Financials Howmet Aerospace Inc.

Equities

HWM

US4432011082

Aerospace & Defense

Market Closed - Nyse Other stock markets 04:00:01 2024-05-08 pm EDT			5-day change	1st Jan Change
81.42 ^USD	+1.99%		+21.98%	+50.44%

May. 07	JPMorgan Adjusts Howmet Aerospace Price Target to $83 From $60	MT
May. 06	Wells Fargo Adjusts Howmet Aerospace's Price Target to $88 From $72, Keeps Overweight Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,322	12,375	13,598	16,304	22,284	32,585	-	-
Enterprise Value (EV) ¹	17,614	15,840	17,110	19,675	25,380	35,496	35,293	35,303
P/E ratio	29.9 x	48.4 x	53.9 x	35.5 x	29.6 x	33.4 x	27.8 x	23.5 x
Yield	0.39%	0.07%	0.13%	0.25%	0.31%	0.28%	0.34%	0.39%
Capitalization / Revenue	0.94 x	2.35 x	2.73 x	2.88 x	3.36 x	4.44 x	4.09 x	3.76 x
EV / Revenue	1.24 x	3.01 x	3.44 x	3.47 x	3.82 x	4.83 x	4.43 x	4.08 x
EV / EBITDA	7.63 x	13.8 x	15.1 x	15.4 x	16.8 x	20.2 x	17.9 x	16.1 x
EV / FCF	-97.9 x	96.6 x	33.1 x	36.4 x	37.2 x	42.2 x	33.4 x	29.5 x
FCF Yield	-1.02%	1.04%	3.02%	2.74%	2.69%	2.37%	2.99%	3.39%
Price to Book	2.89 x	3.45 x	3.95 x	4.61 x	5.5 x	7.36 x	6.49 x	6.16 x
Nbr of stocks (in thousands)	432,941	433,604	427,218	413,712	411,744	408,183	-	-
Reference price ²	30.77	28.54	31.83	39.41	54.12	79.83	79.83	79.83
Announcement Date	1/27/20	2/3/21	2/2/22	2/14/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,192	5,259	4,972	5,663	6,640	7,345	7,973	8,663
EBITDA ¹	2,308	1,147	1,135	1,276	1,508	1,761	1,974	2,197
EBIT ¹	1,772	809	866	919	1,203	1,475	1,686	1,903
Operating Margin	12.49%	15.38%	17.42%	16.23%	18.12%	20.09%	21.14%	21.97%
Earnings before Tax (EBT) ¹	575	171	324	606	975	1,242	1,498	1,752
Net income ¹	470	259	256	469	765	978.9	1,170	1,368
Net margin	3.31%	4.92%	5.15%	8.28%	11.52%	13.33%	14.67%	15.79%
EPS ²	1.030	0.5900	0.5900	1.110	1.830	2.391	2.869	3.395
Free Cash Flow ¹	-180	164	517	540	682	841	1,056	1,197
FCF margin	-1.27%	3.12%	10.4%	9.54%	10.27%	11.45%	13.24%	13.82%
FCF Conversion (EBITDA)	-	14.3%	45.55%	42.32%	45.23%	47.77%	53.47%	54.48%
FCF Conversion (Net income)	-	63.32%	201.95%	115.14%	89.15%	85.91%	90.26%	87.51%
Dividend per Share ²	0.1200	0.0200	0.0400	0.1000	0.1700	0.2250	0.2697	0.3094
Announcement Date	1/27/20	2/3/21	2/2/22	2/14/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,285	1,324	1,393	1,433	1,513	1,603	1,648	1,658	1,731	1,824	1,839	1,819	1,859	1,946	1,971
EBITDA ¹	296	300	317	323	336	360	368	382	398	437	443.4	437.2	448.8	470.8	492.5
EBIT ¹	229	230	241	228	220	285	285	307	326	369	371	365.2	375.8	393.4	414.1
Operating Margin	17.82%	17.37%	17.3%	15.91%	14.54%	17.78%	17.29%	18.52%	18.83%	20.23%	20.17%	20.08%	20.21%	20.22%	21.01%
Earnings before Tax (EBT) ¹	78	171	183	104	148	220	243	242	270	303	310	307.2	320.6	334.8	387.2
Net income ¹	77	131	147	80	111	148	193	188	236	243	243	240.6	250.9	256.1	296.2
Net margin	5.99%	9.89%	10.55%	5.58%	7.34%	9.23%	11.71%	11.34%	13.63%	13.32%	13.21%	13.23%	13.49%	13.16%	15.03%
EPS ²	0.1800	0.3100	0.3500	0.1900	0.2600	0.3500	0.4600	0.4500	0.5700	0.5900	0.5949	0.5906	0.6182	0.6714	0.7255
Dividend per Share ²	0.0200	0.0200	-	-	-	-	0.0400	0.0400	0.0500	0.0500	0.0500	0.0567	0.0600	0.0633	0.0633
Announcement Date	2/2/22	5/3/22	8/4/22	10/31/22	2/14/23	5/2/23	8/1/23	11/2/23	2/13/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,292	3,465	3,512	3,371	3,096	2,910	2,708	2,718
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.86 x	3.021 x	3.094 x	2.642 x	2.053 x	1.653 x	1.372 x	1.237 x
Free Cash Flow ¹	-180	164	517	540	682	841	1,056	1,197
ROE (net income / shareholders' equity)	19.1%	8.66%	12.5%	13.2%	20%	23.3%	25.3%	28.3%
ROA (Net income/ Total Assets)	5.35%	2.44%	4.08%	4.58%	7.4%	18.1%	21%	23.9%
Assets ¹	8,785	10,610	6,273	10,237	10,341	5,400	5,578	5,729
Book Value Per Share ²	10.60	8.270	8.060	8.540	9.850	10.80	12.30	13.00
Cash Flow per Share ²	0.8800	0.0200	1.030	1.740	2.170	2.800	3.380	4.440
Capex ¹	586	267	199	193	219	303	294	297
Capex / Sales	4.13%	5.08%	4%	3.41%	3.3%	4.12%	3.69%	3.43%
Announcement Date	1/27/20	2/3/21	2/2/22	2/14/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Howmet Aerospace Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

79.83 USD

Average target price

83.68 USD

Spread / Average Target

+4.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aircraft Parts Manufacturing

	1st Jan change	Capi.
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AECC AVIATION POWER CO.,LTD	-4.41%	13.28B
CURTISS-WRIGHT CORPORATION	+23.09%	10.59B
AVIC AIRBORNE SYSTEMS CO., LTD.	-5.77%	8.44B
MEGGITT PLC	-.--%	7.35B
SPIRIT AEROSYSTEMS HOLDINGS, INC.	-2.77%	3.83B
AECC AERO-ENGINE CONTROL CO.,LTD.	+2.06%	3.64B

Other Aircraft Parts Manufacturing