Financials Recordati

Equities

REC

IT0003828271

Pharmaceuticals

Real-time Borsa Italiana Other stock markets 07:32:14 2025-01-14 am EST			5-day change	1st Jan Change
52.75 ^EUR	+0.29%		+0.29%	+4.25%

11:40am	Campari, Enel, FinecoBank, Iveco and UniCredit "best pick 2025" for Equita	RE
Jan. 03	Indices expected to fall; euro still weak	AN

Projected Income Statement: Recordati

income-statement-evolution-chart RECORDATI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,482	1,449	1,580	1,853	2,082	2,321	2,606	2,761
Change	-	-2.22%	9.06%	17.29%	12.36%	11.47%	12.26%	5.97%
EBITDA ¹	544	569.3	602.3	672.8	769.6	853.8	959	1,027
Change	-	4.65%	5.8%	11.71%	14.39%	10.94%	12.33%	7.04%
EBIT ¹	465.3	469	490.2	437.3	558	679.2	787.4	847.8
Change	-	0.8%	4.52%	-10.79%	27.6%	21.72%	15.94%	7.67%
Interest Paid ¹	-21.12	-13.36	-26.84	-35.9	-67	-66.22	-82.36	-73.42
Earnings before Tax (EBT) ¹	444.1	455.7	463.4	401.4	491	575.5	684.7	750.1
Change	-	2.59%	1.7%	-13.37%	22.31%	17.22%	18.97%	9.54%
Net income ¹	368.8	355	386	312.3	389.2	466	539.4	589.4
Change	-	-3.75%	8.73%	-19.09%	24.62%	19.73%	15.75%	9.28%
Announcement Date	2/14/20	2/22/21	2/24/22	2/21/23	2/22/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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
Net sales ¹	381.4	429.2	331	333.6	355.1	384.8	386	385.4	423.9	419.4	473.1	485.1	475.8	551.4	492.9	511.9	526.1	-	577.8	557.4	575.8
Change	-	12.55%	-22.9%	0.81%	6.43%	8.38%	0.29%	-0.16%	10.01%	-1.07%	12.81%	2.52%	-1.92%	15.89%	-10.6%	3.85%	2.77%	-100%	-	-3.54%	3.3%
EBITDA ¹	134.4	172.9	138.2	127.7	130.5	150	150.5	147.4	154.4	163	171.8	181.3	156.6	220.8	185.4	189.4	174	244	208.9	212.7	196.9
Change	-	28.64%	-20.05%	-7.6%	2.18%	14.96%	0.31%	-2.02%	4.73%	5.59%	5.4%	5.48%	-13.58%	40.94%	-16.02%	2.15%	-8.13%	40.25%	-14.4%	1.84%	-7.44%
EBIT ¹	111.8	150.4	113.1	102.5	105	124.9	125.5	122.6	117.3	131.3	101	123.6	81.42	172.6	165.6	100.6	119.2	202	165.9	165.6	154.7
Change	-	34.55%	-24.82%	-9.34%	2.38%	18.98%	0.5%	-2.35%	-4.31%	11.94%	-23.04%	22.33%	-34.12%	111.95%	-4.02%	-39.26%	18.49%	69.49%	-17.88%	-0.2%	-6.56%
Charge d'intérêts	-5.142	-2.896	-4.187	-	-2.168	-	-6.007	-7.323	-4.65	-6.953	-31.19	-8.016	-12.19	-	-11.98	-24.48	-17.95	-25.75	-21.04	-15.53	-
Earnings before Tax (EBT)	106.6	145.5	108.9	98.42	102.8	116	119.5	115.2	112.7	124.3	69.83	115.6	91.72	159.9	128.9	100.8	101.3	161.1	130.6	150	-
Change	-	36.49%	-25.17%	-9.62%	4.46%	12.82%	3.03%	-3.57%	-2.23%	10.34%	-43.83%	65.49%	-20.64%	74.39%	-19.39%	-21.79%	0.47%	59.08%	-18.96%	14.88%	-100%
Net income ¹	115.2	111.2	85.74	77.16	80.94	89.87	117.2	89.28	89.61	96.72	54.68	90.05	70.84	124	103.6	76.9	84.7	123.6	101.8	113	108
Change	-	-3.47%	-22.89%	-10.01%	4.9%	11.04%	30.44%	-23.84%	0.37%	7.93%	-43.46%	64.68%	-21.33%	74.97%	-16.38%	-25.81%	10.14%	45.92%	-17.65%	11.06%	-4.45%
Announcement Date	2/14/20	5/7/20	7/30/20	10/29/20	2/22/21	5/6/21	7/29/21	10/28/21	2/24/22	5/10/22	7/28/22	11/8/22	2/21/23	5/11/23	7/28/23	11/7/23	2/22/24	5/9/24	7/30/24	11/8/24	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	760.2	770.8	892.5	1,044	1,186
Change	-	1.4%	15.79%	17.01%	13.54%
EBITDA	311.1	300.5	334.9	406.2	-
Change	-	-3.4%	11.45%	21.29%	-100%
EBIT ¹	261.5	250.4	232.3	338.2	367.9
Change	-	-4.25%	-7.23%	45.59%	8.79%
Charge d'intérêts	-7.083	-14.87	-	-	-
Earnings before Tax (EBT) ¹	254.4	235.5	194.2	288.9	291.7
Change	-	-7.44%	-17.56%	48.79%	1%
Net income ¹	196.9	207.1	151.4	227.6	225.4
Change	-	5.17%	-26.89%	50.33%	-0.98%
Announcement Date	7/30/20	7/29/21	7/28/22	7/28/23	7/30/24

