Financials Caterpillar Inc. London S.E.

Equities

CTA

US1491231015

Heavy Machinery & Vehicles

Market Closed - London S.E. Other stock markets 10:13:02 2021-04-14 EDT			5-day change	1st Jan Change
194.3 ^EUR	+20.96%		-3.52%	-3.52%

06-28	Raymond James Initiates Caterpillar at Market Perform Rating	MT
06-26	Norwegian Pension Fund Drops Caterpillar Over Ties to Israeli Action in Palestine	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	81,617	98,884	111,834	124,669	150,521	162,903	-	-
Enterprise Value (EV) ¹	110,990	126,695	140,369	149,336	172,658	191,703	189,723	187,399
P/E ratio	13.8 x	33.3 x	17.5 x	19 x	14.7 x	15.7 x	15 x	13.8 x
Yield	2.67%	2.26%	2.11%	1.97%	1.72%	1.63%	1.76%	1.84%
Capitalization / Revenue	1.52 x	2.37 x	2.19 x	2.1 x	2.24 x	2.46 x	2.37 x	2.25 x
EV / Revenue	2.06 x	3.03 x	2.75 x	2.51 x	2.57 x	2.89 x	2.76 x	2.59 x
EV / EBITDA	11.5 x	21.3 x	17.7 x	14.8 x	11.7 x	12.6 x	12.1 x	11.3 x
EV / FCF	18.9 x	23.7 x	23 x	23 x	15.3 x	19.4 x	18.9 x	17.5 x
FCF Yield	5.29%	4.22%	4.35%	4.34%	6.54%	5.14%	5.3%	5.72%
Price to Book	5.57 x	6.47 x	6.72 x	7.95 x	7.74 x	7.8 x	6.61 x	5.58 x
Nbr of stocks (in thousands)	552,658	543,258	540,942	520,409	509,085	489,053	-	-
Reference price ²	147.7	182.0	206.7	239.6	295.7	333.1	333.1	333.1
Announcement Date	20-01-31	21-01-29	22-01-28	23-01-31	24-02-05	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	53,800	41,748	50,971	59,427	67,060	66,271	68,618	72,275
EBITDA ¹	9,683	5,951	7,913	10,096	14,800	15,230	15,722	16,634
EBIT ¹	8,290	4,553	6,878	7,433	12,966	13,629	14,213	15,352
Operating Margin	15.41%	10.91%	13.49%	12.51%	19.33%	20.57%	20.71%	21.24%
Earnings before Tax (EBT) ¹	7,812	3,995	8,204	8,752	13,050	13,316	13,555	14,487
Net income ¹	6,093	2,998	6,489	6,705	10,335	10,568	10,695	11,100
Net margin	11.33%	7.18%	12.73%	11.28%	15.41%	15.95%	15.59%	15.36%
EPS ²	10.74	5.460	11.83	12.64	20.12	21.21	22.21	24.19
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,857	10,055	10,711
FCF margin	10.92%	12.81%	11.98%	10.92%	16.83%	14.87%	14.65%	14.82%
FCF Conversion (EBITDA)	60.68%	89.88%	77.15%	64.25%	76.27%	64.72%	63.96%	64.39%
FCF Conversion (Net income)	96.44%	178.42%	94.08%	96.75%	109.22%	93.27%	94.02%	96.5%
Dividend per Share ²	3.950	4.120	4.360	4.710	5.100	5.414	5.851	6.122
Announcement Date	20-01-31	21-01-29	22-01-28	23-01-31	24-02-05	-	-	-

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	13,798	13,589	14,247	14,994	16,597	15,862	17,318	16,810	17,070	15,799	16,729	16,455	17,196	16,113	17,378
EBITDA ¹	1,863	2,086	2,189	2,691	3,130	3,567	3,929	3,764	3,540	3,726	3,911	3,745	3,613	4,168	4,081
EBIT ¹	1,611	1,728	1,944	2,425	1,629	2,731	3,652	3,449	3,134	3,519	3,512	3,376	3,281	3,663	3,725
Operating Margin	11.68%	12.72%	13.64%	16.17%	9.82%	17.22%	21.09%	20.52%	18.36%	22.27%	21%	20.52%	19.08%	22.73%	21.44%
Earnings before Tax (EBT) ¹	2,562	1,999	2,096	2,558	2,099	2,634	3,652	3,515	3,249	3,532	3,453	3,332	3,203	3,592	3,612
Net income ¹	2,120	1,537	1,673	2,041	1,454	1,943	2,922	2,794	2,676	2,856	2,701	2,598	2,506	2,799	2,798
Net margin	15.36%	11.31%	11.74%	13.61%	8.76%	12.25%	16.87%	16.62%	15.68%	18.08%	16.15%	15.79%	14.57%	17.37%	16.1%
EPS ²	3.910	2.860	3.130	3.870	2.790	3.740	5.670	5.450	5.280	5.750	5.456	5.232	5.052	5.620	5.823
Dividend per Share ²	1.110	1.110	1.200	1.200	1.200	1.200	1.300	-	1.300	-	1.303	1.368	1.370	1.410	1.413
Announcement Date	22-01-28	22-04-28	22-08-02	22-10-27	23-01-31	23-04-27	23-08-01	23-10-31	24-02-05	24-04-25	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,373	27,811	28,535	24,667	22,137	28,799	26,819	24,496
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.033 x	4.673 x	3.606 x	2.443 x	1.496 x	1.891 x	1.706 x	1.473 x
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,857	10,055	10,711
ROE (net income / shareholders' equity)	42.6%	20%	37.3%	45.4%	61.6%	53.1%	46.4%	41.1%
ROA (Net income/ Total Assets)	7.76%	3.82%	7.36%	8.91%	12.9%	15.6%	14.2%	13.9%
Assets ¹	78,481	78,389	88,123	75,253	80,179	67,882	75,418	80,101
Book Value Per Share ²	26.50	28.10	30.80	30.10	38.20	42.70	50.40	59.70
Cash Flow per Share ²	12.20	11.50	13.10	14.60	25.10	26.00	24.60	30.00
Capex ¹	1,056	978	1,093	1,296	1,597	2,175	2,150	2,136
Capex / Sales	1.96%	2.34%	2.14%	2.18%	2.38%	3.28%	3.13%	2.96%
Announcement Date	20-01-31	21-01-29	22-01-28	23-01-31	24-02-05	-	-	-

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 Caterpillar Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

333.1 USD

Average target price

347.5 USD

Spread / Average Target

+4.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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