Financials Neoen

Equities

NEOEN

FR0011675362

Independent Power Producers

Market Closed - Euronext Paris Other stock markets 11:35:03 2024-05-31 am EDT			5-day change	1st Jan Change
37.86 ^EUR	+20.57%		+17.87%	+25.03%

May. 31	NEOEN : Stifel downgrades its advice and raises its target	CF
May. 31	News Highlights : Top Financial Services News of the Day - Friday at 7 AM ET	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,622	5,344	4,078	4,028	4,602	5,747	-	-
Enterprise Value (EV) ¹	4,576	7,718	6,438	6,915	7,617	10,001	11,117	12,097
P/E ratio	75.4 x	1,568 x	109 x	102 x	32.2 x	69.2 x	44 x	35 x
Yield	-	-	0.26%	0.33%	0.5%	0.43%	0.53%	0.64%
Capitalization / Revenue	10.4 x	17.9 x	12.2 x	8.01 x	8.78 x	8.92 x	6.48 x	5.31 x
EV / Revenue	18.1 x	25.8 x	19.3 x	13.7 x	14.5 x	15.5 x	12.5 x	11.2 x
EV / EBITDA	21.2 x	28.5 x	21.4 x	16.7 x	16 x	18.4 x	15.6 x	14.3 x
EV / FCF	-7.9 x	-25.1 x	-13.5 x	-10.6 x	-10.6 x	-9.92 x	-8.79 x	-12.1 x
FCF Yield	-12.7%	-3.98%	-7.43%	-9.46%	-9.47%	-10.1%	-11.4%	-8.24%
Price to Book	3.97 x	8.39 x	2.94 x	2.27 x	1.74 x	2.15 x	2.01 x	1.92 x
Nbr of stocks (in thousands)	84,849	85,231	106,858	107,105	151,976	151,793	-	-
Reference price ²	30.90	62.70	38.16	37.61	30.28	37.86	37.86	37.86
Announcement Date	3/25/20	3/11/21	3/14/22	3/1/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	253.2	298.8	333.6	503.2	524.4	644.5	886.9	1,083
EBITDA ¹	216.1	270.4	300.4	414	474.8	542.9	712	845.6
EBIT ¹	135.9	142.4	171.2	259.3	294.7	325.9	438	533.2
Operating Margin	53.67%	47.66%	51.32%	51.53%	56.2%	50.56%	49.38%	49.22%
Earnings before Tax (EBT) ¹	44.9	24.8	53.5	78.3	211.6	131	196.2	246.4
Net income ¹	36	3.9	41	45.2	150.2	88.58	131.4	162.2
Net margin	14.22%	1.31%	12.29%	8.98%	28.64%	13.74%	14.82%	14.97%
EPS ²	0.4100	0.0400	0.3500	0.3700	0.9400	0.5470	0.8607	1.083
Free Cash Flow ¹	-579.5	-307.4	-478.5	-654.2	-721.3	-1,008	-1,265	-996.9
FCF margin	-228.87%	-102.88%	-143.44%	-130.01%	-137.55%	-156.44%	-142.59%	-92.02%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.1000	0.1250	0.1500	0.1641	0.2021	0.2406
Announcement Date	3/25/20	3/11/21	3/14/22	3/1/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q2	2023 S1	2023 Q4	2024 Q1
Net sales ¹	157.2	164.9	109.1	114.9	224	130.5	148.7	122.6	277	126.9	141.4
EBITDA	148.2	125.9	-	-	175	-	-	-	252.2	-	-
EBIT	95.9	-	-	-	103	-	-	-	163.4	-	-
Operating Margin	61.01%	-	-	-	45.98%	-	-	-	58.99%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	92.2	-	-
Net margin	-	-	-	-	-	-	-	-	33.29%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	9/23/20	7/30/21	4/28/22	7/28/22	7/28/22	11/3/22	3/1/23	7/27/23	7/27/23	2/28/24	5/2/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,954	2,375	2,361	2,887	3,015	4,254	5,370	6,350
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.043 x	8.781 x	7.858 x	6.972 x	6.351 x	7.835 x	7.543 x	7.51 x
Free Cash Flow ¹	-580	-307	-479	-654	-721	-1,008	-1,265	-997
ROE (net income / shareholders' equity)	5.51%	3.01%	4.1%	2.77%	6.61%	3.21%	4.41%	5.29%
ROA (Net income/ Total Assets)	1.21%	0.55%	0.94%	0.81%	2.2%	1.05%	1.43%	1.46%
Assets ¹	2,977	715.6	4,361	5,609	6,838	8,417	9,176	11,114
Book Value Per Share ²	7.790	7.470	13.00	16.50	17.40	17.60	18.90	19.70
Cash Flow per Share ²	2.060	2.350	2.360	3.750	2.250	2.230	3.440	4.250
Capex ¹	764	530	755	1,111	1,046	1,480	1,581	1,326
Capex / Sales	301.74%	177.28%	226.17%	220.83%	199.47%	229.57%	178.21%	122.41%
Announcement Date	3/25/20	3/11/21	3/14/22	3/1/23	2/28/24	-	-	-

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 Neoen

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

37.86 EUR

Average target price

35.05 EUR

Spread / Average Target

-7.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Renewable IPPs

	1st Jan change	Capi.
NEOEN	+25.03%	6.23B
ADANI GREEN ENERGY LIMITED	+19.50%	36.22B
HUANENG LANCANG RIVER HYDROPOWER INC.	+14.60%	24.58B
EDP RENOVÁVEIS, S.A.	-20.54%	16.6B
ENGIE BRASIL ENERGIA S.A.	-4.39%	6.75B
NORTHLAND POWER INC.	-3.20%	4.38B
ERG S.P.A.	-10.88%	4.07B
CLEARWAY ENERGY, INC.	+0.39%	3.2B
ENCAVIS AG	+9.94%	2.99B
RENANTIS S.P.A	-.--%	2.89B

Renewable IPPs