Cash flow Ipsos Liquidnet

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IPS

FR0000073298

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Delayed Liquidnet			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-

09-11	Sweden's fractured left holds slim lead in polls before Sunday election	RE
09-11	UK inflation expectations fall after Bank of England changes survey provider	RE

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Published financial data: IPSOS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenues	2.15B	2.41B	2.39B	2.44B	2.52B
Total Revenues	2.15B	2.41B	2.39B	2.44B	2.52B
Cost of Goods Sold, Total	757M	811M	777M	763M	814M
Gross Profit	1.39B	1.59B	1.61B	1.68B	1.71B
Selling General & Admin Expenses, Total	1.09B	1.27B	1.28B	1.34B	1.38B
Amortization of Goodwill and Intangible Assets - (IS)	5.27M	7.41M	5.96M	6.32M	6.56M
Other Operating Expenses	22.07M	15.66M	23.66M	21.6M	13.56M
Other Operating Expenses, Total	1.12B	1.29B	1.31B	1.37B	1.4B
Operating Income	270M	300M	303M	312M	306M
Interest Expense, Total	-19.41M	-19.58M	-21.38M	-19.72M	-28.41M
Interest And Investment Income	2.02M	2.29M	4.42M	7.18M	12.1M
Net Interest Expenses	-17.39M	-17.28M	-16.96M	-12.54M	-16.31M
Income (Loss) On Equity Invest.	1.67M	-862K	-390K	-2.19M	-385K
Currency Exchange Gains (Loss)	733K	7.85M	1.36M	1.67M	-7.24M
Other Non Operating Income (Expenses)	94K	-242K	-1.29M	649K	-3.92M
EBT, Excl. Unusual Items	256M	290M	286M	299M	278M
Restructuring Charges	-3.36M	8K	-	-	-6.74M
Merger & Related Restructuring Charges	-882K	-498K	-1.8M	-5.38M	-6.02M
Impairment of Goodwill	-	-	-27.8M	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-5.92M	-
Gain (Loss) On Sale Of Assets	-	-	-	-	2.7M
Asset Writedown	-	-	-	-4.76M	-12.6M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-1.24M	4.21M	-17.69M	-	-993K
EBT, Incl. Unusual Items	250M	293M	238M	283M	255M
Income Tax Expense	62.91M	72.8M	72.93M	73.71M	66.26M
Earnings From Continuing Operations	187M	221M	166M	210M	188M
Net Income to Company	187M	221M	166M	210M	188M
Minority Interest	-3.2M	-5.42M	-5.8M	-5.07M	-1.84M
Net Income - (IS)	184M	215M	160M	205M	187M
Net Income to Common Incl Extra Items	184M	215M	160M	205M	187M
Net Income to Common Excl. Extra Items	184M	215M	160M	205M	187M
Per Share Items
Net EPS - Basic	4.14	4.87	3.67	4.75	4.33
Basic EPS - Continuing Operations	4.14	4.87	3.67	4.75	4.33
Basic Weighted Average Shares Outstanding	44.38M	44.21M	43.56M	43.08M	43.06M
Net EPS - Diluted	4.04	4.74	3.59	4.66	4.27
Diluted EPS - Continuing Operations	4.04	4.74	3.59	4.66	4.27
Diluted Weighted Average Shares Outstanding	45.57M	45.38M	44.47M	43.89M	43.72M
Normalized Basic EPS	3.53	3.97	3.97	4.23	4
