Financials Ecolab Inc. Sao Paulo

Equities

E1CL34

BRE1CLBDR002

Specialty Chemicals

Market Closed - Sao Paulo Other stock markets 07:16:41 23/05/2024 pm IST			5-day change	1st Jan Change
299.2 ^BRL	+4.32%		+4.32%	+30.69%

21/05	UBS Adjusts Price Target on Ecolab to $270 From $269, Maintains Buy Rating	MT
16/05	Everlasting momentum

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	55,628	61,759	67,226	41,460	56,557	66,575	-	-
Enterprise Value (EV) ¹	61,796	67,185	75,624	49,441	63,820	72,848	72,647	72,195
P/E ratio	36.2 x	-51.5 x	60 x	38.2 x	41.4 x	35.3 x	31.5 x	27.7 x
Yield	0.96%	0.87%	0.83%	1.42%	1.09%	0.96%	1.03%	1.14%
Capitalization / Revenue	3.73 x	5.24 x	5.28 x	2.92 x	3.69 x	4.17 x	3.98 x	3.78 x
EV / Revenue	4.15 x	5.7 x	5.94 x	3.48 x	4.17 x	4.56 x	4.35 x	4.1 x
EV / EBITDA	19.1 x	27.6 x	28.6 x	18.2 x	20.9 x	20.5 x	18.9 x	17.3 x
EV / FCF	38.1 x	49.8 x	53.3 x	46 x	39 x	38.7 x	35.4 x	31.8 x
FCF Yield	2.62%	2.01%	1.88%	2.18%	2.57%	2.58%	2.83%	3.15%
Price to Book	6.4 x	10.1 x	9.3 x	5.77 x	7.06 x	7.68 x	7.24 x	6.79 x
Nbr of stocks (in thousands)	2,88,244	2,85,445	2,86,567	2,84,828	2,85,140	2,85,570	-	-
Reference price ²	193.0	216.4	234.6	145.6	198.4	233.1	233.1	233.1
Announcement Date	18/02/20	16/02/21	15/02/22	14/02/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,906	11,790	12,733	14,188	15,320	15,980	16,708	17,595
EBITDA ¹	3,237	2,436	2,642	2,712	3,050	3,551	3,841	4,166
EBIT ¹	2,264	1,624	1,799	1,773	2,126	2,580	2,854	3,161
Operating Margin	15.19%	13.77%	14.13%	12.5%	13.88%	16.14%	17.08%	17.96%
Earnings before Tax (EBT) ¹	1,899	1,161	1,414	1,343	1,756	2,340	2,641	2,865
Net income ¹	1,559	-1,205	1,130	1,092	1,372	1,893	2,106	2,343
Net margin	10.46%	-10.22%	8.87%	7.69%	8.96%	11.85%	12.61%	13.31%
EPS ²	5.330	-4.200	3.910	3.810	4.790	6.599	7.393	8.421
Free Cash Flow ¹	1,620	1,350	1,419	1,076	1,637	1,883	2,054	2,273
FCF margin	10.87%	11.45%	11.14%	7.58%	10.69%	11.78%	12.29%	12.92%
FCF Conversion (EBITDA)	50.05%	55.4%	53.71%	39.67%	53.68%	53.02%	53.47%	54.56%
FCF Conversion (Net income)	103.93%	-	125.58%	98.53%	119.29%	99.44%	97.5%	97.05%
Dividend per Share ²	1.850	1.890	1.950	2.060	2.160	2.243	2.393	2.649
Announcement Date	18/02/20	16/02/21	15/02/22	14/02/23	13/02/24	-	-	-

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	3,365	3,267	3,581	3,669	3,671	3,572	3,852	3,958	3,938	3,752	4,031	4,137	4,109	3,912	4,192
EBITDA ¹	690.7	566.2	665.8	740.7	738.9	613.6	743.7	838	855	782.5	904.9	951.5	941	862.5	976
EBIT ¹	475.1	331.5	431.1	507.9	502.4	379.3	513.8	608.6	624.5	547.7	658.8	699.7	692.8	619.1	718.6
Operating Margin	14.12%	10.15%	12.04%	13.84%	13.68%	10.62%	13.34%	15.38%	15.86%	14.6%	16.34%	16.91%	16.86%	15.83%	17.14%
Earnings before Tax (EBT) ¹	349.5	220.3	389.3	412.2	321.6	290.5	421.3	506.2	537.5	458.9	599.9	634.8	629.3	577.8	676.3
Net income ¹	301	171.9	308.3	347.1	264.4	233.4	329.7	404	405.2	412.1	472.7	503.3	500.6	451.6	529.5
Net margin	8.95%	5.26%	8.61%	9.46%	7.2%	6.53%	8.56%	10.21%	10.29%	10.98%	11.73%	12.17%	12.18%	11.55%	12.63%
EPS ²	1.040	0.6000	1.080	1.210	0.9300	0.8200	1.150	1.410	1.410	1.430	1.648	1.761	1.749	1.560	1.859
Dividend per Share ²	0.5100	0.5100	0.5100	0.5100	0.5300	0.5300	0.5300	-	0.5700	0.5700	0.5520	0.5520	0.5712	0.5591	0.5591
Announcement Date	15/02/22	26/04/22	26/07/22	01/11/22	14/02/23	02/05/23	01/08/23	31/10/23	13/02/24	30/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,168	5,426	8,398	7,982	7,262	6,273	6,072	5,620
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.905 x	2.227 x	3.179 x	2.944 x	2.381 x	1.767 x	1.581 x	1.349 x
Free Cash Flow ¹	1,620	1,350	1,419	1,076	1,637	1,883	2,054	2,273
ROE (net income / shareholders' equity)	20.4%	15.7%	16.9%	15.1%	18%	22.4%	23.3%	24.3%
ROA (Net income/ Total Assets)	8.32%	5.98%	5.75%	5.12%	6.34%	8.68%	9.15%	9.85%
Assets ¹	18,738	-20,157	19,666	21,335	21,655	21,814	23,021	23,785
Book Value Per Share ²	30.10	21.50	25.20	25.20	28.10	30.40	32.20	34.30
Cash Flow per Share ²	8.280	6.410	7.130	6.240	8.420	9.550	10.90	-
Capex ¹	801	489	643	713	775	813	842	893
Capex / Sales	5.37%	4.15%	5.05%	5.02%	5.06%	5.09%	5.04%	5.08%
Announcement Date	18/02/20	16/02/21	15/02/22	14/02/23	13/02/24	-	-	-

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 Ecolab Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

233.1 USD

Average target price

241 USD

Spread / Average Target

+3.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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