Financials Home Depot (The) CINNOBER BOAT

Equities

0R1G

US4370761029

Home Improvement Products & Services Retailers

Delayed CINNOBER BOAT Other stock markets			5-day change	1st Jan Change
- ^USD	-.--%		-.--%	-.--%

24/05	ANALYST RECOMMENDATIONS : Dollar General, Microchip Technology, Nvidia, Home Depot, Uber...
23/05	Instacart, Home Depot Collaborate Nationwide for Same-Day Delivery	MT

Valuation

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	2,55,102	2,99,349	3,82,755	3,22,766	3,53,617	3,22,374	-	-
Enterprise Value (EV) ¹	2,84,452	3,28,692	4,20,498	3,63,202	3,93,968	3,58,882	3,57,812	3,57,088
P/E ratio	22.8 x	23.3 x	23.6 x	19 x	23.5 x	21.3 x	20 x	18.5 x
Yield	2.39%	2.21%	2.07%	-	-	2.78%	2.96%	3.19%
Capitalization / Revenue	2.31 x	2.27 x	2.53 x	2.05 x	2.32 x	2.09 x	2.04 x	1.96 x
EV / Revenue	2.58 x	2.49 x	2.78 x	2.31 x	2.58 x	2.33 x	2.26 x	2.17 x
EV / EBITDA	15.7 x	15.7 x	16.2 x	13.4 x	15.8 x	14.4 x	13.8 x	13 x
EV / FCF	25.8 x	20.1 x	30 x	31.6 x	22 x	20.8 x	21.6 x	20.4 x
FCF Yield	3.88%	4.98%	3.33%	3.17%	4.56%	4.8%	4.64%	4.91%
Price to Book	-80.9 x	90.8 x	-224 x	-	341 x	50.4 x	49.3 x	28.3 x
Nbr of stocks (in thousands)	10,90,831	10,76,601	10,44,239	10,19,186	9,95,262	9,91,614	-	-
Reference price ²	233.9	278.0	366.5	316.7	355.3	325.1	325.1	325.1
Announcement Date	25/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,10,225	1,32,110	1,51,157	1,57,403	1,52,669	1,54,169	1,58,214	1,64,559
EBITDA ¹	18,139	20,907	25,902	27,014	24,936	24,936	25,988	27,363
EBIT ¹	15,843	18,388	23,040	24,039	21,689	21,725	22,764	24,051
Operating Margin	14.37%	13.92%	15.24%	15.27%	14.21%	14.09%	14.39%	14.62%
Earnings before Tax (EBT) ¹	14,715	16,978	21,737	22,477	19,924	20,033	21,042	22,307
Net income ¹	11,242	12,866	16,433	17,105	15,143	15,143	15,896	16,810
Net margin	10.2%	9.74%	10.87%	10.87%	9.92%	9.82%	10.05%	10.22%
EPS ²	10.25	11.94	15.53	16.69	15.11	15.28	16.24	17.56
Free Cash Flow ¹	11,045	16,376	14,005	11,496	17,946	17,225	16,589	17,517
FCF margin	10.02%	12.4%	9.27%	7.3%	11.75%	11.17%	10.49%	10.64%
FCF Conversion (EBITDA)	60.89%	78.33%	54.07%	42.56%	71.97%	69.08%	63.83%	64.02%
FCF Conversion (Net income)	98.25%	127.28%	85.22%	67.21%	118.51%	113.75%	104.36%	104.21%
Dividend per Share ²	5.580	6.150	7.600	-	-	9.028	9.612	10.37
Announcement Date	25/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: January	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
Net sales ¹	35,719	38,908	43,792	38,872	35,831	37,257	42,916	37,710	34,786	36,418	42,470	37,686	37,416	38,031	44,148
EBITDA ¹	5,559	6,656	7,956	6,891	5,511	6,344	7,384	6,233	4,975	5,916	7,228	6,233	5,534	6,312	7,660
EBIT ¹	4,825	5,929	7,210	6,148	4,752	5,551	6,589	5,406	4,143	5,079	6,467	5,465	4,701	5,448	6,862
Operating Margin	13.51%	15.24%	16.46%	15.82%	13.26%	14.9%	15.35%	14.34%	11.91%	13.95%	15.23%	14.5%	12.56%	14.33%	15.54%
Earnings before Tax (EBT) ¹	4,502	5,560	6,831	5,742	4,344	5,110	6,161	4,968	3,685	4,651	6,027	5,049	4,234	5,023	6,441
Net income ¹	3,352	4,231	5,173	4,339	3,362	3,873	4,659	3,810	2,801	3,600	4,545	3,801	3,206	3,793	4,863
Net margin	9.38%	10.87%	11.81%	11.16%	9.38%	10.4%	10.86%	10.1%	8.05%	9.89%	10.7%	10.09%	8.57%	9.97%	11.02%
EPS ²	3.210	4.090	5.050	4.240	3.300	3.820	4.650	3.810	2.820	3.630	4.595	3.842	3.250	3.876	4.990
Dividend per Share ²	1.900	1.900	1.900	1.900	-	2.090	-	-	-	-	2.250	2.250	2.266	2.362	2.306
Announcement Date	22/02/22	17/05/22	16/08/22	15/11/22	21/02/23	16/05/23	15/08/23	14/11/23	20/02/24	14/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	29,350	29,343	37,743	40,436	40,351	36,509	35,438	34,714
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.618 x	1.404 x	1.457 x	1.497 x	1.618 x	1.464 x	1.364 x	1.269 x
Free Cash Flow ¹	11,045	16,376	14,005	11,496	17,946	17,225	16,589	17,517
ROE (net income / shareholders' equity)	-	458%	2,050%	-	1,162%	377%	191%	167%
ROA (Net income/ Total Assets)	23.6%	21.1%	23.1%	23.1%	19.8%	19%	20.1%	21.1%
Assets ¹	47,615	60,908	71,229	74,161	76,488	79,510	79,213	79,669
Book Value Per Share ²	-2.890	3.060	-1.640	-	1.040	6.450	6.590	11.50
Cash Flow per Share ²	12.50	17.50	15.70	14.30	21.10	20.10	21.10	24.40
Capex ¹	2,678	2,463	2,566	3,119	3,226	3,119	3,166	3,301
Capex / Sales	2.43%	1.86%	1.7%	1.98%	2.11%	2.02%	2%	2.01%
Announcement Date	25/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

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 Home Depot (The)

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

325.1 USD

Average target price

381.4 USD

Spread / Average Target

+17.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Home Improvement Products & Services Retailers

	1st Jan change	Capi.
LOWE'S COMPANIES, INC.	-3.30%	12TCr
KINGFISHER PLC	+7.73%	616.93Cr
MR D.I.Y. GROUP (M)	+24.83%	363.18Cr
HOME PRODUCT CENTER	-15.38%	355.28Cr
SIAM GLOBAL HOUSE	+3.40%	242.73Cr
HILLMAN SOLUTIONS CORP.	+1.52%	183.3Cr
RED STAR MACALLINE GROUP CORPORATION LTD.	-27.78%	176.91Cr
HORNBACH BAUMARKT AG	+6.77%	174.35Cr
WILCON DEPOT, INC.	-6.89%	137.15Cr

Other Home Improvement Products & Services Retailers