BELIEVE |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 15 EUR | +0.27% |
|
+0.54% | +42.86% |
| 04-25 | Believe: organic growth set to accelerate | CF |
| 04-24 | Transcript : Believe S.A., Q1 2024 Sales/ Trading Statement Call, Apr 24, 2024 |
Valuation
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 1,620 | 930.8 | 1,017 | 1,455 | - | - |
| Enterprise Value (EV) 1 | 1,391 | 659.9 | 834.2 | 1,248 | 1,197 | 1,175 |
| P/E ratio | -49.7 x | -31.3 x | -175 x | 138 x | 51.8 x | 29 x |
| Yield | - | - | - | - | - | - |
| Capitalization / Revenue | 2.81 x | 1.22 x | 1.15 x | 1.36 x | 1.14 x | 1.02 x |
| EV / Revenue | 2.41 x | 0.87 x | 0.95 x | 1.17 x | 0.94 x | 0.82 x |
| EV / EBITDA | 59.7 x | 19 x | 16.6 x | 18.8 x | 12.8 x | 10.4 x |
| EV / FCF | -40.5 x | 13.7 x | -22.8 x | 93.8 x | 30 x | 14.7 x |
| FCF Yield | -2.47% | 7.3% | -4.38% | 1.07% | 3.34% | 6.81% |
| Price to Book | 3.74 x | 2.48 x | 2.74 x | 3.81 x | 3.44 x | 3.01 x |
| Nbr of stocks (in thousands) | 95,898 | 96,009 | 96,811 | 96,981 | - | - |
| Reference price 2 | 16.90 | 9.695 | 10.50 | 15.00 | 15.00 | 15.00 |
| Announcement Date | 22-03-17 | 23-03-15 | 24-03-13 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 577.2 | 760.8 | 880.3 | 1,067 | 1,271 | 1,432 |
| EBITDA 1 | - | 23.3 | 34.7 | 50.3 | 66.5 | 93.57 | 113.4 |
| EBIT 1 | - | -20.98 | -23.5 | -11.04 | 16.53 | 41.4 | 56.95 |
| Operating Margin | - | -3.64% | -3.09% | -1.25% | 1.55% | 3.26% | 3.98% |
| Earnings before Tax (EBT) 1 | - | -26.14 | -13.88 | -7.55 | 20 | 44.5 | 78 |
| Net income 1 | -26.84 | -30.04 | -29.76 | -5.5 | 10.75 | 27.75 | 53 |
| Net margin | - | -5.21% | -3.91% | -0.62% | 1.01% | 2.18% | 3.7% |
| EPS 2 | -0.0105 | -0.3400 | -0.3100 | -0.0600 | 0.1084 | 0.2897 | 0.5173 |
| Free Cash Flow 1 | - | -34.37 | 48.2 | -36.51 | 13.3 | 39.95 | 80 |
| FCF margin | - | -5.95% | 6.34% | -4.15% | 1.25% | 3.14% | 5.59% |
| FCF Conversion (EBITDA) | - | - | 138.92% | - | 20% | 42.69% | 70.55% |
| FCF Conversion (Net income) | - | - | - | - | 123.72% | 143.96% | 150.94% |
| Dividend per Share 2 | - | - | - | - | - | - | - |
| Announcement Date | 21-05-10 | 22-03-17 | 23-03-15 | 24-03-13 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 260 | - | - | 317.2 | - | 352.2 | - | - | 408.6 | 216.8 | 415.4 | 215 | - | 464.9 | 230.3 | - | 492.3 | - | - | 551.7 | - |
| EBITDA | - | - | - | - | - | 11.7 | - | - | - | - | 24.2 | - | - | - | - | - | - | - | - | - | - |
| EBIT | -14 | - | - | 6.982 | - | -11.6 | - | - | -11.9 | - | 1 | - | - | -14.11 | - | - | -2.503 | - | - | -0.809 | - |
| Operating Margin | -5.38% | - | - | 2.2% | - | -3.29% | - | - | -2.91% | - | 0.24% | - | - | -3.03% | - | - | -0.51% | - | - | -0.15% | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.0130 | 0.0130 | - | 0.0196 | 0.0196 | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 21-09-15 | 21-12-17 | 22-03-17 | 22-03-17 | 22-08-03 | 22-08-03 | 22-12-15 | 23-03-15 | 23-03-15 | 23-08-02 | 23-08-02 | 23-12-13 | 24-03-13 | 24-03-13 | - | - | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - |
| Net Cash position 1 | - | 229 | 271 | 182 | 207 | 258 | 280 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - |
| Free Cash Flow 1 | - | -34.4 | 48.2 | -36.5 | 13.3 | 40 | 80 |
| ROE (net income / shareholders' equity) | - | -11% | -7.65% | -1.47% | 2.28% | 8.17% | 10.7% |
| ROA (Net income/ Total Assets) | - | -3.82% | -3.1% | -0.52% | - | - | - |
| Assets 1 | - | 786.3 | 958.8 | 1,059 | - | - | - |
| Book Value Per Share 2 | - | 4.520 | 3.910 | 3.830 | 3.940 | 4.360 | 4.990 |
| Cash Flow per Share 2 | - | -0.0900 | 0.7700 | 0.1300 | 0.3900 | 0.5800 | 0.9400 |
| Capex 1 | - | 26.7 | 25.5 | 49.2 | 35.5 | 39.8 | 39.4 |
| Capex / Sales | - | 4.63% | 3.35% | 5.59% | 3.33% | 3.13% | 2.75% |
| Announcement Date | 21-05-10 | 22-03-17 | 23-03-15 | 24-03-13 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
15
EUR
Average target price
17.31
EUR
Spread / Average Target
+15.40%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +42.86% | 1.55B | |
| -13.70% | 6.1B | |
| +5.24% | 2.59B | |
| -34.16% | 1.61B | |
| -12.05% | 1.37B | |
| -6.29% | 369M | |
| +36.33% | 181M | |
| -6.10% | 162M | |
| -10.20% | 130M |
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