Financials Georg Fischer AG Berne S.E.

Equities

FI-N

CH1169151003

Industrial Machinery & Equipment

Real-time Estimate Cboe Europe Other stock markets 08:50:00 03/07/2024 pm IST			5-day change	1st Jan Change
61.95 ^CHF	-3.22%		-3.42%	+4.33%

27/06	Kepler Cheuvreux Lowers Price Target on FISCHER (GEORG), Maintains Buy Recommendation	MT
29/04	Switzerland's Georg Fischer Takes Over Finland's Uponor	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,024	4,667	5,669	4,632	5,003	5,049	-	-
Enterprise Value (EV) ¹	4,256	4,784	5,723	4,473	6,882	6,841	6,663	6,402
P/E ratio	23.4 x	40.7 x	26.6 x	16.8 x	21.3 x	16.8 x	14.2 x	12.6 x
Yield	2.54%	1.32%	1.44%	2.3%	2.13%	2.3%	2.48%	2.67%
Capitalization / Revenue	1.08 x	1.47 x	1.52 x	1.16 x	1.24 x	1 x	0.96 x	0.93 x
EV / Revenue	1.14 x	1.5 x	1.54 x	1.12 x	1.71 x	1.35 x	1.27 x	1.17 x
EV / EBITDA	11.4 x	16 x	13.9 x	8.82 x	13.5 x	10.5 x	9.48 x	8.47 x
EV / FCF	30.4 x	24.3 x	37.4 x	27.8 x	51.7 x	33 x	20.9 x	17.9 x
FCF Yield	3.29%	4.12%	2.67%	3.6%	1.93%	3.03%	4.78%	5.59%
Price to Book	2.88 x	3.45 x	3.85 x	2.89 x	-114 x	2.95 x	2.43 x	2.16 x
Nbr of stocks (in thousands)	81,866	81,875	81,864	81,832	81,886	81,905	-	-
Reference price ²	49.15	57.00	69.25	56.60	61.10	60.30	60.30	60.30
Announcement Date	26/02/20	03/03/21	02/03/22	01/03/23	19/03/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,720	3,184	3,722	3,998	4,026	5,063	5,257	5,456
EBITDA ¹	374	299	412	507	511	650.1	702.7	756
EBIT ¹	281	185	278	391	365	488.9	540.4	590.7
Operating Margin	7.55%	5.81%	7.47%	9.78%	9.07%	9.66%	10.28%	10.83%
Earnings before Tax (EBT) ¹	203	143	253	354	313	411.3	469.8	522.5
Net income ¹	173	116	214	276	235	294.1	348.6	391.8
Net margin	4.65%	3.64%	5.75%	6.9%	5.84%	5.81%	6.63%	7.18%
EPS ²	2.100	1.400	2.600	3.370	2.870	3.586	4.252	4.782
Free Cash Flow ¹	140	197	153	161	133	207.5	318.8	358
FCF margin	3.76%	6.19%	4.11%	4.03%	3.3%	4.1%	6.06%	6.56%
FCF Conversion (EBITDA)	37.43%	65.89%	37.14%	31.76%	26.03%	31.92%	45.36%	47.36%
FCF Conversion (Net income)	80.92%	169.83%	71.5%	58.33%	56.6%	70.55%	91.43%	91.36%
Dividend per Share ²	1.250	0.7500	1.000	1.300	1.300	1.386	1.493	1.608
Announcement Date	26/02/20	03/03/21	02/03/22	01/03/23	19/03/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales ¹	1,528	1,656	1,835	1,887	1,971	2,027	1,961	2,065
EBITDA	118	-	209	-	240	-	239	-
EBIT ¹	57	121	141	137	179	-	184	181
Operating Margin	3.73%	7.31%	7.68%	7.26%	9.08%	-	9.38%	8.77%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	150
Net income ¹	34	-	108	-	125	-	123	112
Net margin	2.23%	-	5.89%	-	6.34%	-	6.27%	5.42%
EPS	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	21/07/20	03/03/21	21/07/21	02/03/22	20/07/22	01/03/23	20/07/23	19/03/24

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	232	117	54	-	1,879	1,791	1,614	1,353
Net Cash position ¹	-	-	-	159	-	-	-	-
Leverage (Debt/EBITDA)	0.6203 x	0.3913 x	0.1311 x	-	3.677 x	2.756 x	2.296 x	1.789 x
Free Cash Flow ¹	140	197	153	161	133	208	319	358
ROE (net income / shareholders' equity)	12%	8%	13.8%	17.8%	30.2%	18.3%	17.6%	17.6%
ROA (Net income/ Total Assets)	-	3.42%	5.93%	-	-	-	-	-
Assets ¹	-	3,394	3,606	-	-	-	-	-
Book Value Per Share ²	17.10	16.50	18.00	19.60	-0.5400	20.40	24.80	27.90
Cash Flow per Share ²	3.880	4.130	3.520	3.980	4.120	3.930	5.390	6.300
Capex ¹	178	145	135	165	205	200	186	181
Capex / Sales	4.78%	4.55%	3.63%	4.13%	5.09%	3.94%	3.54%	3.32%
Announcement Date	26/02/20	03/03/21	02/03/22	01/03/23	19/03/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Georg Fischer AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

60.3 CHF

Average target price

75 CHF

Spread / Average Target

+24.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Industrial Machinery & Equipment

	1st Jan change	Capi.
ATLAS COPCO AB	+13.94%	8.67TCr
PARKER-HANNIFIN CORPORATION	+11.29%	6.56TCr
INGERSOLL RAND INC.	+17.73%	3.66TCr
XYLEM INC.	+16.05%	3.21TCr
FANUC CORPORATION	+7.93%	2.61TCr
FORTIVE CORPORATION	-1.83%	2.55TCr
SANDVIK AB	-2.02%	2.51TCr
DOVER CORPORATION	+15.06%	2.43TCr
TECHTRONIC INDUSTRIES CO. LTD.	-2.36%	2.09TCr

Other Industrial Machinery & Equipment