VARTA AG |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 9.31 EUR | +2.08% |
|
+13.68% | -55.13% |
| Apr. 15 | Warburg Research lowers target for Varta to 8 euros - 'Sell' | DP |
| Apr. 15 | VARTA : Receives a Sell rating from Warburg Research | ZD |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 950.4 | 4,907 | 4,778 | 4,628 | 911.1 | 397 | 397 | - |
| Enterprise Value (EV) 1 | 800.7 | 4,694 | 4,790 | 4,759 | 889.5 | 912.3 | 919 | 905.3 |
| P/E ratio | 37.7 x | 94.8 x | 50.1 x | 36.7 x | -4.54 x | -4.49 x | -10.2 x | -50.9 x |
| Yield | - | - | 2.1% | 2.17% | 11% | - | - | - |
| Capitalization / Revenue | 3.5 x | 13.5 x | 5.49 x | 5.13 x | 1.13 x | 0.48 x | 0.45 x | 0.41 x |
| EV / Revenue | 2.95 x | 12.9 x | 5.51 x | 5.27 x | 1.1 x | 1.11 x | 1.04 x | 0.94 x |
| EV / EBITDA | 15.9 x | 47.9 x | 22.5 x | 16.9 x | 13.3 x | 22.8 x | 11.6 x | 7.81 x |
| EV / FCF | 59 x | 1,602 x | -69.1 x | -78.9 x | -9.75 x | -13 x | 438 x | 45.9 x |
| FCF Yield | 1.69% | 0.06% | -1.45% | -1.27% | -10.3% | -7.71% | 0.23% | 2.18% |
| Price to Book | 3.68 x | 11.8 x | 9.58 x | 8.69 x | 3.8 x | 2.1 x | 2.6 x | 2.51 x |
| Nbr of stocks (in thousands) | 38,200 | 40,422 | 40,422 | 40,422 | 40,422 | 42,642 | 42,642 | - |
| Reference price 2 | 24.88 | 121.4 | 118.2 | 114.5 | 22.54 | 9.310 | 9.310 | 9.310 |
| Announcement Date | 3/28/19 | 2/17/20 | 3/31/21 | 4/4/22 | 4/28/23 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 271.6 | 364 | 869.6 | 902.9 | 806.9 | 820 | 883.8 | 958 |
| EBITDA 1 | 50.22 | 98 | 212.6 | 282.2 | 66.99 | 39.93 | 79.12 | 116 |
| EBIT 1 | 39.7 | 76.63 | 174.4 | 186.5 | -188 | -68.67 | -10.91 | 24.67 |
| Operating Margin | 14.61% | 21.05% | 20.06% | 20.66% | -23.3% | -8.37% | -1.23% | 2.57% |
| Earnings before Tax (EBT) 1 | 36.48 | 71.08 | 133.1 | 177.1 | -198.2 | -99.72 | -55.85 | -42.9 |
| Net income 1 | 25.26 | 50.39 | 95.41 | 126 | -200.4 | -87.97 | -39.08 | -7.811 |
| Net margin | 9.3% | 13.84% | 10.97% | 13.95% | -24.84% | -10.73% | -4.42% | -0.82% |
| EPS 2 | 0.6600 | 1.280 | 2.360 | 3.120 | -4.960 | -2.073 | -0.9160 | -0.1829 |
| Free Cash Flow 1 | 13.57 | 2.931 | -69.34 | -60.29 | -91.2 | -70.35 | 2.1 | 19.72 |
| FCF margin | 5% | 0.81% | -7.97% | -6.68% | -11.3% | -8.58% | 0.24% | 2.06% |
| FCF Conversion (EBITDA) | 27.02% | 2.99% | - | - | - | - | 2.65% | 17.01% |
| FCF Conversion (Net income) | 53.73% | 5.82% | - | - | - | - | - | - |
| Dividend per Share 2 | - | - | 2.480 | 2.480 | 2.480 | - | - | - |
| Announcement Date | 3/28/19 | 2/17/20 | 3/31/21 | 4/4/22 | 4/28/23 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S1 | 2020 S1 | 2021 Q2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q2 | 2023 Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 151.5 | 390.7 | 193.3 | 397.6 | 224.8 | 280.6 | 185.3 | 191.5 | 193.9 | 236.2 | 174.8 | 215.1 |
| EBITDA 1 | - | 102.1 | 52.37 | 112.3 | 70.2 | 100.2 | 38.07 | 29.1 | -2.551 | - | - | 29.44 |
| EBIT | - | - | 29.31 | 66.86 | 46.6 | 73.06 | - | 1.987 | -29.22 | -172.5 | - | - |
| Operating Margin | - | - | 15.17% | 16.82% | 20.73% | 26.04% | - | 1.04% | -15.07% | -73.02% | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | 21.22 | - | 30.29 | 50.12 | - | -3.249 | - | -180.3 | - | - |
| Net margin | - | - | 10.98% | - | 13.48% | 17.86% | - | -1.7% | - | -76.33% | - | - |
| EPS 2 | - | - | - | - | - | - | - | -0.0800 | - | - | - | -0.1300 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/6/19 | 8/14/20 | 8/13/21 | 8/13/21 | 11/11/21 | 4/4/22 | 5/12/22 | 8/11/22 | 11/15/22 | 4/28/23 | 8/11/23 | 11/14/23 |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | 12.5 | 131 | - | 515 | 522 | 508 |
| Net Cash position 1 | 150 | 213 | - | - | 21.6 | - | - | - |
| Leverage (Debt/EBITDA) | - | - | 0.0588 x | 0.4631 x | - | 12.9 x | 6.598 x | 4.384 x |
| Free Cash Flow 1 | 13.6 | 2.93 | -69.3 | -60.3 | -91.2 | -70.4 | 2.1 | 19.7 |
| ROE (net income / shareholders' equity) | 10.4% | 15% | 20.9% | 24.4% | -51.9% | -46.1% | -9.82% | 14.8% |
| ROA (Net income/ Total Assets) | - | - | - | 10.6% | -0.16% | -4.41% | -1.36% | 1.57% |
| Assets 1 | - | - | - | 1,186 | 125,971 | 1,997 | 2,874 | -496.6 |
| Book Value Per Share 2 | 6.750 | 10.30 | 12.30 | 13.20 | 5.920 | 4.440 | 3.590 | 3.710 |
| Cash Flow per Share 2 | 1.830 | - | 5.760 | 2.830 | 0.5000 | 0.0400 | -0.5700 | 0.1700 |
| Capex 1 | 56.3 | 103 | 302 | 175 | 112 | 82.8 | 77.2 | 76.7 |
| Capex / Sales | 20.73% | 28.24% | 34.75% | 19.36% | 13.83% | 10.09% | 8.74% | 8% |
| Announcement Date | 3/28/19 | 2/17/20 | 3/31/21 | 4/4/22 | 4/28/23 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
6
Last Close Price
9.31
EUR
Average target price
16.93
EUR
Spread / Average Target
+81.88%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -55.13% | 424M | |
| +21.57% | 120B | |
| -13.45% | 19.67B | |
| +8.86% | 17.62B | |
| -18.06% | 16.74B | |
| -14.00% | 10.22B | |
| -15.30% | 4.48B | |
| -12.28% | 4.03B | |
| +7.52% | 4.03B | |
| -9.59% | 3.69B |
- Stock Market
- Equities
- VAR1 Stock
- Financials Varta AG
