Financials Laurent-Perrier London S.E.

Equities

0MV6

FR0006864484

Distillers & Wineries

Market Closed - London S.E. Other stock markets 03:57:13 2024-02-12 EST			After market 11:30:00
120.5 ^EUR	-0.92%		121.8	+1.04%

2023	Laurent-Perrier S.A. Reports Earnings Results for the Half Year Ended September 30, 2023	CI
2023	Laurent-Perrier: +4.7% rise in net income attributable to equity holders of the parent	CF

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	551.2	444	469.9	567.4	702.8	725	-	-
Enterprise Value (EV) ¹	837	728	756.8	792.5	702.8	958	948.4	940.5
P/E ratio	24 x	18.8 x	18.7 x	11.3 x	12 x	12.9 x	12.3 x	11.3 x
Yield	1.23%	1.37%	1.26%	1.25%	-	1.49%	1.54%	1.6%
Capitalization / Revenue	2.35 x	1.92 x	2.54 x	1.94 x	2.28 x	2.33 x	2.22 x	2.16 x
EV / Revenue	3.58 x	3.15 x	4.1 x	2.71 x	2.28 x	3.08 x	2.91 x	2.8 x
EV / EBITDA	17.2 x	14.8 x	15.8 x	9.39 x	7.71 x	10.2 x	9.54 x	8.79 x
EV / FCF	-362 x	49.2 x	-	11.5 x	12.4 x	-29.9 x	28.2 x	25.8 x
FCF Yield	-0.28%	2.03%	-	8.67%	8.06%	-3.34%	3.55%	3.88%
Price to Book	1.32 x	1.02 x	1.04 x	1.14 x	1.29 x	1.23 x	1.14 x	1.04 x
Nbr of stocks (in thousands)	5,914	5,921	5,919	5,923	5,906	5,918	-	-
Reference price ²	93.20	75.00	79.40	95.80	119.0	122.5	122.5	122.5
Announcement Date	5/29/19	7/3/20	6/14/21	6/3/22	5/26/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	234.1	231.3	184.7	292.8	307.8	311.2	326.2	336.4
EBITDA ¹	48.61	49.19	47.97	84.43	91.18	94.12	99.42	107
EBIT ¹	41.3	41.2	41.3	77	84.9	86.04	90.8	97.95
Operating Margin	17.64%	17.81%	22.36%	26.3%	27.58%	27.65%	27.83%	29.12%
Earnings before Tax (EBT) ¹	34.27	34.65	35.16	69.8	78.29	71.72	77.61	-
Net income ¹	23.1	23.71	25.2	50.2	58.49	58.4	60.05	64
Net margin	9.87%	10.25%	13.64%	17.14%	19%	18.77%	18.41%	19.02%
EPS ²	3.890	3.990	4.250	8.490	9.890	9.499	9.924	10.82
Free Cash Flow ¹	-2.31	14.8	-	68.68	56.65	-32	33.65	36.5
FCF margin	-0.99%	6.4%	-	23.46%	18.4%	-10.28%	10.31%	10.85%
FCF Conversion (EBITDA)	-	30.09%	-	81.35%	62.13%	-	33.85%	34.13%
FCF Conversion (Net income)	-	62.42%	-	136.81%	96.85%	-	56.04%	57.03%
Dividend per Share ²	1.150	1.030	1.000	1.200	-	1.827	1.887	1.960
Announcement Date	5/29/19	7/3/20	6/14/21	6/3/22	5/26/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	99.16	132.1	-	113	128.5	164.3	159.4	-	158.4	140.7
EBITDA	23.48	-	-	-	-	-	-	-	-	-
EBIT ¹	19.84	21.36	-	26.74	35.6	41.4	53.1	-	57.4	31
Operating Margin	20.01%	16.16%	-	23.66%	27.7%	25.2%	33.31%	-	36.24%	22.03%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	10.97	-	7.58	-	23.3	26.9	36.9	21.6	38.6	19.8
Net margin	11.06%	-	-	-	18.13%	16.37%	23.15%	-	24.37%	14.07%
EPS	1.850	-	1.270	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	12/3/19	7/3/20	12/3/20	6/14/21	11/29/21	6/3/22	11/25/22	5/26/23	11/24/23	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	286	284	287	225	-	233	223	216
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.879 x	5.774 x	5.981 x	2.666 x	-	2.475 x	2.247 x	2.015 x
Free Cash Flow ¹	-2.31	14.8	-	68.7	56.7	-32	33.7	36.5
ROE (net income / shareholders' equity)	5.59%	5.53%	5.68%	10.5%	11.2%	9.77%	9.39%	9.35%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	70.60	73.50	76.30	84.30	92.10	99.60	108.0	118.0
Cash Flow per Share ²	5.230	5.470	1.340	12.70	11.00	10.60	11.30	12.40
Capex ¹	10.2	2.17	-	6.95	8.26	16	20	19.6
Capex / Sales	4.36%	0.94%	-	2.37%	2.68%	5.14%	6.13%	5.83%
Announcement Date	5/29/19	7/3/20	6/14/21	6/3/22	5/26/23	-	-	-

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 Laurent-Perrier

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

122.5 EUR

Average target price

136.3 EUR

Spread / Average Target

+11.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Wineries

	1st Jan change	Capi.
TREASURY WINE ESTATES LIMITED	+11.69%	6.23B
YANTAI CHANGYU PIONEER WINE COMPANY LIMITED	+0.62%	1.87B
THE DUCKHORN PORTFOLIO, INC.	-18.63%	1.19B
VIÑA CONCHA Y TORO S.A.	+15.84%	981M
CITIC NIYA WINE CO., LTD.	-27.74%	911M
C&C GROUP PLC	+12.06%	859M
SULA VINEYARDS LIMITED	+1.15%	513M
WEILONG GRAPE WINE CO., LTD	-17.61%	414M
LANSON-BCC	+18.05%	344M

Wineries