Financials Reply S.p.A.

Equities

REY

IT0005282865

IT Services & Consulting

Market Closed - Borsa Italiana 11:44:59 2024-02-21 am EST After market 01:39:01 pm
121.2 EUR -0.98% Intraday chart for Reply S.p.A. 120.1 -0.91%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,649 2,598 3,565 6,673 3,980 4,563 4,563 -
Enterprise Value (EV) 1 1,582 2,493 3,406 6,480 3,910 4,315 4,164 4,004
P/E ratio 16.5 x 22.8 x 28.9 x 44.3 x 20.9 x 25.6 x 21.8 x 19.2 x
Yield 1.02% 0.75% 0.59% 0.45% 0.93% 0.8% 0.91% 1.03%
Capitalization / Revenue 1.59 x 2.2 x 2.85 x 4.5 x 2.1 x 2.14 x 1.96 x 1.79 x
EV / Revenue 1.53 x 2.11 x 2.72 x 4.37 x 2.07 x 2.03 x 1.79 x 1.57 x
EV / EBITDA 10.9 x 13 x 16.4 x 24.7 x 11.5 x 13 x 11.4 x 9.9 x
EV / FCF 17.6 x 13.4 x 16 x 38 x 27.4 x 24.2 x 21.9 x 19.5 x
FCF Yield 5.67% 7.47% 6.24% 2.63% 3.65% 4.14% 4.56% 5.13%
Price to Book 3.4 x 4.45 x 5.28 x 8.22 x 4.12 x 4.11 x 3.56 x 3.1 x
Nbr of stocks (in thousands) 37,407 37,407 37,407 37,341 37,200 37,278 37,278 -
Reference price 2 44.08 69.45 95.30 178.7 107.0 122.4 122.4 122.4
Announcement Date 3/14/19 3/13/20 3/15/21 3/15/22 3/14/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 1,036 1,182 1,250 1,484 1,891 2,130 2,328 2,554
EBITDA 1 144.8 191.3 207.9 262.8 340.3 332.3 364.8 404.5
EBIT 1 132.4 155.3 169.5 209.3 285.5 265.4 299.6 336.9
Operating Margin 12.78% 13.13% 13.56% 14.11% 15.1% 12.46% 12.87% 13.19%
Earnings before Tax (EBT) 1 139.2 161.4 162.1 213.3 268.7 246 290 328.2
Net income 1 99.9 113.9 123.6 150.7 192.2 178.9 206.2 230.2
Net margin 9.64% 9.63% 9.89% 10.16% 10.16% 8.4% 8.86% 9.01%
EPS 2 2.670 3.040 3.300 4.030 5.130 4.789 5.618 6.378
Free Cash Flow 1 89.78 186.2 212.7 170.5 142.8 178.6 189.8 205.6
FCF margin 8.67% 15.75% 17.01% 11.49% 7.55% 8.38% 8.16% 8.05%
FCF Conversion (EBITDA) 62.01% 97.33% 102.29% 64.86% 41.96% 53.73% 52.04% 50.82%
FCF Conversion (Net income) 89.87% 163.47% 172.06% 113.11% 74.3% 99.83% 92.07% 89.29%
Dividend per Share 2 0.4500 0.5200 0.5600 0.8000 1.000 0.9822 1.114 1.261
Announcement Date 3/14/19 3/13/20 3/15/21 3/15/22 3/14/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2020 S2 2021 Q1 2021 Q2 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
Net sales 1 573.7 615.2 635 352.4 360.4 712.8 360.6 410.4 440.9 448.8 889.7 465.9 535.4 520.6 518.3 1,039 509.1 573.7
EBITDA 1 85.7 90.2 - 59.6 59.9 119.5 63.7 79.62 70.88 73.57 144.4 74.1 121.8 81.02 72.98 154 81.76 90.7
EBIT 1 67.6 74.1 - 47.9 48.1 96 51.54 61.8 57.66 62.1 119.8 60.8 101.9 65.58 57 122.6 63.99 -
Operating Margin 11.78% 12.04% - 13.59% 13.35% 13.47% 14.29% 15.06% 13.08% 13.84% 13.46% 13.05% 19.03% 12.6% 11% 11.8% 12.57% -
Earnings before Tax (EBT) 1 70.2 75.1 - 47.6 51.1 98.7 51.31 63.27 59.36 49.29 108.7 60.5 99.58 62.07 51.5 113.6 56.76 72.4
Net income - 53.94 - - - 71.39 - - - - 75.6 - - - - 78.45 - -
Net margin - 8.77% - - - 10.02% - - - - 8.5% - - - - 7.55% - -
EPS - - - - - - - - - - 2.030 - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - -
Announcement Date 8/1/19 7/31/20 3/15/21 5/14/21 8/3/21 8/3/21 11/15/21 3/15/22 5/13/22 7/30/22 7/30/22 11/14/22 3/14/23 5/15/23 8/1/23 8/1/23 11/14/23 -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - - -
Net Cash position 1 66.6 105 159 193 70.6 248 399 559
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 89.8 186 213 170 143 179 190 206
ROE (net income / shareholders' equity) 22.3% 21.3% 19.6% 20.2% 21.4% 17.3% 17.1% 16.5%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 13.00 15.60 18.00 21.70 25.90 29.80 34.40 39.50
Cash Flow per Share 2 3.200 5.420 6.120 5.550 4.930 5.050 5.420 5.200
Capex 1 30.1 16.6 16.4 37.1 41.8 42.7 38.3 40.7
Capex / Sales 2.9% 1.4% 1.31% 2.5% 2.21% 2.01% 1.64% 1.59%
Announcement Date 3/14/19 3/13/20 3/15/21 3/15/22 3/14/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
122.4 EUR
Average target price
124 EUR
Spread / Average Target
+1.33%
Consensus

Quarterly revenue - Rate of surprise

+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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