Financials Neoen

Equities

NEOEN

FR0011675362

Independent Power Producers

Market Closed - Euronext Paris Other stock markets 11:35:27 2024-04-26 EDT			5-day change	1st Jan Change
29.72 ^EUR	+1.23%		-0.73%	-1.85%

04-04	NEOEN : Rumoured sale of a AUD 1.6bn stake in the Australian portfolio.
03-28	Neoen Reportedly Considers Selling 30% Stake in its Australian Unit to Raise More Than ?1 Billion	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,622	5,344	4,078	4,028	4,602	4,511	-	-
Enterprise Value (EV) ¹	4,576	7,718	6,438	6,915	7,617	8,705	9,820	10,582
P/E ratio	75.4 x	1,568 x	109 x	102 x	32.2 x	51.7 x	34.4 x	27.7 x
Yield	-	-	0.26%	0.33%	0.5%	0.58%	0.68%	0.81%
Capitalization / Revenue	10.4 x	17.9 x	12.2 x	8.01 x	8.78 x	6.92 x	5.11 x	4.34 x
EV / Revenue	18.1 x	25.8 x	19.3 x	13.7 x	14.5 x	13.4 x	11.1 x	10.2 x
EV / EBITDA	21.2 x	28.5 x	21.4 x	16.7 x	16 x	15.9 x	13.9 x	12.8 x
EV / FCF	-7.9 x	-25.1 x	-13.5 x	-10.6 x	-10.6 x	-7.87 x	-7.67 x	-11.7 x
FCF Yield	-12.7%	-3.98%	-7.43%	-9.46%	-9.47%	-12.7%	-13%	-8.53%
Price to Book	3.97 x	8.39 x	2.94 x	2.27 x	1.74 x	1.68 x	1.57 x	1.5 x
Nbr of stocks (in thousands)	84,849	85,231	106,858	107,105	151,976	151,793	-	-
Reference price ²	30.90	62.70	38.16	37.61	30.28	29.72	29.72	29.72
Announcement Date	20-03-25	21-03-11	22-03-14	23-03-01	24-02-28	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	253.2	298.8	333.6	503.2	524.4	651.5	883.2	1,040
EBITDA ¹	216.1	270.4	300.4	414	474.8	546.4	705.9	827.4
EBIT ¹	135.9	142.4	171.2	259.3	294.7	334.1	434	521.1
Operating Margin	53.67%	47.66%	51.32%	51.53%	56.2%	51.29%	49.14%	50.11%
Earnings before Tax (EBT) ¹	44.9	24.8	53.5	78.3	211.6	132.3	188.3	231.9
Net income ¹	36	3.9	41	45.2	150.2	89.65	129.6	157.2
Net margin	14.22%	1.31%	12.29%	8.98%	28.64%	13.76%	14.68%	15.12%
EPS ²	0.4100	0.0400	0.3500	0.3700	0.9400	0.5751	0.8631	1.074
Free Cash Flow ¹	-579.5	-307.4	-478.5	-654.2	-721.3	-1,106	-1,281	-902.3
FCF margin	-228.87%	-102.88%	-143.44%	-130.01%	-137.55%	-169.69%	-145.01%	-86.77%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.1000	0.1250	0.1500	0.1711	0.2021	0.2406
Announcement Date	20-03-25	21-03-11	22-03-14	23-03-01	24-02-28	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q2	2023 S1	2023 Q4	2024 Q1
Net sales ¹	157.2	164.9	109.1	114.9	224	130.5	148.7	122.6	277	126.9	141.2
EBITDA	148.2	125.9	-	-	175	-	-	-	252.2	-	-
EBIT	95.9	-	-	-	103	-	-	-	163.4	-	-
Operating Margin	61.01%	-	-	-	45.98%	-	-	-	58.99%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	92.2	-	-
Net margin	-	-	-	-	-	-	-	-	33.29%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20-09-23	21-07-30	22-04-28	22-07-28	22-07-28	22-11-03	23-03-01	23-07-27	23-07-27	24-02-28	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,954	2,375	2,361	2,887	3,015	4,194	5,309	6,071
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.043 x	8.781 x	7.858 x	6.972 x	6.351 x	7.676 x	7.521 x	7.338 x
Free Cash Flow ¹	-580	-307	-479	-654	-721	-1,106	-1,281	-902
ROE (net income / shareholders' equity)	5.51%	3.01%	4.1%	2.77%	6.61%	3.22%	4.38%	5.29%
ROA (Net income/ Total Assets)	1.21%	0.55%	0.94%	0.81%	2.2%	1.07%	1.45%	1.51%
Assets ¹	2,977	715.6	4,361	5,609	6,838	8,393	8,956	10,395
Book Value Per Share ²	7.790	7.470	13.00	16.50	17.40	17.70	18.90	19.80
Cash Flow per Share ²	2.060	2.350	2.360	3.750	2.250	2.250	3.430	4.110
Capex ¹	764	530	755	1,111	1,046	1,503	1,654	1,301
Capex / Sales	301.74%	177.28%	226.17%	220.83%	199.47%	230.66%	187.32%	125.15%
Announcement Date	20-03-25	21-03-11	22-03-14	23-03-01	24-02-28	-	-	-

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 Neoen

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

29.72 EUR

Average target price

30.78 EUR

Spread / Average Target

+3.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Renewable IPPs

	1st Jan change	Capi.
NEOEN	-1.85%	4.82B
ADANI GREEN ENERGY LIMITED	+13.13%	34.31B
HUANENG LANCANG RIVER HYDROPOWER INC.	+12.05%	24.02B
EDP RENOVÁVEIS, S.A.	-30.63%	14.05B
ENGIE BRASIL ENERGIA S.A.	-12.22%	6.33B
ERG S.P.A.	-13.37%	3.89B
NORTHLAND POWER INC.	-14.83%	3.83B
ENCAVIS AG	+8.47%	2.91B
RENANTIS S.P.A	-.--%	2.89B
CLEARWAY ENERGY, INC.	-15.72%	2.65B

Renewable IPPs