Financials Capelli

Equities

Real-time Euronext Paris Other stock markets 03:00:28 2024-04-29 am EDT			5-day change	1st Jan Change
5.24 ^EUR	-4.03%		-7.75%	+29.70%

Feb. 29	Capelli SA Reports Earnings Results for the Half Year Ended September 30, 2023	CI
2023	Capelli: delivery of offices in Luxembourg	CF

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	70.13	37.67	65.43	49.75	22.24	11.96	-	-
Enterprise Value (EV) ¹	184.9	233	245.2	347.3	445.7	277.3	223.7	201.4
P/E ratio	9.76 x	573 x	15.3 x	20.8 x	-1.1 x	8.03 x	1.6 x	0.95 x
Yield	3.48%	-	2.54%	3.35%	-	8.79%	8.79%	8.79%
Capitalization / Revenue	0.38 x	0.19 x	0.23 x	0.17 x	0.11 x	0.04 x	0.04 x	0.04 x
EV / Revenue	0.99 x	1.16 x	0.87 x	1.2 x	2.21 x	1.04 x	0.77 x	0.68 x
EV / EBITDA	11.7 x	11.4 x	8.89 x	12.5 x	39.1 x	9.88 x	7.12 x	6.25 x
EV / FCF	-57 x	-4.82 x	6.29 x	-4.67 x	-4.62 x	2.6 x	2.36 x	6.92 x
FCF Yield	-1.76%	-20.7%	15.9%	-21.4%	-21.6%	38.4%	42.3%	14.5%
Price to Book	1.03 x	0.54 x	0.88 x	0.68 x	-	1.19 x	-	-
Nbr of stocks (in thousands)	2,198	2,190	2,188	2,192	2,191	2,191	-	-
Reference price ²	31.90	17.20	29.90	22.70	10.15	5.460	5.460	5.460
Announcement Date	6/26/19	7/30/20	7/15/21	6/29/22	6/28/23	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	186.8	201.6	280.5	290.3	201.7	267.3	290	295.8
EBITDA ¹	15.8	20.4	27.6	27.8	11.4	28.08	31.4	32.2
EBIT ¹	15.1	17.9	22.5	23.1	6.8	23.34	26.5	27.2
Operating Margin	8.08%	8.88%	8.02%	7.96%	3.37%	8.73%	9.14%	9.2%
Earnings before Tax (EBT)	9.4	1.1	4.3	-	-25.7	-	-	-
Net income ¹	7.2	0.1	4.3	2.4	-20.1	1.5	7.6	12.7
Net margin	3.85%	0.05%	1.53%	0.83%	-9.97%	0.56%	2.62%	4.29%
EPS ²	3.270	0.0300	1.950	1.090	-9.220	0.6800	3.420	5.740
Free Cash Flow ¹	-3.246	-48.3	38.99	-74.4	-96.44	106.5	94.7	29.1
FCF margin	-1.74%	-23.96%	13.9%	-25.63%	-47.81%	39.84%	32.66%	9.84%
FCF Conversion (EBITDA)	-	-	141.28%	-	-	379.23%	301.59%	90.37%
FCF Conversion (Net income)	-	-	906.84%	-	-	7,100%	1,246.05%	229.13%
Dividend per Share ²	1.110	-	0.7600	0.7600	-	0.4800	0.4800	0.4800
Announcement Date	6/26/19	7/30/20	7/15/21	6/29/22	6/28/23	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	115	195	180	298	424	265	212	189
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.266 x	9.574 x	6.514 x	10.7 x	37.15 x	9.449 x	6.742 x	5.882 x
Free Cash Flow ¹	-3.25	-48.3	39	-74.4	-96.4	107	94.7	29.1
ROE (net income / shareholders' equity)	11.7%	0.42%	5.9%	3.26%	-34.6%	0.69%	12.1%	19.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	0.1%	0.5%
Assets ¹	-	-	-	-	-	-	7,600	2,540
Book Value Per Share ²	30.90	32.10	34.00	33.20	-	4.600	-	-
Cash Flow per Share ²	6.910	-21.00	19.10	-32.40	-	2.120	-	-
Capex ¹	-	-	3.41	2.46	0.24	0.8	0.8	0.9
Capex / Sales	-	-	1.21%	0.85%	0.12%	0.3%	0.28%	0.3%
Announcement Date	6/26/19	7/30/20	7/15/21	6/29/22	6/28/23	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.46 EUR

Average target price

9.5 EUR

Spread / Average Target

+73.99%

	1st Jan change	Capi.
CAPELLI	+29.70%	12.77M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.91%	26.97B
DLF LIMITED	+21.99%	26.95B
CHINA RESOURCES LAND LIMITED	+2.14%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.52%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.54%	14.98B