Financials IDEX Corporation

Equities

IEX

US45167R1041

Industrial Machinery & Equipment

Market Closed - Nyse Other stock markets 04:00:02 2024-05-10 pm EDT			5-day change	1st Jan Change
226.2 ^USD	+1.54%		+2.60%	+4.17%

May. 07	IDEX Increases Quarterly Dividend by $0.05 to $0.69 Per Share, Payable May 31 to Shareholders of Record on May 17	MT
May. 07	IDEX Corporation Approves Regular Quarterly Cash Dividend, Payable on May 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,082	15,081	17,968	17,221	16,419	17,119	-	-
Enterprise Value (EV) ¹	13,299	15,099	18,303	18,259	17,210	17,575	17,272	17,238
P/E ratio	30.9 x	40.3 x	40.2 x	29.6 x	27.7 x	31.1 x	27.6 x	23.7 x
Yield	1.16%	1%	0.91%	1.05%	1.18%	1.15%	1.22%	1.32%
Capitalization / Revenue	5.24 x	6.41 x	6.5 x	5.41 x	5.02 x	5.14 x	4.88 x	4.51 x
EV / Revenue	5.33 x	6.42 x	6.62 x	5.74 x	5.26 x	5.28 x	4.92 x	4.55 x
EV / EBITDA	19.6 x	24.2 x	23.9 x	20.7 x	19.1 x	19 x	17.1 x	15.6 x
EV / FCF	27.9 x	29.1 x	37.2 x	37.3 x	27.5 x	27.9 x	24.3 x	22.2 x
FCF Yield	3.59%	3.43%	2.69%	2.68%	3.64%	3.58%	4.11%	4.51%
Price to Book	5.78 x	5.99 x	6.44 x	5.67 x	4.65 x	4.41 x	4 x	3.63 x
Nbr of stocks (in thousands)	76,060	75,706	76,031	75,421	75,626	75,695	-	-
Reference price ²	172.0	199.2	236.3	228.3	217.1	226.2	226.2	226.2
Announcement Date	1/29/20	2/3/21	2/1/22	1/31/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,495	2,352	2,765	3,182	3,274	3,330	3,508	3,792
EBITDA ¹	678.5	622.9	765.4	884.2	899.6	927.4	1,010	1,102
EBIT ¹	603.4	536.6	661.4	763.3	743.4	758.3	837.4	930.8
Operating Margin	24.19%	22.82%	23.92%	23.99%	22.71%	22.77%	23.87%	24.54%
Earnings before Tax (EBT) ¹	532.9	470.3	579.8	749.4	760.3	716.1	789.5	853.1
Net income ¹	425.5	377.8	449.4	586.9	596.1	551.8	622.2	716.7
Net margin	17.06%	16.06%	16.25%	18.44%	18.21%	16.57%	17.73%	18.9%
EPS ²	5.560	4.940	5.880	7.710	7.850	7.268	8.189	9.553
Free Cash Flow ¹	477.2	518	492.6	489.4	626.8	629.3	710.6	777.9
FCF margin	19.13%	22.03%	17.82%	15.38%	19.15%	18.9%	20.26%	20.51%
FCF Conversion (EBITDA)	70.32%	83.16%	64.36%	55.35%	69.68%	67.85%	70.35%	70.58%
FCF Conversion (Net income)	112.13%	137.12%	109.61%	83.39%	105.15%	114.04%	114.22%	108.53%
Dividend per Share ²	2.000	2.000	2.160	2.400	2.560	2.607	2.761	2.982
Announcement Date	1/29/20	2/3/21	2/1/22	1/31/23	2/6/24	-	-	-

¹USD in Million²USD

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	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	714.8	751.1	796.1	824	810.7	845.4	846.2	793.4	788.9	800.5	828.9	844.4	854.5	849.5	873.9
EBITDA ¹	192.4	214.7	219.2	231.4	218.9	229.8	240.7	225.5	203.6	208.3	229	246.7	245.8	233.8	252.4
EBIT ¹	162.7	187.6	189.8	201.1	184.8	193.4	203.7	183.7	163.2	162.3	187.1	204.3	202.3	192.4	211.1
Operating Margin	22.76%	24.98%	23.84%	24.41%	22.8%	22.88%	24.07%	23.15%	20.69%	20.27%	22.57%	24.2%	23.67%	22.65%	24.16%
Earnings before Tax (EBT) ¹	153.2	180.4	177.1	228.4	163.5	179.8	178.5	261.8	140.2	154.5	177.2	191.3	194.7	184.7	205.4
Net income ¹	118.8	140	138.2	178.7	130	139.8	138.6	209.1	108.6	121.4	135.3	147	148.2	138.5	157.6
Net margin	16.62%	18.64%	17.36%	21.69%	16.04%	16.54%	16.38%	26.35%	13.77%	15.17%	16.33%	17.41%	17.34%	16.3%	18.03%
EPS ²	1.550	1.830	1.810	2.360	1.710	1.840	1.820	2.750	1.430	1.600	1.785	1.928	1.928	1.830	2.080
Dividend per Share ²	0.5400	0.6000	0.6000	0.6000	0.6000	0.6012	0.6400	0.6400	0.6000	0.6390	0.6436	0.6486	0.6486	0.6600	-
Announcement Date	2/1/22	4/26/22	7/26/22	10/25/22	1/31/23	4/26/23	7/26/23	10/25/23	2/6/24	4/23/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	217	18.6	335	1,039	791	456	152	119
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3193 x	0.0298 x	0.4375 x	1.175 x	0.8797 x	0.4917 x	0.1507 x	0.1077 x
Free Cash Flow ¹	477	518	493	489	627	629	711	778
ROE (net income / shareholders' equity)	20%	15.7%	16.8%	21.2%	18.1%	15.6%	16.5%	17%
ROA (Net income/ Total Assets)	11.7%	9.18%	9.63%	11.3%	10.7%	8.9%	9.8%	10.7%
Assets ¹	3,644	4,114	4,666	5,215	5,591	6,200	6,349	6,698
Book Value Per Share ²	29.70	33.30	36.70	40.20	46.70	51.30	56.50	62.30
Cash Flow per Share ²	6.900	7.450	7.400	7.330	9.440	9.860	10.70	12.00
Capex ¹	50.9	51.5	72.7	68	89.9	76.2	78.6	83.5
Capex / Sales	2.04%	2.19%	2.63%	2.14%	2.75%	2.29%	2.24%	2.2%
Announcement Date	1/29/20	2/3/21	2/1/22	1/31/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IDEX Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

226.2 USD

Average target price

240.6 USD

Spread / Average Target

+6.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pump & Pumping Equipment

	1st Jan change	Capi.
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INTERPUMP GROUP S.P.A.	-8.04%	4.97B
FRANKLIN ELECTRIC CO., INC.	+5.81%	4.71B
HAYWARD HOLDINGS, INC.	+6.91%	3.12B
KSB LIMITED	+31.87%	1.9B
KIRLOSKAR BROTHERS LIMITED	+61.55%	1.36B
KSB SE & CO. KGAA	+0.75%	1.21B
GUANGDONG LINGXIAO PUMP INDUSTRY CO.,LTD.	+29.03%	1.11B

Pump & Pumping Equipment