Financials Volution Group plc

Equities

FAN

GB00BN3ZZ526

Electrical Components & Equipment

Market Closed - London S.E. Other stock markets 09:05:18 26/04/2024 pm IST			5-day change	1st Jan Change
423 ^GBX	+3.68%		+3.55%	-2.44%

15/03	Old demons return as tech takes a dive
15/03	FTSE 100 underperforms despite mining, oil boost	AN

Valuation

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	360.8	329.9	933.7	823.9	793.1	836.7	-	-
Enterprise Value (EV) ¹	435.4	381	987.5	909.7	882.4	902.3	873	835.6
P/E ratio	-	-	45.4 x	23.4 x	21.5 x	20.2 x	18.9 x	17.5 x
Yield	2.69%	-	1.33%	1.75%	1.99%	2.01%	2.1%	2.23%
Capitalization / Revenue	1.53 x	1.52 x	3.43 x	2.68 x	2.42 x	2.39 x	2.29 x	2.19 x
EV / Revenue	1.85 x	1.76 x	3.62 x	2.96 x	2.69 x	2.58 x	2.39 x	2.18 x
EV / EBITDA	9.37 x	9.2 x	15.1 x	12.3 x	11.1 x	10.4 x	9.75 x	8.93 x
EV / FCF	15.7 x	10.3 x	20.7 x	26.3 x	11.8 x	18.3 x	16.3 x	15.1 x
FCF Yield	6.36%	9.67%	4.84%	3.81%	8.44%	5.46%	6.14%	6.62%
Price to Book	2.06 x	1.88 x	5.12 x	4 x	3.55 x	3.31 x	2.98 x	2.58 x
Nbr of stocks (in thousands)	1,98,240	1,98,123	1,97,604	1,97,808	1,97,492	1,97,806	-	-
Reference price ²	1.820	1.665	4.725	4.165	4.016	4.230	4.230	4.230
Announcement Date	09/10/19	08/10/20	07/10/21	06/10/22	05/10/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	235.7	216.6	272.6	307.7	328	350.3	365.3	382.7
EBITDA ¹	46.48	41.4	65.19	73.86	79.34	87.06	89.56	93.52
EBIT ¹	42.05	33.74	56.95	64.89	69.85	77.05	79.11	83.26
Operating Margin	17.84%	15.57%	20.89%	21.09%	21.3%	22%	21.66%	21.76%
Earnings before Tax (EBT) ¹	-	-	30.03	47.21	48.82	57.59	61.74	66.32
Net income ¹	-	-	20.84	35.61	37.37	43.13	46.15	49.85
Net margin	-	-	7.64%	11.57%	11.39%	12.31%	12.63%	13.03%
EPS ²	-	-	0.1040	0.1780	0.1870	0.2098	0.2243	0.2414
Free Cash Flow ¹	27.68	36.85	47.76	34.63	74.5	49.28	53.56	55.3
FCF margin	11.74%	17.01%	17.52%	11.25%	22.71%	14.07%	14.66%	14.45%
FCF Conversion (EBITDA)	59.55%	89.01%	73.27%	46.89%	93.9%	56.61%	59.8%	59.13%
FCF Conversion (Net income)	-	-	229.23%	97.25%	199.34%	114.25%	116.05%	110.93%
Dividend per Share ²	0.0490	-	0.0630	0.0730	0.0800	0.0850	0.0886	0.0944
Announcement Date	09/10/19	08/10/20	07/10/21	06/10/22	05/10/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2020 S1	2024 S1	2025 S1
Net sales ¹	-	172.5	177.8
EBITDA	-	43.93	-
EBIT	21.78	38.59	-
Operating Margin	-	22.37%	-
Earnings before Tax (EBT)	-	-	-
Net income	-	-	-
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	-	15/03/24	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	74.6	51.1	53.8	85.8	89.3	65.6	36.2	-
Net Cash position ¹	-	-	-	-	-	-	-	1.11
Leverage (Debt/EBITDA)	1.605 x	1.234 x	0.8253 x	1.162 x	1.126 x	0.7538 x	0.4047 x	-
Free Cash Flow ¹	27.7	36.9	47.8	34.6	74.5	49.3	53.6	55.3
ROE (net income / shareholders' equity)	-	13.6%	23.1%	24%	23.4%	21.8%	20.6%	19.6%
ROA (Net income/ Total Assets)	-	-	5.87%	-	11.9%	15.8%	15.7%	15.6%
Assets ¹	-	-	355	-	313.2	273	293.9	319.6
Book Value Per Share ²	0.8900	0.8800	0.9200	1.040	1.130	1.280	1.420	1.640
Cash Flow per Share ²	0.1600	0.2100	0.2600	0.2100	0.3400	0.2600	0.2800	0.2800
Capex ¹	6.02	4.55	4.7	7.01	7.96	7.42	7.17	7.12
Capex / Sales	2.55%	2.1%	1.72%	2.28%	2.43%	2.12%	1.96%	1.86%
Announcement Date	09/10/19	08/10/20	07/10/21	06/10/22	05/10/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Volution Group plc

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.23 GBP

Average target price

4.948 GBP

Spread / Average Target

+16.96%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Heating, Ventilation & Air Conditioning Systems

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DAIKIN INDUSTRIES, LTD.	-7.94%	39.35B
WATSCO, INC.	+3.44%	16.3B
A. O. SMITH CORPORATION	+0.93%	12.2B
NIBE INDUSTRIER AB	-27.20%	9.48B
AAON, INC.	+23.39%	7.48B
VOLTAS LIMITED	+48.69%	5.77B

Heating, Ventilation & Air Conditioning Systems