Financials E4U

Equities

EFORU

CZ0005123620

Investment Management & Fund Operators

End-of-day quote Prague S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
178 ^CZK	0.00%		+5.33%	-1.11%

2023	E4U a.s. Reports Earnings Results for the Half Year Ended June 30, 2023	CI
2023	E4U a.s. Reports Earnings Results for the Full Year Ended December 31, 2022	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	267.9	239.2	239.2	234.4	284.6	303.7
Enterprise Value (EV) ¹	423.1	355.8	306.7	253.8	254.3	218.1
P/E ratio	8.42 x	6.68 x	6.17 x	5.83 x	6.52 x	6.15 x
Yield	5%	5.6%	5.6%	5.71%	6.05%	11.2%
Capitalization / Revenue	3.39 x	2.91 x	2.86 x	2.8 x	3.31 x	3.35 x
EV / Revenue	5.35 x	4.33 x	3.67 x	3.03 x	2.95 x	2.41 x
EV / EBITDA	5.99 x	4.82 x	4.08 x	3.38 x	3.3 x	2.83 x
EV / FCF	10.7 x	8.47 x	5.93 x	5.15 x	5.13 x	4.1 x
FCF Yield	9.31%	11.8%	16.9%	19.4%	19.5%	24.4%
Price to Book	1.9 x	1.46 x	1.27 x	1.09 x	1.16 x	1.09 x
Nbr of stocks (in thousands)	2,392	2,392	2,392	2,392	2,392	2,392
Reference price ²	112.0	100.0	100.0	98.00	119.0	127.0
Announcement Date	4/30/18	4/24/19	4/30/20	5/14/21	4/30/22	3/10/23

¹CZK in Million²CZK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	79.08	82.15	83.56	83.65	86.1	90.56
EBITDA ¹	70.65	73.77	75.1	75.12	77.09	77
EBIT ¹	51.16	53.87	54.68	54.77	56.93	56.99
Operating Margin	64.7%	65.58%	65.44%	65.48%	66.11%	62.93%
Earnings before Tax (EBT) ¹	39.49	44.36	47.42	49.97	54.03	61.12
Net income ¹	31.83	35.82	38.76	40.19	43.66	49.36
Net margin	40.25%	43.6%	46.39%	48.04%	50.7%	54.5%
EPS ²	13.31	14.98	16.21	16.80	18.25	20.64
Free Cash Flow ¹	39.41	42.01	51.71	49.28	49.55	53.24
FCF margin	49.83%	51.14%	61.88%	58.91%	57.55%	58.79%
FCF Conversion (EBITDA)	55.78%	56.94%	68.86%	65.6%	64.28%	69.15%
FCF Conversion (Net income)	123.81%	117.29%	133.41%	122.62%	113.5%	107.87%
Dividend per Share ²	5.600	5.600	5.600	5.600	7.200	14.25
Announcement Date	4/30/18	4/24/19	4/30/20	5/14/21	4/30/22	3/10/23

¹CZK in Million²CZK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	155	117	67.5	19.4	-	-
Net Cash position ¹	-	-	-	-	30.3	85.6
Leverage (Debt/EBITDA)	2.198 x	1.582 x	0.8989 x	0.2581 x	-	-
Free Cash Flow ¹	39.4	42	51.7	49.3	49.6	53.2
ROE (net income / shareholders' equity)	24.1%	23.5%	22%	19.9%	18.9%	18.8%
ROA (Net income/ Total Assets)	9.1%	9.7%	9.93%	9.98%	10.4%	10.3%
Assets ¹	349.8	369.1	390.5	402.7	420.9	477.6
Book Value Per Share ²	59.00	68.30	78.90	90.20	103.0	116.0
Cash Flow per Share ²	19.10	23.60	32.20	13.90	20.70	15.30
Capex ¹	0.63	5.24	-	0.83	4.92	0.19
Capex / Sales	0.79%	6.38%	-	0.99%	5.71%	0.21%
Announcement Date	4/30/18	4/24/19	4/30/20	5/14/21	4/30/22	3/10/23

¹CZK in Million²CZK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Private Equity

	1st Jan change	Capi.
E4U	-1.11%	18.06M
PARTNERS GROUP HOLDING AG	-1.48%	33.94B
EQT AB	+3.65%	31.94B
CVC CAPITAL PARTNERS PLC	0.00%	17.45B
ONEX CORPORATION	+6.42%	5.54B
CORPORACIÓN FINANCIERA ALBA, S.A.	-0.42%	3.08B
GOLUB CAPITAL BDC, INC.	+15.23%	2.98B
PETERSHILL PARTNERS PLC	+22.64%	2.9B
BRIDGEPOINT GROUP PLC	-18.98%	2.24B
INVESTCORP CAPITAL PLC	+4.02%	1.23B

+39.41% on our US portfolio vs. 25.67% on the S&P 500 net Total Return

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