Financials Constellium Cinnober Boat

Stocks

0QSG

NL0010489522

Aluminum

Delayed Cinnober Boat			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-

12/08	Moody's Changes Constellium's Outlook to Positive; Rating Maintained	MT
30/07	Deutsche Bank Adjusts Constellium SE Price Target to $39 From $40, Maintains Buy Rating	MT

Projected Income Statement: Constellium

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	6,152	8,120	7,239	7,028	7,144	9,011	9,061	8,919
Change	-	31.99%	-10.85%	-2.91%	1.64%	26.14%	0.56%	-1.57%
EBITDA ¹	581	673	713	595.3	715.3	898.6	826.9	863.9
Change	-	15.83%	5.94%	-16.5%	20.15%	25.63%	-7.98%	4.48%
EBIT ¹	314	334	337	235.1	437.1	722.6	540	562.8
Change	-	6.37%	0.9%	-30.24%	85.95%	65.3%	-25.27%	4.22%
Interest Paid ¹	-167	-131	-141	-106.1	-92.25	-99.29	-89.04	-59.75
Earnings before Tax (EBT) ¹	317	203	196	129	345	654.8	450	488.3
Change	-	-35.96%	-3.45%	-34.18%	167.4%	89.81%	-31.27%	8.51%
Net income ¹	257	301	125	53.51	230.8	468.9	316.3	320
Change	-	17.12%	-58.47%	-57.19%	331.33%	103.14%	-32.55%	1.16%
Announcement Date	23/02/22	22/02/23	21/02/24	20/02/25	18/02/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	1,587	1,706	1,979	2,275	2,022	1,844	1,956	1,950	1,720	1,613	1,731	1,795	1,639	1,645	1,736	1,810	1,858	1,861	2,102	2,412	2,331	2,227	2,303	2,328	2,232	2,162	2,220	2,291
Change	-	7.5%	16%	14.96%	-11.12%	-8.8%	6.07%	-0.31%	-11.79%	-6.22%	7.32%	3.7%	-8.69%	0.34%	5.56%	4.25%	2.64%	0.18%	12.94%	14.75%	-3.33%	-4.49%	3.42%	1.09%	-4.12%	-3.15%	2.7%	3.19%
EBITDA ¹	143	147	167	198	160	148	166	209	168	171	137	172	113	119.4	163.2	136.8	168.1	236.7	224	272.1	214.2	186.3	211	218.4	205.1	189.9	219	238.3
Change	-	2.8%	13.61%	18.56%	-19.19%	-7.5%	12.16%	25.9%	-19.62%	1.79%	-19.88%	25.55%	-34.3%	5.71%	36.59%	-16.13%	22.84%	40.84%	-5.38%	21.45%	-21.28%	-13.01%	13.27%	3.49%	-6.1%	-7.4%	15.32%	8.84%
EBIT ¹	76	75	248	-4	30	60	62	79	118	78	58	127	44	9.556	78.07	73.15	131.2	160.6	256.2	212.4	141.8	115.3	137.5	146.2	137.6	120.3	146	164.9
Change	-	-1.32%	230.67%	-101.61%	850%	100%	3.33%	27.42%	49.37%	-33.9%	-25.64%	118.97%	-65.35%	-78.28%	716.98%	-6.3%	79.37%	22.43%	59.48%	-17.1%	-33.22%	-18.68%	19.19%	6.33%	-5.87%	-12.59%	21.38%	12.96%
Charge d'intérêts ¹	-34	-41	-30	-32	-36	-33	-35	-35	-36	-35	-33	-32	-36	-26.76	-23.8	-25.15	-23.16	-22	-23.94	-24.6	-23.29	-21.97	-21.09	-19.33	-18.45	-17.57	-	-
Earnings before Tax (EBT) ¹	119	9	218	-36	-6	27	27	44	82	43	25	95	8	-17.2	54.39	48.19	108.1	138.7	232.3	187.8	118.9	92.85	115.1	124.4	116.1	99.07	123.7	142.6
Change	-	-92.44%	2,322.22%	-116.51%	83.33%	550%	0%	62.96%	86.36%	-47.56%	-41.86%	280%	-91.58%	-315.01%	416.19%	-11.39%	124.22%	28.32%	67.52%	-19.15%	-36.69%	-21.92%	23.97%	8.07%	-6.67%	-14.66%	24.85%	15.29%
Net income ¹	97	7	177	-34	130	28	20	31	64	10	16	71	2	-45.87	32.46	30.98	75.47	94.7	169.9	128.1	81.77	63.92	78.83	83.85	78.68	66.71	85.44	93.83
Change	-	-92.78%	2,428.57%	-119.21%	482.35%	-78.46%	-28.57%	55%	106.45%	-84.38%	60%	343.75%	-97.18%	-2,393.44%	170.76%	-4.54%	143.59%	25.48%	79.46%	-24.61%	-36.18%	-21.83%	23.33%	6.37%	-6.17%	-15.22%	28.08%	9.81%
Announcement Date	27/10/21	23/02/22	27/04/22	27/07/22	26/10/22	22/02/23	26/04/23	26/07/23	25/10/23	21/02/24	24/04/24	23/07/24	23/10/24	20/02/25	30/04/25	29/07/25	29/10/25	18/02/26	29/04/26	29/07/26	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Constellium

