Financials Compagnie d'Entreprises CFE SA London S.E.

Equities

0O2T

BE0003883031

Homebuilding

Market Closed - London S.E. Other stock markets 09:00:00 03/07/2024 pm IST			5-day change	1st Jan Change
7.545 ^EUR	+0.27%		-0.26%	-1.11%

27/02	Compagnie d'Entreprises CFE SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Compagnie d'Entreprises CFE SA Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,463	2,116	3,109	241.5	190.2	187.5	-	-
Enterprise Value (EV) ¹	3,261	2,718	3,614	290.4	283.5	243.8	216.2	202.4
P/E ratio	18.5 x	33 x	20.7 x	1.04 x	8.38 x	7.47 x	5.83 x	3.98 x
Yield	2.06%	1.2%	-	4.19%	5.24%	3.9%	6.16%	10.8%
Capitalization / Revenue	0.68 x	0.66 x	0.85 x	0.21 x	0.15 x	0.17 x	0.15 x	0.14 x
EV / Revenue	0.9 x	0.84 x	0.99 x	0.25 x	0.23 x	0.21 x	0.17 x	0.16 x
EV / EBITDA	7.23 x	6.55 x	6.72 x	4.6 x	5.72 x	5.19 x	3.38 x	2.59 x
EV / FCF	-447 x	13.3 x	8.18 x	5.66 x	-14.6 x	9.67 x	6.59 x	-
FCF Yield	-0.22%	7.52%	12.2%	17.7%	-6.86%	10.3%	15.2%	-
Price to Book	1.41 x	1.18 x	1.61 x	1.06 x	0.8 x	0.74 x	0.67 x	-
Nbr of stocks (in thousands)	25,314	25,314	25,314	25,314	24,922	24,802	-	-
Reference price ²	97.30	83.60	122.8	9.540	7.630	7.560	7.560	7.560
Announcement Date	28/02/20	26/02/21	28/02/22	27/02/23	27/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,625	3,222	3,636	1,167	1,248	1,136	1,240	1,299
EBITDA ¹	451.2	414.7	537.8	63.13	49.53	47	63.92	78.1
EBIT ¹	177.7	119.5	206.5	42.26	28.18	34.58	45.42	57.3
Operating Margin	4.9%	3.71%	5.68%	3.62%	2.26%	3.04%	3.66%	4.41%
Earnings before Tax (EBT) ¹	170	85.14	195	47.36	31.03	37.85	45.84	-
Net income ¹	133.4	64.02	150	229.4	22.78	25.46	32.67	47.3
Net margin	3.68%	1.99%	4.13%	19.65%	1.82%	2.24%	2.63%	3.64%
EPS ²	5.270	2.530	5.930	9.150	0.9100	1.012	1.298	1.900
Free Cash Flow ¹	-7.301	204.4	442	51.32	-19.45	25.2	32.8	-
FCF margin	-0.2%	6.35%	12.16%	4.4%	-1.56%	2.22%	2.64%	-
FCF Conversion (EBITDA)	-	49.3%	82.18%	81.3%	-	53.61%	51.31%	-
FCF Conversion (Net income)	-	319.33%	294.64%	22.37%	-	99%	100.4%	-
Dividend per Share ²	2.000	1.000	-	0.4000	0.4000	0.2950	0.4660	0.8200
Announcement Date	28/02/20	26/02/21	28/02/22	27/02/23	27/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	2021 S1	2022 S1	2022 S2
Net sales ¹	1,731	1,630	-	581
EBITDA	254.9	206.5	-	-
EBIT ¹	100.2	64.15	-	25.15
Operating Margin	5.79%	3.94%	-	4.33%
Earnings before Tax (EBT)	-	-	-	-
Net income	55.59	42.62	204.4	-
Net margin	3.21%	2.62%	-	-
EPS	2.200	1.680	8.080	-
Dividend per Share	-	-	-	-
Announcement Date	26/02/21	31/08/21	31/08/22	27/02/23

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	798	601	506	48.9	93.3	56.3	28.7	14.9
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.769 x	1.45 x	0.9403 x	0.7746 x	1.884 x	1.197 x	0.4488 x	0.1908 x
Free Cash Flow ¹	-7.3	204	442	51.3	-19.4	25.2	32.8	-
ROE (net income / shareholders' equity)	7.7%	3.62%	8.06%	3.56%	9.87%	10.3%	11.2%	-
ROA (Net income/ Total Assets)	2.65%	1.25%	-	-	-	-	-	-
Assets ¹	5,031	5,125	-	-	-	-	-	-
Book Value Per Share ²	69.10	70.60	76.50	8.960	9.510	10.30	11.20	-
Cash Flow per Share ²	17.50	16.50	18.00	2.790	0.0100	1.850	2.340	2.740
Capex ¹	451	214	14.6	18.6	19.7	19.5	21.6	20.7
Capex / Sales	12.45%	6.64%	0.4%	1.59%	1.58%	1.72%	1.74%	1.59%
Announcement Date	28/02/20	26/02/21	28/02/22	27/02/23	27/02/24	-	-	-

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 Compagnie d'Entreprises CFE SA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.57 EUR

Average target price

9.6 EUR

Spread / Average Target

+26.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
DR HORTON	-10.49%	4.45TCr
PULTEGROUP, INC.	+1.78%	2.2TCr
DAIWA HOUSE INDUSTRY CO., LTD.	-3.35%	1.63TCr
SEKISUI HOUSE, LTD.	+13.41%	1.43TCr
TOLL BROTHERS, INC.	+8.95%	1.14TCr
TAYLOR WIMPEY PLC	+0.31%	649.12Cr
SUMITOMO FORESTRY CO., LTD.	+19.87%	644.78Cr
THE BERKELEY GROUP HOLDINGS PLC	+0.43%	621.8Cr
BARRATT DEVELOPMENTS PLC	-13.44%	587.32Cr

Other Homebuilding