INCITEC PIVOT LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2.74 AUD | -1.08% |
|
+0.37% | -3.52% |
| Apr. 04 | QEM Extracts Pure Vanadium Pentoxide from Industrial Waste; Shares Up 3% | MT |
| Feb. 16 | Incitec Pivot Warns of Lower Earnings From Fertilizer Business | MT |
Valuation
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,444 | 3,943 | 5,710 | 6,817 | 6,099 | 5,322 | - | - |
| Enterprise Value (EV) 1 | 7,524 | 5,426 | 6,727 | 7,766 | 7,431 | 6,059 | 6,481 | 6,384 |
| P/E ratio | 35.7 x | 28.6 x | 38.2 x | 6.74 x | 10.9 x | 14 x | 13.2 x | 12.6 x |
| Yield | 1.39% | - | 3.16% | 7.69% | 4.78% | 4.84% | 3.83% | 3.92% |
| Capitalization / Revenue | 1.39 x | 1 x | 1.31 x | 1.08 x | 1.02 x | 0.98 x | 0.99 x | 1 x |
| EV / Revenue | 1.92 x | 1.38 x | 1.55 x | 1.23 x | 1.24 x | 1.12 x | 1.21 x | 1.2 x |
| EV / EBITDA | 12.4 x | 7.43 x | 7.2 x | 4.18 x | 6.11 x | 6.71 x | 7.07 x | 6.96 x |
| EV / FCF | 113 x | 20.3 x | 22.8 x | 11.8 x | 36.1 x | 11 x | 11.7 x | 11.6 x |
| FCF Yield | 0.89% | 4.91% | 4.39% | 8.49% | 2.77% | 9.12% | 8.54% | 8.65% |
| Price to Book | 1.16 x | 0.76 x | 1.06 x | 1.08 x | 0.95 x | 0.87 x | 0.84 x | 0.79 x |
| Nbr of stocks (in thousands) | 1,605,784 | 1,942,225 | 1,942,225 | 1,942,225 | 1,942,225 | 1,942,225 | - | - |
| Reference price 2 | 3.390 | 2.030 | 2.940 | 3.510 | 3.140 | 2.740 | 2.740 | 2.740 |
| Announcement Date | 11/11/19 | 11/9/20 | 11/14/21 | 11/14/22 | 11/12/23 | - | - | - |
1AUD in Million2AUD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,918 | 3,942 | 4,348 | 6,315 | 6,008 | 5,430 | 5,370 | 5,333 |
| EBITDA 1 | 605.3 | 730.5 | 934.9 | 1,858 | 1,215 | 902.7 | 917.1 | 917.3 |
| EBIT 1 | 303.7 | 374.5 | 566.4 | 1,485 | 879.8 | 539.2 | 554 | 553.7 |
| Operating Margin | 7.75% | 9.5% | 13.03% | 23.52% | 14.64% | 9.93% | 10.32% | 10.38% |
| Earnings before Tax (EBT) 1 | 159.6 | 150.9 | 160.2 | 1,359 | 317.4 | 430.1 | 424.5 | 441.5 |
| Net income 1 | 152.4 | 123.4 | 149.1 | 1,014 | 560 | 361.5 | 352.1 | 360.8 |
| Net margin | 3.89% | 3.13% | 3.43% | 16.05% | 9.32% | 6.66% | 6.56% | 6.76% |
| EPS 2 | 0.0950 | 0.0710 | 0.0770 | 0.5210 | 0.2880 | 0.1958 | 0.2073 | 0.2180 |
| Free Cash Flow 1 | 66.7 | 266.7 | 295.2 | 659.3 | 205.7 | 552.6 | 553.8 | 552.3 |
| FCF margin | 1.7% | 6.77% | 6.79% | 10.44% | 3.42% | 10.18% | 10.31% | 10.36% |
| FCF Conversion (EBITDA) | 11.02% | 36.51% | 31.58% | 35.49% | 16.92% | 61.22% | 60.39% | 60.21% |
| FCF Conversion (Net income) | 43.77% | 216.13% | 197.99% | 65.04% | 36.73% | 152.88% | 157.27% | 153.11% |
| Dividend per Share 2 | 0.0470 | - | 0.0930 | 0.2700 | 0.1500 | 0.1328 | 0.1050 | 0.1074 |
| Announcement Date | 11/11/19 | 11/9/20 | 11/14/21 | 11/14/22 | 11/12/23 | - | - | - |
1AUD in Million2AUD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: September | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,176 | 1,848 | 2,094 | 1,724 | 1,319 | 1,319 | 2,624 | 1,283 | 1,283 | 2,548 | 1,949 | 1,949 | 3,767 | 3,055 | 2,953 | 1,309 | 1,265 | 2,385 | 1,426 | 1,427 | 2,910 | 1,237 | 2,462 | 2,749 |
