Financials Fortrea Holdings Inc.

Equities

FTRE

US34965K1079

Biotechnology & Medical Research

Market Closed - Nasdaq Other stock markets 16:00:00 2024-05-16 EDT			5-day change	1st Jan Change
27.81 ^USD	-3.34%		-22.34%	-20.32%

05-14	Evercore ISI Adjusts Price Target on Fortrea to $31 From $43, Maintains Outperform Rating	MT
05-14	Baird Upgrades Fortrea Holdings to Outperform Rating From Neutral, Adjusts Price Target to $36 From $45	MT

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	3,099	2,485	-	-
Enterprise Value (EV) ¹	4,583	4,062	3,892	3,694
P/E ratio	-873 x	-30.2 x	36.1 x	19.9 x
Yield	-	-	-	-
Capitalization / Revenue	1 x	0.85 x	0.82 x	0.78 x
EV / Revenue	1.47 x	1.39 x	1.28 x	1.16 x
EV / EBITDA	17.1 x	15.5 x	10.3 x	9.02 x
EV / FCF	36.1 x	-305 x	23.8 x	17.6 x
FCF Yield	2.77%	-0.33%	4.2%	5.7%
Price to Book	1.78 x	1.57 x	1.32 x	1.19 x
Nbr of stocks (in thousands)	88,800	89,374	-	-
Reference price ²	34.90	27.81	27.81	27.81
Announcement Date	24-03-11	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	3,109	2,922	3,045	3,188
EBITDA ¹	-	267.3	262.7	377.5	409.5
EBIT ¹	-	170.9	225.2	335.6	352.7
Operating Margin	-	5.5%	7.71%	11.02%	11.06%
Earnings before Tax (EBT) ¹	237	1.1	-131	60.03	113.9
Net income ¹	192.9	-3.4	-57	70.22	114
Net margin	-	-0.11%	-1.95%	2.31%	3.58%
EPS ²	-	-0.0400	-0.9200	0.7700	1.400
Free Cash Flow ¹	-	127.1	-13.31	163.5	210.4
FCF margin	-	4.09%	-0.46%	5.37%	6.6%
FCF Conversion (EBITDA)	-	47.55%	-	43.32%	51.38%
FCF Conversion (Net income)	-	-	-	232.92%	184.59%
Dividend per Share ²	-	-	-	-	-
Announcement Date	23-05-15	24-03-11	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	793	776.4	775.4	662.1	734.2	746.3	765.7	751.6
EBITDA ¹	72.5	70.5	67.2	29.5	54.27	79.33	96.86	75.85
EBIT ¹	63	45.9	43.3	7.6	34.07	55.01	76.53	62.04
Operating Margin	7.94%	5.91%	5.58%	1.15%	4.64%	7.37%	9.99%	8.25%
Earnings before Tax (EBT) ¹	-	-	-41	-77.5	-32.97	1.875	20.56	12.18
Net income ¹	28.3	-13.1	-36	-102.8	-	-	-	15.08
Net margin	3.57%	-1.69%	-4.64%	-15.53%	-	-	-	2.01%
EPS ²	0.3200	-0.1500	-0.4100	-1.150	-0.2233	0.0267	0.1667	0.1050
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	23-08-14	23-11-13	24-03-11	24-05-13	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	1,483	1,576	1,407	1,209
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	5.55 x	5.999 x	3.726 x	2.952 x
Free Cash Flow ¹	-	127	-13.3	164	210
ROE (net income / shareholders' equity)	-	4.9%	3.94%	8.7%	8.66%
ROA (Net income/ Total Assets)	-	2.88%	0.15%	3.11%	4.16%
Assets ¹	-	-118	-38,000	2,257	2,740
Book Value Per Share ²	-	19.60	17.70	21.10	23.40
Cash Flow per Share ²	-	1.970	0.8200	2.400	2.710
Capex ¹	-	40.3	67.5	49.3	62.7
Capex / Sales	-	1.3%	2.31%	1.62%	1.97%
Announcement Date	23-05-15	24-03-11	-	-	-

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 Fortrea Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

27.81 USD

Average target price

35.93 USD

Spread / Average Target

+29.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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