Financials Voestalpine Cinnober Boat

Stocks

0MKX

AT0000937503

Iron & Steel

Delayed Cinnober Boat			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-

08-17	Bank of America recommends buying Salzgitter, sector in demand	DP
08-07	Erste Group Upgrades Voestalpine to Accumulate, Boosts PT	MT

Projected Income Statement: Voestalpine

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net sales ¹	14,923	18,225	16,684	15,744	15,063	15,751	16,400	16,714
Change	-	22.13%	-8.45%	-5.64%	-4.32%	4.57%	4.12%	1.91%
EBITDA ¹	2,291	2,545	1,666	1,346	1,486	1,768	2,087	2,114
Change	-	11.05%	-34.52%	-19.19%	10.34%	18.98%	18.07%	1.28%
EBIT ¹	1,454	1,624	569.3	455.1	723.5	1,008	1,307	1,332
Change	-	11.68%	-64.95%	-20.07%	58.99%	39.37%	29.67%	1.84%
Interest Paid ¹	-71.8	-133.4	-185.9	-184.5	-136.9	-142.4	-134.8	-123.2
Earnings before Tax (EBT) ¹	1,382	1,491	383.4	270.5	586.6	841.9	1,164	1,251
Change	-	7.83%	-74.28%	-29.44%	116.85%	43.53%	38.25%	7.49%
Net income ¹	1,300	1,066	100.8	153.5	424.7	638.8	854.7	920.7
Change	-	-17.97%	-90.54%	52.28%	176.68%	50.41%	33.8%	7.72%
Announcement Date	6/8/22	6/7/23	6/4/24	6/4/25	6/3/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: March	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3	2028 Q4	2029 Q1
Net sales ¹	3,553	3,853	4,420	4,645	4,650	4,290	4,640	4,446	4,067	3,875	4,297	4,146	3,896	3,699	4,002	3,902	3,690	3,548	3,924	3,994	3,902	3,812	4,149	4,294	4,089	3,803	4,264	4,406
Change	-	8.45%	14.71%	5.11%	0.09%	-7.74%	8.16%	-4.19%	-8.52%	-4.73%	10.89%	-3.51%	-6.02%	-5.06%	8.19%	-2.52%	-5.43%	-3.84%	10.61%	1.78%	-2.31%	-2.3%	8.83%	3.51%	-4.78%	-6.99%	12.11%	3.32%
EBITDA ¹	510	496.2	768	879.1	566.6	433.3	665.6	504.5	410.1	368.3	383.2	417.2	300.8	250.3	378.2	361.2	361.2	315.4	447.8	495	377.9	379.1	535.3	553.1	493.5	419.4	599.9	573.1
Change	-	-2.71%	54.78%	14.47%	-35.55%	-23.53%	53.61%	-24.2%	-18.71%	-10.19%	4.05%	8.87%	-27.9%	-16.79%	51.08%	-4.48%	0%	-12.68%	41.98%	10.54%	-23.65%	0.32%	41.19%	3.33%	-10.78%	-15.01%	43.03%	-4.46%
EBIT ¹	311	296.4	499.7	692.7	205.4	241.9	484.2	316.2	214.9	182.1	-143.9	227.8	110.7	52.6	63.96	171.5	173.8	127.7	250.5	307	185.1	187.1	343.1	364.8	295	223.7	414	384.9
Change	-	-4.69%	68.59%	38.62%	-70.35%	17.77%	100.17%	-34.7%	-32.04%	-15.26%	-179.02%	258.3%	-51.4%	-52.48%	21.6%	168.14%	1.34%	-26.52%	96.16%	22.55%	-39.7%	1.1%	83.31%	6.34%	-19.13%	-24.18%	85.08%	-7.02%
Charge d'intérêts	-18.7	-	-	-22.4	-	-35.6	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	292	281.9	481.9	670.3	176	206.3	438.2	278.4	161.2	135.2	-191.4	188.5	60.5	5.5	16.53	138.7	139.7	93.6	214.6	279	159.6	140.5	306.1	332.5	263.9	188.7	381.9	357.1
Change	-	-3.46%	70.95%	39.1%	-73.74%	17.22%	112.41%	-36.47%	-42.1%	-16.13%	-241.57%	198.48%	-67.9%	-90.91%	200.55%	739.08%	0.72%	-33%	129.27%	30.01%	-42.81%	-11.93%	117.83%	8.64%	-20.64%	-28.47%	102.32%	-6.47%
Net income ¹	221.2	205.8	619.9	596.4	81.1	110.3	278.2	176.8	94.9	75.9	-246.8	135.2	25.3	22.3	-29.3	100.7	94.3	59.7	52.7	194.7	119.7	105.4	229.6	249.4	197.9	141.6	286.4	267.9
Change	-	-6.96%	201.21%	-3.79%	-86.4%	36%	152.22%	-36.45%	-46.32%	-20.02%	-425.16%	154.78%	-81.29%	-11.86%	-231.39%	443.69%	-6.36%	-36.69%	-11.73%	269.45%	-38.54%	-11.93%	117.83%	8.64%	-20.64%	-28.47%	102.32%	-6.47%
Announcement Date	11/10/21	2/9/22	6/8/22	8/4/22	11/9/22	2/8/23	6/7/23	8/9/23	11/6/23	1/30/24	6/4/24	8/6/24	11/11/24	2/11/25	6/4/25	8/6/25	11/11/25	2/11/26	6/3/26	8/4/26	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Voestalpine