Normalized Diluted EPS	3.43	3.87	3.89	4.15	3.94
Dividend Per Share	1.15	1.35	1.65	1.85	2
Payout Ratio	21.65	23.73	36.92	34.83	42.8
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	293M	324M	330M	337M	335M
EBITA	284M	314M	319M	327M	325M
EBIT	270M	300M	303M	312M	306M
Effective Tax Rate - (Ratio)	25.16	24.82	30.58	26.02	26.02
Total Current Taxes	68.82M	68.94M	83.85M	82.48M	53.51M
Total Deferred Taxes	-5.91M	3.87M	-10.92M	-8.77M	12.75M
Normalized Net Income	156M	176M	173M	182M	172M
Interest on Long-Term Debt	3.55M	4.07M	3.68M	3.46M	3.86M
Non-Cash Pension Expense	117K	138K	284K	-1.82M	-1.08M
Supplemental Operating Expense Items
General and Administrative Expenses	183M	215M	214M	235M	255M
Research And Development Expense From Footnotes	5.38M	1.99M	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	12.07M	14.36M	16.31M	20.71M	21.59M
Total Stock-Based Compensation	12.07M	14.36M	16.31M	20.71M	21.59M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Cash And Equivalents	298M	386M	278M	343M	318M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	298M	386M	278M	343M	318M
Accounts Receivable, Total	663M	663M	692M	703M	707M
Other Receivables	54.46M	53.78M	51.1M	50.44M	74.46M
Total Receivables	717M	717M	743M	753M	781M
Prepaid Expenses	17.05M	19.73M	18.95M	24.77M	27.07M
Other Current Assets, Total	5.25M	5.74M	6.74M	5.5M	5.45M
Total Current Assets	1.04B	1.13B	1.05B	1.13B	1.13B
Gross Property Plant And Equipment	284M	290M	292M	273M	277M
Accumulated Depreciation	-130M	-138M	-150M	-142M	-120M
Net Property Plant And Equipment	154M	152M	142M	131M	157M
Long-term Investments	38.63M	43.98M	46.38M	34.96M	26.55M
Goodwill	1.36B	1.37B	1.35B	1.41B	1.51B
Other Intangibles, Total	38.1M	40.78M	42.02M	66.07M	68.27M
Loans Receivable Long-Term	22.25M	21.77M	22.61M	25.02M	26.04M
Deferred Tax Assets Long-Term	25.22M	24.79M	25.43M	26.84M	38.31M
Deferred Charges Long-Term	60.8M	69.31M	76.11M	97.18M	120M
Other Long-Term Assets, Total	-	-	-	-	-1K
Total Assets	2.74B	2.85B	2.75B	2.91B	3.08B
Liabilities
Accounts Payable, Total	332M	350M	338M	335M	369M
Accrued Expenses, Total	179M	164M	166M	170M	179M
Short-term Borrowings	-	-	-	-	52K
Current Portion of Long-Term Debt	30.32M	79.53M	22.9M	323M	28.96M
Current Portion of Leases	34.95M	36.59M	37.1M	31.96M	33.73M
Current Income Taxes Payable	25.46M	23.86M	40.77M	41.84M	18.38M
Unearned Revenue Current, Total	64.33M	51.72M	53.92M	54.25M	58.52M
Other Current Liabilities	22.35M	22.94M	46.53M	47.53M	43.81M
Total Current Liabilities	689M	729M	705M	1B	732M
Long-Term Debt	449M	375M	375M	76.98M	508M
Long-Term Leases	102M	95.67M	87.52M	80.64M	105M
Pension & Other Post Retirement Benefits	36.26M	35.94M	37.43M	40.4M	47.04M
