Financials Solar A/S

Equities

SOLAR B

DK0010274844

Construction & Engineering

Real-time Estimate Cboe Europe Other stock markets 07:39:15 2024-06-18 EDT			5-day change	1st Jan Change
339 ^DKK	-1.17%		+1.19%	-26.88%

05-02	Transcript : Solar A/S, Q1 2024 Earnings Call, May 02, 2024
05-02	Solar A/S Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,182	2,627	5,806	4,528	3,396	2,505	-
Enterprise Value (EV) ¹	3,103	2,755	5,769	5,602	3,396	3,698	3,720
P/E ratio	34.1 x	11.8 x	11 x	6.89 x	9.82 x	17.6 x	11.9 x
Yield	4.68%	7.78%	5.66%	7.26%	-	4.37%	5.83%
Capitalization / Revenue	0.19 x	0.23 x	0.47 x	0.33 x	0.26 x	0.21 x	0.21 x
EV / Revenue	0.27 x	0.24 x	0.47 x	0.4 x	0.26 x	0.31 x	0.31 x
EV / EBITDA	5.77 x	4.33 x	6.33 x	4.77 x	3.9 x	6.5 x	5.7 x
EV / FCF	16,506,326 x	3,774,500 x	9,014,115 x	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-
Price to Book	1.37 x	1.55 x	2.98 x	2.35 x	-	1.35 x	1.28 x
Nbr of stocks (in thousands)	7,298	7,298	7,303	7,303	7,303	7,303	-
Reference price ²	299.0	360.0	795.0	620.0	465.0	343.0	343.0
Announcement Date	20-02-06	21-02-11	22-02-10	23-02-09	24-02-08	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	11,679	11,465	12,354	13,863	13,031	12,106	12,189
EBITDA ¹	538	637	911	1,175	871	569	652.9
EBIT ¹	260	248	672	909	558	255.9	344.7
Operating Margin	2.23%	2.16%	5.44%	6.56%	4.28%	2.11%	2.83%
Earnings before Tax (EBT) ¹	120	300	622	858	468	187.3	275
Net income ¹	64	222	531	660	347	142.8	211.7
Net margin	0.55%	1.94%	4.3%	4.76%	2.66%	1.18%	1.74%
EPS ²	8.770	30.38	72.50	90.05	47.34	19.49	28.89
Free Cash Flow	188	730	640	-	-	-	-
FCF margin	1.61%	6.37%	5.18%	-	-	-	-
FCF Conversion (EBITDA)	34.94%	114.6%	70.25%	-	-	-	-
FCF Conversion (Net income)	293.75%	328.83%	120.53%	-	-	-	-
Dividend per Share ²	14.00	28.00	45.00	45.00	-	15.00	20.00
Announcement Date	20-02-06	21-02-11	22-02-10	23-02-09	24-02-08	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1
Net sales ¹	3,380	3,462
EBITDA ¹	259	281
EBIT ¹	197	222
Operating Margin	5.83%	6.41%
Earnings before Tax (EBT)	184	-
Net income	159	-
Net margin	4.7%	-
EPS	21.71	-
Dividend per Share	-	-
Announcement Date	22-02-10	22-04-21

¹DKK in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	921	128	-	1,074	-	1,193	1,215
Net Cash position ¹	-	-	37	-	-	-	-
Leverage (Debt/EBITDA)	1.712 x	0.2009 x	-	0.914 x	-	2.097 x	1.861 x
Free Cash Flow	188	730	640	-	-	-	-
ROE (net income / shareholders' equity)	7.87%	13.5%	29.1%	34%	-	8.55%	11.1%
ROA (Net income/ Total Assets)	2.64%	-	-	-	-	-	-
Assets ¹	2,423	-	-	-	-	-	-
Book Value Per Share ²	218.0	232.0	267.0	263.0	-	254.0	268.0
Cash Flow per Share	40.80	111.0	107.0	-	-	-	-
Capex ¹	110	33	143	167	-	225	227
Capex / Sales	0.94%	0.29%	1.16%	1.2%	-	1.86%	1.86%
Announcement Date	20-02-06	21-02-11	22-02-10	23-02-09	24-02-08	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Solar A/S

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

343 DKK

Average target price

345 DKK

Spread / Average Target

+0.58%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Building Contractors

	1st Jan change	Capi.
SOLAR A/S	-26.88%	360M
TOPBUILD CORP.	+10.67%	13.1B
INSTALLED BUILDING PRODUCTS, INC.	+17.15%	6.06B
SINOMA INTERNATIONAL ENGINEERING CO.,LTD	+29.98%	4.42B
INSTALCO AB	+4.84%	1.08B
ENVISION GREENWISE HOLDINGS LIMITED	+136.59%	799M
KERJAYA PROSPEK GROUP	+20.65%	500M
DA-CIN CONSTRUCTION CO.,LTD.	+28.12%	453M
CHI KAN HOLDINGS LIMITED	-15.22%	351M
JIU HAN SYSTEM TECHNOLOGY CO., LTD.	+13.23%	344M

Building Contractors