Financials HP Inc CINNOBER BOAT

Equities

0J2E

US40434L1052

Computer Hardware

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

16/05	BofA Securities Raises HP's Price Target to $35 From $32, Maintains Buy Rating Amid Expected Stronger H2 Margins	MT
16/05	HP to Post 'Strong' Fiscal Q2 Margins, Weak Personal Computer Revenue in Short Term, BofA Says	MT

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,741	24,668	34,956	31,833	26,021	30,519	-	-
Enterprise Value (EV) ¹	26,341	26,021	38,149	39,702	32,273	37,141	36,926	36,837
P/E ratio	8.39 x	8.98 x	5.69 x	9.06 x	8.08 x	11 x	10 x	9.43 x
Yield	3.68%	3.9%	2.57%	3.62%	3.99%	3.55%	3.73%	3.94%
Capitalization / Revenue	0.44 x	0.44 x	0.55 x	0.51 x	0.48 x	0.57 x	0.55 x	0.54 x
EV / Revenue	0.45 x	0.46 x	0.6 x	0.63 x	0.6 x	0.69 x	0.67 x	0.65 x
EV / EBITDA	5.22 x	5.37 x	5.82 x	6.34 x	5.95 x	6.89 x	6.88 x	6.87 x
EV / FCF	6.61 x	6.96 x	6.55 x	10.8 x	10.9 x	12 x	11.2 x	16.2 x
FCF Yield	15.1%	14.4%	15.3%	9.25%	9.18%	8.3%	8.9%	6.16%
Price to Book	-22.2 x	-11.4 x	-22.4 x	-9.28 x	-24.4 x	-18 x	-25.5 x	-44.7 x
Nbr of stocks (in thousands)	14,81,914	13,73,497	11,52,519	11,52,519	9,88,269	9,78,481	-	-
Reference price ²	17.37	17.96	30.33	27.62	26.33	31.19	31.19	31.19
Announcement Date	26/11/19	24/11/20	23/11/21	22/11/22	21/11/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	58,756	56,639	63,487	62,983	53,718	53,660	55,509	56,966
EBITDA ¹	5,047	4,842	6,554	6,258	5,423	5,389	5,363	5,363
EBIT ¹	4,303	4,053	5,769	5,478	4,573	4,604	4,641	4,664
Operating Margin	7.32%	7.16%	9.09%	8.7%	8.51%	8.58%	8.36%	8.19%
Earnings before Tax (EBT) ¹	2,523	3,231	7,511	4,441	2,937	3,369	3,532	3,791
Net income ¹	3,152	2,844	6,503	3,203	3,263	2,771	2,915	3,100
Net margin	5.36%	5.02%	10.24%	5.09%	6.07%	5.16%	5.25%	5.44%
EPS ²	2.070	2.000	5.330	3.050	3.260	2.833	3.105	3.306
Free Cash Flow ¹	3,983	3,736	5,827	3,672	2,962	3,084	3,288	2,270
FCF margin	6.78%	6.6%	9.18%	5.83%	5.51%	5.75%	5.92%	3.98%
FCF Conversion (EBITDA)	78.92%	77.16%	88.91%	58.68%	54.62%	57.24%	61.3%	42.33%
FCF Conversion (Net income)	126.36%	131.36%	89.6%	114.64%	90.78%	111.3%	112.8%	73.22%
Dividend per Share ²	0.6400	0.7000	0.7800	1.000	1.050	1.106	1.163	1.228
Announcement Date	26/11/19	24/11/20	23/11/21	22/11/22	21/11/23	-	-	-

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	16,675	17,028	16,490	14,664	14,801	13,828	12,913	13,196	13,817	13,185	12,592	13,457	14,362	13,869	13,243
EBITDA ¹	1,546	1,696	1,637	1,570	1,355	1,284	1,333	1,383	1,459	1,311	1,310	1,341	1,451	-	-
EBIT ¹	1,346	1,499	1,444	1,389	1,146	1,075	1,121	1,166	1,247	1,106	1,111	1,148	1,237	1,140	1,112
Operating Margin	8.07%	8.8%	8.76%	9.47%	7.74%	7.77%	8.68%	8.84%	9.03%	8.39%	8.82%	8.53%	8.61%	8.22%	8.39%
Earnings before Tax (EBT) ¹	3,553	1,327	-	1,202	673	584	602	936	852	793	709	826	882	-	-
Net income ¹	3,099	1,086	1,000	1,119	-2	487	1,066	766	974	622	657	707.1	779.4	745.8	764
Net margin	18.58%	6.38%	6.06%	7.63%	-0.01%	3.52%	8.26%	5.8%	7.05%	4.72%	5.22%	5.25%	5.43%	5.38%	5.77%
EPS ²	2.710	0.9900	0.9400	1.080	-	0.4900	1.070	0.7600	0.9700	0.6200	0.6932	0.7362	0.8203	0.7946	0.8279
Dividend per Share ²	-	0.2500	0.2500	0.5000	-	0.2625	0.2625	0.5200	-	-	0.2781	0.2781	0.2781	0.2963	0.3025
Announcement Date	23/11/21	28/02/22	31/05/22	30/08/22	22/11/22	28/02/23	30/05/23	29/08/23	21/11/23	28/02/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	600	1,353	3,193	7,869	6,252	6,622	6,407	6,318
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.1189 x	0.2794 x	0.4872 x	1.257 x	1.153 x	1.229 x	1.195 x	1.178 x
Free Cash Flow ¹	3,983	3,736	5,827	3,672	2,962	3,084	3,288	2,270
ROE (net income / shareholders' equity)	-	-	-	-	-160%	-	-	224%
ROA (Net income/ Total Assets)	10%	9.49%	12.6%	11.1%	8.68%	7.86%	7.84%	6.4%
Assets ¹	31,478	29,965	51,581	28,825	37,588	35,260	37,161	48,443
Book Value Per Share ²	-0.7800	-1.570	-1.350	-2.980	-1.080	-1.730	-1.220	-0.7000
Cash Flow per Share ²	3.050	3.040	5.250	4.250	3.570	3.860	4.150	3.500
Capex ¹	671	580	582	791	609	655	659	620
Capex / Sales	1.14%	1.02%	0.92%	1.26%	1.13%	1.22%	1.19%	1.09%
Announcement Date	26/11/19	24/11/20	23/11/21	22/11/22	21/11/23	-	-	-

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 HP Inc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

31.19 USD

Average target price

31.4 USD

Spread / Average Target

+0.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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