TCM GROUP A/S |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 58.6 DKK | +2.09% |
|
+4.27% | +28.79% |
| 16/05 | Transcript : TCM Group A/S, Q1 2024 Earnings Call, May 16, 2024 | |
| 16/05 | TCM Group A/S Reiterates Earnings Guidance for Full Year 2024 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,260 | 1,390 | 1,459 | 661.9 | 475 | 599.2 | - | - |
| Enterprise Value (EV) 1 | 1,314 | 1,347 | 1,658 | 950 | 824.3 | 906.3 | 861.4 | 810.2 |
| P/E ratio | 11.3 x | 13.6 x | 13.8 x | 9.42 x | 20.7 x | 16.8 x | 10.3 x | 6.87 x |
| Yield | 4.17% | 3.96% | 3.77% | 8.22% | - | 1.92% | 4.32% | 14.5% |
| Capitalization / Revenue | 1.25 x | 1.36 x | 1.32 x | 0.58 x | 0.43 x | 0.52 x | 0.49 x | 0.45 x |
| EV / Revenue | 1.31 x | 1.31 x | 1.5 x | 0.83 x | 0.74 x | 0.79 x | 0.7 x | 0.61 x |
| EV / EBITDA | 7.85 x | 8.63 x | 10.7 x | 8.27 x | 10.7 x | 8.73 x | 6.65 x | 5.23 x |
| EV / FCF | 9.99 x | 13.3 x | 37.3 x | 24.1 x | 20.6 x | 19.3 x | 11.2 x | 9.02 x |
| FCF Yield | 10% | 7.51% | 2.68% | 4.15% | 4.85% | 5.19% | 8.89% | 11.1% |
| Price to Book | 2.67 x | 2.42 x | 3.48 x | 1.57 x | 0.84 x | 1.06 x | 0.97 x | 0.88 x |
| Nbr of stocks (in thousands) | 10,000 | 10,000 | 9,174 | 9,067 | 10,439 | 10,439 | - | - |
| Reference price 2 | 126.0 | 139.0 | 159.0 | 73.00 | 45.50 | 57.40 | 57.40 | 57.40 |
| Announcement Date | 26/02/20 | 24/02/21 | 25/02/22 | 24/02/23 | 28/02/24 | - | - | - |
1DKK in Million2DKK
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,007 | 1,025 | 1,108 | 1,146 | 1,111 | 1,148 | 1,235 | 1,331 |
| EBITDA 1 | 167.4 | 156.1 | 155.4 | 114.9 | 77.37 | 103.8 | 129.4 | 155 |
| EBIT 1 | 146.6 | 139.7 | 137.8 | 103.4 | 55.61 | 71.04 | 96.2 | 124 |
| Operating Margin | 14.56% | 13.63% | 12.43% | 9.02% | 5% | 6.19% | 7.79% | 9.32% |
| Earnings before Tax (EBT) 1 | 142.4 | 130.7 | 135.7 | 89.4 | 27.09 | 46.26 | 75.01 | 113 |
| Net income 1 | 111.3 | 102.2 | 110.7 | 70.5 | 21.52 | 35.86 | 58.37 | 87.8 |
| Net margin | 11.05% | 9.97% | 9.99% | 6.15% | 1.94% | 3.12% | 4.72% | 6.6% |
| EPS 2 | 11.13 | 10.22 | 11.54 | 7.750 | 2.200 | 3.420 | 5.595 | 8.350 |
| Free Cash Flow 1 | 131.5 | 101.2 | 44.4 | 39.4 | 39.95 | 47 | 76.6 | 89.8 |
| FCF margin | 13.06% | 9.88% | 4.01% | 3.44% | 3.6% | 4.09% | 6.2% | 6.75% |
| FCF Conversion (EBITDA) | 78.55% | 64.83% | 28.57% | 34.29% | 51.64% | 45.29% | 59.17% | 57.94% |
| FCF Conversion (Net income) | 118.14% | 99.02% | 40.11% | 55.89% | 185.64% | 131.08% | 131.23% | 102.28% |
| Dividend per Share 2 | 5.250 | 5.500 | 6.000 | 6.000 | - | 1.100 | 2.480 | 8.350 |
| Announcement Date | 26/02/20 | 24/02/21 | 25/02/22 | 24/02/23 | 28/02/24 | - | - | - |
1DKK in Million2DKK
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 274.2 | 281.4 | 324.8 | 265 | 274.9 | 273.6 | 264.1 | 257.6 | 316 | 292.5 | 281 | 273 | 286.3 |
| EBITDA 1 | 33.5 | 24.8 | 47.1 | 20.8 | 22.2 | 16.2 | 24.7 | - | 26.27 | 24.4 | 26.6 | 29.2 | 29.9 |
| EBIT 1 | 29 | 26 | 39.1 | 20.6 | 17.7 | 13.1 | 22.3 | - | 17.81 | 15.8 | 18.1 | 20.2 | 19.2 |
| Operating Margin | 10.58% | 9.24% | 12.04% | 7.77% | 6.44% | 4.79% | 8.44% | - | 5.64% | 5.4% | 6.44% | 7.4% | 6.71% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | - | - | - | - | 11.9 | 5.4 | - | - | - | 7 | 9.47 | 13 | 10.7 |
| Net margin | - | - | - | - | 4.33% | 1.97% | - | - | - | 2.39% | 3.37% | 4.76% | 3.74% |
| EPS 2 | - | - | - | - | 1.310 | 0.6000 | - | - | - | 0.6700 | 0.9000 | 1.240 | 1.020 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 25/02/22 | 18/05/22 | 18/08/22 | 15/11/22 | 24/02/23 | 16/05/23 | 17/08/23 | 17/11/23 | 28/02/24 | 16/05/24 | - | - | - |
1DKK in Million2DKK
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 54.2 | - | 200 | 288 | 349 | 307 | 262 | 211 |
| Net Cash position 1 | - | 42.9 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.3237 x | - | 1.284 x | 2.507 x | 4.515 x | 2.96 x | 2.026 x | 1.361 x |
| Free Cash Flow 1 | 131 | 101 | 44.4 | 39.4 | 40 | 47 | 76.6 | 89.8 |
| ROE (net income / shareholders' equity) | 26.5% | 20.3% | 22.2% | 18% | 6.17% | 7.1% | 11.5% | 13.4% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share 2 | 47.30 | 57.40 | 45.70 | 46.40 | 54.20 | 54.00 | 59.00 | 65.20 |
| Cash Flow per Share 2 | 14.60 | 13.20 | 7.690 | 7.950 | 8.290 | 6.000 | 10.20 | 11.70 |
| Capex 1 | 15 | 31 | 29.2 | 22.6 | 21.6 | 24.7 | 32.6 | 33 |
| Capex / Sales | 1.49% | 3.03% | 2.63% | 1.97% | 1.95% | 2.15% | 2.64% | 2.48% |
| Announcement Date | 26/02/20 | 24/02/21 | 25/02/22 | 24/02/23 | 28/02/24 | - | - | - |
1DKK in Million2DKK
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
57.4
DKK
Average target price
73
DKK
Spread / Average Target
+27.18%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +28.79% | 8.61Cr | |
| -1.95% | 183.27Cr | |
| -15.63% | 122.17Cr | |
| -17.29% | 83Cr | |
| +7.54% | 73Cr | |
| -59.96% | 28Cr | |
| -39.55% | 25Cr | |
| -40.65% | 19Cr | |
| +56.73% | 18Cr | |
| +31.55% | 17Cr |
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- Financials TCM Group A/S
