Financials Lincoln Electric Holdings, Inc.

Equities

LECO

US5339001068

Industrial Machinery & Equipment

Market Closed - Nasdaq Other stock markets 01:30:00 03/05/2024 am IST			5-day change	1st Jan Change
222.6 ^USD	+1.47%		-2.36%	+2.35%

25/04	Tranche Update on Lincoln Electric Holdings, Inc.'s Equity Buyback Plan announced on February 13, 2020.	CI
25/04	Lincoln Electric Holdings, Inc. Provides Consolidated Earnings Guidance for the Second Quarter of 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,915	6,914	8,235	8,343	12,439	12,666	-	-
Enterprise Value (EV) ¹	6,463	7,374	8,812	9,349	13,150	13,289	13,088	12,837
P/E ratio	20.7 x	34 x	30.3 x	18 x	23.2 x	23.2 x	21 x	19.6 x
Yield	1.94%	1.69%	1.46%	1.55%	1.18%	1.29%	1.34%	1.37%
Capitalization / Revenue	1.97 x	2.6 x	2.55 x	2.22 x	2.97 x	2.98 x	2.83 x	2.75 x
EV / Revenue	2.15 x	2.78 x	2.72 x	2.49 x	3.14 x	3.13 x	2.92 x	2.79 x
EV / EBITDA	13.8 x	18 x	15.7 x	13.2 x	16.3 x	15.8 x	14.5 x	13.6 x
EV / FCF	19.4 x	25.2 x	29.1 x	30 x	22.8 x	24 x	21.7 x	19.8 x
FCF Yield	5.16%	3.96%	3.43%	3.33%	4.38%	4.16%	4.61%	5.05%
Price to Book	7.16 x	8.78 x	9.49 x	8.21 x	9.47 x	8.47 x	7.48 x	6.06 x
Nbr of stocks (in thousands)	61,149	59,471	59,048	57,738	57,200	56,908	-	-
Reference price ²	96.73	116.2	139.5	144.5	217.5	222.6	222.6	222.6
Announcement Date	13/02/20	12/02/21	10/02/22	21/02/23	15/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,003	2,655	3,234	3,761	4,192	4,245	4,476	4,601
EBITDA ¹	469.4	408.8	560.4	709.3	805.5	841.5	904.5	942.2
EBIT ¹	387.9	328.3	479.2	631.2	718.8	749.4	808	843.9
Operating Margin	12.91%	12.37%	14.82%	16.78%	17.15%	17.65%	18.05%	18.34%
Earnings before Tax (EBT) ¹	368.5	264	325	-	686.9	712.6	778.7	826.5
Net income ¹	293.1	206.1	276.5	472.2	545.2	550.1	604.2	646.4
Net margin	9.76%	7.76%	8.55%	12.56%	13.01%	12.96%	13.5%	14.05%
EPS ²	4.680	3.420	4.600	8.040	9.370	9.596	10.59	11.35
Free Cash Flow ¹	333.6	292.2	302.5	311.5	576.6	553.1	603	647.9
FCF margin	11.11%	11%	9.35%	8.28%	13.75%	13.03%	13.47%	14.08%
FCF Conversion (EBITDA)	71.07%	71.46%	53.99%	43.92%	71.58%	65.73%	66.67%	68.76%
FCF Conversion (Net income)	113.8%	141.75%	109.43%	65.97%	105.74%	100.56%	99.81%	100.23%
Dividend per Share ²	1.880	1.960	2.040	2.240	2.560	2.870	2.989	3.050
Announcement Date	13/02/20	12/02/21	10/02/22	21/02/23	15/02/24	-	-	-

¹USD in Million²USD

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	844.3	925.4	969.6	935.2	930.9	1,039	1,061	1,033	1,059	981.2	1,078	1,087	1,116	1,065	1,142
EBITDA ¹	142.8	183	188	172.4	165.9	193	206.1	204.9	204.1	195.3	215.8	217.3	218.9	213.9	233.8
EBIT ¹	122.2	163.1	168.1	153.2	146.8	171.7	184.2	183.4	182.1	171.4	192.5	194.2	195.8	190.3	210.2
Operating Margin	14.47%	17.62%	17.34%	16.38%	15.77%	16.52%	17.37%	17.75%	17.2%	17.47%	17.86%	17.86%	17.54%	17.87%	18.4%
Earnings before Tax (EBT) ¹	71.57	159.6	159.9	137.5	135.8	155.4	173.1	161.4	197	158.5	181.1	183.6	185.2	182.2	202
Net income ¹	74.43	126	127.8	109.2	109.1	121.9	137.3	129.3	156.6	123.4	141.4	142.5	143	141.5	157.3
Net margin	8.82%	13.62%	13.18%	11.68%	11.72%	11.73%	12.95%	12.52%	14.8%	12.58%	13.12%	13.11%	12.82%	13.29%	13.77%
EPS ²	1.250	2.130	2.180	1.870	1.870	2.090	2.360	2.220	2.700	2.140	2.460	2.487	2.497	2.477	2.763
Dividend per Share ²	0.5100	0.5600	0.5600	0.5600	0.5600	0.6400	0.6400	0.6400	0.6400	0.7100	0.7100	0.7100	0.7225	0.7350	0.7350
Announcement Date	10/02/22	28/04/22	28/07/22	27/10/22	21/02/23	27/04/23	27/07/23	27/10/23	15/02/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	548	461	577	1,007	711	623	422	172
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.167 x	1.127 x	1.029 x	1.419 x	0.8833 x	0.7405 x	0.4667 x	0.182 x
Free Cash Flow ¹	334	292	303	312	577	553	603	648
ROE (net income / shareholders' equity)	34.4%	25.6%	45.1%	51.2%	46.5%	39%	36.2%	31.6%
ROA (Net income/ Total Assets)	12.4%	10.7%	15.2%	16.8%	16.6%	16.2%	16.8%	17.1%
Assets ¹	2,361	1,932	1,817	2,807	3,279	3,401	3,602	3,780
Book Value Per Share ²	13.50	13.20	14.70	17.60	23.00	26.30	29.80	36.70
Cash Flow per Share	-	-	-	-	11.50	-	-	-
Capex ¹	69.6	59.2	62.5	71.9	91	98.8	100	106
Capex / Sales	2.32%	2.23%	1.93%	1.91%	2.17%	2.33%	2.24%	2.3%
Announcement Date	13/02/20	12/02/21	10/02/22	21/02/23	15/02/24	-	-	-

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 Lincoln Electric Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

222.6 USD

Average target price

239.7 USD

Spread / Average Target

+7.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Welding & Soldering Equipment

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WUXI AUTOWELL TECHNOLOGY CO.,LTD.	-0.43%	2.79B
WUHAN RAYCUS FIBER LASER TECHNOLOGIES CO.,LTD.	-7.95%	1.69B
ESAB INDIA LIMITED	-9.97%	976M
SBT ULTRASONIC TECHNOLOGY CO.,LTD.	-41.64%	764M
SHENZHEN UNITED WINNERS LASER CO., LTD.	-34.52%	628M
PASLIN DIGITAL TECHNOLOGY CO., LTD.	+8.78%	581M
SHENZHEN JASIC TECHNOLOGY CO.,LTD.	+6.82%	546M

Welding & Soldering Equipment