Financials Clariant AG

Equities

CLN

CH0012142631

Specialty Chemicals

Market Closed - Swiss Exchange Other stock markets 11:30:41 2024-05-31 am EDT			5-day change	1st Jan Change
14.4 ^CHF	+1.27%		-4.06%	+15.94%

Apr. 30	Global markets live: Adidas, Mercedes, McDonalds, Eli Lilly, PayPal, MicroStrategy, Tesla...
Apr. 30	Transcript : Clariant AG, Q1 2024 Earnings Call, Apr 30, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,121	6,198	6,262	4,822	4,086	4,735	-	-
Enterprise Value (EV) ¹	8,423	7,238	7,797	5,572	4,841	6,363	6,247	6,078
P/E ratio	720 x	8.22 x	18.3 x	56.3 x	30.3 x	18.5 x	14.6 x	12.5 x
Yield	16.4%	16.7%	2.11%	2.87%	3.38%	3.15%	3.45%	3.8%
Capitalization / Revenue	1.62 x	1.61 x	1.43 x	0.93 x	0.93 x	1.11 x	1.05 x	1 x
EV / Revenue	1.91 x	1.88 x	1.78 x	1.07 x	1.11 x	1.48 x	1.38 x	1.29 x
EV / EBITDA	11.4 x	11.7 x	10.3 x	6.24 x	7.55 x	8.86 x	7.71 x	6.85 x
EV / FCF	38.3 x	89.4 x	1,299 x	19 x	22.4 x	28.4 x	22.5 x	19.1 x
FCF Yield	2.61%	1.12%	0.08%	5.26%	4.46%	3.52%	4.45%	5.24%
Price to Book	2.84 x	2.76 x	2.65 x	2.06 x	2.03 x	2.25 x	2.06 x	1.87 x
Nbr of stocks (in thousands)	329,689	329,352	329,554	329,116	329,017	328,848	-	-
Reference price ²	21.60	18.82	19.00	14.65	12.42	14.40	14.40	14.40
Announcement Date	2/13/20	2/11/21	5/19/22	3/2/23	2/28/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,399	3,860	4,372	5,198	4,377	4,285	4,519	4,725
EBITDA ¹	740	619	760	893	641	718	810.4	886.7
EBIT ¹	444	350	493	617	405	466.2	551.4	624.1
Operating Margin	10.09%	9.07%	11.28%	11.87%	9.25%	10.88%	12.2%	13.21%
Earnings before Tax (EBT) ¹	71	212	394	6	218	348.2	463.3	550.2
Net income ¹	10	758	344	84	134	252.3	323.6	382.5
Net margin	0.23%	19.64%	7.87%	1.62%	3.06%	5.89%	7.16%	8.09%
EPS ²	0.0300	2.290	1.040	0.2600	0.4100	0.7792	0.9887	1.154
Free Cash Flow ¹	220	81	6	293	216	224	278	318.3
FCF margin	5%	2.1%	0.14%	5.64%	4.93%	5.23%	6.15%	6.74%
FCF Conversion (EBITDA)	29.73%	13.09%	0.79%	32.81%	33.7%	31.2%	34.3%	35.9%
FCF Conversion (Net income)	2,200%	10.69%	1.74%	348.81%	161.19%	88.78%	85.9%	83.23%
Dividend per Share ²	3.550	3.150	0.4000	0.4200	0.4200	0.4531	0.4964	0.5470
Announcement Date	2/13/20	2/11/21	5/19/22	3/2/23	2/28/24	-	-	-

¹CHF in Million²CHF

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 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	2,170	1,945	1,915	2,034	1,096	1,242	2,338	1,262	1,301	2,563	1,312	1,323	2,635	1,200	1,084	2,284	1,031	1,062	-	1,014	1,055	2,054	1,079	1,172	2,226	-	2,165	2,196
EBITDA ¹	385	309	310	346	190	224	-	238	210	448	242	203	-	184	135	319	164	158	-	184	168	352	184	193	371	-	-	-
EBIT ¹	-	154	-	215	126	-	278	139	-	311	159	-	306	-	-	199	-	-	206	112	-	-	-	-	-	-	-	-
Operating Margin	-	7.92%	-	10.57%	11.5%	-	11.89%	11.01%	-	12.13%	12.12%	-	11.61%	-	-	8.71%	-	-	-	10.74%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	164	-	-	-	-	-	-	-	-	-	-	-	-	-	-	190	-	-	-	-	-	175	-	-	175	-	-	-
Net income	121	75	683	93	101.5	101.5	-	184	184	369	-	-	-	-	-	209	-	-	-	-	114.6	194	-	204.2	35	-	-	-
Net margin	5.58%	3.86%	35.67%	4.57%	9.26%	8.17%	-	14.58%	14.14%	14.4%	-	-	-	-	-	9.15%	-	-	-	-	10.86%	9.44%	-	17.43%	1.57%	-	-	-
EPS	0.3700	-	-	-	0.3000	0.3000	-	0.5600	0.5600	1.120	-	-	-	-	-	0.6400	-	-	-	-	0.3480	-	-	0.6205	-	-	-	-
Dividend per Share ²	-	-	-	-	-	0.4000	-	-	-	-	-	0.4200	-	-	-	-	-	-	-	-	-	-	-	0.4410	-	-	-	-
Announcement Date	2/13/20	7/30/20	2/11/21	7/29/21	10/28/21	5/19/22	5/19/22	6/15/22	7/28/22	7/28/22	10/27/22	3/2/23	3/2/23	5/5/23	7/28/23	7/28/23	10/30/23	2/28/24	2/28/24	4/30/24	-	-	-	-	-	-	-	-

¹CHF in Million²CHF

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,302	1,040	1,535	750	755	1,628	1,511	1,343
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.759 x	1.68 x	2.02 x	0.8399 x	1.178 x	2.267 x	1.865 x	1.514 x
Free Cash Flow ¹	220	81	6	293	216	224	278	318
ROE (net income / shareholders' equity)	10.8%	9.01%	14.8%	3.58%	13.3%	13.6%	15.9%	16.5%
ROA (Net income/ Total Assets)	3.58%	2.87%	4.92%	1.27%	5.04%	4.74%	5.46%	5.65%
Assets ¹	279	26,409	6,985	6,614	2,657	5,327	5,928	6,766
Book Value Per Share ²	7.610	6.810	7.160	7.110	6.100	6.390	7.000	7.710
Cash Flow per Share ²	1.540	1.110	1.100	1.520	-	1.020	1.490	1.740
Capex ¹	289	288	357	209	207	220	235	245
Capex / Sales	6.57%	7.46%	8.17%	4.02%	4.73%	5.14%	5.2%	5.18%
Announcement Date	2/13/20	2/11/21	5/19/22	3/2/23	2/28/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Clariant AG

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

14.4 CHF

Average target price

15.31 CHF

Spread / Average Target

+6.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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