Financials Caterpillar Inc. Euronext Paris

Equities

CATR

US1491231015

Heavy Machinery & Vehicles

Market Closed - Euronext Paris Other stock markets 05:51:11 14/05/2024 pm IST			5-day change	1st Jan Change
328 ^EUR	-0.30%		+2.66%	+24.71%

08/05	Home REIT cuts borrowings, Genflow shares restored	AN
08/05	Tigress Boosts Price Target on Caterpillar to $435 From $295 on 'Strong Portfolio Effect' of Business Lines, Keeps Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	81,617	98,884	1,11,834	1,24,669	1,50,521	1,75,169	-	-
Enterprise Value (EV) ¹	1,10,990	1,26,695	1,40,369	1,49,336	1,72,658	2,03,968	2,01,483	1,99,479
P/E ratio	13.8 x	33.3 x	17.5 x	19 x	14.7 x	17 x	16.2 x	15 x
Yield	2.67%	2.26%	2.11%	1.97%	1.72%	1.51%	1.62%	1.68%
Capitalization / Revenue	1.52 x	2.37 x	2.19 x	2.1 x	2.24 x	2.64 x	2.55 x	2.42 x
EV / Revenue	2.06 x	3.03 x	2.75 x	2.51 x	2.57 x	3.07 x	2.93 x	2.76 x
EV / EBITDA	11.5 x	21.3 x	17.7 x	14.8 x	11.7 x	13.4 x	12.8 x	11.9 x
EV / FCF	18.9 x	23.7 x	23 x	23 x	15.3 x	20.4 x	19.5 x	18.1 x
FCF Yield	5.29%	4.22%	4.35%	4.34%	6.54%	4.9%	5.12%	5.52%
Price to Book	5.57 x	6.47 x	6.72 x	7.95 x	7.74 x	8.39 x	7.09 x	5.99 x
Nbr of stocks (in thousands)	5,52,658	5,43,258	5,40,942	5,20,409	5,09,085	4,89,053	-	-
Reference price ²	147.7	182.0	206.7	239.6	295.7	358.2	358.2	358.2
Announcement Date	31/01/20	29/01/21	28/01/22	31/01/23	05/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	53,800	41,748	50,971	59,427	67,060	66,463	68,762	72,325
EBITDA ¹	9,683	5,951	7,913	10,096	14,800	15,169	15,689	16,739
EBIT ¹	8,290	4,553	6,878	7,433	12,966	13,514	14,131	15,240
Operating Margin	15.41%	10.91%	13.49%	12.51%	19.33%	20.33%	20.55%	21.07%
Earnings before Tax (EBT) ¹	7,812	3,995	8,204	8,752	13,050	13,400	13,540	14,762
Net income ¹	6,093	2,998	6,489	6,705	10,335	10,488	10,607	11,024
Net margin	11.33%	7.18%	12.73%	11.28%	15.41%	15.78%	15.43%	15.24%
EPS ²	10.74	5.460	11.83	12.64	20.12	21.08	22.08	23.83
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,999	10,312	11,014
FCF margin	10.92%	12.81%	11.98%	10.92%	16.83%	15.04%	15%	15.23%
FCF Conversion (EBITDA)	60.68%	89.88%	77.15%	64.25%	76.27%	65.92%	65.73%	65.8%
FCF Conversion (Net income)	96.44%	178.42%	94.08%	96.75%	109.22%	95.33%	97.22%	99.91%
Dividend per Share ²	3.950	4.120	4.360	4.710	5.100	5.421	5.819	6.027
Announcement Date	31/01/20	29/01/21	28/01/22	31/01/23	05/02/24	-	-	-

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	13,798	13,589	14,247	14,994	16,597	15,862	17,318	16,810	17,070	15,799	16,758	16,477	17,261	16,053	17,328
EBITDA ¹	1,863	2,086	2,189	2,691	3,130	3,567	3,929	3,764	3,540	3,726	3,888	3,670	3,585	3,928	3,967
EBIT ¹	1,611	1,728	1,944	2,425	1,629	2,731	3,652	3,449	3,134	3,519	3,497	3,343	3,238	3,596	3,661
Operating Margin	11.68%	12.72%	13.64%	16.17%	9.82%	17.22%	21.09%	20.52%	18.36%	22.27%	20.87%	20.29%	18.76%	22.4%	21.13%
Earnings before Tax (EBT) ¹	2,562	1,999	2,096	2,558	2,099	2,634	3,652	3,515	3,249	3,532	3,432	3,273	3,175	3,471	3,550
Net income ¹	2,120	1,537	1,673	2,041	1,454	1,943	2,922	2,794	2,676	2,856	2,689	2,557	2,485	2,730	2,771
Net margin	15.36%	11.31%	11.74%	13.61%	8.76%	12.25%	16.87%	16.62%	15.68%	18.08%	16.05%	15.52%	14.39%	17.01%	15.99%
EPS ²	3.910	2.860	3.130	3.870	2.790	3.740	5.670	5.450	5.280	5.750	5.433	5.229	5.010	5.633	5.801
Dividend per Share ²	1.110	1.110	1.200	1.200	1.200	1.200	1.300	-	1.300	-	1.304	1.361	1.363	1.408	1.410
Announcement Date	28/01/22	28/04/22	02/08/22	27/10/22	31/01/23	27/04/23	01/08/23	31/10/23	05/02/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,373	27,811	28,535	24,667	22,137	28,800	26,314	24,310
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.033 x	4.673 x	3.606 x	2.443 x	1.496 x	1.899 x	1.677 x	1.452 x
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,999	10,312	11,014
ROE (net income / shareholders' equity)	42.6%	20%	37.3%	45.4%	61.6%	53.1%	46.3%	41%
ROA (Net income/ Total Assets)	7.76%	3.82%	7.36%	8.91%	12.9%	16.1%	14.9%	13.8%
Assets ¹	78,481	78,389	88,123	75,253	80,179	65,110	71,232	79,733
Book Value Per Share ²	26.50	28.10	30.80	30.10	38.20	42.70	50.50	59.80
Cash Flow per Share ²	12.20	11.50	13.10	14.60	25.10	26.00	24.60	30.00
Capex ¹	1,056	978	1,093	1,296	1,597	2,262	2,156	2,129
Capex / Sales	1.96%	2.34%	2.14%	2.18%	2.38%	3.4%	3.13%	2.94%
Announcement Date	31/01/20	29/01/21	28/01/22	31/01/23	05/02/24	-	-	-

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 Caterpillar Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

358.2 USD

Average target price

341 USD

Spread / Average Target

-4.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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