MAYR-MELNHOF KARTON AG |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 114 EUR | +1.79% |
|
-2.56% | -9.95% |
| Apr. 23 | MAYR-MELNHOF KARTON : Weak Q1, but focus on the positives; patience is the key |  |
| Apr. 23 | Transcript : Mayr-Melnhof Karton AG, Q1 2024 Pre Recorded Earnings Call, Apr 23, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,392 | 3,300 | 3,532 | 3,024 | 2,532 | 2,280 | - | - |
| Enterprise Value (EV) 1 | 2,611 | 3,422 | 4,596 | 4,506 | 3,794 | 3,459 | 3,519 | 3,270 |
| P/E ratio | 12.6 x | 20.5 x | 18.7 x | 8.8 x | 29 x | 15.4 x | 10.2 x | 9.73 x |
| Yield | 3.01% | 1.94% | 1.98% | 2.78% | 1.18% | 1.95% | 3.1% | 3.09% |
| Capitalization / Revenue | 0.94 x | 1.31 x | 1.15 x | 0.65 x | 0.61 x | 0.54 x | 0.52 x | 0.49 x |
| EV / Revenue | 1.03 x | 1.35 x | 1.5 x | 0.96 x | 0.91 x | 0.81 x | 0.81 x | 0.71 x |
| EV / EBITDA | 6.7 x | 8.58 x | 10.9 x | 6.17 x | 8.43 x | 6.68 x | 5.89 x | 5.08 x |
| EV / FCF | 14.5 x | 21.3 x | -5.81 x | -152 x | 10.5 x | 30.3 x | 19 x | 14.2 x |
| FCF Yield | 6.91% | 4.69% | -17.2% | -0.66% | 9.51% | 3.3% | 5.27% | 7.06% |
| Price to Book | 1.59 x | 2.14 x | 2.13 x | 1.55 x | 1.26 x | 1.07 x | 1 x | 0.93 x |
| Nbr of stocks (in thousands) | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | - | - |
| Reference price 2 | 119.6 | 165.0 | 176.6 | 151.2 | 126.6 | 114.0 | 114.0 | 114.0 |
| Announcement Date | 3/15/20 | 3/16/21 | 3/15/22 | 3/14/23 | 3/12/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,544 | 2,528 | 3,070 | 4,682 | 4,164 | 4,248 | 4,347 | 4,621 |
| EBITDA 1 | 389.6 | 398.9 | 421 | 729.9 | 450.2 | 518 | 597.7 | 644 |
| EBIT 1 | 255.3 | 231.4 | 269.6 | 510.3 | 197.6 | 276 | 359.7 | 398.1 |
| Operating Margin | 10.03% | 9.15% | 8.78% | 10.9% | 4.74% | 6.5% | 8.27% | 8.62% |
| Earnings before Tax (EBT) 1 | 251.1 | 222.1 | 244.5 | 466.9 | 136.7 | 214 | 310.2 | 338 |
| Net income 1 | 190.2 | 162.2 | 189.2 | 345.2 | 87.2 | 148 | 223.6 | 234 |
| Net margin | 7.48% | 6.42% | 6.16% | 7.37% | 2.09% | 3.48% | 5.14% | 5.06% |
| EPS 2 | 9.490 | 8.060 | 9.460 | 17.19 | 4.360 | 7.410 | 11.18 | 11.72 |
| Free Cash Flow 1 | 180.4 | 160.6 | -790.4 | -29.65 | 360.9 | 114 | 185.3 | 230.9 |
| FCF margin | 7.09% | 6.35% | -25.75% | -0.63% | 8.67% | 2.68% | 4.26% | 5% |
| FCF Conversion (EBITDA) | 46.3% | 40.26% | - | - | 80.16% | 22.01% | 31% | 35.85% |
| FCF Conversion (Net income) | 94.85% | 99.01% | - | - | 413.87% | 77.03% | 82.87% | 98.68% |
| Dividend per Share 2 | 3.600 | 3.200 | 3.500 | 4.200 | 1.500 | 2.220 | 3.530 | 3.520 |
| Announcement Date | 3/15/20 | 3/16/21 | 3/15/22 | 3/14/23 | 3/12/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | - | - | 1,232 | - | - | 1,015 | 967.9 |
| EBITDA 1 | - | - | 215.4 | - | 97.7 | - | 91.5 |
| EBIT 1 | - | - | 167.2 | - | 42.4 | - | 37.8 |
| Operating Margin | - | - | 13.57% | - | - | - | 3.91% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - |
| Net income | 78.92 | 125.9 | - | 34.3 | - | - | - |
| Net margin | - | - | - | - | - | - | - |
| EPS | 3.950 | 6.290 | - | 1.710 | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - |
| Announcement Date | 4/26/22 | 8/11/22 | 11/4/22 | 4/25/23 | 8/10/23 | 11/7/23 | 3/12/24 |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 219 | 122 | 1,064 | 1,482 | 1,262 | 1,179 | 1,239 | 990 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.5618 x | 0.3063 x | 2.526 x | 2.03 x | 2.803 x | 2.276 x | 2.073 x | 1.537 x |
| Free Cash Flow 1 | 180 | 161 | -790 | -29.7 | 361 | 114 | 185 | 231 |
| ROE (net income / shareholders' equity) | 13.1% | 10.6% | 11.9% | 19% | 4.5% | 7% | 10% | 9.6% |
| ROA (Net income/ Total Assets) | 8.48% | 6.73% | 5.95% | 7.78% | - | - | - | - |
| Assets 1 | 2,244 | 2,411 | 3,181 | 4,435 | - | - | - | - |
| Book Value Per Share 2 | 75.20 | 77.10 | 82.80 | 97.70 | 100.0 | 106.0 | 115.0 | 123.0 |
| Cash Flow per Share 2 | 16.60 | 15.80 | 13.50 | 15.00 | 39.30 | 10.30 | 10.70 | 11.60 |
| Capex 1 | 151 | 158 | 258 | 329 | 425 | 297 | 282 | 264 |
| Capex / Sales | 5.93% | 6.23% | 8.4% | 7.04% | 10.21% | 6.99% | 6.48% | 5.7% |
| Announcement Date | 3/15/20 | 3/16/21 | 3/15/22 | 3/14/23 | 3/12/24 | - | - | - |
1EUR in Million2EUR
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
2
Last Close Price
114
EUR
Average target price
137.6
EUR
Spread / Average Target
+20.70%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -9.95% | 2.43B | |
| +6.10% | 15.4B | |
| +13.80% | 12.14B | |
| -6.42% | 11.75B | |
| +11.37% | 11.06B | |
| +1.48% | 10.71B | |
| +11.68% | 8.43B | |
| -10.81% | 8.28B | |
| +10.64% | 5.84B | |
| +1.15% | 5.55B |
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- Financials Mayr-Melnhof Karton AG