Deferred Tax Liability Non Current	66.46M	72.83M	63.28M	74.74M	79.3M
Other Non Current Liabilities	52.58M	42.74M	51.95M	60.41M	39.08M
Total Liabilities	1.4B	1.35B	1.32B	1.34B	1.51B
Common Stock, Total	11.11M	11.06M	10.8M	10.8M	10.8M
Additional Paid In Capital	508M	496M	446M	446M	446M
Retained Earnings	184M	215M	160M	205M	187M
Treasury Stock	-643K	-548K	-965K	-7.53M	-461K
Comprehensive Income and Other	631M	760M	801M	924M	924M
Total Common Equity	1.33B	1.48B	1.42B	1.58B	1.57B
Minority Interest	8.96M	18.81M	16.35M	243K	253K
Total Equity	1.34B	1.5B	1.43B	1.58B	1.57B
Total Liabilities And Equity	2.74B	2.85B	2.75B	2.91B	3.08B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	44.42M	44.24M	43.19M	43.08M	43.15M
ECS Total Common Shares Outstanding	44.42M	44.24M	43.19M	43.08M	43.15M
Book Value / Share	30.02	33.48	32.79	36.62	36.32
Tangible Book Value	-65.09M	69.71M	22.32M	104M	-10.97M
Tangible Book Value Per Share	-1.47	1.58	0.52	2.42	-0.25
Total Debt	616M	587M	522M	512M	676M
Net Debt	318M	201M	244M	170M	358M
Debt Equivalent of Unfunded Proj. Benefit Obligation	37.38M	35.92M	35.65M	40.4M	47.05M
Minority Interest, Total (Incl. Fin. Div)	8.96M	18.81M	16.35M	243K	253K
Equity Method Investments, Total	8.92M	6.05M	6.39M	3.51M	2.98M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	7.05M	6.83M	6.57M	5.77M	3.6M
Full Time Employees	17.37K	19.46K	19.76K	20K	20.92K
Accumulated Allowance for Doubtful Accounts (Supple)	9.04M	4.7M	-	30.24M	48.7M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	184M	215M	160M	205M	187M
Depreciation & Amortization - CF	46.59M	47.77M	50.61M	46.69M	47.15M
Amortization of Goodwill and Intangible Assets - (CF)	13.66M	13.82M	15.53M	15.41M	18.65M
Depreciation & Amortization, Total	60.25M	61.59M	66.14M	62.1M	65.8M
Amortization of Deferred Charges, Total - (CF)	19.59M	26.6M	7.02M	6.58M	60.12M
(Gain) Loss From Sale Of Asset	-164K	187K	147K	-3.04M	-2.32M
Asset Writedown & Restructuring Costs	-	-	27.8M	-	-
(Income) Loss On Equity Investments - (CF)	-1.67M	862K	390K	2.19M	385K
Stock-Based Compensation (CF)	11.15M	13.12M	14.98M	18.45M	19.69M
Other Operating Activities, Total	39.35M	21.89M	73.23M	65.52M	1.62M
Change In Accounts Receivable	-30.57M	9.52M	-58.86M	10.44M	-12.05M
Change In Accounts Payable	18.67M	15.46M	-13.46M	-24.42M	6.96M
Change in Other Net Operating Assets	45.44M	-39.34M	7.07M	-3.95M	-24.71M
Cash from Operations	346M	325M	284M	338M	302M
Capital Expenditure	-43.51M	-54.82M	-58.54M	-70.34M	-83.09M
Sale of Property, Plant, and Equipment	128K	594K	75K	83K	3.77M
Cash Acquisitions	-29.08M	-7.28M	-46.79M	-34.62M	-154M
Investment in Marketable and Equity Securities, Total	-2M	-3.11M	-3.11M	1.23M	-6K
