Financials Touax LIQUIDNET SYSTEMS

Equities

End-of-day quote LIQUIDNET SYSTEMS Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-.--%

03-22	Touax: the share resists the downturn thanks to results	CF
03-22	Touax SCA Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	37.09	64.56	47.37	56.32	39.33	24.1	-
Enterprise Value (EV) ¹	236.4	254.2	278.4	56.32	325	318.7	312.5
P/E ratio	-13.6 x	11 x	3.78 x	7.51 x	10.8 x	4.06 x	3.29 x
Yield	-	-	-	-	2.14%	4.93%	6.09%
Capitalization / Revenue	0.22 x	0.4 x	0.28 x	0.35 x	0.25 x	0.12 x	0.12 x
EV / Revenue	1.4 x	1.56 x	1.66 x	0.35 x	2.07 x	1.57 x	1.5 x
EV / EBITDA	6.41 x	5.43 x	5.24 x	0.97 x	5.88 x	5.74 x	5.4 x
EV / FCF	-169 x	-161 x	-	-	16.8 x	-354 x	208 x
FCF Yield	-0.59%	-0.62%	-	-	5.94%	-0.28%	0.48%
Price to Book	0.38 x	-	-	-	0.27 x	0.3 x	0.28 x
Nbr of stocks (in thousands)	6,998	7,002	7,007	7,005	6,999	6,986	-
Reference price ²	5.300	9.220	6.760	8.040	5.620	3.450	3.450
Announcement Date	3/25/20	3/24/21	3/23/22	3/22/23	3/21/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	169	163.4	167.9	161.5	157.1	202.4	208.9
EBITDA ¹	36.9	46.8	53.1	57.9	55.3	55.5	57.9
EBIT ¹	15.1	23.2	28.7	31.1	28.3	29.5	31.2
Operating Margin	8.93%	14.2%	17.1%	19.26%	18.01%	14.58%	14.94%
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	-2.7	5.9	12.6	7.5	3.6	5.9	7.4
Net margin	-1.6%	3.61%	7.51%	4.65%	2.29%	2.92%	3.54%
EPS ²	-0.3900	0.8400	1.790	1.070	0.5200	0.8500	1.050
Free Cash Flow ¹	-1.395	-1.579	-	-	19.32	-0.9	1.5
FCF margin	-0.83%	-0.97%	-	-	12.3%	-0.44%	0.72%
FCF Conversion (EBITDA)	-	-	-	-	34.94%	-	2.59%
FCF Conversion (Net income)	-	-	-	-	536.69%	-	20.27%
Dividend per Share ²	-	-	-	-	0.1200	0.1700	0.2100
Announcement Date	3/25/20	3/24/21	3/23/22	3/22/23	3/21/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	199	190	231	-	286	295	288
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.401 x	4.051 x	4.35 x	-	5.166 x	5.308 x	4.981 x
Free Cash Flow ¹	-1.4	-1.58	-	-	19.3	-0.9	1.5
ROE (net income / shareholders' equity)	-1.22%	4.37%	12.5%	-	4.3%	5.3%	6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	13.90	-	-	-	20.60	11.60	12.30
Cash Flow per Share ²	4.580	6.060	6.930	-	2.790	4.200	4.540
Capex ¹	-	0.6	-	-	1.82	30	30
Capex / Sales	-	0.37%	-	-	1.16%	14.82%	14.36%
Announcement Date	3/25/20	3/24/21	3/23/22	3/22/23	3/21/24	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.45 EUR

Average target price

12.8 EUR

Spread / Average Target

+271.01%

	1st Jan change	Capi.
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+43.94%	38.3B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+17.96%	18.52B
DP WORLD PLC	0.00%	13.47B
MISC	+16.87%	8.06B
JSW INFRASTRUCTURE LIMITED	+57.66%	8.05B
QINGDAO PORT INTERNATIONAL CO., LTD.	+40.90%	7.93B
ABU DHABI PORTS COMPANY	-20.53%	7.06B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	+9.21%	6.25B
QUBE HOLDINGS LIMITED	+12.04%	4.3B