Financials Sika AG

Equities

SIKA

CH0418792922

Specialty Chemicals

Market Closed - Swiss Exchange Other stock markets 11:31:30 2024-04-26 am EDT			5-day change	1st Jan Change
264.2 ^CHF	+3.04%		+3.24%	-3.47%

Apr. 25	Sika Launches Macro Fiber Production Facility in Peru	MT
Apr. 25	Sika Opens Macrofibre Production Hub in Peru to Meet Fast-Growing Demand in Latin America	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,766	34,273	54,181	34,076	43,906	42,386	-	-
Enterprise Value (EV) ¹	29,174	37,128	56,720	36,128	49,125	46,869	45,963	44,969
P/E ratio	37.8 x	46.3 x	57.6 x	30.4 x	41.2 x	32.1 x	28.5 x	25.5 x
Yield	1.26%	1.03%	0.76%	1.44%	1.21%	1.36%	1.54%	1.69%
Capitalization / Revenue	3.18 x	4.35 x	5.86 x	3.25 x	3.91 x	3.58 x	3.36 x	3.15 x
EV / Revenue	3.6 x	4.71 x	6.13 x	3.44 x	4.37 x	3.96 x	3.64 x	3.34 x
EV / EBITDA	21 x	24.8 x	32.3 x	18.4 x	24 x	19.9 x	17.8 x	16 x
EV / FCF	28.5 x	29.9 x	62.4 x	38.8 x	35.8 x	31.4 x	27.1 x	25 x
FCF Yield	3.51%	3.34%	1.6%	2.58%	2.79%	3.18%	3.69%	4%
Price to Book	8.25 x	10.4 x	12.4 x	6.86 x	7.2 x	6.31 x	5.61 x	4.97 x
Nbr of stocks (in thousands)	141,690	141,739	142,508	153,704	160,415	160,431	-	-
Reference price ²	181.8	241.8	380.2	221.7	273.7	264.2	264.2	264.2
Announcement Date	2/21/20	2/19/21	2/18/22	2/14/23	2/16/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,109	7,878	9,252	10,492	11,240	11,849	12,610	13,455
EBITDA ¹	1,388	1,498	1,758	1,964	2,045	2,357	2,583	2,809
EBIT ¹	1,055	1,130	1,391	1,580	1,549	1,812	2,023	2,231
Operating Margin	13.01%	14.35%	15.04%	15.06%	13.78%	15.3%	16.04%	16.58%
Earnings before Tax (EBT) ¹	966.6	1,060	1,336	1,498	1,336	1,669	1,912	2,114
Net income ¹	751.9	824.5	1,048	1,162	1,062	1,279	1,453	1,619
Net margin	9.27%	10.47%	11.33%	11.08%	9.45%	10.79%	11.52%	12.03%
EPS ²	4.810	5.220	6.600	7.290	6.650	8.227	9.270	10.35
Free Cash Flow ¹	1,023	1,242	908.4	931	1,373	1,490	1,696	1,797
FCF margin	12.62%	15.76%	9.82%	8.87%	12.21%	12.58%	13.45%	13.36%
FCF Conversion (EBITDA)	73.74%	82.91%	51.67%	47.4%	67.13%	63.24%	65.67%	63.98%
FCF Conversion (Net income)	136.08%	150.6%	86.64%	80.09%	129.26%	116.54%	116.71%	111.02%
Dividend per Share ²	2.300	2.500	2.900	3.200	3.300	3.605	4.067	4.468
Announcement Date	2/21/20	2/19/21	2/18/22	2/14/23	2/16/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	4,377	3,615	4,263	4,449	2,414	2,390	4,804	2,398	2,852	5,250	2,748	2,493	5,242	2,326	3,020	5,346	3,104	2,789	5,893	2,648	3,020	5,767	3,265	2,736	6,122
EBITDA	-	593.6	-	867	460.5	430.5	-	-	-	1,036	-	442.8	928.1	-	-	881.1	621.6	542	-	-	-	-	-	-	-
EBIT	249.2	410.2	720.3	685.9	368.1	337.4	705.5	-	-	841.9	389.6	348.2	737.8	-	-	660.4	484.4	404.3	888.7	-	-	862	-	-	1,017
Operating Margin	5.69%	11.35%	16.9%	15.42%	15.25%	14.12%	14.69%	-	-	16.04%	14.18%	13.97%	14.08%	-	-	12.35%	15.61%	14.49%	15.08%	-	-	14.95%	-	-	16.62%
Earnings before Tax (EBT)	-	-	-	660.4	-	-	-	-	-	-	-	322.5	700	-	-	566.1	411	359.3	-	-	-	-	-	-	-
Net income	-	-	-	-	270.1	-	-	-	-	-	-	276.6	563.7	-	-	411.1	324.8	326.1	-	-	-	-	-	-	-
Net margin	-	-	-	-	11.19%	-	-	-	-	-	-	11.09%	10.75%	-	-	7.69%	10.46%	11.69%	-	-	-	-	-	-	-
EPS	-	-	-	3.120	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.700	-	-	5.590
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/21/20	7/22/20	2/19/21	7/21/21	10/21/21	2/18/22	2/18/22	4/12/22	7/22/22	7/22/22	10/21/22	2/14/23	2/14/23	4/18/23	8/4/23	8/4/23	10/20/23	2/16/24	2/16/24	4/16/24	-	-	-	-	-

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,408	2,856	2,539	2,052	5,220	4,483	3,577	2,583
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.456 x	1.907 x	1.444 x	1.045 x	2.553 x	1.902 x	1.385 x	0.9196 x
Free Cash Flow ¹	1,023	1,242	908	931	1,373	1,490	1,696	1,797
ROE (net income / shareholders' equity)	31.5%	25.7%	27.3%	23.4%	16.3%	20.2%	20.3%	20.2%
ROA (Net income/ Total Assets)	9.21%	8.35%	10.2%	10.6%	8.05%	8.58%	9.2%	9.76%
Assets ¹	8,164	9,877	10,249	11,013	13,185	14,914	15,791	16,585
Book Value Per Share ²	22.00	23.20	30.70	32.30	38.00	41.80	47.10	53.10
Cash Flow per Share ²	7.650	8.580	6.640	7.160	10.30	11.70	12.50	13.60
Capex ¹	191	132	171	235	280	312	346	377
Capex / Sales	2.35%	1.67%	1.85%	2.24%	2.49%	2.63%	2.75%	2.8%
Announcement Date	2/21/20	2/19/21	2/18/22	2/14/23	2/16/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sika AG

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

264.2 CHF

Average target price

291.2 CHF

Spread / Average Target

+10.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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