Other Investing Activities, Total	-	1K	-1K	-	1K
Cash from Investing	-74.47M	-64.63M	-108M	-104M	-233M
Short Term Debt Issued, Total	-	-	-	22K	-
Long-Term Debt Issued, Total	81.27M	-	71.34M	359M	902M
Total Debt Issued	81.27M	-	71.34M	359M	902M
Short Term Debt Repaid, Total	-1.03M	-763K	-168K	-	-
Long-Term Debt Repaid, Total	-208M	-68.55M	-165M	-398M	-841M
Total Debt Repaid	-209M	-69.31M	-165M	-398M	-841M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-8.69M	-29.94M	-85.76M	-39.05M	-14.22M
Common Dividends Paid	-39.82M	-51.07M	-58.96M	-71.24M	-79.84M
Common & Preferred Stock Dividends Paid	-39.82M	-51.07M	-58.96M	-71.24M	-79.84M
Other Financing Activities, Total	-19.5M	-20.32M	-21.16M	-17.25M	-30.29M
Cash from Financing	-196M	-171M	-260M	-167M	-63.46M
Foreign Exchange Rate Adjustments	6.56M	-2.56M	-11.52M	3.21M	-18.64M
Miscellaneous Cash Flow Adjustments	-1K	-	-12.03M	-6.37M	-11.42M
Net Change in Cash	82.5M	87.22M	-108M	64.64M	-24.9M
Supplemental Items
Cash Interest Paid	-	-	-	9.6M	1.96M
Cash Income Tax Paid (Refund)	60.52M	62.51M	63.44M	74.13M	78.87M
Levered Free Cash Flow	245M	209M	213M	190M	228M
Unlevered Free Cash Flow	257M	222M	227M	202M	246M
Change In Net Working Capital	-39.84M	13.83M	-6.36M	11.91M	9.65M
Net Debt Issued / Repaid	-128M	-69.31M	-94.14M	-39.42M	60.89M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	6.49	6.71	6.76	6.88	6.39
Return on Total Capital	8.92	9.28	9.37	9.63	8.83
Return On Equity %	15.19	15.52	11.29	13.92	11.98
Return on Common Equity	15.09	15.29	11.03	13.66	11.86
Margin Analysis
Gross Profit Margin %	64.72	66.27	67.49	68.74	67.77
SG&A Margin	50.85	52.83	53.57	54.82	54.85
EBITDA Margin %	13.63	13.47	13.79	13.83	13.26
EBITA Margin %	13.23	13.06	13.33	13.4	12.86
EBIT Margin %	12.6	12.48	12.68	12.77	12.13
Income From Continuing Operations Margin %	8.72	9.17	6.93	8.59	7.46
Net Income Margin %	8.57	8.95	6.68	8.38	7.39
Net Avail. For Common Margin %	8.57	8.95	6.68	8.38	7.39
Normalized Net Income Margin	7.29	7.3	7.23	7.46	6.82
Levered Free Cash Flow Margin	11.42	8.7	8.93	7.77	9.04
Unlevered Free Cash Flow Margin	11.98	9.21	9.49	8.28	9.75
Asset Turnover
Asset Turnover	0.82	0.86	0.85	0.86	0.84
Fixed Assets Turnover	13.83	15.71	16.27	17.9	17.55
Receivables Turnover (Average Receivables)	3.42	3.63	3.53	3.5	3.58
Short Term Liquidity
Current Ratio	1.51	1.55	1.48	1.12	1.55
Quick Ratio	1.47	1.51	1.45	1.09	1.5
Operating Cash Flow to Current Liabilities	0.5	0.45	0.4	0.34	0.41
Days Sales Outstanding (Average Receivables)	106.7	100.58	103.45	104.56	101.9
Average Days Payable Outstanding	150.51	153.47	161.57	161.42	158.05
Long Term Solvency
