Financials The Sherwin-Williams Company Wiener Boerse

Equities

SHWW

US8243481061

Commodity Chemicals

End-of-day quote Wiener Boerse Other stock markets 03:30:00 29/05/2024 am IST			5-day change	1st Jan Change
275.8 ^EUR	-1.02%		-3.14%	-2.08%

20/05	Evercore ISI Cuts Price Target on Sherwin-Williams to $360 From $365	MT
16/05	Jefferies Adjusts Price Target on Sherwin-Williams to $370 From $355, Keeps Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	53,426	59,732	92,049	61,123	79,836	75,442	-	-
Enterprise Value (EV) ¹	61,950	67,797	1,01,498	71,494	88,311	85,096	84,460	84,177
P/E ratio	35.4 x	33.3 x	50.5 x	30.7 x	33.7 x	28.2 x	24.6 x	24.3 x
Yield	0.77%	0.73%	0.62%	1.01%	0.78%	0.96%	1.07%	1.2%
Capitalization / Revenue	2.98 x	3.25 x	4.62 x	2.76 x	3.46 x	3.19 x	3.05 x	2.9 x
EV / Revenue	3.46 x	3.69 x	5.09 x	3.23 x	3.83 x	3.6 x	3.42 x	3.24 x
EV / EBITDA	20.3 x	19.7 x	31.1 x	19.8 x	20.8 x	18.8 x	17.2 x	16 x
EV / FCF	31.1 x	21.8 x	54.2 x	56.1 x	33.5 x	32.5 x	29.2 x	26.7 x
FCF Yield	3.22%	4.58%	1.84%	1.78%	2.98%	3.08%	3.43%	3.74%
Price to Book	13 x	18.2 x	38.6 x	19.8 x	21.3 x	19.1 x	16.3 x	15.1 x
Nbr of stocks (in thousands)	2,74,666	2,43,832	2,61,383	2,57,546	2,55,966	2,53,647	-	-
Reference price ²	194.5	245.0	352.2	237.3	311.9	297.4	297.4	297.4
Announcement Date	30/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,901	18,362	19,945	22,149	23,052	23,616	24,711	26,006
EBITDA ¹	3,057	3,441	3,268	3,608	4,239	4,530	4,916	5,274
EBIT ¹	2,611	2,860	2,695	3,027	3,617	4,087	4,477	4,895
Operating Margin	14.59%	15.57%	13.51%	13.67%	15.69%	17.31%	18.12%	18.82%
Earnings before Tax (EBT) ¹	1,982	2,519	2,249	2,573	3,110	3,458	3,889	4,042
Net income ¹	1,541	2,030	1,864	2,020	2,389	2,716	3,019	3,132
Net margin	8.61%	11.06%	9.35%	9.12%	10.36%	11.5%	12.22%	12.04%
EPS ²	5.497	7.360	6.980	7.720	9.250	10.56	12.08	12.25
Free Cash Flow ¹	1,992	3,106	1,873	1,275	2,634	2,618	2,895	3,149
FCF margin	11.13%	16.92%	9.39%	5.76%	11.42%	11.08%	11.71%	12.11%
FCF Conversion (EBITDA)	65.18%	90.27%	57.3%	35.35%	62.12%	57.78%	58.88%	59.71%
FCF Conversion (Net income)	129.27%	152.98%	100.44%	63.14%	110.24%	96.39%	95.9%	100.53%
Dividend per Share ²	1.507	1.787	2.200	2.400	2.420	2.856	3.177	3.558
Announcement Date	30/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

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	4,762	4,999	5,872	6,047	5,230	5,442	6,241	6,117	5,252	5,367	6,339	6,368	5,483	5,621	6,664
EBITDA ¹	533.4	693	976.1	1,124	814.5	879.1	1,305	1,266	788.6	896.2	1,346	1,368	904.7	979.9	1,475
EBIT ¹	393.8	549.5	832.8	978.4	671	725	1,146	1,111	634.3	809.5	1,242	1,281	811.9	895.4	1,358
Operating Margin	8.27%	10.99%	14.18%	16.18%	12.83%	13.32%	18.37%	18.16%	12.08%	15.08%	19.6%	20.12%	14.81%	15.93%	20.38%
Earnings before Tax (EBT) ¹	308.9	461.1	739.9	877.2	494.9	614.8	1,012	1,009	474	640	1,121	1,149	663.9	-	-
Net income ¹	304	370.8	577.9	685.1	386.3	477.4	793.7	761.5	356.2	505.2	846.8	858.9	511.8	546	948
Net margin	6.38%	7.42%	9.84%	11.33%	7.39%	8.77%	12.72%	12.45%	6.78%	9.41%	13.36%	13.49%	9.33%	9.71%	14.22%
EPS ²	1.150	1.410	2.210	2.620	1.480	1.840	3.070	2.950	1.390	1.970	3.323	3.413	2.057	-	-
Dividend per Share ²	0.6000	0.6000	0.6000	0.6000	0.6000	0.6050	0.6050	0.6050	0.6050	0.7150	0.7492	0.7492	0.7492	0.7859	0.8280
Announcement Date	27/01/22	26/04/22	27/07/22	25/10/22	26/01/23	25/04/23	25/07/23	24/10/23	25/01/24	23/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,523	8,066	9,449	10,371	8,475	9,653	9,018	8,735
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.788 x	2.344 x	2.892 x	2.875 x	1.999 x	2.131 x	1.834 x	1.656 x
Free Cash Flow ¹	1,992	3,106	1,873	1,275	2,634	2,618	2,895	3,149
ROE (net income / shareholders' equity)	39.2%	52.5%	61.7%	72.9%	70.1%	70.2%	67.3%	69.2%
ROA (Net income/ Total Assets)	7.78%	9.93%	9.08%	9.34%	10.5%	15.6%	12.6%	13.3%
Assets ¹	19,815	20,449	20,534	21,630	22,750	17,418	23,868	23,638
Book Value Per Share ²	14.90	13.40	9.120	12.00	14.60	15.60	18.20	19.70
Cash Flow per Share ²	8.280	12.40	8.400	7.330	13.60	12.70	13.50	14.90
Capex ¹	329	304	372	645	888	604	538	519
Capex / Sales	1.84%	1.65%	1.87%	2.91%	3.85%	2.56%	2.18%	2%
Announcement Date	30/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

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 The Sherwin-Williams Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

297.4 USD

Average target price

339.8 USD

Spread / Average Target

+14.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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