Financials Moulinvest

Equities

Market Closed - Euronext Paris Other stock markets 11:03:26 2024-04-26 EDT			5-day change	1st Jan Change
19.75 ^EUR	+0.25%		-1.74%	-21.94%

2023	Moulinvest S.A. Reports Earnings Results for the Full Year Ended August 31, 2023	CI
2023	Moulinvest: annual net income almost halved	CF

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11.84	14.12	89.22	140.8	79.15	59.76	-	-
Enterprise Value (EV) ¹	58.39	49.93	117	158.3	93.17	64.46	50.86	35.86
P/E ratio	3.71 x	3.7 x	8.06 x	7.52 x	8.02 x	7.26 x	5.47 x	4.84 x
Yield	-	-	-	2.15%	1.26%	1.42%	1.92%	2.13%
Capitalization / Revenue	0.18 x	0.21 x	0.95 x	1.23 x	0.78 x	0.61 x	0.58 x	0.55 x
EV / Revenue	0.91 x	0.75 x	1.25 x	1.39 x	0.92 x	0.66 x	0.49 x	0.33 x
EV / EBITDA	5.18 x	3.59 x	4.53 x	4.27 x	3.8 x	2.88 x	2.01 x	1.32 x
EV / FCF	-7.45 x	6.02 x	-	-	11.8 x	6.2 x	3.51 x	2.21 x
FCF Yield	-13.4%	16.6%	-	-	8.48%	16.1%	28.5%	45.2%
Price to Book	-	-	-	-	1.14 x	0.77 x	0.68 x	0.6 x
Nbr of stocks (in thousands)	3,036	3,023	3,024	3,027	3,027	3,026	-	-
Reference price ²	3.900	4.670	29.50	46.50	26.15	19.75	19.75	19.75
Announcement Date	19-12-06	20-12-07	21-12-13	22-12-13	23-12-13	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	64.02	66.24	93.68	114.1	100.8	97.9	103.8	108
EBITDA ¹	11.27	13.9	25.84	37.04	24.5	22.4	25.3	27.2
EBIT ¹	5.395	5.697	16.33	27.59	13.83	12.2	15.1	17
Operating Margin	8.43%	8.6%	17.43%	24.18%	13.71%	12.46%	14.55%	15.74%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	3.191	3.752	10.99	18.6	9.733	8.4	11.1	12.5
Net margin	4.98%	5.66%	11.74%	16.31%	9.65%	8.58%	10.69%	11.57%
EPS ²	1.052	1.263	3.660	6.186	3.259	2.720	3.610	4.080
Free Cash Flow ¹	-7.843	8.298	-	-	7.904	10.4	14.5	16.2
FCF margin	-12.25%	12.53%	-	-	7.84%	10.62%	13.97%	15%
FCF Conversion (EBITDA)	-	59.72%	-	-	32.26%	46.43%	57.31%	59.56%
FCF Conversion (Net income)	-	221.16%	-	-	81.21%	123.81%	130.63%	129.6%
Dividend per Share ²	-	-	-	1.000	0.3300	0.2800	0.3800	0.4200
Announcement Date	19-12-06	20-12-07	21-12-13	22-12-13	23-12-13	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	46.6	35.8	27.7	17.5	14	4.7	-	-
Net Cash position ¹	-	-	-	-	-	-	8.9	23.9
Leverage (Debt/EBITDA)	4.132 x	2.577 x	1.073 x	0.4736 x	0.5724 x	0.2098 x	-	-
Free Cash Flow ¹	-7.84	8.3	-	-	7.9	10.4	14.5	16.2
ROE (net income / shareholders' equity)	10.5%	11.1%	26.8%	33.9%	14.5%	10.8%	12.6%	12.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	-	-	-	23.00	25.60	28.90	32.70
Cash Flow per Share ²	2.990	4.400	5.000	7.410	7.280	6.090	6.980	7.440
Capex ¹	18.3	7.45	-	-	14.1	10	6	6
Capex / Sales	28.65%	11.25%	-	-	13.99%	10.21%	5.78%	5.56%
Announcement Date	19-12-06	20-12-07	21-12-13	22-12-13	23-12-13	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.75 EUR

Average target price

37.7 EUR

Spread / Average Target

+90.89%

	1st Jan change	Capi.
MOULINVEST	-21.94%	63.8M
UFP INDUSTRIES, INC.	-9.49%	6.99B
GROUP OF COMPANIES SEGEZHA	-.--%	1.39B
CANFOR CORPORATION	-20.28%	1.23B
GREENLAM INDUSTRIES LIMITED	+13.58%	927M
ZHONGFU STRAITS (PINGTAN) DEVELOPMENT COMPANY LIMITED	-24.11%	512M
GUANGXI FENGLIN WOOD INDUSTRY GROUP CO.,LTD	-22.46%	342M
NATURE WOOD GROUP LIMITED	-36.94%	83.51M
JAYA TIASA HOLDINGS	+41.76%	262M
FUJIAN JINSEN FORESTRY CO.,LTD	-34.96%	261M