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	1,982	1,891	1,664	1,697	1,544	1,379	1,068	530
Change	-	-4.59%	-12%	1.98%	-9.02%	-10.67%	-22.55%	-50.37%
Announcement Date	23/02/22	22/02/23	21/02/24	20/02/25	18/02/26	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Constellium

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	232	273	337	394.7	279.3	288.4	286.8	284
Change	-	17.67%	23.44%	17.11%	-29.24%	3.27%	-0.57%	-0.95%
Free Cash Flow (FCF) ¹	125	182	170	-95.56	150.6	338.2	372.5	332.1
Change	-	45.6%	-6.59%	-156.21%	257.64%	124.5%	10.16%	-10.84%
Announcement Date	23/02/22	22/02/23	21/02/24	20/02/25	18/02/26	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Constellium

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	9.44%	8.29%	9.85%	8.47%	10.01%	9.97%	9.13%	9.69%
EBIT Margin (%)	5.1%	4.11%	4.66%	3.34%	6.12%	8.02%	5.96%	6.31%
EBT Margin (%)	5.15%	2.5%	2.71%	1.84%	4.83%	7.27%	4.97%	5.48%
Net margin (%)	4.18%	3.71%	1.73%	0.76%	3.23%	5.2%	3.49%	3.59%
FCF margin (%)	2.03%	2.24%	2.35%	-1.36%	2.11%	3.75%	4.11%	3.72%
FCF / Net Income (%)	48.64%	60.47%	136%	-178.57%	65.26%	72.13%	117.79%	103.81%
Profitability
ROA	5.87%	6.29%	3.45%	1.16%	5.41%	9.11%	6.52%	-
ROE	329.51%	57.72%	21.07%	7.87%	32.93%	44.85%	24.02%	20.19%
Financial Health
Leverage (Debt/EBITDA)	3.41x	2.81x	2.33x	2.85x	2.16x	1.53x	1.29x	0.61x
Debt / Free cash flow	15.86x	10.39x	9.79x	-17.76x	10.25x	4.08x	2.87x	1.6x
Capital Intensity
CAPEX / Current Assets (%)	3.77%	3.36%	4.66%	5.62%	3.91%	3.2%	3.16%	3.18%
CAPEX / EBITDA (%)	39.93%	40.56%	47.27%	66.29%	39.04%	32.09%	34.68%	32.88%
CAPEX / FCF (%)	185.6%	150%	198.24%	-413%	185.39%	85.28%	76.97%	85.52%
Items per share
Cash flow per share ¹	2.426	3.076	3.391	1.943	2.916	4.313	4.53	-
Change	-	26.82%	10.22%	-42.68%	50.03%	47.93%	5.02%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	1.93	5.066	5.742	4.391	5.768	8.651	10.9	13.83
Change	-	162.48%	13.34%	-23.52%	31.36%	49.97%	26.05%	26.86%
EPS ¹	1.75	2.06	0.84	0.3631	1.623	3.369	2.246	2.394
Change	-	17.71%	-59.22%	-56.77%	347.05%	107.52%	-33.33%	6.59%
Nbr of stocks (in thousands)	1,41,677	1,44,302	1,46,820	1,46,266	1,37,802	1,35,528	1,35,528	1,35,528
Announcement Date	23/02/22	22/02/23	21/02/24	20/02/25	18/02/26	-	-	-