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net Debt ¹	2,291	1,661	1,651	1,650	1,264	1,230	966	760
Change	-	-27.5%	-0.6%	-0.06%	-23.39%	-2.67%	-21.46%	-21.33%
Announcement Date	6/8/22	6/7/23	6/4/24	6/4/25	6/3/26	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Voestalpine

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
CAPEX ¹	654	752.1	1,082	1,109	983.4	1,141	1,053	1,001
Change	-	15%	43.85%	2.47%	-11.29%	16.04%	-7.71%	-4.98%
Free Cash Flow (FCF) ¹	588.9	1,106	366	311.9	556.7	220.8	544.8	635.4
Change	-	87.81%	-66.91%	-14.78%	78.49%	-60.35%	146.8%	16.64%
Announcement Date	6/8/22	6/7/23	6/4/24	6/4/25	6/3/26	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Voestalpine

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Profitability
EBITDA Margin (%)	15.35%	13.96%	9.99%	8.55%	9.86%	11.22%	12.73%	12.65%
EBIT Margin (%)	9.75%	8.91%	3.41%	2.89%	4.8%	6.4%	7.97%	7.97%
EBT Margin (%)	9.26%	8.18%	2.3%	1.72%	3.89%	5.35%	7.1%	7.49%
Net margin (%)	8.71%	5.85%	0.6%	0.97%	2.82%	4.06%	5.21%	5.51%
FCF margin (%)	3.95%	6.07%	2.19%	1.98%	3.7%	1.4%	3.32%	3.8%
FCF / Net Income (%)	45.31%	103.75%	363.1%	203.19%	131.08%	34.56%	63.74%	69.01%
Profitability
ROA	6.52%	6.25%	0.6%	0.95%	2.68%	3.95%	5.24%	6.17%
ROE	16.75%	14.76%	1.38%	2.13%	5.74%	8.19%	10.1%	9.87%
Financial Health
Leverage (Debt/EBITDA)	1x	0.65x	0.99x	1.23x	0.85x	0.7x	0.46x	0.36x
Debt / Free cash flow	3.89x	1.5x	4.51x	5.29x	2.27x	5.57x	1.77x	1.2x
Capital Intensity
CAPEX / Current Assets (%)	4.38%	4.13%	6.48%	7.04%	6.53%	7.24%	6.42%	5.99%
CAPEX / EBITDA (%)	28.54%	29.56%	64.94%	82.34%	66.2%	64.56%	50.46%	47.34%
CAPEX / FCF (%)	111.05%	68%	295.6%	355.43%	176.65%	516.94%	193.31%	157.48%
Items per share
Cash flow per share ¹	6.962	5.394	8.445	8.285	8.67	7.61	9.765	10.22
Change	-	-22.53%	56.57%	-1.89%	4.65%	-12.23%	28.32%	4.7%
Dividend per Share ¹	1.2	1.5	0.7	0.6	0.75	1.182	1.471	1.419
Change	-	25%	-53.33%	-14.29%	25%	57.55%	24.47%	-3.53%
Book Value Per Share ¹	38.73	43.61	43.43	42.14	44.21	47.26	51.13	55.19
Change	-	12.58%	-0.41%	-2.97%	4.92%	6.89%	8.19%	7.95%
EPS ¹	7.28	6.01	0.59	0.9	2.44	3.708	4.965	5.345
Change	-	-17.45%	-90.18%	52.54%	171.11%	51.97%	33.88%	7.66%
Nbr of stocks (in thousands)	178,521	177,057	171,451	171,451	171,451	171,451	171,451	171,451
Announcement Date	6/8/22	6/7/23	6/4/24	6/4/25	6/3/26	-	-	-