Financials Wavestone

Equities

WAVE

FR0013357621

IT Services & Consulting

Real-time Euronext Paris Other stock markets 08:35:18 06/05/2024 pm IST			5-day change	1st Jan Change
58.1 ^EUR	+0.69%		+5.43%	-0.85%

02/05	Wavestone: broker recommendation upgraded to 'buy	CF
02/05	Stifel Upgrades Wavestone to Buy from Hold, Lifts PT	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	557.1	339.4	685.9	920.8	886.8	1,417	-	-
Enterprise Value (EV) ¹	595.8	368.5	654.1	860.5	859.7	1,453	1,432	1,356
P/E ratio	18.1 x	10.9 x	27.1 x	18 x	17.7 x	21.2 x	15.7 x	13.9 x
Yield	0.83%	-	0.67%	0.83%	0.85%	0.71%	0.94%	1.03%
Capitalization / Revenue	1.42 x	0.8 x	1.64 x	1.96 x	1.67 x	2.05 x	1.45 x	1.37 x
EV / Revenue	1.52 x	0.87 x	1.57 x	1.83 x	1.62 x	2.1 x	1.47 x	1.31 x
EV / EBITDA	10.1 x	5.58 x	10.4 x	10.6 x	10.4 x	14.1 x	10.4 x	8.82 x
EV / FCF	19.1 x	7.05 x	9.33 x	15.4 x	23 x	29 x	20.1 x	14.5 x
FCF Yield	5.23%	14.2%	10.7%	6.49%	4.36%	3.45%	4.98%	6.88%
Price to Book	3.69 x	1.92 x	3.33 x	3.58 x	2.96 x	4.07 x	3.32 x	2.77 x
Nbr of stocks (in thousands)	20,004	19,871	19,940	20,017	19,951	24,564	-	-
Reference price ²	27.85	17.08	34.40	46.00	44.45	57.70	57.70	57.70
Announcement Date	28/05/19	02/06/20	01/06/21	31/05/22	31/05/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	391.5	422	417.6	470.1	532.3	692.2	974.8	1,034
EBITDA ¹	58.74	66.07	63	80.83	82.81	103.4	137.2	153.7
EBIT ¹	52.4	53.5	53.28	74.8	77.04	95.83	126.7	142.5
Operating Margin	13.38%	12.68%	12.76%	15.91%	14.47%	13.84%	12.99%	13.78%
Earnings before Tax (EBT) ¹	-	-	-	-	-	88.8	123	147
Net income ¹	31	31.1	25.38	51.03	50.07	60.57	89.13	102.5
Net margin	7.92%	7.37%	6.08%	10.86%	9.41%	8.75%	9.14%	9.91%
EPS ²	1.540	1.570	1.270	2.550	2.510	2.720	3.680	4.137
Free Cash Flow ¹	31.17	52.24	70.07	55.88	37.44	50.1	71.38	93.32
FCF margin	7.96%	12.38%	16.78%	11.89%	7.03%	7.24%	7.32%	9.02%
FCF Conversion (EBITDA)	53.07%	79.06%	111.23%	69.13%	45.21%	48.45%	52.04%	60.72%
FCF Conversion (Net income)	100.56%	167.96%	276.12%	109.5%	74.78%	82.72%	80.08%	91.05%
Dividend per Share ²	0.2300	-	0.2300	0.3800	0.3800	0.4100	0.5433	0.5950
Announcement Date	28/05/19	02/06/20	01/06/21	31/05/22	31/05/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2022 Q1	2022 Q2	2023 Q1	2023 Q2	2023 Q3	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	194.5	115.2	102.6	122	115.1	139.1	143.3	133.4	175.3
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	20.7	-	-	-	-	-	-	-	-
Operating Margin	10.64%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	9.3	-	-	-	-	-	-	-	-
Net margin	4.78%	-	-	-	-	-	-	-	-
EPS	0.4700	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	03/12/19	26/07/21	28/10/21	27/07/22	27/10/22	28/02/23	26/07/23	04/12/23	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	38.7	29.1	-	-	-	35.8	14.5	-
Net Cash position ¹	-	-	31.8	60.3	27.1	-	-	61.7
Leverage (Debt/EBITDA)	0.6588 x	0.4404 x	-	-	-	0.3459 x	0.106 x	-
Free Cash Flow ¹	31.2	52.2	70.1	55.9	37.4	50.1	71.4	93.3
ROE (net income / shareholders' equity)	21.9%	19%	13.2%	22%	18%	18.8%	21.8%	20.3%
ROA (Net income/ Total Assets)	-	-	-	-	9.71%	9%	10.8%	10.9%
Assets ¹	-	-	-	-	515.5	673	825.3	940.4
Book Value Per Share ²	7.550	8.910	10.30	12.80	15.00	14.20	17.40	20.80
Cash Flow per Share ²	1.610	2.790	3.540	2.820	2.060	2.900	4.200	4.600
Capex ¹	1.45	3.06	0.75	0.46	3.71	5.88	7.95	8.03
Capex / Sales	0.37%	0.73%	0.18%	0.1%	0.7%	0.85%	0.82%	0.78%
Announcement Date	28/05/19	02/06/20	01/06/21	31/05/22	31/05/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Wavestone

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

57.7 EUR

Average target price

65.58 EUR

Spread / Average Target

+13.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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HCL TECHNOLOGIES LIMITED	-7.32%	43.78B

Other IT Services & Consulting