Financials Davide Campari-Milano N.V. OTC Markets

Equities

DVCMY

US23857X1037

Distillers & Wineries

Market Closed - OTC Markets Other stock markets 11:14:47 2024-05-15 EDT			5-day change	1st Jan Change
10.75 ^USD	+1.42%		+0.47%	-6.93%

05-09	EMEA Morning Briefing : Shares Seen Higher Ahead of BOE Decision	DJ
05-08	Mib lone bearish; Leonardo shines in Milan	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,375	10,514	14,452	10,626	11,555	11,773	-	-
Enterprise Value (EV) ¹	10,153	11,423	15,283	12,179	13,409	14,142	13,979	13,673
P/E ratio	30.1 x	55.8 x	51.5 x	32.5 x	35.2 x	28.2 x	24.9 x	22 x
Yield	0.68%	0.59%	0.47%	0.63%	0.64%	0.71%	0.75%	0.8%
Capitalization / Revenue	5.09 x	5.93 x	6.65 x	3.94 x	3.96 x	3.7 x	3.37 x	3.15 x
EV / Revenue	5.51 x	6.45 x	7.03 x	4.51 x	4.59 x	4.44 x	4 x	3.65 x
EV / EBITDA	21.2 x	28.6 x	29.7 x	18.4 x	18.4 x	17.6 x	15.2 x	13.5 x
EV / FCF	39.3 x	59.4 x	46 x	64.5 x	-74.5 x	279 x	52 x	25.3 x
FCF Yield	2.55%	1.68%	2.17%	1.55%	-1.34%	0.36%	1.92%	3.96%
Price to Book	3.91 x	5.25 x	6.14 x	3.98 x	6.17 x	3.15 x	2.81 x	2.5 x
Nbr of stocks (in thousands)	1,151,737	1,125,648	1,124,241	1,120,449	1,131,192	1,201,770	-	-
Reference price ²	8.140	9.340	12.86	9.484	10.22	9.796	9.796	9.796
Announcement Date	20-02-18	21-02-18	22-02-23	23-02-21	24-02-27	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,842	1,772	2,173	2,698	2,919	3,185	3,491	3,742
EBITDA ¹	479.8	399.9	514.9	660.3	728.9	804.5	922	1,011
EBIT ¹	408	321.9	435.2	569.9	618.7	679.4	781.5	859.2
Operating Margin	22.14%	18.17%	20.03%	21.13%	21.2%	21.33%	22.38%	22.96%
Earnings before Tax (EBT) ¹	354.6	209.6	388.6	475	466.5	595.6	684.4	777.6
Net income ¹	308.4	187.9	284.8	333	330.5	419.7	482.8	542.8
Net margin	16.74%	10.6%	13.11%	12.34%	11.32%	13.18%	13.83%	14.5%
EPS ²	0.2700	0.1674	0.2497	0.2920	0.2900	0.3477	0.3930	0.4446
Free Cash Flow ¹	258.5	192.4	332.3	188.7	-180	50.68	269	541.4
FCF margin	14.03%	10.86%	15.29%	7%	-6.17%	1.59%	7.7%	14.47%
FCF Conversion (EBITDA)	53.88%	48.11%	64.54%	28.58%	-	6.3%	29.17%	53.55%
FCF Conversion (Net income)	83.82%	102.39%	116.68%	56.67%	-	12.07%	55.71%	99.75%
Dividend per Share ²	0.0550	0.0550	0.0600	0.0600	0.0650	0.0692	0.0735	0.0780
Announcement Date	20-02-18	21-02-18	22-02-23	23-02-21	24-02-27	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	994.3	768.7	1,003	1,001	574.8	597	1,172	534.8	722.1	1,257	748.8	691.9	1,441	667.9	789.9	1,458	743.5	717.3	1,461	663.5	867.3	1,515	855.4	799	1,645	744.5	1,634	1,701
EBITDA ¹	-	169.7	-	261.7	156.3	96.9	-	134.7	218.3	353	204.8	102.5	-	-	226.9	411.1	190.3	127.5	317.8	181.1	233	-	220.6	160.6	-	196.7	-	-
EBIT ¹	227.7	130.4	191.5	223.2	136.6	75	212	114.3	196.6	310.9	181.3	77.6	259	159.3	200.4	359.7	160.8	98.2	259	151.5	211.1	366	197.7	122.9	319	163.4	-	-
