Financials HEICO Corporation Nyse

Equities

HEI.A

US4228062083

Aerospace & Defense

Market Closed - Nyse Other stock markets 01:30:02 11/05/2024 am IST			5-day change	1st Jan Change
172.2 ^USD	+1.27%		+1.93%	+20.86%

19/04	TransDigm, Other Aerospace Stocks With Aftermarket Exposure Poised for Better Q1 Financial Results, RBC Says	MT
09/04	Stifel Adjusts Price Target on Heico to $215 From $210, Maintains Buy Rating	MT

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,291	13,243	17,759	19,315	19,279	26,191	-	-
Enterprise Value (EV) ¹	14,796	13,576	17,887	19,465	21,586	28,039	27,416	26,741
P/E ratio	51.6 x	45.9 x	63.1 x	63.8 x	54.4 x	61.5 x	51.4 x	45.4 x
Yield	0.11%	0.15%	0.13%	0.11%	0.13%	0.1%	0.11%	0.12%
Capitalization / Revenue	6.95 x	7.41 x	9.52 x	8.75 x	6.5 x	6.73 x	6.25 x	5.9 x
EV / Revenue	7.2 x	7.6 x	9.59 x	8.81 x	7.27 x	7.21 x	6.54 x	6.02 x
EV / EBITDA	27.4 x	29.2 x	36.8 x	32.8 x	28.5 x	28.4 x	25.1 x	22.9 x
EV / FCF	36.2 x	35.2 x	43.9 x	44.7 x	54.1 x	49.9 x	40.1 x	34.3 x
FCF Yield	2.76%	2.84%	2.28%	2.24%	1.85%	2.01%	2.49%	2.92%
Price to Book	9.79 x	7.18 x	8.37 x	8.53 x	6.81 x	8.14 x	6.74 x	5.88 x
Nbr of stocks (in thousands)	1,34,153	1,34,943	1,35,384	1,36,592	1,38,187	1,38,364	-	-
Reference price ²	123.3	105.0	139.4	162.6	158.4	215.4	215.4	215.4
Announcement Date	16/12/19	21/12/20	15/12/21	19/12/22	18/12/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,056	1,787	1,866	2,208	2,968	3,890	4,190	4,440
EBITDA ¹	540.6	465.2	485.9	593.2	758.3	986.3	1,091	1,168
EBIT ¹	457.1	376.6	392.9	496.8	625.3	820.4	917.8	992.5
Operating Margin	22.24%	21.08%	21.06%	22.5%	21.07%	21.09%	21.91%	22.35%
Earnings before Tax (EBT) ¹	437.8	364.9	387.1	491	555.3	674.6	802.6	903.4
Net income ¹	327.9	314	304.2	351.7	403.6	491.9	588.5	656.6
Net margin	15.95%	17.57%	16.31%	15.92%	13.6%	12.65%	14.05%	14.79%
EPS ²	2.390	2.290	2.210	2.550	2.910	3.503	4.187	4.746
Free Cash Flow ¹	408.4	386.2	407.9	435.9	399.3	562.3	683.8	780.4
FCF margin	19.87%	21.61%	21.86%	19.74%	13.45%	14.46%	16.32%	17.58%
FCF Conversion (EBITDA)	75.55%	83.01%	83.94%	73.48%	52.66%	57.02%	62.7%	66.84%
FCF Conversion (Net income)	124.56%	123%	134.08%	123.94%	98.94%	114.31%	116.19%	118.86%
Dividend per Share ²	0.1400	0.1600	0.1800	0.1800	0.2000	0.2120	0.2360	0.2625
Announcement Date	16/12/19	21/12/20	15/12/21	19/12/22	18/12/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	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	509.4	490.3	538.8	569.5	609.6	620.9	687.8	722.9	936.4	896.4	950.9	996.5	1,046	973.1	1,025
EBITDA ¹	139.2	122	146.3	152.7	172.3	156.5	186.8	178.9	234.2	224.4	237	257.2	271.5	246.8	266.1
EBIT ¹	115	98.82	122.8	128.7	146.5	129.4	157.1	149.4	189.4	180.2	197.5	215.1	227	204.6	233.4
Operating Margin	22.58%	20.15%	22.79%	22.61%	24.03%	20.85%	22.84%	20.66%	20.23%	20.1%	20.77%	21.58%	21.69%	21.03%	22.77%
Earnings before Tax (EBT) ¹	114.3	98.25	122.1	127.5	143.2	124	146.1	138.2	147.1	142.3	161.4	179.1	191.8	174.5	205.7
Net income ¹	86.06	86.92	85.01	82.54	97.2	93.03	105.1	102	103.4	114.7	115	128.2	134.3	133.2	147.8
Net margin	16.89%	17.73%	15.78%	14.49%	15.94%	14.98%	15.28%	14.11%	11.04%	12.8%	12.09%	12.87%	12.83%	13.68%	14.41%
EPS ²	0.6200	0.6300	0.6200	0.6000	0.7000	0.6700	0.7600	0.7400	0.7400	0.8200	0.8154	0.9107	0.9605	0.9401	1.061
Dividend per Share ²	0.0100	0.0800	0.0900	0.0900	-	0.1000	0.1000	0.1000	-	-	-	0.1100	-	0.1200	-
Announcement Date	15/12/21	23/02/22	23/05/22	29/08/22	19/12/22	27/02/23	22/05/23	30/08/23	18/12/23	26/02/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	505	333	128	151	2,307	1,848	1,225	550
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9341 x	0.7158 x	0.2638 x	0.2542 x	3.042 x	1.874 x	1.123 x	0.4711 x
Free Cash Flow ¹	408	386	408	436	399	562	684	780
ROE (net income / shareholders' equity)	20.5%	16.9%	14.1%	14.2%	13.8%	13.5%	13.9%	13.9%
ROA (Net income/ Total Assets)	11.7%	9.64%	8.64%	-	7.1%	6.67%	7.77%	8.85%
Assets ¹	2,811	3,258	3,523	-	5,684	7,376	7,573	7,418
Book Value Per Share ²	12.60	14.60	16.70	19.10	23.30	26.50	32.00	36.60
Cash Flow per Share ²	3.180	2.980	3.220	3.390	3.230	4.650	5.450	6.000
Capex ¹	28.9	22.9	36.2	32	49.4	60.8	61.8	65.4
Capex / Sales	1.41%	1.28%	1.94%	1.45%	1.67%	1.56%	1.47%	1.47%
Announcement Date	16/12/19	21/12/20	15/12/21	19/12/22	18/12/23	-	-	-

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 HEICO Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

215.4 USD

Average target price

211.2 USD

Spread / Average Target

-1.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aircraft Parts Manufacturing

	1st Jan change	Capi.
SAFRAN	+33.26%	94.64B
TRANSDIGM GROUP INC.	+29.55%	73.33B
HOWMET AEROSPACE INC.	+49.43%	33.01B
AECC AVIATION POWER CO.,LTD	+0.45%	13.85B
MTU AERO ENGINES AG	+19.54%	13.53B
AVIC AIRBORNE SYSTEMS CO., LTD.	-4.93%	8.39B
MEGGITT PLC	-.--%	7.35B
AECC AERO-ENGINE CONTROL CO.,LTD.	+4.52%	3.79B
SPIRIT AEROSYSTEMS HOLDINGS, INC.	-4.06%	3.55B

Other Aircraft Parts Manufacturing