Financials Husqvarna AB Deutsche Boerse AG

Equities

HRZA

SE0001662222

Appliances, Tools & Housewares

Market Closed - Deutsche Boerse AG Other stock markets 08:45:01 10/05/2024 pm IST			5-day change	1st Jan Change
7.62 ^EUR	+4.24%		+3.11%	+2.42%

01/05	HUSQVARNA : Positive recommendation despite the uncertain environment in 2024
24/04	HUSQVARNA : Mixed Q1 24

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,880	61,035	82,916	41,753	47,275	51,193	-	-
Enterprise Value (EV) ¹	54,195	67,528	92,539	59,462	62,915	64,113	62,722	61,138
P/E ratio	17 x	24.5 x	18.7 x	21.6 x	21.8 x	17.3 x	14.3 x	12.7 x
Yield	-	2.25%	2.07%	4.1%	3.62%	3.58%	3.83%	4.36%
Capitalization / Revenue	1.01 x	1.46 x	1.76 x	0.77 x	0.89 x	1.01 x	0.96 x	0.92 x
EV / Revenue	1.28 x	1.61 x	1.97 x	1.1 x	1.18 x	1.27 x	1.18 x	1.1 x
EV / EBITDA	9.38 x	10.9 x	11.6 x	9.31 x	7.95 x	8.47 x	7.49 x	6.85 x
EV / FCF	20.3 x	11.1 x	29.5 x	-14.7 x	14.2 x	14.3 x	17.7 x	14.8 x
FCF Yield	4.94%	9.01%	3.39%	-6.81%	7.06%	6.99%	5.64%	6.75%
Price to Book	2.48 x	3.57 x	3.84 x	1.75 x	1.99 x	2.05 x	1.91 x	1.77 x
Nbr of stocks (in thousands)	5,72,203	5,72,578	5,72,922	5,70,453	5,70,618	5,71,519	-	-
Reference price ²	75.02	106.5	144.8	73.12	82.98	89.66	89.66	89.66
Announcement Date	04/02/20	03/02/21	03/02/22	01/02/23	02/02/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,277	41,943	47,059	54,037	53,261	50,583	53,331	55,499
EBITDA ¹	5,779	6,206	7,987	6,385	7,911	7,566	8,378	8,926
EBIT ¹	3,915	4,484	5,684	4,853	4,970	4,746	5,485	6,011
Operating Margin	9.26%	10.69%	12.08%	8.98%	9.33%	9.38%	10.28%	10.83%
Earnings before Tax (EBT) ¹	3,122	3,330	5,494	2,581	2,878	3,857	4,728	5,309
Net income ¹	2,527	2,494	4,437	1,932	2,177	2,970	3,599	4,048
Net margin	5.98%	5.95%	9.43%	3.58%	4.09%	5.87%	6.75%	7.29%
EPS ²	4.420	4.350	7.730	3.380	3.810	5.191	6.288	7.068
Free Cash Flow ¹	2,676	6,087	3,140	-4,052	4,440	4,484	3,540	4,125
FCF margin	6.33%	14.51%	6.67%	-7.5%	8.34%	8.86%	6.64%	7.43%
FCF Conversion (EBITDA)	46.31%	98.08%	39.31%	-	56.12%	59.26%	42.25%	46.21%
FCF Conversion (Net income)	105.9%	244.07%	70.77%	-	203.95%	150.99%	98.34%	101.89%
Dividend per Share ²	-	2.400	3.000	3.000	3.000	3.208	3.434	3.905
Announcement Date	04/02/20	03/02/21	03/02/22	01/02/23	02/02/24	-	-	-

¹SEK in Million²SEK

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	8,234	15,685	15,792	12,206	10,353	17,167	16,976	10,512	8,605	14,719	16,078	10,700	9,029	15,010	14,611
EBITDA ¹	480	2,788	2,695	1,260	-287	3,105	3,031	1,112	631	2,667	2,923	1,322	590.7	1,936	1,728
EBIT ¹	-180	2,190	2,075	555	-13	2,410	2,313	398	-168	1,930	2,235	596.8	-43	1,936	1,728
Operating Margin	-2.19%	13.96%	13.14%	4.55%	-0.13%	14.04%	13.63%	3.79%	-1.95%	13.11%	13.9%	5.58%	-0.48%	12.9%	11.83%
Earnings before Tax (EBT) ¹	-163	2,098	1,978	468	-1,963	2,119	1,854	178	-1,272	1,702	1,981	401.9	-216.7	1,784	1,579
Net income ¹	148	1,638	1,417	269	-1,392	1,653	1,411	125	-1,011	1,322	1,455	307.6	-163.1	1,356	1,200
Net margin	1.8%	10.44%	8.97%	2.2%	-13.45%	9.63%	8.31%	1.19%	-11.75%	8.98%	9.05%	2.87%	-1.81%	9.03%	8.21%
EPS ²	0.2600	2.860	2.470	0.4700	-2.430	2.880	2.460	0.2200	-1.770	2.310	2.543	0.5391	-0.2861	2.370	2.100
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	1.167	-	2.333	-	-
Announcement Date	03/02/22	21/04/22	15/07/22	21/10/22	01/02/23	20/04/23	18/07/23	20/10/23	02/02/24	24/04/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,315	6,493	9,623	17,709	15,640	12,921	11,529	9,945
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.958 x	1.046 x	1.205 x	2.774 x	1.977 x	1.708 x	1.376 x	1.114 x
Free Cash Flow ¹	2,676	6,087	3,140	-4,052	4,440	4,484	3,540	4,125
ROE (net income / shareholders' equity)	15.2%	13.5%	22.2%	13.7%	12.6%	12.2%	13.6%	14.5%
ROA (Net income/ Total Assets)	6.27%	5.83%	9.4%	3.43%	3.65%	5.21%	6.33%	7.09%
Assets ¹	40,294	42,749	47,217	56,277	59,623	56,996	56,893	57,116
Book Value Per Share ²	30.20	29.80	37.70	41.90	41.60	43.80	46.80	50.60
Cash Flow per Share ²	8.580	14.10	9.870	-2.980	12.40	12.20	9.800	10.60
Capex ¹	2,232	1,994	2,524	2,344	2,627	2,558	2,746	2,718
Capex / Sales	5.28%	4.75%	5.36%	4.34%	4.93%	5.06%	5.15%	4.9%
Announcement Date	04/02/20	03/02/21	03/02/22	01/02/23	02/02/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Husqvarna AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

89.66 SEK

Average target price

89.67 SEK

Spread / Average Target

+0.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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