Financials Kerry Group plc London S.E.

Equities

KYGA

IE0004906560

Food Processing

Market Closed - London S.E. Other stock markets 09:05:07 10/05/2024 pm IST			5-day change	1st Jan Change
80.5 ^EUR	-1.35%		-2.66%	+1.77%

08/05	Kerry Group plc commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on May 2, 2024.	CI
07/05	KERRY GROUP : EPS cut (2023: +1.2%, 2024: -6.4%)

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,610	20,939	20,028	14,909	13,828	13,873	-	-
Enterprise Value (EV) ¹	21,601	22,884	22,152	17,127	13,828	15,651	15,366	14,671
P/E ratio	34.7 x	37.9 x	26.4 x	24.7 x	19.2 x	18.9 x	16.3 x	14.6 x
Yield	0.71%	0.73%	0.84%	1.24%	-	1.58%	1.74%	1.92%
Capitalization / Revenue	2.71 x	3.01 x	2.72 x	1.7 x	1.72 x	1.74 x	1.64 x	1.55 x
EV / Revenue	2.98 x	3.29 x	3.01 x	1.95 x	1.72 x	1.96 x	1.81 x	1.64 x
EV / EBITDA	19.7 x	22.9 x	20.6 x	14.1 x	11.9 x	12.6 x	11.2 x	9.88 x
EV / FCF	44.9 x	56.7 x	61.9 x	26.7 x	-	24.1 x	21.4 x	17.6 x
FCF Yield	2.23%	1.76%	1.61%	3.74%	-	4.16%	4.68%	5.68%
Price to Book	4.3 x	4.51 x	3.57 x	2.4 x	-	2.09 x	1.91 x	1.75 x
Nbr of stocks (in thousands)	1,76,509	1,76,700	1,76,845	1,76,985	1,75,792	1,73,414	-	-
Reference price ²	111.1	118.5	113.2	84.24	78.66	80.00	80.00	80.00
Announcement Date	18/02/20	16/02/21	16/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,241	6,953	7,351	8,772	8,020	7,988	8,482	8,954
EBITDA ¹	1,094	997.9	1,077	1,216	1,165	1,240	1,369	1,485
EBIT ¹	838.4	727.1	794.7	911.8	866	946.3	1,055	1,166
Operating Margin	11.58%	10.46%	10.81%	10.39%	10.8%	11.85%	12.44%	13.02%
Earnings before Tax (EBT) ¹	645.9	635.3	816.3	699	822.6	858.1	972.1	1,083
Net income ¹	566.5	554.1	763	606.4	728.3	730.4	824.8	910.9
Net margin	7.82%	7.97%	10.38%	6.91%	9.08%	9.14%	9.72%	10.17%
EPS ²	3.199	3.125	4.296	3.413	4.097	4.224	4.899	5.498
Free Cash Flow ¹	481.1	403.7	357.6	640.4	-	650.5	719.1	833
FCF margin	6.64%	5.81%	4.86%	7.3%	-	8.14%	8.48%	9.3%
FCF Conversion (EBITDA)	43.97%	40.45%	33.2%	52.66%	-	52.45%	52.52%	56.11%
FCF Conversion (Net income)	84.92%	72.86%	46.87%	105.61%	-	89.07%	87.18%	91.45%
Dividend per Share ²	0.7860	0.8650	0.9520	1.048	-	1.266	1.395	1.534
Announcement Date	18/02/20	16/02/21	16/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	3,672	3,414	3,539	3,582	3,768	4,058	4,714	4,122	3,899	3,930	4,039
EBITDA ¹	-	-	-	457.9	-	517.7	698.4	518	647.1	544	699
EBIT ¹	-	315.9	444.9	357.1	-	-	544.2	366.9	499.1	394	542
Operating Margin	-	9.25%	12.57%	9.97%	-	-	11.54%	8.9%	12.8%	10.03%	13.42%
Earnings before Tax (EBT)	-	244.9	-	262.9	-	-	-	-	-	-	-
Net income	-	213.1	-	227	-	-	-	-	-	-	-
Net margin	-	6.24%	-	6.34%	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	18/02/20	31/07/20	16/02/21	30/07/21	16/02/22	29/07/22	16/02/23	02/08/23	15/02/24	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,991	1,946	2,124	2,217	-	1,778	1,492	798
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.82 x	1.95 x	1.972 x	1.823 x	-	1.433 x	1.09 x	0.5375 x
Free Cash Flow ¹	481	404	358	640	-	651	719	833
ROE (net income / shareholders' equity)	13.2%	13.3%	14.9%	13.2%	-	11.8%	12.2%	12.3%
ROA (Net income/ Total Assets)	6.36%	6.45%	7.32%	6.6%	-	6.4%	6.79%	6.95%
Assets ¹	8,914	8,587	10,419	9,186	-	11,417	12,141	13,100
Book Value Per Share ²	25.80	26.30	31.70	35.20	-	38.30	41.80	45.70
Cash Flow per Share ²	4.310	3.790	3.680	4.060	-	5.760	6.150	6.590
Capex ¹	283	269	296	183	-	322	344	373
Capex / Sales	3.91%	3.86%	4.03%	2.09%	-	4.03%	4.06%	4.17%
Announcement Date	18/02/20	16/02/21	16/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kerry Group plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

80 EUR

Average target price

96.89 EUR

Spread / Average Target

+21.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NESTLÉ S.A.	-2.39%	275B
MONDELEZ INTERNATIONAL, INC.	-1.70%	95.5B
KRAFT HEINZ	-2.00%	44.01B
DANONE	+1.40%	41.13B
THE HERSHEY COMPANY	+9.84%	41.41B
GENERAL MILLS, INC.	+8.54%	39.91B
ARCHER-DANIELS-MIDLAND COMPANY	-12.79%	31.14B
NESTLÉ INDIA LIMITED	-4.77%	29.23B
ASSOCIATED BRITISH FOODS PLC	+14.15%	25.26B

Other Food Processing