%	2.66%	4.65%	4.96%	3.57%	3.07%	2.98%	2.94%
EPS ²	5.280	6.740	14.89	18.55	15.50	14.29	14.38	16.21
Free Cash Flow ¹	273	1,016	1,043	1,176	718.3	701	302	-
FCF margin	1.18%	4.97%	4.08%	4.23%	2.43%	2.3%	0.95%	-
FCF Conversion (EBITDA)	33.08%	107.38%	57.12%	57.2%	42.41%	45%	17.79%	-
FCF Conversion (Net income)	62.64%	186.83%	87.82%	85.25%	68.2%	74.73%	32.04%	-
Dividend per Share ²	1.580	0.8500	1.780	2.070	3.040	3.562	3.358	3.340
Announcement Date	2/5/20	2/10/21	2/9/22	2/8/23	2/7/24	-	-	-

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	6,497	6,296	6,975	6,907	6,921	7,012	7,339	7,468	7,448	7,272	7,482	7,676	7,660	7,478	7,772
EBITDA ¹	522.5	478.3	546	548.3	516.6	446	461.6	458.6	416.4	357.2	359.3	377.1	376.7	340	381
EBIT ¹	377.8	356.3	402	387.6	362.7	335.5	373.5	380.8	331.5	306.4	323.8	332.2	324.5	304.7	341
Operating Margin	5.81%	5.66%	5.76%	5.61%	5.24%	4.78%	5.09%	5.1%	4.45%	4.21%	4.33%	4.33%	4.24%	4.07%	4.39%
Earnings before Tax (EBT) ¹	476.1	420.3	497.6	499.6	467.2	394.8	406.9	400.3	356.5	255.8	300.9	317.6	314	300.6	320
Net income ¹	355.1	311.3	367.9	374	340.1	298	298.3	300.8	263.4	190.7	224.4	236.5	234.3	225.8	236
Net margin	5.47%	4.94%	5.27%	5.41%	4.91%	4.25%	4.06%	4.03%	3.54%	2.62%	3%	3.08%	3.06%	3.02%	3.04%
EPS ²	4.470	3.990	4.760	4.930	4.610	4.210	4.310	4.410	3.920	2.840	3.350	3.537	3.513	3.393	3.610
Dividend per Share ²	0.4600	0.4600	-	0.5300	0.5300	0.5700	0.6100	0.6600	0.7900	0.8700	0.8700	0.8800	0.8900	0.9000	-
Announcement Date	10/27/21	2/9/22	4/27/22	7/27/22	10/26/22	2/8/23	4/26/23	7/26/23	10/25/23	2/7/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,332	1,640	1,373	1,516	1,533	1,663	1,355	1,741
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.826 x	1.734 x	0.752 x	0.7368 x	0.9049 x	1.067 x	0.7983 x	0.9254 x
Free Cash Flow ¹	273	1,016	1,043	1,177	718	701	302	-
ROE (net income / shareholders' equity)	16%	17.7%	32.9%	33.6%	23.6%	19.2%	17.3%	16.3%
ROA (Net income/ Total Assets)	3.51%	4%	9.13%	10%	7.07%	4.05%	5.3%	5.4%
Assets ¹	12,424	13,595	13,014	13,790	14,893	23,137	17,782	18,477
Book Value Per Share ²	34.50	41.30	51.40	59.50	70.40	76.80	90.80	102.0
Cash Flow per Share ²	6.280	14.90	16.20	19.60	16.10	16.10	16.40	-
Capex ¹	245	186	249	283	375	344	381	418
Capex / Sales	1.06%	0.91%	0.97%	1.02%	1.27%	1.13%	1.21%	1.23%
Announcement Date	2/5/20	2/10/21	2/9/22	2/8/23	2/7/24	-	-	-

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 Penske Automotive Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

155.6 USD

Average target price

154.4 USD

Spread / Average Target

-0.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
PENSKE AUTOMOTIVE GROUP, INC.	-3.04%	10.43B
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ZHONGSHENG GROUP HOLDINGS LIMITED	-22.38%	4.42B
RUSH ENTERPRISES, INC.	-7.04%	3.63B
TUHU CAR INC.	-17.62%	2.39B
SONIC AUTOMOTIVE, INC.	+10.83%	2.11B
EAGERS AUTOMOTIVE LIMITED	-14.64%	2.09B
DOGUS OTOMOTIV SERVIS VE TICARET	+20.72%	2.04B

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