CVR PARTNERS, LP |
Market Closed -
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|
5-day change | 1st Jan Change | ||
| 81.87 USD | +4.41% |
|
+6.91% | +24.99% |
| Feb. 21 | Transcript : CVR Partners, LP, Q4 2023 Earnings Call, Feb 21, 2024 | |
| Feb. 20 | CVR Partners, LP Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 385.2 | 351.2 | 177.8 | 883.2 | 1,063 | 692.3 |
| Enterprise Value (EV) 1 | 952.4 | 958.1 | 792.1 | 1,387 | 1,534 | 1,207 |
| P/E ratio | -7.7 x | -10 x | -1.83 x | 11.3 x | 3.71 x | 4.02 x |
| Yield | 3.53% | 9.03% | - | 12% | 24.4% | 27.2% |
| Capitalization / Revenue | 1.1 x | 0.87 x | 0.51 x | 1.66 x | 1.27 x | 1.02 x |
| EV / Revenue | 2.71 x | 2.37 x | 2.26 x | 2.6 x | 1.84 x | 1.77 x |
| EV / EBITDA | 12.2 x | 8.43 x | 9.26 x | 6.64 x | 3.81 x | 4.27 x |
| EV / FCF | 36.2 x | 25.1 x | 28.5 x | 9.16 x | 8.82 x | 6.66 x |
| FCF Yield | 2.77% | 3.98% | 3.51% | 10.9% | 11.3% | 15% |
| Price to Book | 0.77 x | 0.84 x | 0.55 x | 2.58 x | 2.58 x | 2.29 x |
| Nbr of stocks (in thousands) | 11,328 | 11,328 | 11,099 | 10,681 | 10,570 | 10,570 |
| Reference price 2 | 34.00 | 31.00 | 16.02 | 82.69 | 100.6 | 65.50 |
| Announcement Date | 2/21/19 | 2/20/20 | 2/23/21 | 2/23/22 | 2/22/23 | 2/21/24 |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 351.1 | 404.2 | 350 | 532.6 | 835.6 | 681.5 |
| EBITDA 1 | 78.28 | 113.6 | 85.55 | 208.9 | 402.3 | 282.7 |
| EBIT 1 | 6.704 | 33.78 | 9.469 | 135.4 | 328.4 | 203.6 |
| Operating Margin | 1.91% | 8.36% | 2.71% | 25.43% | 39.3% | 29.88% |
| Earnings before Tax (EBT) 1 | -50.07 | -34.99 | -98.15 | 78.21 | 287 | 172.7 |
| Net income 1 | -50.03 | -34.97 | -98.18 | 78.16 | 286.8 | 172.4 |
| Net margin | -14.25% | -8.65% | -28.06% | 14.67% | 34.32% | 25.3% |
| EPS 2 | -4.416 | -3.100 | -8.770 | 7.314 | 27.07 | 16.31 |
| Free Cash Flow 1 | 26.34 | 38.13 | 27.83 | 151.3 | 174 | 181.1 |
| FCF margin | 7.5% | 9.43% | 7.95% | 28.41% | 20.82% | 26.58% |
| FCF Conversion (EBITDA) | 33.65% | 33.56% | 32.53% | 72.44% | 43.24% | 64.08% |
| FCF Conversion (Net income) | - | - | - | 193.63% | 60.66% | 105.04% |
| Dividend per Share 2 | 1.200 | 2.800 | - | 9.890 | 24.58 | 17.80 |
| Announcement Date | 2/21/19 | 2/20/20 | 2/23/21 | 2/23/22 | 2/22/23 | 2/21/24 |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 567 | 607 | 614 | 503 | 471 | 514 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 7.246 x | 5.342 x | 7.181 x | 2.409 x | 1.172 x | 1.82 x |
| Free Cash Flow 1 | 26.3 | 38.1 | 27.8 | 151 | 174 | 181 |
| ROE (net income / shareholders' equity) | -9.53% | -7.61% | -26.8% | 23.8% | 76.1% | 48.3% |
| ROA (Net income/ Total Assets) | 0.34% | 1.76% | 0.55% | 7.84% | 18.4% | 12.3% |
| Assets 1 | -14,858 | -1,981 | -18,008 | 997.2 | 1,556 | 1,406 |
| Book Value Per Share 2 | 44.10 | 37.00 | 29.40 | 32.00 | 39.00 | 28.70 |
| Cash Flow per Share 2 | 5.450 | 3.270 | 2.850 | 10.50 | 8.170 | 4.280 |
| Capex 1 | 19.8 | 18.7 | 18.6 | 20.6 | 44.7 | 24.2 |
| Capex / Sales | 5.64% | 4.62% | 5.31% | 3.87% | 5.35% | 3.55% |
| Announcement Date | 2/21/19 | 2/20/20 | 2/23/21 | 2/23/22 | 2/22/23 | 2/21/24 |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| +24.99% | 865M | |
| +0.63% | 15.02B | |
| -21.27% | 13.81B | |
| +3.13% | 12.19B | |
| -15.34% | 9.72B | |
| -.--% | 7.31B | |
| -5.39% | 6.35B | |
| -5.36% | 4.18B | |
| -28.77% | 2.37B | |
| +2.37% | 2.06B |
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