Stock REC RECORDATI
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Financials Recordati

Equities

REC

IT0003828271

Pharmaceuticals

Market Closed - Borsa Italiana
Other stock markets
 11:44:59 2024-04-26 am EDT 		5-day change 1st Jan Change
49.1 EUR +0.61% Intraday chart for Recordati -1.52% +0.55%
Apr. 24 Global markets live: Heineken, AT&T Hasbro, Visa, Boeing... Our Logo
Apr. 24 CVC Said Mulling Options for Majority Stake in Recordati MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,667 9,330 11,657 7,959 10,042 10,106 - -
Enterprise Value (EV) 1 8,570 10,195 12,405 9,379 11,621 11,412 11,180 10,982
P/E ratio 21.3 x 26.7 x 30.6 x 25.9 x 26.2 x 22 x 19.7 x 18.7 x
Yield 2.66% 2.32% 1.95% 2.97% 2.46% 2.86% 3.15% 3.42%
Capitalization / Revenue 5.17 x 6.44 x 7.38 x 4.29 x 4.82 x 4.4 x 4.15 x 3.96 x
EV / Revenue 5.78 x 7.04 x 7.85 x 5.06 x 5.58 x 4.97 x 4.59 x 4.3 x
EV / EBITDA 15.8 x 17.9 x 20.6 x 13.9 x 15.1 x 13.5 x 12.5 x 11.7 x
EV / FCF 28.3 x 26.7 x 26.4 x 21.4 x 25.5 x 23.8 x 20.9 x 18.2 x
FCF Yield 3.53% 3.75% 3.79% 4.68% 3.92% 4.21% 4.79% 5.5%
Price to Book 6.45 x 7.33 x 8.42 x 5.15 x 6.06 x 5.23 x 5.2 x 4.92 x
Nbr of stocks (in thousands) 204,070 205,817 206,325 205,406 205,645 205,821 - -
Reference price 2 37.57 45.33 56.50 38.75 48.83 49.10 49.10 49.10
Announcement Date 2/14/20 2/22/21 2/24/22 2/21/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,482 1,449 1,580 1,853 2,082 2,298 2,437 2,552
EBITDA 1 544 569.3 602.3 672.8 769.6 846.3 893.8 940.5
EBIT 1 465.3 469 490.2 437.3 558 682.2 742.5 777.1
Operating Margin 31.4% 32.37% 31.02% 23.6% 26.8% 29.68% 30.47% 30.45%
Earnings before Tax (EBT) 1 444.1 455.7 463.4 401.4 491 585.8 659.8 711.6
Net income 1 368.8 355 386 312.3 389.2 477.4 523 552
Net margin 24.89% 24.5% 24.43% 16.85% 18.69% 20.77% 21.46% 21.63%
EPS 2 1.764 1.698 1.846 1.494 1.861 2.236 2.490 2.627
Free Cash Flow 1 302.8 382.3 469.8 439 456 480.5 535.4 603.9
FCF margin 20.43% 26.39% 29.73% 23.69% 21.9% 20.9% 21.97% 23.66%
FCF Conversion (EBITDA) 55.65% 67.15% 78% 65.25% 59.25% 56.77% 59.9% 64.21%
FCF Conversion (Net income) 82.09% 107.69% 121.71% 140.57% 117.16% 100.65% 102.36% 109.4%
Dividend per Share 2 1.000 1.050 1.100 1.150 1.200 1.407 1.547 1.677
Announcement Date 2/14/20 2/22/21 2/24/22 2/21/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1
Net sales 760.2 770.8 385.4 423.9 419.4 473.1 892.5 485.1 475.8 551.4 492.9 1,044 511.9 526.1 -
EBITDA 1 311.1 300.5 147.4 154.4 163 171.8 334.9 181.3 156.6 220.8 185.4 406.2 189.4 174 241.6
EBIT 261.5 250.4 122.6 117.3 131.3 101 232.3 123.6 81.42 172.6 165.6 338.2 100.6 119.2 -
Operating Margin 34.4% 32.49% 31.8% 27.66% 31.3% 21.35% 26.03% 25.48% 17.11% 31.3% 33.6% 32.39% 19.65% 22.66% -
Earnings before Tax (EBT) 254.4 235.5 115.2 112.7 124.3 69.83 194.2 115.6 91.72 159.9 128.9 288.9 100.8 101.3 -
Net income 1 196.9 207.1 89.28 89.61 96.72 54.68 151.4 90.05 70.84 124 103.6 227.6 76.9 84.7 132
Net margin 25.9% 26.87% 23.17% 21.14% 23.06% 11.56% 16.96% 18.57% 14.89% 22.48% 21.03% 21.79% 15.02% 16.1% -
EPS 2 0.9420 0.9900 0.4270 0.4290 0.4620 0.2620 - 0.4310 0.3390 0.5930 0.4950 - 0.3680 - 0.6300
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 7/30/20 7/29/21 10/28/21 2/24/22 5/10/22 7/28/22 7/28/22 11/8/22 2/21/23 5/11/23 7/28/23 7/28/23 11/7/23 2/22/24 -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 903 866 748 1,420 1,579 1,306 1,074 876
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.659 x 1.521 x 1.241 x 2.11 x 2.052 x 1.543 x 1.202 x 0.9314 x
Free Cash Flow 1 303 382 470 439 456 480 535 604
ROE (net income / shareholders' equity) 34.1% 28.7% 32% 32.3% 32.5% 29.4% 33.1% 34.8%
ROA (Net income/ Total Assets) - - 15.4% 9.17% 9.49% 14% 13.9% 14.2%
Assets 1 - - 2,512 3,407 4,103 3,398 3,757 3,879
Book Value Per Share 2 5.830 6.190 6.710 7.530 8.060 9.400 9.430 9.970
Cash Flow per Share 2 1.630 1.960 2.350 2.210 2.320 3.210 1.840 3.180
Capex 1 31.3 21.3 21.9 23.9 380 75.8 82.2 72.6
Capex / Sales 2.11% 1.47% 1.38% 1.29% 18.23% 3.3% 3.37% 2.85%
Announcement Date 2/14/20 2/22/21 2/24/22 2/21/23 2/22/24 - - -
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 Recordati

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
49.1 EUR
Average target price
52.14 EUR
Spread / Average Target
+6.19%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

1st Jan change Capi.
RECORDATI Stock Recordati
+0.55% 10.79B
ELI LILLY AND COMPANY Stock Eli Lilly and Company
+25.83% 661B
NOVO NORDISK A/S Stock Novo Nordisk A/S
+27.00% 566B
JOHNSON & JOHNSON Stock Johnson & Johnson
-6.76% 352B
MERCK & CO., INC. Stock Merck & Co., Inc.
+20.34% 332B
ABBVIE INC. Stock AbbVie Inc.
+3.00% 283B
ASTRAZENECA PLC Stock AstraZeneca PLC
+13.09% 231B
NOVARTIS AG Stock Novartis AG
+5.46% 200B
ROCHE HOLDING AG Stock Roche Holding AG
-9.61% 195B
AMGEN INC. Stock Amgen Inc.
-6.26% 145B
Other Pharmaceuticals
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