Total Debt/Equity	45.91	39.13	36.45	32.47	43.11
Total Debt / Total Capital	31.46	28.13	26.71	24.51	30.12
LT Debt/Equity	41.04	31.39	32.26	9.99	39.11
Long-Term Debt / Total Capital	28.13	22.56	23.64	7.54	27.33
Total Liabilities / Total Assets	50.96	47.39	47.96	45.86	49.07
EBIT / Interest Expense	13.93	15.34	14.18	15.81	10.78
EBITDA / Interest Expense	17.03	18.48	17.27	18.96	13.09
(EBITDA - Capex) / Interest Expense	14.79	15.68	14.53	15.39	10.17
Total Debt / EBITDA	1.86	1.62	1.41	1.37	1.82
Net Debt / EBITDA	0.96	0.56	0.66	0.45	0.96
Total Debt / (EBITDA - Capex)	2.15	1.91	1.68	1.69	2.34
Net Debt / (EBITDA - Capex)	1.11	0.66	0.79	0.56	1.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.83	12.05	-0.64	2.13	3.44
Gross Profit, 1 Yr. Growth %	17.69	14.74	1.18	4.02	1.99
EBITDA, 1 Yr. Growth %	48.01	3.81	1.72	2.38	-0.77
EBITA, 1 Yr. Growth %	51.24	3.41	1.44	2.71	-0.73
EBIT, 1 Yr. Growth %	70.28	11.02	0.94	2.89	-1.8
Earnings From Cont. Operations, 1 Yr. Growth %	70.19	17.88	-24.96	26.62	-10.12
Net Income, 1 Yr. Growth %	67.97	16.98	-25.76	28.05	-8.79
Normalized Net Income, 1 Yr. Growth %	99.84	12.22	-1.61	-0.79	-5.46
Diluted EPS Before Extra, 1 Yr. Growth %	66.26	17.33	-24.26	29.8	-8.37
Accounts Receivable, 1 Yr. Growth %	11.84	0.06	4.32	1.62	0.56
Net Property, Plant and Equip., 1 Yr. Growth %	-1.25	-1.54	-6.6	-7.76	19.87
Total Assets, 1 Yr. Growth %	10.67	4.15	-3.45	5.86	5.63
Tangible Book Value, 1 Yr. Growth %	-64.89	-207.09	-67.98	367.98	-110.5
Common Equity, 1 Yr. Growth %	20.81	11.07	-4.38	11.38	-0.64
Cash From Operations, 1 Yr. Growth %	-6.22	-6.05	-12.57	19.08	-10.75
Capital Expenditures, 1 Yr. Growth %	24.08	26	6.77	20.16	18.13
Levered Free Cash Flow, 1 Yr. Growth %	-17.82	-14.62	1.93	-18.97	7.62
Unlevered Free Cash Flow, 1 Yr. Growth %	-18.44	-13.89	2.33	-18.36	9.62
Dividend Per Share, 1 Yr. Growth %	27.78	17.39	22.22	12.12	8.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.52	14.41	5.51	0.73	2.78
Gross Profit, 2 Yr. CAGR %	3.84	16.2	7.74	2.59	3
EBITDA, 2 Yr. CAGR %	16.58	28.04	2.76	2.05	0.79
EBITA, 2 Yr. CAGR %	17.75	29.3	2.42	2.07	0.98
EBIT, 2 Yr. CAGR %	18.88	37.49	5.86	1.91	0.51
Earnings From Cont. Operations, 2 Yr. CAGR %	33.06	41.64	-5.95	-2.52	6.68
Net Income, 2 Yr. CAGR %	32.49	40.18	-6.81	-2.5	8.07
Normalized Net Income, 2 Yr. CAGR %	27.85	49.75	5.08	1.81	-3.15
Diluted EPS Before Extra, 2 Yr. CAGR %	31.96	39.66	-5.73	-0.85	9.06
Accounts Receivable, 2 Yr. CAGR %	-4.19	5.79	2.17	2.96	1.09
Net Property, Plant and Equip., 2 Yr. CAGR %	-10.45	-1.39	-4.11	-7.18	5.15
Total Assets, 2 Yr. CAGR %	1.27	7.36	0.28	1.1	5.74
Tangible Book Value, 2 Yr. CAGR %	-50.37	-38.68	-41.44	22.42	-29.91
Common Equity, 2 Yr. CAGR %	9.93	15.84	3.06	3.2	5.2
