Financials PhosAgro London S.E.

Equities

PHOR

US71922G2093

Agricultural Chemicals

Delayed London S.E. Other stock markets 12:30:00 03/03/2022 pm IST			5-day change	1st Jan Change
0.0522 ^USD	-.--%		+0.38%	+0.38%

27/05	Public Joint-Stock Company PhosAgro Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
26/04	Public Joint-Stock Company PhosAgro Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Capitalization ¹	5,032	5,456	10,117	16,298	16,292	-	-
Enterprise Value (EV) ¹	7,088	7,575	12,175	18,648	16,292	16,292	16,292
P/E ratio	6.55 x	23.8 x	5.82 x	-	-	-	-
Yield	7.72%	9.54%	15.2%	8.24%	-	-	-
Capitalization / Revenue	1.3 x	1.59 x	1.8 x	2.15 x	3.01 x	2.76 x	2.58 x
EV / Revenue	1.3 x	1.59 x	1.8 x	2.15 x	3.01 x	2.76 x	2.58 x
EV / EBITDA	4.28 x	4.79 x	3.94 x	4.75 x	9.82 x	8.17 x	7.53 x
EV / FCF	11.1 x	9.41 x	9.65 x	6.05 x	22.2 x	25.4 x	20.1 x
FCF Yield	8.97%	10.6%	10.4%	16.5%	4.5%	3.93%	4.97%
Price to Book	2.57 x	3.82 x	4.59 x	-	-	-	-
Nbr of stocks (in thousands)	1,29,500	1,29,479	1,29,500	1,29,500	1,29,500	-	-
Reference price ²	38.86	42.14	78.12	125.9	125.8	125.8	125.8
Announcement Date	21/02/20	19/02/21	10/02/22	03/03/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,863	3,433	5,635	7,571	-	5,416	5,897	6,306
EBITDA ¹	1,177	1,140	2,571	3,428	-	1,659	1,995	2,163
EBIT ¹	804.2	779.7	2,204	3,149	-	1,254	1,526	1,638
Operating Margin	20.82%	22.71%	39.11%	41.59%	-	23.14%	25.87%	25.98%
Earnings before Tax (EBT)	952.6	360.7	2,145	-	-	-	-	-
Net income	768.4	229	1,738	2,455	934.8	-	-	-
Net margin	19.89%	6.67%	30.84%	32.42%	-	-	-	-
EPS	5.932	1.772	13.43	-	-	-	-	-
Free Cash Flow ¹	451.5	580	1,048	2,692	-	733.4	640.2	809.6
FCF margin	11.69%	16.89%	18.59%	35.56%	-	13.54%	10.86%	12.84%
FCF Conversion (EBITDA)	38.36%	50.89%	40.76%	78.52%	-	44.21%	32.09%	37.42%
FCF Conversion (Net income)	58.76%	253.32%	60.29%	109.66%	-	-	-	-
Dividend per Share	2.999	4.019	11.85	10.37	-	-	-	-
Announcement Date	21/02/20	19/02/21	10/02/22	03/03/23	26/04/24	-	-	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	2,056	2,119	2,058	2,349	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.747 x	1.859 x	0.8005 x	0.6853 x	-	-	-	-
Free Cash Flow ¹	451	580	1,048	2,692	-	733	640	810
ROE (net income / shareholders' equity)	33.5%	14.7%	95.4%	-	-	45.5%	43.1%	37.8%
ROA (Net income/ Total Assets)	-	5.42%	35.8%	-	-	14.3%	15.7%	15.4%
Assets	-	4,226	4,861	-	-	-	-	-
Book Value Per Share	15.10	11.00	17.00	-	-	-	-	-
Cash Flow per Share	8.630	4.480	13.10	14.20	-	-	-	-
Capex ¹	666	553	642	847	-	846	870	870
Capex / Sales	17.25%	16.11%	11.39%	11.19%	-	15.63%	14.75%	13.79%
Announcement Date	21/02/20	19/02/21	10/02/22	03/03/23	26/04/24	-	-	-

¹USD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

HOLD

Number of Analysts

1

Last Close Price

125.8 USD

Average target price

64.21 USD

Spread / Average Target

-48.96%

Annual profits - Rate of surprise

Company calendar

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