¹EUR in Million

Estimates

Forecast Balance Sheet: Recordati

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	903	866	748	1,420	1,579	2,019	1,697	1,472
Change	-	-4.1%	-13.63%	89.84%	11.2%	27.83%	-15.95%	-13.26%
Announcement Date	2/14/20	2/22/21	2/24/22	2/21/23	2/22/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Recordati

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	31.27	21.26	21.85	23.89	379.6	353.9	103	120
Change	-	-32%	2.77%	9.31%	1,489.15%	-6.77%	-70.91%	16.6%
Free Cash Flow (FCF) ¹	302.8	382.3	469.8	439	456	677.5	648	721.5
Change	-	26.28%	22.88%	-6.56%	3.87%	48.57%	-4.35%	11.34%
Announcement Date	2/14/20	2/22/21	2/24/22	2/21/23	2/22/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Recordati

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	36.71%	39.29%	38.12%	36.3%	36.96%	36.78%	36.81%	37.18%
EBIT Margin (%)	31.4%	32.37%	31.02%	23.6%	26.8%	29.26%	30.22%	30.71%
EBT Margin (%)	29.97%	31.45%	29.33%	21.66%	23.58%	24.8%	26.28%	27.16%
Net margin (%)	24.89%	24.5%	24.43%	16.85%	18.69%	20.08%	20.7%	21.35%
FCF margin (%)	20.43%	26.39%	29.73%	23.69%	21.9%	29.19%	24.87%	26.13%
FCF / Net Income (%)	82.09%	107.69%	121.71%	140.57%	117.16%	145.39%	120.14%	122.41%
Profitability
ROA	-	-	15.36%	9.17%	9.48%	11.42%	12.71%	13.3%
ROE	34.12%	28.69%	31.96%	32.33%	32.46%	29.5%	31.96%	30.91%
Financial Health
Leverage (Debt/EBITDA)	1.66x	1.52x	1.24x	2.11x	2.05x	2.36x	1.77x	1.43x
Debt / Free cash flow	2.98x	2.26x	1.59x	3.23x	3.46x	2.98x	2.62x	2.04x
Capital Intensity
CAPEX / Current Assets (%)	2.11%	1.47%	1.38%	1.29%	18.23%	15.25%	3.95%	4.35%
CAPEX / EBITDA (%)	5.75%	3.73%	3.63%	3.55%	49.32%	41.45%	10.74%	11.69%
CAPEX / FCF (%)	10.33%	5.56%	4.65%	5.44%	83.25%	52.24%	15.89%	16.64%
Items per share
Cash flow per share ¹	1.63	1.961	2.352	2.208	2.32	2.909	2.534	3.037
Change	-	20.35%	19.89%	-6.09%	5.08%	25.38%	-12.88%	19.81%
Dividend per Share ¹	1	1.05	1.1	1.15	1.2	1.355	1.537	1.72
Change	-	5%	4.76%	4.55%	4.35%	12.88%	13.46%	11.91%
Book Value Per Share ¹	5.825	6.187	6.707	7.526	8.063	8.804	9.638	10.82
Change	-	6.21%	8.4%	12.22%	7.14%	9.19%	9.46%	12.27%
EPS ¹	1.764	1.698	1.846	1.494	1.861	2.123	2.517	2.754
Change	-	-3.74%	8.72%	-19.07%	24.56%	14.1%	18.55%	9.42%
Nbr of stocks (in thousands)	204,070	205,817	206,325	205,406	205,645	204,479	204,479	204,479
Announcement Date	2/14/20	2/22/21	2/24/22	2/21/23	2/22/24	-	-	-