Operating Margin	22.9%	16.96%	19.09%	22.3%	23.76%	12.56%	18.09%	21.37%	27.23%	24.74%	24.21%	11.22%	17.98%	23.85%	25.37%	24.67%	21.63%	13.69%	17.73%	22.83%	24.34%	24.16%	23.11%	15.38%	19.39%	21.95%	-	-
Earnings before Tax (EBT) ¹	200.9	101	108.6	214.4	126.6	47.6	174	107.4	174.9	282.3	171.1	21.3	192.7	-	177.5	311.1	133.3	22.1	155.4	144.3	197.2	296.1	159.4	86.7	244	-	291.5	296.5
Net income	185.6	73	114.9	159.6	-	-	125	-	-	199.1	-	-	133.9	-	-	216.9	-	-	113.6	-	-	212.4	-	-	171.8	-	209.9	213.5
Net margin	18.67%	9.5%	11.45%	15.95%	-	-	10.67%	-	-	15.84%	-	-	9.29%	-	-	14.88%	-	-	7.78%	-	-	14.02%	-	-	10.45%	-	12.84%	12.55%
EPS	0.1600	0.0600	0.1015	0.1400	-	-	0.1097	-	-	-	-	-	0.1220	-	-	-	-	-	0.1000	-	-	0.1833	-	-	0.1467	-	0.1300	0.1300
Dividend per Share ²	-	-	-	-	-	0.0600	-	-	-	-	-	0.0600	-	-	-	-	-	0.0650	-	0.008120	0.0162	0.0500	0.0162	0.0162	-	0.0162	0.0600	-
Announcement Date	20-02-18	20-07-28	21-02-18	21-07-28	21-10-26	22-02-23	22-02-23	22-05-03	22-07-27	22-07-27	22-10-27	23-02-21	23-02-21	23-05-02	23-07-26	23-07-26	23-10-26	24-02-27	24-02-27	24-05-07	-	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	777	910	831	1,553	1,854	2,370	2,207	1,900
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.62 x	2.275 x	1.614 x	2.351 x	2.543 x	2.946 x	2.393 x	1.88 x
Free Cash Flow ¹	259	192	332	189	-180	50.7	269	541
ROE (net income / shareholders' equity)	11.7%	9.22%	14.1%	15.4%	13.9%	12.8%	12.3%	12.3%
ROA (Net income/ Total Assets)	5.68%	4.3%	6.38%	6.99%	6.15%	5.31%	5.26%	5.78%
Assets ¹	5,434	4,367	4,463	4,766	5,372	7,898	9,181	9,384
Book Value Per Share ²	2.080	1.780	2.090	2.380	1.660	3.110	3.480	3.920
Cash Flow per Share ²	0.3200	0.2400	0.4200	0.3700	0.1400	0.4600	0.5100	0.6100
Capex ¹	82.4	79.8	136	213	296	435	340	198
Capex / Sales	4.47%	4.5%	6.25%	7.91%	10.13%	13.67%	9.74%	5.29%
Announcement Date	20-02-18	21-02-18	22-02-23	23-02-21	24-02-27	-	-	-

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 Davide Campari-Milano N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.796 EUR

Average target price

10.3 EUR

Spread / Average Target

+5.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Distilleries

	1st Jan change	Capi.
KWEICHOW MOUTAI CO., LTD.	-0.64%	298B
WULIANGYE YIBIN CO.,LTD.	+11.47%	84.07B
SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD.	+14.32%	44.56B
LUZHOU LAOJIAO CO.,LTD	+5.81%	38.7B
JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-11.10%	20.38B
ANHUI GUJING DISTILLERY CO., LTD.	+14.76%	17.1B
UNITED SPIRITS LIMITED	+5.66%	10.07B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+18.15%	9.94B
ANHUI YINGJIA DISTILLERY CO., LTD.	+9.94%	8.07B

Distilleries