Financials Bonduelle

Equities

BON

FR0000063935

Food Processing

Market Closed - Euronext Paris Other stock markets 09:05:12 21/06/2024 pm IST			5-day change	1st Jan Change
6.66 ^EUR	+1.83%		-3.20%	-39.12%

03/05	Oddo BHF Trims Bonduelle PT, Keeps at Neutral	MT
03/05	BONDUELLE : Oddo BHF lowers its target slightly	CF

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	923.4	684.4	677.9	499.8	356.6	213.9	-	-
Enterprise Value (EV) ¹	1,578	1,400	1,394	862.7	792.7	697.7	704	680.1
P/E ratio	12.9 x	12.8 x	12.1 x	14.4 x	25.2 x	8.98 x	5.04 x	4.71 x
Yield	1.74%	1.86%	2.13%	1.93%	-	4.17%	4.88%	5.81%
Capitalization / Revenue	0.33 x	0.24 x	0.24 x	0.17 x	0.15 x	0.09 x	0.09 x	0.08 x
EV / Revenue	0.57 x	0.49 x	0.5 x	0.3 x	0.33 x	0.29 x	0.28 x	0.27 x
EV / EBITDA	7.41 x	6.27 x	6.62 x	4.09 x	5.34 x	4.48 x	4.06 x	3.77 x
EV / FCF	2,764 x	17 x	48.1 x	17.4 x	-10.6 x	-10.3 x	32.2 x	23.4 x
FCF Yield	0.04%	5.89%	2.08%	5.75%	-9.41%	-9.66%	3.1%	4.28%
Price to Book	1.29 x	0.97 x	0.92 x	0.6 x	0.47 x	0.27 x	0.26 x	0.25 x
Nbr of stocks (in thousands)	32,064	31,908	32,053	32,123	32,123	32,123	-	-
Reference price ²	28.80	21.45	21.15	15.56	11.10	6.660	6.660	6.660
Announcement Date	30/09/19	28/09/20	27/09/21	03/10/22	29/09/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,777	2,855	2,779	2,892	2,406	2,402	2,473	2,523
EBITDA ¹	213.1	223.3	210.5	210.8	148.4	155.6	173.5	180.6
EBIT ¹	123.7	108.7	100.4	96.6	65.9	69.12	83.55	87.87
Operating Margin	4.45%	3.81%	3.61%	3.34%	2.74%	2.88%	3.38%	3.48%
Earnings before Tax (EBT) ¹	93.2	75.95	79.35	97.5	27.25	40.18	73	-
Net income ¹	72.6	54.6	57.1	35.4	14.5	21.53	37.67	46.5
Net margin	2.61%	1.91%	2.05%	1.22%	0.6%	0.9%	1.52%	1.84%
EPS ²	2.240	1.680	1.750	1.080	0.4400	0.7417	1.321	1.413
Free Cash Flow ¹	0.571	82.46	28.98	49.6	-74.57	-67.43	21.83	29.1
FCF margin	0.02%	2.89%	1.04%	1.72%	-3.1%	-2.81%	0.88%	1.15%
FCF Conversion (EBITDA)	0.27%	36.94%	13.77%	23.53%	-	-	12.58%	16.11%
FCF Conversion (Net income)	0.79%	151.03%	50.76%	140.1%	-	-	57.96%	62.58%
Dividend per Share ²	0.5000	0.4000	0.4500	0.3000	-	0.2775	0.3250	0.3867
Announcement Date	30/09/19	28/09/20	27/09/21	03/10/22	29/09/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1	2024 Q3
Net sales ¹	-	1,413	1,442	1,337	672.5	770.3	-	725.9	723	1,449	571.3	672.1	1,243	572.2	568.5	644.6	1,213	564.9
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	57.2	-	56.3	-	-	-	46.5	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	3.91%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	29.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.536	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.37%	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	06/03/20	28/09/20	26/02/21	27/09/21	04/11/21	03/02/22	03/02/22	02/05/22	03/10/22	03/10/22	08/11/22	01/02/23	01/02/23	04/05/23	07/11/23	01/03/24	01/03/24	02/05/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	655	715	716	363	436	484	490	466
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.072 x	3.203 x	3.402 x	1.722 x	2.939 x	3.109 x	2.824 x	2.581 x
Free Cash Flow ¹	0.57	82.5	29	49.6	-74.6	-67.4	21.8	29.1
ROE (net income / shareholders' equity)	10.7%	7.65%	7.88%	4.45%	1.78%	3.54%	5.41%	5.63%
ROA (Net income/ Total Assets)	-	-	-	1.64%	0.71%	1%	1.7%	2%
Assets ¹	-	-	-	2,165	2,053	2,153	2,216	2,325
Book Value Per Share ²	22.40	22.20	23.00	26.00	23.70	24.40	25.60	26.60
Cash Flow per Share ²	3.670	5.550	4.080	3.760	0.0900	3.070	3.890	3.940
Capex ¹	118	97.6	105	73.6	77.5	90.5	89	91
Capex / Sales	4.26%	3.42%	3.77%	2.54%	3.22%	3.77%	3.6%	3.61%
Announcement Date	30/09/19	28/09/20	27/09/21	03/10/22	29/09/23	-	-	-

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

Ratings for Bonduelle

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.66 EUR

Average target price

10.54 EUR

Spread / Average Target

+58.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Fruit & Vegetable Processing

	1st Jan change	Capi.
BONDUELLE	-39.12%	23Cr
CHONGQING FULING ZHACAI GROUP CO., LTD.	-12.04%	199.77Cr
AGRANA BETEILIGUNGS-AG	-0.71%	93Cr
LASSONDE INDUSTRIES INC.	+1.25%	71Cr
THAI COCONUT CO.,LTD.	+62.03%	51Cr
LONTRUE CO., LTD.	+17.83%	46Cr
CALAVO GROWERS, INC.	-18.43%	43Cr
TIANYUN INTERNATIONAL HOLDINGS LIMITED	-3.03%	41Cr
TUKAS GIDA SANAYI VE TICARET	+9.08%	33Cr
CHALKIS HEALTH INDUSTRY CO., LTD	-34.93%	25Cr

Fruit & Vegetable Processing