Financials Moncler S.p.A.

Equities

MONC

IT0004965148

Apparel & Accessories

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-04-26 am EDT			5-day change	1st Jan Change
64.92 ^EUR	+0.25%		-0.79%	+16.55%

Apr. 26	Stock markets up; Tenaris good after quarterly report	AN
Apr. 26	Europeans in the green; Nexi tops on Mib.	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,110	12,674	17,258	13,307	15,047	17,549	-	-
Enterprise Value (EV) ¹	9,447	11,818	16,529	13,326	15,047	17,054	16,719	16,348
P/E ratio	28 x	42.5 x	43.6 x	22.1 x	24.6 x	26.8 x	24 x	21.5 x
Yield	1.37%	0.9%	0.94%	2.26%	-	1.87%	2.07%	2.28%
Capitalization / Revenue	6.21 x	8.8 x	8.43 x	5.11 x	5.04 x	5.46 x	4.93 x	4.48 x
EV / Revenue	5.8 x	8.2 x	8.08 x	5.12 x	5.04 x	5.3 x	4.7 x	4.18 x
EV / EBITDA	13.6 x	19.7 x	23.9 x	15.1 x	12.7 x	13.1 x	11.6 x	10.3 x
EV / FCF	27.8 x	60.4 x	30 x	40.7 x	-	25.5 x	23.2 x	20.7 x
FCF Yield	3.6%	1.65%	3.33%	2.46%	-	3.92%	4.32%	4.83%
Price to Book	7.72 x	7.79 x	6.8 x	4.59 x	-	4.93 x	4.44 x	4 x
Nbr of stocks (in thousands)	252,300	252,767	269,576	268,824	270,137	270,315	-	-
Reference price ²	40.07	50.14	64.02	49.50	55.70	64.92	64.92	64.92
Announcement Date	2/10/20	2/18/21	2/24/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,628	1,440	2,046	2,603	2,984	3,217	3,557	3,916
EBITDA ¹	692.3	600.8	691.9	880.1	1,186	1,298	1,437	1,585
EBIT ¹	491.8	368.8	603.1	774.5	893.8	960.3	1,073	1,189
Operating Margin	30.21%	25.6%	29.47%	29.76%	29.95%	29.85%	30.16%	30.37%
Earnings before Tax (EBT) ¹	474.5	345.5	557.6	747.3	870.6	934.4	1,042	1,159
Net income ¹	361.5	300.4	393.5	606.7	611.9	658	736.2	820.4
Net margin	22.21%	20.86%	19.23%	23.31%	20.5%	20.46%	20.7%	20.95%
EPS ²	1.432	1.180	1.470	2.240	2.260	2.422	2.707	3.023
Free Cash Flow ¹	340	195.5	550.3	327.7	-	668.9	721.9	788.9
FCF margin	20.89%	13.58%	26.9%	12.59%	-	20.8%	20.3%	20.15%
FCF Conversion (EBITDA)	49.11%	32.55%	79.54%	37.24%	-	51.52%	50.25%	49.77%
FCF Conversion (Net income)	94.04%	65.09%	139.84%	54.02%	-	101.66%	98.07%	96.17%
Dividend per Share ²	0.5500	0.4500	0.6000	1.120	-	1.216	1.342	1.481
Announcement Date	2/10/20	2/18/21	2/24/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	1,058	403.3	1,037	621.8	712.2	868.9	1,424	589.9	328.5	918.4	638.3	1,046	1,684	410.2	1,137	669.7	1,178	1,848	797.7	469.8	1,235	682.2	1,250	1,950	905.2
EBITDA	493.4	3.676	450.1	148.3	-	-	486.7	-	-	321.6	-	-	648.9	-	380.2	-	-	825	-	-	-	-	-	-	-
EBIT ¹	389.2	-35.49	404.3	92.8	258.4	258.4	510.3	90.08	90.08	180.2	297.2	297.1	594.4	-	217.8	-	-	676	239.8	150	240.4	170	399.4	710.5	274.7
Operating Margin	36.8%	-8.8%	38.98%	14.92%	36.28%	29.74%	35.83%	15.27%	27.42%	19.62%	46.56%	28.4%	35.29%	-	19.16%	-	-	36.59%	30.06%	31.93%	19.47%	24.92%	31.96%	36.44%	30.35%
Earnings before Tax (EBT)	380.7	-46.71	392.2	73	-	-	-	-	-	168.5	-	-	578.8	-	206.5	-	-	664.2	-	-	-	-	-	-	-
Net income ¹	290.2	-31.63	332	50.5	180.5	180.5	343	105.6	105.6	211.3	197.7	197.7	395.4	-	145.4	-	-	466.6	163.8	95	-	113.5	283	-	188.6
Net margin	27.44%	-7.84%	32.01%	8.12%	25.34%	20.77%	24.08%	17.91%	32.16%	23.01%	30.98%	18.89%	23.47%	-	12.79%	-	-	25.25%	20.54%	20.22%	-	16.64%	22.65%	-	20.83%
EPS ²	1.150	-0.1300	1.290	0.1900	0.6300	0.6300	1.280	0.3900	0.3900	0.7800	-	1.033	1.460	-	0.5400	-	-	1.720	0.6170	0.3577	-	0.4274	1.066	-	-
Dividend per Share ²	-	-	-	-	-	0.6000	-	-	-	-	-	1.120	-	-	-	-	-	-	-	-	-	-	1.204	-	-
Announcement Date	2/10/20	7/27/20	2/18/21	7/27/21	7/30/22	2/24/22	2/24/22	5/12/22	7/27/22	7/27/22	10/26/22	2/28/23	2/28/23	7/26/23	7/26/23	11/28/23	2/28/24	2/28/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	19.2	-	-	-	-
Net Cash position ¹	663	855	730	-	-	494	830	1,201
Leverage (Debt/EBITDA)	-	-	-	0.0218 x	-	-	-	-
Free Cash Flow ¹	340	196	550	328	-	669	722	789
ROE (net income / shareholders' equity)	30.1%	20.5%	19.9%	22.5%	-	19.4%	19.5%	19.6%
ROA (Net income/ Total Assets)	17.3%	11.3%	11.2%	13.6%	-	12.6%	12.9%	13.4%
Assets ¹	2,096	2,661	3,512	4,454	-	5,229	5,721	6,105
Book Value Per Share ²	5.190	6.440	9.410	10.80	-	13.20	14.60	16.20
Cash Flow per Share ²	2.340	1.610	2.540	2.450	-	3.360	3.450	3.540
Capex ¹	121	90.4	125	167	-	193	211	230
Capex / Sales	7.42%	6.27%	6.09%	6.42%	-	6.01%	5.94%	5.87%
Announcement Date	2/10/20	2/18/21	2/24/22	2/28/23	2/28/24	-	-	-

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

Ratings for Moncler S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

64.92 EUR

Average target price

69.82 EUR

Spread / Average Target

+7.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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