Financials Lincoln Electric Holdings, Inc. Deutsche Boerse AG

Equities

LNE

US5339001068

Industrial Machinery & Equipment

Real-time Estimate Tradegate Other stock markets 06:13:16 2024-07-01 EDT			5-day change	1st Jan Change
176 ^EUR	+1.73%		0.00%	-11.68%

06-24	Lincoln Electric Holdings, Inc. Completes $550 Million Private Placement of Senior Unsecured Notes and Related Refinancing Transactions	CI
06-05	Transcript : Lincoln Electric Holdings, Inc. Presents at Stifel 2024 Cross Sector Insight Conference, Jun-05-2024 08:00 AM

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,915	6,914	8,235	8,343	12,439	10,735	-	-
Enterprise Value (EV) ¹	6,463	7,374	8,812	9,349	13,150	11,341	11,152	10,948
P/E ratio	20.7 x	34 x	30.3 x	18 x	23.2 x	21 x	19.1 x	17.8 x
Yield	1.94%	1.69%	1.46%	1.55%	1.18%	1.52%	1.6%	1.62%
Capitalization / Revenue	1.97 x	2.6 x	2.55 x	2.22 x	2.97 x	2.65 x	2.53 x	2.44 x
EV / Revenue	2.15 x	2.78 x	2.72 x	2.49 x	3.14 x	2.8 x	2.63 x	2.49 x
EV / EBITDA	13.8 x	18 x	15.7 x	13.2 x	16.3 x	14.2 x	13.1 x	12.2 x
EV / FCF	19.4 x	25.2 x	29.1 x	30 x	22.8 x	21.1 x	19.4 x	18.4 x
FCF Yield	5.16%	3.96%	3.43%	3.33%	4.38%	4.74%	5.16%	5.44%
Price to Book	7.16 x	8.78 x	9.49 x	8.21 x	9.47 x	7.35 x	6.5 x	5.24 x
Nbr of stocks (in thousands)	61,149	59,471	59,048	57,738	57,200	56,908	-	-
Reference price ²	96.73	116.2	139.5	144.5	217.5	188.6	188.6	188.6
Announcement Date	2/13/20	2/12/21	2/10/22	2/21/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,003	2,655	3,234	3,761	4,192	4,054	4,248	4,394
EBITDA ¹	469.4	408.8	560.4	709.3	805.5	798.9	853.3	897
EBIT ¹	387.9	328.3	479.2	631.2	718.8	705.7	758.1	800.5
Operating Margin	12.91%	12.37%	14.82%	16.78%	17.15%	17.4%	17.85%	18.22%
Earnings before Tax (EBT) ¹	368.5	264	325	-	686.9	673.2	724.5	758.9
Net income ¹	293.1	206.1	276.5	472.2	545.2	516	562	605.4
Net margin	9.76%	7.76%	8.55%	12.56%	13.01%	12.73%	13.23%	13.78%
EPS ²	4.680	3.420	4.600	8.040	9.370	8.963	9.851	10.60
Free Cash Flow ¹	333.6	292.2	302.5	311.5	576.6	538	575.1	595.6
FCF margin	11.11%	11%	9.35%	8.28%	13.75%	13.27%	13.54%	13.56%
FCF Conversion (EBITDA)	71.07%	71.46%	53.99%	43.92%	71.58%	67.35%	67.4%	66.4%
FCF Conversion (Net income)	113.8%	141.75%	109.43%	65.97%	105.74%	104.27%	102.33%	98.38%
Dividend per Share ²	1.880	1.960	2.040	2.240	2.560	2.875	3.017	3.050
Announcement Date	2/13/20	2/12/21	2/10/22	2/21/23	2/15/24	-	-	-

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	844.3	925.4	969.6	935.2	930.9	1,039	1,061	1,033	1,059	981.2	1,028	1,017	1,044	1,030	1,085
EBITDA ¹	142.8	183	188	172.4	165.9	193	206.1	204.9	204.1	195.3	203.4	201.1	203	213	220.1
EBIT ¹	122.2	163.1	168.1	153.2	146.8	171.7	184.2	183.4	182.1	171.4	179.8	177.1	179.2	188.5	196
Operating Margin	14.47%	17.62%	17.34%	16.38%	15.77%	16.52%	17.37%	17.75%	17.2%	17.47%	17.48%	17.42%	17.16%	18.31%	18.07%
Earnings before Tax (EBT) ¹	71.57	159.6	159.9	137.5	135.8	155.4	173.1	161.4	197	158.5	170.2	168.3	169.9	183	188.6
Net income ¹	74.43	126	127.8	109.2	109.1	121.9	137.3	129.3	156.6	123.4	131.5	129.9	132.1	141.7	147
Net margin	8.82%	13.62%	13.18%	11.68%	11.72%	11.73%	12.95%	12.52%	14.8%	12.58%	12.79%	12.78%	12.65%	13.76%	13.56%
EPS ²	1.250	2.130	2.180	1.870	1.870	2.090	2.360	2.220	2.700	2.140	2.284	2.261	2.297	2.380	2.570
Dividend per Share ²	0.5100	0.5600	0.5600	0.5600	0.5600	0.6400	0.6400	0.6400	0.6400	0.7100	0.7100	0.7100	0.7267	0.7600	0.7600
Announcement Date	2/10/22	4/28/22	7/28/22	10/27/22	2/21/23	4/27/23	7/27/23	10/27/23	2/15/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	548	461	577	1,007	711	606	417	213
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.167 x	1.127 x	1.029 x	1.419 x	0.8833 x	0.7579 x	0.4881 x	0.2377 x
Free Cash Flow ¹	334	292	303	312	577	538	575	596
ROE (net income / shareholders' equity)	34.4%	25.6%	45.1%	51.2%	46.5%	37.1%	34.3%	31.8%
ROA (Net income/ Total Assets)	12.4%	10.7%	15.2%	16.8%	16.6%	15.3%	15.6%	17.2%
Assets ¹	2,361	1,932	1,817	2,807	3,279	3,380	3,595	3,520
Book Value Per Share ²	13.50	13.20	14.70	17.60	23.00	25.70	29.00	36.00
Cash Flow per Share	-	-	-	-	11.50	-	-	-
Capex ¹	69.6	59.2	62.5	71.9	91	96.1	96.8	102
Capex / Sales	2.32%	2.23%	1.93%	1.91%	2.17%	2.37%	2.28%	2.32%
Announcement Date	2/13/20	2/12/21	2/10/22	2/21/23	2/15/24	-	-	-

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 Lincoln Electric Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

188.6 USD

Average target price

222.1 USD

Spread / Average Target

+17.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Welding & Soldering Equipment

	1st Jan change	Capi.
ESAB CORPORATION	+9.02%	5.71B
HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO., LTD.	+0.39%	3B
WUXI AUTOWELL TECHNOLOGY CO.,LTD.	-35.32%	1.8B
WUHAN RAYCUS FIBER LASER TECHNOLOGIES CO.,LTD.	-24.56%	1.38B
ESAB INDIA LIMITED	+3.86%	1.12B
SHENZHEN UNITED WINNERS LASER CO., LTD.	-18.46%	779M
SBT ULTRASONIC TECHNOLOGY CO.,LTD.	-49.12%	663M
SHANGHAI HUGONG ELECTRIC GROUP CO.,LTD.	-6.23%	606M
SHENZHEN JASIC TECHNOLOGY CO.,LTD.	-4.50%	486M

Welding & Soldering Equipment