Financials Owens Corning

Equities

OC

US6907421019

Construction Supplies & Fixtures

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
168.5 ^USD	+2.10%		+5.24%	+13.67%

Apr. 25	UBS Adjusts Owens Corning Price Target to $192 From $169, Maintains Buy Rating	MT
Apr. 25	Evercore ISI Adjusts Price Target on Owens Corning to $172 From $154, Maintains In Line Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,084	8,200	9,094	7,972	13,174	14,602	-	-
Enterprise Value (EV) ¹	9,898	10,609	11,253	10,069	14,174	15,510	15,222	14,707
P/E ratio	17.7 x	-21.5 x	9.49 x	6.72 x	11.3 x	11.3 x	11 x	10.4 x
Yield	1.38%	1.29%	1.25%	1.84%	-	1.42%	1.47%	1.46%
Capitalization / Revenue	0.99 x	1.16 x	1.07 x	0.82 x	1.36 x	1.51 x	1.47 x	1.41 x
EV / Revenue	1.38 x	1.5 x	1.32 x	1.03 x	1.46 x	1.6 x	1.53 x	1.42 x
EV / EBITDA	7.7 x	7.74 x	5.91 x	4.44 x	6.13 x	6.5 x	6.3 x	6.09 x
EV / FCF	16.8 x	12.8 x	10.4 x	7.66 x	11.9 x	13.8 x	11.1 x	-
FCF Yield	5.96%	7.8%	9.66%	13.1%	8.42%	7.24%	9.02%	-
Price to Book	1.53 x	2.05 x	2.12 x	2.53 x	-	2.43 x	2.08 x	1.91 x
Nbr of stocks (in thousands)	108,787	108,233	100,487	93,456	88,875	86,657	-	-
Reference price ²	65.12	75.76	90.50	85.30	148.2	168.5	168.5	168.5
Announcement Date	2/19/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,160	7,055	8,498	9,761	9,677	9,688	9,948	10,345
EBITDA ¹	1,285	1,371	1,904	2,267	2,313	2,386	2,415	2,415
EBIT ¹	828	878	1,415	1,762	1,805	1,839	1,870	1,860
Operating Margin	11.56%	12.45%	16.65%	18.05%	18.65%	18.98%	18.79%	17.98%
Earnings before Tax (EBT) ¹	590	-256	1,313	1,614	1,591	1,748	1,816	1,720
Net income ¹	405	-383	995	1,241	1,196	1,294	1,312	-
Net margin	5.66%	-5.43%	11.71%	12.71%	12.36%	13.36%	13.19%	-
EPS ²	3.680	-3.530	9.540	12.70	13.14	14.98	15.26	16.20
Free Cash Flow ¹	590	828	1,087	1,314	1,193	1,124	1,373	-
FCF margin	8.24%	11.74%	12.79%	13.46%	12.33%	11.6%	13.8%	-
FCF Conversion (EBITDA)	45.91%	60.39%	57.09%	57.96%	51.58%	47.1%	56.84%	-
FCF Conversion (Net income)	145.68%	-	109.25%	105.88%	99.75%	86.81%	104.67%	-
Dividend per Share ²	0.9000	0.9800	1.130	1.570	-	2.400	2.470	2.453
Announcement Date	2/19/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

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	2,131	2,346	2,601	2,529	2,285	2,331	2,563	2,479	2,304	2,300	2,567	2,506	2,327	2,389	2,665
EBITDA ¹	452	543	656	608	460	487	664	644	518	565	661.4	617.7	536.8	576.3	683.7
EBIT ¹	325	417	525	487	333	361	534	518	392	438	519.2	483	399	432.5	546.7
Operating Margin	15.25%	17.77%	20.18%	19.26%	14.57%	15.49%	20.83%	20.9%	17.01%	19.04%	20.23%	19.27%	17.15%	18.1%	20.52%
Earnings before Tax (EBT) ¹	296	414	463	582	155	512	464	446	169	386	498.2	457.4	373.8	445	550
Net income ¹	227	304	343	470	124	383	345	337	131	299	373.1	341.4	280.5	308.9	412
Net margin	10.65%	12.96%	13.19%	18.58%	5.43%	16.43%	13.46%	13.59%	5.69%	13%	14.54%	13.62%	12.05%	12.93%	15.46%
EPS ²	2.230	3.030	3.490	4.840	1.320	4.170	3.780	3.710	1.460	3.400	4.268	3.981	3.276	3.567	4.381
Dividend per Share ²	0.3500	0.3500	0.3500	0.3500	0.5200	0.5200	0.5200	-	-	-	0.6000	0.6000	0.6000	0.6000	0.6000
Announcement Date	2/16/22	4/27/22	7/27/22	10/26/22	2/15/23	4/26/23	7/26/23	10/25/23	2/14/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,814	2,409	2,159	2,097	1,000	908	620	106
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.19 x	1.757 x	1.134 x	0.925 x	0.4323 x	0.3807 x	0.2569 x	0.0437 x
Free Cash Flow ¹	590	828	1,087	1,314	1,193	1,124	1,373	-
ROE (net income / shareholders' equity)	11.2%	13.3%	23.6%	28.4%	26.9%	23.7%	21.1%	20.4%
ROA (Net income/ Total Assets)	5.06%	5.81%	9.94%	12.1%	10.9%	11.6%	10.9%	-
Assets ¹	8,010	-6,593	10,010	10,243	10,994	11,157	12,034	-
Book Value Per Share ²	42.50	36.90	42.80	33.80	-	69.30	80.90	88.40
Cash Flow per Share ²	9.700	10.90	15.30	18.90	19.70	20.20	22.90	-
Capex ¹	447	307	416	446	526	551	542	500
Capex / Sales	6.24%	4.35%	4.9%	4.57%	5.44%	5.68%	5.44%	4.83%
Announcement Date	2/19/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

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 Owens Corning

Trading Rating

Investor Rating

ESG Refinitiv

A+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

168.5 USD

Average target price

177.7 USD

Spread / Average Target

+5.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Supplies

	1st Jan change	Capi.
OWENS CORNING	+13.67%	14.6B
ROCKWOOL A/S	+18.22%	7.17B
PATRICK INDUSTRIES, INC.	+5.12%	2.36B
STO SE & CO. KGAA	+6.58%	1.02B
NICHIHA CORPORATION	+22.43%	817M
XXENTRIA TECHNOLOGY MATERIALS CO., LTD.	0.00%	404M
EUROPEN ENDUSTRI INSAAT SANAYI VE TICARET	+4.88%	362M
OKABE CO., LTD.	+7.79%	231M
COMPAÑÍA INDUSTRIAL EL VOLCÁN S.A.	+14.62%	192M
CARBOCHIM S.A.	+11.11%	169M

Construction Supplies