BENEFIT SYSTEMS S.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,730 PLN | +0.74% |
|
-1.09% | +40.00% |
| Mar. 20 | Benefit Systems S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| Feb. 23 | Benefit Systems Plans to Merge with Eight Units | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,417 | 2,315 | 1,866 | 2,183 | 5,720 | 8,076 | - | - |
| Enterprise Value (EV) 1 | 3,479 | 2,353 | 1,835 | 2,049 | 5,347 | 7,682 | 7,592 | 7,479 |
| P/E ratio | 23.5 x | -22.9 x | - | 15.8 x | 13.1 x | 17.7 x | 15.1 x | 13.7 x |
| Yield | - | - | - | - | 2.1% | 4.29% | 4.81% | 5.84% |
| Capitalization / Revenue | 1.58 x | 2.24 x | 1.95 x | 1.14 x | 2.06 x | 2.38 x | 2.07 x | 1.85 x |
| EV / Revenue | 2.28 x | 2.28 x | 1.92 x | 1.07 x | 1.93 x | 2.26 x | 1.95 x | 1.71 x |
| EV / EBITDA | 9.72 x | 11.3 x | 8.95 x | 4.61 x | 6.46 x | 8.43 x | 7.23 x | 6.42 x |
| EV / FCF | 13.9 x | 14 x | 11 x | 6.46 x | 9.41 x | 21.8 x | 15.3 x | 12.4 x |
| FCF Yield | 7.21% | 7.15% | 9.07% | 15.5% | 10.6% | 4.58% | 6.55% | 8.04% |
| Price to Book | 4.07 x | 4.6 x | 3.09 x | - | 5.74 x | 7.67 x | 6.75 x | 6.15 x |
| Nbr of stocks (in thousands) | 2,741 | 2,776 | 2,934 | 2,934 | 2,934 | 2,958 | - | - |
| Reference price 2 | 882.0 | 834.0 | 636.0 | 744.0 | 1,950 | 2,730 | 2,730 | 2,730 |
| Announcement Date | 4/1/20 | 3/24/21 | 4/15/22 | 3/22/23 | 3/20/24 | - | - | - |
1PLN in Million2PLN
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,527 | 1,034 | 954.9 | 1,909 | 2,774 | 3,392 | 3,902 | 4,373 |
| EBITDA 1 | 357.9 | 207.8 | 205.1 | 444.8 | 827.6 | 911.1 | 1,051 | 1,166 |
| EBIT 1 | 155.5 | -3.387 | -4.01 | 212.8 | 540.1 | 631.6 | 736.2 | 815.6 |
| Operating Margin | 10.18% | -0.33% | -0.42% | 11.14% | 19.47% | 18.62% | 18.87% | 18.65% |
| Earnings before Tax (EBT) 1 | 143 | -90.63 | -17.14 | 176.6 | 553.4 | 602.7 | 716.6 | 800.4 |
| Net income 1 | 105.3 | -100 | -25.14 | 138.1 | 439.6 | 456.2 | 549.7 | 608.4 |
| Net margin | 6.9% | -9.68% | -2.63% | 7.23% | 15.85% | 13.45% | 14.09% | 13.91% |
| EPS 2 | 37.54 | -36.43 | - | 47.08 | 149.3 | 154.6 | 180.8 | 199.3 |
| Free Cash Flow 1 | 251 | 168.3 | 166.4 | 316.9 | 568.2 | 351.7 | 497.7 | 601.7 |
| FCF margin | 16.43% | 16.28% | 17.43% | 16.6% | 20.48% | 10.37% | 12.76% | 13.76% |
| FCF Conversion (EBITDA) | 70.11% | 80.99% | 81.15% | 71.25% | 68.66% | 38.6% | 47.37% | 51.61% |
| FCF Conversion (Net income) | 238.26% | - | - | 229.46% | 129.25% | 77.08% | 90.54% | 98.89% |
| Dividend per Share 2 | - | - | - | - | 41.00 | 117.0 | 131.2 | 159.3 |
| Announcement Date | 4/1/20 | 3/24/21 | 4/15/22 | 3/22/23 | 3/20/24 | - | - | - |
1PLN in Million2PLN
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 297.3 | 378.6 | 401.8 | 459.6 | 485.4 | 562.3 | 625.3 | 697.5 | 693.9 | 757.5 | 802.2 |
| EBITDA 1 | 57.29 | 93.88 | 74.64 | 107.3 | 127.1 | 135.9 | 129.1 | 215.6 | 243.2 | 239.6 | 186.5 |
| EBIT 1 | 6.232 | 37.86 | 19.32 | 50.3 | 69.1 | 74 | 65.73 | 143.2 | 171.1 | 160.1 | 105.6 |
| Operating Margin | 2.1% | 10% | 4.81% | 10.94% | 14.24% | 13.16% | 10.51% | 20.53% | 24.66% | 21.13% | 13.16% |
| Earnings before Tax (EBT) 1 | -7.644 | 33.72 | - | 40.22 | - | - | 64.73 | 158.9 | 144.8 | 184.9 | 100.8 |
| Net income 1 | -9.974 | 23.48 | - | 31.6 | - | - | 52.37 | 129.5 | 115.4 | 142.4 | 77.77 |
| Net margin | -3.36% | 6.2% | - | 6.88% | - | - | 8.38% | 18.57% | 16.63% | 18.81% | 9.69% |
| EPS | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/9/21 | 4/15/22 | 5/25/22 | 8/16/22 | 11/9/22 | 3/22/23 | 5/17/23 | 8/16/23 | 11/15/23 | 3/20/24 | - |
1PLN in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,062 | 37.7 | - | - | - | - | - | - |
| Net Cash position 1 | - | - | 31.1 | 134 | 373 | 395 | 484 | 597 |
| Leverage (Debt/EBITDA) | 2.966 x | 0.1814 x | - | - | - | - | - | - |
| Free Cash Flow 1 | 251 | 168 | 166 | 317 | 568 | 352 | 498 | 602 |
| ROE (net income / shareholders' equity) | 17.8% | -17.5% | -3.23% | 20.8% | 51% | 45.6% | 46.4% | 45.4% |
| ROA (Net income/ Total Assets) | 6.65% | -4.85% | -0.86% | 6.26% | 17.5% | 17.5% | 18.5% | 18.4% |
| Assets 1 | 1,584 | 2,062 | 2,914 | 2,207 | 2,517 | 2,607 | 2,971 | 3,307 |
| Book Value Per Share 2 | 217.0 | 181.0 | 206.0 | - | 340.0 | 356.0 | 405.0 | 444.0 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | 129 | 53.8 | 74.1 | 123 | 262 | 329 | 309 | 288 |
| Capex / Sales | 8.44% | 5.2% | 7.76% | 6.43% | 9.45% | 9.69% | 7.93% | 6.59% |
| Announcement Date | 4/1/20 | 3/24/21 | 4/15/22 | 3/22/23 | 3/20/24 | - | - | - |
1PLN in Million2PLN
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
2,730
PLN
Average target price
3,125
PLN
Spread / Average Target
+14.47%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +40.00% | 1.99B | |
| -11.13% | 3.92B | |
| -22.26% | 1.59B | |
| +22.14% | 1.14B | |
| -1.61% | 1.03B | |
| +1.63% | 745M | |
| +1.62% | 653M | |
| -26.07% | 67.07M |
- Stock Market
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- Financials Benefit Systems S.A.