Cash From Operations, 2 Yr. CAGR %	39.47	-6.13	-9.37	2.03	3.09
Capital Expenditures, 2 Yr. CAGR %	0.32	25.03	15.99	13.27	19.14
Levered Free Cash Flow, 2 Yr. CAGR %	75.77	-16.24	-6.71	-4.8	-1.23
Unlevered Free Cash Flow, 2 Yr. CAGR %	60.41	-16.2	-6.13	-4.51	-0.27
Dividend Per Share, 2 Yr. CAGR %	59.86	22.47	19.78	17.06	10.1
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.06	6.29	9.16	4.37	1.63
Gross Profit, 3 Yr. CAGR %	6.87	7.35	10.96	6.49	2.39
EBITDA, 3 Yr. CAGR %	16.5	14.61	18.58	2.63	1.1
EBITA, 3 Yr. CAGR %	17.46	15.3	19.26	2.52	1.13
EBIT, 3 Yr. CAGR %	18.71	16.2	24.03	4.86	0.66
Earnings From Cont. Operations, 3 Yr. CAGR %	19.9	27.79	14.61	3.85	-5.12
Net Income, 3 Yr. CAGR %	19.6	27.1	13.41	3.6	-4.64
Normalized Net Income, 3 Yr. CAGR %	19.9	22.41	30.19	5.17	-0.67
Diluted EPS Before Extra, 3 Yr. CAGR %	18.96	26.89	13.89	4.87	-3.42
Accounts Receivable, 3 Yr. CAGR %	1.43	-2.79	5.3	1.99	2.16
Net Property, Plant and Equip., 3 Yr. CAGR %	59.68	-7.58	-3.16	-5.34	1.08
Total Assets, 3 Yr. CAGR %	4.85	2.22	3.63	2.1	2.58
Tangible Book Value, 3 Yr. CAGR %	-41.45	-35.86	-50.62	17.08	-46.02
Common Equity, 3 Yr. CAGR %	9.46	10.31	8.66	5.76	1.91
Cash From Operations, 3 Yr. CAGR %	26.7	22.26	-8.33	-0.74	-2.42
Capital Expenditures, 3 Yr. CAGR %	-3.89	8.24	18.62	17.36	14.87
Levered Free Cash Flow, 3 Yr. CAGR %	48.89	38.17	-10.57	-8.19	2.95
Unlevered Free Cash Flow, 3 Yr. CAGR %	42.76	30.37	-10.43	-7.74	3.57
Dividend Per Share, 3 Yr. CAGR %	9.33	44.22	22.39	17.17	14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.79	6.2	6.44	4.03	6.56
Gross Profit, 5 Yr. CAGR %	3.67	6.63	7.22	5.42	7.7
EBITDA, 5 Yr. CAGR %	7.99	9.5	12.24	9.41	11.12
EBITA, 5 Yr. CAGR %	8.51	9.88	12.69	9.81	11.58
EBIT, 5 Yr. CAGR %	9.31	10.66	13.39	10.26	14.03
Earnings From Cont. Operations, 5 Yr. CAGR %	11.26	11.31	8.8	14.67	11.37
Net Income, 5 Yr. CAGR %	11.46	10.86	8.24	14.31	11.24
Normalized Net Income, 5 Yr. CAGR %	10.88	12.32	13.73	13.71	17.06
Diluted EPS Before Extra, 5 Yr. CAGR %	11.35	10.02	8.39	14.97	11.93
Accounts Receivable, 5 Yr. CAGR %	1.19	1.43	1.73	-0.53	3.59
Net Property, Plant and Equip., 5 Yr. CAGR %	34.14	36.35	30.22	-7.42	0.08
Total Assets, 5 Yr. CAGR %	3.6	5.9	3	1.77	4.47
Tangible Book Value, 5 Yr. CAGR %	-30.83	-23.73	-41.44	-16.94	-43.2
Common Equity, 5 Yr. CAGR %	7.71	9.31	6.86	7.41	7.27
Cash From Operations, 5 Yr. CAGR %	15.66	26.79	10.81	13.73	-3.92
Capital Expenditures, 5 Yr. CAGR %	19.8	25.63	3.62	10.22	18.83
Levered Free Cash Flow, 5 Yr. CAGR %	14.25	16.91	23.5	19.04	-5.2
Unlevered Free Cash Flow, 5 Yr. CAGR %	12.82	15.01	20.72	15.11	-4.84
Dividend Per Share, 5 Yr. CAGR %	6.23	9.18	13.4	32.68	17.32