Financials Valeo

Equities

FR

FR0013176526

Auto, Truck & Motorcycle Parts

Market Closed - Euronext Paris Other stock markets 11:35:24 2024-04-26 EDT			5-day change	1st Jan Change
11.5 ^EUR	-3.24%		-6.16%	-17.32%

04-26	VALEO : Goldman Sachs reiterates its Neutral rating	ZD
04-25	Valeo: confirms its financial objectives for 2024 and 2025	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,501	7,752	6,424	4,022	3,378	2,806	-	-
Enterprise Value (EV) ¹	10,666	10,897	9,905	8,024	7,406	6,582	6,391	6,332
P/E ratio	24 x	-7.09 x	36.9 x	17.6 x	15.3 x	8.9 x	4.81 x	3.41 x
Yield	3.98%	0.62%	1.32%	2.28%	2.87%	4.77%	7.67%	9.98%
Capitalization / Revenue	0.39 x	0.47 x	0.37 x	0.2 x	0.15 x	0.12 x	0.12 x	0.11 x
EV / Revenue	0.55 x	0.66 x	0.57 x	0.4 x	0.34 x	0.29 x	0.26 x	0.25 x
EV / EBITDA	4.27 x	7.24 x	4.29 x	3.34 x	2.8 x	2.32 x	1.96 x	1.74 x
EV / FCF	20.6 x	30.1 x	35.8 x	19.1 x	16.1 x	15.3 x	10.2 x	7.3 x
FCF Yield	4.87%	3.32%	2.8%	5.22%	6.22%	6.55%	9.78%	13.7%
Price to Book	1.62 x	2.4 x	1.74 x	-	0.95 x	0.7 x	0.63 x	0.55 x
Nbr of stocks (in thousands)	238,821	240,133	241,678	240,821	242,772	243,921	-	-
Reference price ²	31.41	32.28	26.58	16.70	13.92	11.50	11.50	11.50
Announcement Date	20-02-20	21-02-18	22-02-25	23-02-23	24-02-29	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,477	16,436	17,262	20,037	22,044	22,700	24,259	25,566
EBITDA ¹	2,496	1,505	2,308	2,401	2,647	2,834	3,256	3,630
EBIT ¹	1,034	-372	699	635	838	974.6	1,290	1,551
Operating Margin	5.31%	-2.26%	4.05%	3.17%	3.8%	4.29%	5.32%	6.07%
Earnings before Tax (EBT) ¹	657	-938	442	-	454	514.5	893.7	1,348
Net income ¹	313	-1,089	175	230	221	325.7	557.5	821.1
Net margin	1.61%	-6.63%	1.01%	1.15%	1%	1.43%	2.3%	3.21%
EPS ²	1.310	-4.550	0.7200	0.9500	0.9100	1.292	2.391	3.377
Free Cash Flow ¹	519	362	277	419	461	431	625	867
FCF margin	2.66%	2.2%	1.6%	2.09%	2.09%	1.9%	2.58%	3.39%
FCF Conversion (EBITDA)	20.79%	24.05%	12%	17.45%	17.42%	15.21%	19.2%	23.88%
FCF Conversion (Net income)	165.81%	-	158.29%	182.17%	208.6%	132.33%	112.12%	105.59%
Dividend per Share ²	1.250	0.2000	0.3500	0.3800	0.4000	0.5484	0.8826	1.148
Announcement Date	20-02-20	21-02-18	22-02-25	23-02-23	24-02-29	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	9,701	7,058	9,378	8,994	3,964	4,304	8,268	4,753	4,666	9,419	5,259	5,359	10,618	5,482	5,730	11,212	5,224	5,608	10,832	5,427	-	-	-	-
EBITDA	1,278	202	1,303	1,205	-	-	1,104	-	-	1,111	-	-	1,290	-	-	1,302	-	-	1,345	-	-	-	-	-
EBIT	520	-840	468	415	-	-	284	-	-	258	-	-	377	-	-	363	-	-	475	-	-	-	-	-
Operating Margin	5.36%	-11.9%	4.99%	4.61%	-	-	3.43%	-	-	2.74%	-	-	3.55%	-	-	3.24%	-	-	4.39%	-	-	-	-	-
Earnings before Tax (EBT)	321	-1,196	258	245	-	-	197	-	-	81	-	-	-	-	-	217	-	-	237	-	-	-	-	-
Net income ¹	151	-1,215	126	90	-	92.32	85	-24	-24	-48	139	-	278	-	-	119	-	-	102	58.52	58.52	87.77	87.77	-
Net margin	1.56%	-17.21%	1.34%	1%	-	2.14%	1.03%	-0.5%	-0.51%	-0.51%	2.64%	-	2.62%	-	-	1.06%	-	-	0.94%	1.07%	-	-	-	-
EPS ²	0.6300	-5.080	0.5300	0.3800	-	0.3600	-	-0.1000	-0.1000	-0.2000	0.5600	0.5900	1.150	-	-	0.5000	-	-	0.4100	0.2431	0.2431	0.3646	0.3646	-
Dividend per Share ²	-	-	-	0.3000	-	-	-	-	0.3500	-	-	-	-	-	-	-	-	-	-	-	0.4817	-	-	-
Announcement Date	20-02-20	20-07-21	21-02-18	21-07-21	21-11-25	22-02-25	22-02-25	22-04-26	22-07-26	22-07-26	22-10-27	23-02-23	23-02-23	23-04-27	23-07-27	23-07-27	23-11-29	24-02-29	24-02-29	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,165	3,145	3,481	4,002	4,028	3,775	3,584	3,526
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.268 x	2.09 x	1.508 x	1.667 x	1.522 x	1.332 x	1.101 x	0.9713 x
Free Cash Flow ¹	519	362	277	419	461	431	625	867
ROE (net income / shareholders' equity)	6.8%	-15.1%	5.04%	-	5.98%	8.78%	13.5%	16.9%
ROA (Net income/ Total Assets)	1.67%	-5.77%	0.93%	-	1.01%	1.18%	2.04%	5.12%
Assets ¹	18,692	18,880	18,841	-	21,894	27,544	27,362	16,024
Book Value Per Share ²	19.40	13.40	15.30	-	14.70	16.30	18.30	20.90
Cash Flow per Share ²	10.30	7.680	6.660	7.840	10.10	9.120	10.20	10.90
Capex ¹	1,966	1,478	1,350	1,489	2,001	2,119	2,130	2,107
Capex / Sales	10.09%	8.99%	7.82%	7.43%	9.08%	9.33%	8.78%	8.24%
Announcement Date	20-02-20	21-02-18	22-02-25	23-02-23	24-02-29	-	-	-

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 Valeo

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.5 EUR

Average target price

15.88 EUR

Spread / Average Target

+37.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
VALEO	-17.32%	3B
DENSO CORPORATION	+29.62%	50.98B
WEICHAI POWER CO., LTD.	+25.77%	20.39B
APTIV PLC	-20.63%	19.42B
HYUNDAI MOBIS CO.,LTD	+1.48%	15.84B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+31.67%	17.27B
MAGNA INTERNATIONAL INC.	-14.23%	14.09B
CONTINENTAL AG	-18.75%	13.35B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+31.97%	11.74B
AISIN CORPORATION	+14.27%	9.65B

Other Auto, Truck & Motorcycle Parts