Financials Argan

Equities

Market Closed - Euronext Paris Other stock markets 11:37:05 2024-06-03 am EDT			5-day change	1st Jan Change
78.4 ^EUR	+1.03%		+1.03%	-7.98%

May. 13	Argan: upgrade to 'Stable' by S&P Global Ratings	CF
May. 02	Argan: Mr. Le Lan and Kerlan below 30% of share capital & voting rights	CF

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,865	2,629	1,739	1,965	1,991	-	-
Enterprise Value (EV) ¹	1,865	4,325	3,616	1,965	3,753	3,752	3,708
P/E ratio	6.69 x	3.92 x	18 x	-7.47 x	9.44 x	8.7 x	9.01 x
Yield	-	2.23%	3.96%	3.7%	4.16%	4.29%	4.4%
Capitalization / Revenue	-	14.2 x	8.79 x	8.9 x	10 x	9.39 x	8.96 x
EV / Revenue	-	23.3 x	18.3 x	8.9 x	18.9 x	17.7 x	16.7 x
EV / EBITDA	-	29.4 x	24 x	11.4 x	15.3 x	15.1 x	13.6 x
EV / FCF	-	41.9 x	-32.8 x	-	22.1 x	40.8 x	18.4 x
FCF Yield	-	2.39%	-3.05%	-	4.53%	2.45%	5.42%
Price to Book	-	-	-	1.04 x	0.89 x	0.81 x	0.75 x
Nbr of stocks (in thousands)	22,308	22,587	22,940	23,059	25,392	-	-
Reference price ²	83.60	116.4	75.80	85.20	78.40	78.40	78.40
Announcement Date	1/20/21	1/19/22	1/19/23	1/18/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	185.6	197.9	220.7	198.6	212	222.2
EBITDA ¹	-	147.1	150.5	172.1	245.7	248.9	272.5
EBIT ¹	-	147	116.8	-201.2	195.3	229.2	238.5
Operating Margin	-	79.2%	59.02%	-91.16%	98.35%	108.13%	107.37%
Earnings before Tax (EBT) ¹	-	-	-	-246.8	131.8	146.2	144.2
Net income ¹	278.9	668	95.1	-263.5	140.5	175.4	176.4
Net margin	-	359.91%	48.05%	-119.39%	70.77%	82.75%	79.41%
EPS ²	12.50	29.70	4.200	-11.40	8.307	9.007	8.700
Free Cash Flow ¹	-	103.2	-110.4	-	170	91.9	201
FCF margin	-	55.62%	-55.77%	-	85.61%	43.35%	90.47%
FCF Conversion (EBITDA)	-	70.18%	-	-	69.18%	36.92%	73.76%
FCF Conversion (Net income)	-	15.45%	-	-	120.97%	52.38%	113.92%
Dividend per Share ²	-	2.600	3.000	3.150	3.262	3.362	3.453
Announcement Date	1/20/21	1/19/22	1/19/23	1/18/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,696	1,877	-	1,762	1,761	1,717
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	11.53 x	12.47 x	-	7.17 x	7.075 x	6.301 x
Free Cash Flow ¹	-	103	-110	-	170	91.9	201
ROE (net income / shareholders' equity)	-	6.22%	4.38%	6.12%	6.95%	7.05%	6.6%
ROA (Net income/ Total Assets)	-	16.9%	2.13%	2.95%	3.3%	3.5%	3.5%
Assets ¹	-	3,947	4,470	-8,927	4,259	5,012	5,041
Book Value Per Share ²	-	-	-	81.80	88.20	96.90	104.0
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	1/20/21	1/19/22	1/19/23	1/18/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

78.4 EUR

Average target price

89 EUR

Spread / Average Target

+13.52%

	1st Jan change	Capi.
ARGAN	-7.98%	2.14B
PROLOGIS, INC.	-19.43%	102B
GOODMAN GROUP	+36.36%	42.27B
REXFORD INDUSTRIAL REALTY, INC.	-20.32%	9.86B
EASTGROUP PROPERTIES, INC.	-11.39%	7.94B
AMERICOLD REALTY TRUST, INC.	-10.87%	7.58B
WAREHOUSES DE PAUW SA	-5.33%	6.49B
STAG INDUSTRIAL, INC.	-11.51%	6.38B
FIRST INDUSTRIAL REALTY TRUST, INC.	-11.35%	6.24B
TERRENO REALTY CORPORATION	-10.95%	5.47B