Financials Lagardère S.A.

Equities

Market Closed - Euronext Paris Other stock markets 11:35:12 2024-04-26 am EDT			5-day change	1st Jan Change
19.98 ^EUR	+0.10%		-2.54%	+8.71%

Apr. 25	Transcript : Lagardere SA - Shareholder/Analyst Call
Apr. 25	Lagardère: sales up 12.4% to March 31, 2024	CF

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,498	2,646	3,414	2,817	2,588	2,813	-	-
Enterprise Value (EV) ¹	3,959	4,379	4,949	4,530	4,687	4,194	3,830	3,443
P/E ratio	-162 x	-4.01 x	-32.5 x	17.6 x	18.2 x	13.1 x	11.2 x	10.5 x
Yield	5.15%	-	2.05%	6.49%	3.54%	3.25%	4.88%	3.25%
Capitalization / Revenue	0.35 x	0.6 x	0.67 x	0.41 x	0.32 x	0.33 x	0.31 x	0.29 x
EV / Revenue	0.55 x	0.99 x	0.96 x	0.65 x	0.58 x	0.49 x	0.43 x	0.36 x
EV / EBITDA	5.75 x	31.1 x	11.3 x	7.44 x	6.72 x	4.45 x	4.36 x	4.29 x
EV / FCF	12.8 x	156 x	10.9 x	20.5 x	18 x	9.78 x	8.36 x	7.13 x
FCF Yield	7.81%	0.64%	9.21%	4.88%	5.57%	10.2%	12%	14%
Price to Book	1.64 x	3.66 x	4.19 x	3.14 x	3.13 x	3.83 x	1.13 x	1.03 x
Nbr of stocks (in thousands)	128,544	129,185	140,021	140,593	140,811	140,800	-	-
Reference price ²	19.43	20.48	24.38	20.04	18.38	19.98	19.98	19.98
Announcement Date	2/27/20	2/25/21	2/17/22	2/15/23	2/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,211	4,439	5,130	6,929	8,081	8,646	8,946	9,647
EBITDA ¹	689	141	438	609	697	942.6	879.4	802
EBIT ¹	378	-155	249	438	520	541.3	587.9	566
Operating Margin	5.24%	-3.49%	4.85%	6.32%	6.43%	6.26%	6.57%	5.87%
Earnings before Tax (EBT) ¹	273	-699	-66	185	248	385.7	423	-
Net income ¹	-15	-660	-101	161	144	240	252	270
Net margin	-0.21%	-14.87%	-1.97%	2.32%	1.78%	2.78%	2.82%	2.8%
EPS ²	-0.1200	-5.110	-0.7500	1.140	1.010	1.522	1.790	1.900
Free Cash Flow ¹	309	28	456	221	261	428.9	458.2	482.7
FCF margin	4.29%	0.63%	8.89%	3.19%	3.23%	4.96%	5.12%	5%
FCF Conversion (EBITDA)	44.85%	19.86%	104.11%	36.29%	37.45%	45.5%	52.1%	60.19%
FCF Conversion (Net income)	-	-	-	137.27%	181.25%	178.71%	181.83%	178.78%
Dividend per Share ²	1.000	-	0.5000	1.300	0.6500	0.6500	0.9750	0.6500
Announcement Date	2/27/20	2/25/21	2/17/22	2/15/23	2/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,461	1,733	1,535	1,713	2,099	1,381	1,017	630
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.12 x	12.29 x	3.505 x	2.813 x	3.011 x	1.465 x	1.156 x	0.7855 x
Free Cash Flow ¹	309	28	456	221	261	429	458	483
ROE (net income / shareholders' equity)	12.4%	-29.4%	8.05%	18.8%	29%	19%	22.5%	13.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	11.80	5.600	5.820	6.390	5.870	5.220	17.70	19.50
Cash Flow per Share ²	4.000	1.530	6.050	2.790	3.700	3.630	-	-
Capex ¹	215	170	123	173	266	200	200	199
Capex / Sales	2.98%	3.83%	2.4%	2.5%	3.29%	2.31%	2.24%	2.06%
Announcement Date	2/27/20	2/25/21	2/17/22	2/15/23	2/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.98 EUR

Average target price

26.25 EUR

Spread / Average Target

+31.38%

	1st Jan change	Capi.
LAGARDÈRE S.A.	+8.71%	3B
PEARSON PLC	+2.36%	8.29B
SCHIBSTED ASA	+9.50%	6.43B
SAUDI RESEARCH AND MEDIA GROUP	+38.74%	5.07B
JIANGSU PHOENIX PUBLISHING & MEDIA CORPORATION LIMITED	+14.98%	3.56B
CHINA SOUTH PUBLISHING & MEDIA GROUP CO., LTD	+21.44%	3.06B
KADOKAWA CORPORATION	-1.11%	2.42B
SOUTHERN PUBLISHING AND MEDIA CO.,LTD.	+7.85%	1.71B
TX GROUP AG	+17.55%	1.64B
CHANGJIANG PUBLISHING & MEDIA CO.,LTD	+0.54%	1.25B