Financials Arbonia AG London S.E.

Equities

0QKR

CH0110240600

Construction Supplies & Fixtures

Market Closed - London S.E. Other stock markets 09:35:29 23/04/2024 pm IST			After market 08:50:00 pm
12.2 ^CHF	+5.26%		12.86	+5.41%

20/06	Arbonia Sells Swiss Site to HRS Group for CHF34 Million	MT
17/05	Arbonia Expands European Footprint with Acquisitions of Dimoldura, Lignis	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	867.2	979.8	1,424	892	667.9	893.2	-	-
Enterprise Value (EV) ¹	1,048	1,120	1,331	1,076	854.5	619.7	690.3	665.5
P/E ratio	33.2 x	21.8 x	10.2 x	46.1 x	-38.5 x	149 x	47.5 x	32.3 x
Yield	1.75%	3.32%	1.46%	2.32%	-	1.72%	2.04%	2.28%
Capitalization / Revenue	0.61 x	0.7 x	1.2 x	0.74 x	1.32 x	1.57 x	1.42 x	1.34 x
EV / Revenue	0.74 x	0.8 x	1.12 x	0.9 x	1.69 x	1.09 x	1.1 x	1 x
EV / EBITDA	8.42 x	7.1 x	10.7 x	9.94 x	26.9 x	11.3 x	9.78 x	8.22 x
EV / FCF	-872 x	24.5 x	-19.8 x	-5.47 x	36.5 x	51.2 x	9.93 x	14.8 x
FCF Yield	-0.11%	4.08%	-5.04%	-18.3%	2.74%	1.95%	10.1%	6.76%
Price to Book	1 x	1.1 x	1.36 x	0.89 x	0.73 x	1.14 x	1.15 x	1.15 x
Nbr of stocks (in thousands)	68,828	69,197	69,123	69,037	69,351	69,351	-	-
Reference price ²	12.60	14.16	20.60	12.92	9.630	13.10	13.10	13.10
Announcement Date	25/02/20	02/03/21	01/03/22	28/02/23	20/02/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,416	1,396	1,186	1,202	504.6	570	629.7	668.1
EBITDA ¹	124.5	157.8	124.7	108.3	31.72	55	70.59	80.99
EBIT ¹	39.7	73.28	53.31	37	-8.858	6.846	22.14	34.47
Operating Margin	2.8%	5.25%	4.49%	3.08%	-1.76%	1.2%	3.52%	5.16%
Earnings before Tax (EBT) ¹	34.29	59.55	43.92	29.82	-24.02	-3	16.3	35
Net income ¹	26.2	44.91	138.7	19.13	-17.21	-2.044	7.38	14.19
Net margin	1.85%	3.22%	11.7%	1.59%	-3.41%	-0.36%	1.17%	2.12%
EPS ²	0.3800	0.6500	2.010	0.2800	-0.2500	0.0882	0.2758	0.4056
Free Cash Flow ¹	-1.201	45.77	-67.1	-196.9	23.42	12.1	69.49	45
FCF margin	-0.08%	3.28%	-5.66%	-16.38%	4.64%	2.12%	11.04%	6.74%
FCF Conversion (EBITDA)	-	29%	-	-	73.82%	22%	98.44%	55.56%
FCF Conversion (Net income)	-	101.9%	-	-	-	-	941.59%	317.1%
Dividend per Share ²	0.2200	0.4700	0.3000	0.3000	-	0.2250	0.2675	0.2992
Announcement Date	25/02/20	02/03/21	01/03/22	28/02/23	20/02/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2022 S1	2023 S1
Net sales ¹	-	751.3	588.6	630.9	570.4
EBITDA ¹	-	103.4	67.58	52.43	44.88
EBIT ¹	-	-	34.9	17.83	6.202
Operating Margin	-	-	5.93%	2.83%	1.09%
Earnings before Tax (EBT)	-	53.59	-	17	-
Net income ¹	4.599	40.32	-	11.69	-2.039
Net margin	-	5.37%	-	1.85%	-0.36%
EPS	0.0700	-	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	18/08/20	02/03/21	24/08/21	23/08/22	22/08/23

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	181	141	-	184	187	-	-	-
Net Cash position ¹	-	-	93.2	-	-	274	203	228
Leverage (Debt/EBITDA)	1.451 x	0.8908 x	-	1.702 x	5.885 x	-	-	-
Free Cash Flow ¹	-1.2	45.8	-67.1	-197	23.4	12.1	69.5	45
ROE (net income / shareholders' equity)	2.98%	5.09%	4.24%	1.88%	-1.31%	0.71%	1.84%	3.84%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	12.60	12.90	15.10	14.40	13.30	11.50	11.40	11.40
Cash Flow per Share ²	1.600	2.000	1.340	-0.3700	1.460	10.20	1.130	1.380
Capex ¹	113	95.5	145	158	77.6	46	34.7	33.2
Capex / Sales	7.98%	6.84%	12.23%	13.14%	15.37%	8.08%	5.51%	4.96%
Announcement Date	25/02/20	02/03/21	01/03/22	28/02/23	20/02/24	-	-	-

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 Arbonia AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.1 CHF

Average target price

14.4 CHF

Spread / Average Target

+9.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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