Financials Atlas Copco AB

Equities

ATCO A

SE0017486889

Industrial Machinery & Equipment

Market Closed - Nasdaq Stockholm Other stock markets 11:29:58 2024-04-26 am EDT			5-day change	1st Jan Change
193.9 ^SEK	+2.43%		+8.05%	+11.73%

Apr. 24	Atlas Copco AB Approves Dividend for 2024, Payable in Two Instalments First on May 2, 2024 and the Second on October 24, 2024	CI
Apr. 24	Atlas Copco AB Announces Board and Committee Appointments	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	435,589	491,424	726,136	580,332	808,050	902,940	-	-
Enterprise Value (EV) ¹	447,602	507,845	734,287	606,902	831,491	911,408	890,176	876,258
P/E ratio	27.5 x	34.7 x	42.1 x	25.6 x	30.2 x	31.3 x	29.3 x	27.3 x
Yield	1.87%	1.73%	1.21%	1.87%	1.61%	1.58%	1.65%	1.79%
Capitalization / Revenue	4.2 x	4.92 x	6.55 x	4.11 x	4.68 x	5.02 x	4.75 x	4.49 x
EV / Revenue	4.31 x	5.09 x	6.62 x	4.29 x	4.82 x	5.06 x	4.68 x	4.36 x
EV / EBITDA	16.3 x	20.2 x	24.7 x	16.7 x	18.1 x	19.3 x	17.6 x	16.3 x
EV / FCF	33.2 x	26.2 x	37.1 x	37.1 x	36.7 x	28.8 x	26.9 x	24.8 x
FCF Yield	3.01%	3.82%	2.7%	2.69%	2.72%	3.47%	3.72%	4.04%
Price to Book	8.49 x	9.57 x	11.3 x	7.69 x	9.13 x	8.6 x	7.43 x	6.55 x
Nbr of stocks (in thousands)	4,865,847	4,863,710	4,874,791	4,866,473	4,873,209	4,872,869	-	-
Reference price ²	93.40	105.3	156.4	123.1	173.6	193.9	193.9	193.9
Announcement Date	1/28/20	1/29/21	1/25/22	1/26/23	1/25/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	103,756	99,787	110,912	141,325	172,664	179,977	190,073	201,116
EBITDA ¹	27,377	25,187	29,712	36,398	45,978	47,222	50,640	53,710
EBIT ¹	22,677	19,998	24,246	30,065	38,217	40,036	42,752	45,601
Operating Margin	21.86%	20.04%	21.86%	21.27%	22.13%	22.24%	22.49%	22.67%
Earnings before Tax (EBT) ¹	21,572	18,825	23,410	30,044	36,442	39,695	41,800	45,297
Net income ¹	16,522	14,779	18,130	23,477	28,040	30,161	32,435	34,864
Net margin	15.92%	14.81%	16.35%	16.61%	16.24%	16.76%	17.06%	17.34%
EPS ²	3.398	3.035	3.712	4.810	5.750	6.197	6.615	7.100
Free Cash Flow ¹	13,473	19,408	19,793	16,346	22,633	31,609	33,089	35,374
FCF margin	12.99%	19.45%	17.85%	11.57%	13.11%	17.56%	17.41%	17.59%
FCF Conversion (EBITDA)	49.21%	77.06%	66.62%	44.91%	49.23%	66.94%	65.34%	65.86%
FCF Conversion (Net income)	81.55%	131.32%	109.17%	69.63%	80.72%	104.8%	102.02%	101.47%
Dividend per Share ²	1.750	1.825	1.900	2.300	2.800	3.067	3.200	3.476
Announcement Date	1/28/20	1/29/21	1/25/22	1/26/23	1/25/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	29,533	30,086	33,111	38,074	40,054	39,861	43,364	44,485	44,954	-	42,875	45,487	45,755	47,345	45,996	50,350
EBITDA ¹	7,912	7,966	8,533	10,102	9,797	10,441	11,369	12,100	12,068	-	11,560	12,156	12,476	12,809	13,009	13,720
EBIT ¹	6,462	6,525	7,042	8,469	8,029	8,663	9,488	10,110	9,956	-	9,486	10,144	10,336	10,557	10,694	11,427
Operating Margin	21.88%	21.69%	21.27%	22.24%	20.05%	21.73%	21.88%	22.73%	22.15%	-	22.12%	22.3%	22.59%	22.3%	23.25%	22.69%
Earnings before Tax (EBT) ¹	6,250	6,671	7,305	8,448	7,620	8,655	9,026	9,928	8,833	-	9,361	10,011	10,218	10,454	10,412	10,511
Net income ¹	4,889	5,213	5,678	6,533	6,053	6,523	6,940	7,798	6,779	-	7,172	7,547	7,739	7,895	7,942	8,369
Net margin	16.55%	17.33%	17.15%	17.16%	15.11%	16.36%	16%	17.53%	15.08%	-	16.73%	16.59%	16.91%	16.68%	17.27%	16.62%
EPS ²	1.000	1.068	1.160	1.340	1.240	1.340	1.420	1.600	1.390	-	1.470	1.556	1.600	1.627	1.628	1.716
Dividend per Share ²	1.900	-	-	-	2.300	-	-	-	2.800	2.800	-	-	-	3.080	-	-
Announcement Date	1/25/22	4/26/22	7/19/22	10/19/22	1/26/23	4/27/23	7/19/23	10/25/23	1/25/24	1/25/24	4/24/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,013	16,421	8,151	26,570	23,441	8,468	-	-
Net Cash position ¹	-	-	-	-	-	-	12,764	26,682
Leverage (Debt/EBITDA)	0.4388 x	0.652 x	0.2743 x	0.73 x	0.5098 x	0.1793 x	-	-
Free Cash Flow ¹	13,473	19,408	19,793	16,346	22,633	31,609	33,089	35,374
ROE (net income / shareholders' equity)	35%	27%	30%	32%	32.7%	30.3%	27.8%	26.2%
ROA (Net income/ Total Assets)	15.6%	13.1%	14.5%	15.2%	15.8%	16.1%	15.7%	15.7%
Assets ¹	105,837	112,542	125,024	154,492	177,468	187,453	206,649	222,333
Book Value Per Share ²	11.00	11.00	13.90	16.00	19.00	22.50	26.10	29.60
Cash Flow per Share ²	3.320	4.560	4.740	4.380	5.760	7.710	7.790	8.270
Capex ¹	2,678	2,796	3,359	5,031	5,451	5,789	5,955	6,127
Capex / Sales	2.58%	2.8%	3.03%	3.56%	3.16%	3.22%	3.13%	3.05%
Announcement Date	1/28/20	1/29/21	1/25/22	1/26/23	1/25/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Atlas Copco AB

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

193.9 SEK

Average target price

180.9 SEK

Spread / Average Target

-6.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Industrial Machinery & Equipment

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