| EBITDA | 341.1 | 338 | 392.5 | 285.7 | - | - | 649.2 | - | - | 751.4 | - | - | 1,106 | 724.3 | 491.1 | - | - | 391 | - | - | 581 | - | - | - |
| EBIT | 185 | 159 | 215.5 | 110.2 | - | - | 456.2 | - | - | 568.2 | - | - | 917 | 551.6 | 328.2 | - | - | 221.9 | - | - | 383.8 | - | 269.4 | 316.9 |
| Operating Margin | 8.5% | 8.6% | 10.29% | 6.39% | - | - | 17.38% | - | - | 22.3% | - | - | 24.34% | 18.06% | 11.11% | - | - | 9.31% | - | - | 13.19% | - | 10.94% | 11.53% |
| Earnings before Tax (EBT) | 108.5 | 83.9 | 67 | - | - | - | 113.5 | - | - | 522.4 | - | - | 836.4 | 479 | -161.6 | - | - | - | - | - | - | - | - | - |
| Net income | 110.5 | 65 | 58.4 | 36.4 | - | - | 112.7 | - | - | 384.1 | - | - | 629.6 | 353.6 | 206.4 | - | - | 188 | - | - | 297 | - | - | - |
| Net margin | 5.08% | 3.52% | 2.79% | 2.11% | - | - | 4.29% | - | - | 15.07% | - | - | 16.71% | 11.57% | 6.99% | - | - | 7.88% | - | - | 10.2% | - | - | - |
| EPS | 0.0690 | 0.0400 | 0.0310 | - | - | - | 0.0580 | 0.1000 | 0.1000 | 0.1970 | 0.1600 | 0.1600 | 0.3240 | 0.1820 | 0.1060 | - | - | 0.0977 | - | - | 0.1600 | - | - | - |
| Dividend per Share | 0.0340 | - | - | - | 0.0400 | 0.0400 | 0.0830 | 0.0500 | 0.0500 | 0.1000 | 0.0900 | 0.0900 | 0.1700 | 0.1000 | 0.0500 | - | - | 0.0380 | - | - | - | - | - | - |
| Announcement Date | 11/11/19 | 5/10/20 | 11/9/20 | 5/16/21 | 11/14/22 | 11/14/21 | 11/14/21 | 5/22/22 | 5/22/22 | 5/22/22 | 11/14/22 | 11/14/22 | 11/14/22 | 5/16/23 | 11/12/23 | - | - | - | - | - | - | - | - | - |
1AUD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,080 | 1,484 | 1,017 | 949 | 1,332 | 737 | 1,159 | 1,062 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.436 x | 2.031 x | 1.088 x | 0.5106 x | 1.096 x | 0.8163 x | 1.264 x | 1.158 x |
| Free Cash Flow 1 | 66.7 | 267 | 295 | 659 | 206 | 553 | 554 | 552 |
| ROE (net income / shareholders' equity) | 3.23% | 3.81% | 6.78% | 17.6% | 9.16% | 5.84% | 6.23% | 6.32% |
| ROA (Net income/ Total Assets) | 1.66% | 2.02% | 3.84% | 10.1% | 5.44% | 4.7% | 4.95% | 4.89% |
| Assets 1 | 9,167 | 6,121 | 3,884 | 9,995 | 10,298 | 7,687 | 7,112 | 7,371 |
| Book Value Per Share 2 | 2.920 | 2.680 | 2.760 | 3.240 | 3.310 | 3.150 | 3.280 | 3.480 |
| Cash Flow per Share 2 | 0.2600 | 0.3100 | 0.3300 | 0.5600 | 0.3600 | 0.4000 | 0.4400 | 0.4600 |
| Capex 1 | 348 | 278 | 355 | 434 | 495 | 355 | 345 | 345 |
| Capex / Sales | 8.88% | 7.06% | 8.16% | 6.87% | 8.24% | 6.54% | 6.43% | 6.48% |
| Announcement Date | 11/11/19 | 11/9/20 | 11/14/21 | 11/14/22 | 11/12/23 | - | - | - |
1AUD in Million2AUD
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
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
2.74
AUD
Average target price
3.058
AUD
Spread / Average Target
+11.62%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -3.52% | 3.47B | |
| -0.19% | 74.89B | |
| +0.09% | 46.52B | |
| -4.19% | 30.82B | |
| +9.85% | 18.19B | |
| -10.05% | 11.54B | |
| -8.09% | 9.73B | |
| +2.79% | 9.4B | |
| +6.35% | 9.37B | |
| +3.85% | 8.11B |
- Stock Market
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- Financials Incitec Pivot Limited
