Financials Rubis

Equities

RUI

FR0013269123

Oil & Gas Refining and Marketing

Market Closed - Euronext Paris Other stock markets 11:35:21 2024-04-26 am EDT			5-day change	1st Jan Change
32.46 ^EUR	+0.62%		+0.25%	+44.27%

Apr. 26	AnAn International Completes Acquisition of Wholesale Distribution Company	MT
Apr. 11	Global markets live: Airbus, UBS, KKR, Meta Platforms, Tesla...

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,537	5,478	3,932	2,690	2,531	3,348	3,348	-
Enterprise Value (EV) ¹	5,231	6,115	4,111	3,128	3,817	3,680	4,827	4,967
P/E ratio	17.8 x	17.7 x	14 x	9.18 x	9.65 x	6.58 x	9.47 x	9.06 x
Yield	3.39%	3.2%	4.74%	7.08%	7.8%	6.01%	6.25%	6.55%
Capitalization / Revenue	0.95 x	1.05 x	1.01 x	0.59 x	0.35 x	0.35 x	0.5 x	0.48 x
EV / Revenue	1.1 x	1.17 x	1.05 x	0.68 x	0.53 x	0.56 x	0.72 x	0.71 x
EV / EBITDA	10.5 x	11.7 x	8.13 x	5.88 x	5.7 x	4.61 x	6.43 x	6.3 x
EV / FCF	56.4 x	22.8 x	11.9 x	35.2 x	22.7 x	13.2 x	31 x	57.1 x
FCF Yield	1.77%	4.38%	8.41%	2.84%	4.41%	7.59%	3.23%	1.75%
Price to Book	2.07 x	2.24 x	1.57 x	1.03 x	0.93 x	0.88 x	1.14 x	1.1 x
Nbr of stocks (in thousands)	96,782	100,058	103,515	102,419	102,888	103,133	103,133	-
Reference price ²	46.88	54.75	37.98	26.26	24.60	32.46	32.46	32.46
Announcement Date	3/12/19	3/12/20	3/11/21	3/10/22	3/16/23	3/7/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	4,754	5,228	3,902	4,589	7,135	6,630	6,747	6,948
EBITDA ¹	500	524	505.6	532	669.5	797.9	751.2	788.8
EBIT ¹	391	412	365.9	392	509	621.4	552.8	574.3
Operating Margin	8.22%	7.88%	9.38%	8.54%	7.13%	9.37%	8.19%	8.27%
Earnings before Tax (EBT) ¹	343.6	370	255	369.9	335.8	424.9	453.2	523.1
Net income ¹	254	307	280.3	293	262.9	353.7	353	370.5
Net margin	5.34%	5.87%	7.18%	6.38%	3.68%	5.33%	5.23%	5.33%
EPS ²	2.630	3.090	2.720	2.860	2.550	3.420	3.428	3.584
Free Cash Flow ¹	92.71	268.1	345.6	88.98	168.5	279.3	155.7	87.04
FCF margin	1.95%	5.13%	8.86%	1.94%	2.36%	4.21%	2.31%	1.25%
FCF Conversion (EBITDA)	18.54%	51.17%	68.35%	16.72%	25.17%	35%	20.73%	11.03%
FCF Conversion (Net income)	36.5%	87.34%	123.28%	30.37%	64.09%	78.96%	44.11%	23.49%
Dividend per Share ²	1.590	1.750	1.800	1.860	1.920	1.952	2.028	2.125
Announcement Date	3/12/19	3/12/20	3/11/21	3/10/22	3/16/23	3/7/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2019 S2	2020 S1	2020 S2	2021 Q1	2021 S1	2021 Q3	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 S1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	2,727	2,501	2,051	1,851	1,026	2,051	1,200	2,538	1,473	1,817	3,290	2,042	1,802	3,324	1,596	1,547	1,707
EBITDA	312.6	-	-	-	-	-	-	-	-	-	313.9	-	-	-	-	-	-
EBIT	238.1	-	170.4	-	-	188.2	-	203.8	-	-	244	-	-	323.1	-	-	-
Operating Margin	8.73%	-	8.31%	-	-	9.18%	-	8.03%	-	-	7.42%	-	-	9.72%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	156.6	-	-	-	-	-	-	156.9	-	-	169.8	-	-	-	-	-	-
Net margin	5.74%	-	-	-	-	-	-	6.18%	-	-	5.16%	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	1.560	-	-	1.650	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	9/11/19	3/12/20	9/17/20	3/11/21	5/5/21	9/10/21	11/9/21	3/10/22	5/5/22	9/8/22	9/8/22	11/8/22	3/16/23	9/7/23	11/7/23	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	694	637	180	438	1,286	1,360	1,479	1,619
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.387 x	1.216 x	0.3555 x	0.8233 x	1.921 x	1.705 x	1.969 x	2.053 x
Free Cash Flow ¹	92.7	268	346	89	168	279	156	87
ROE (net income / shareholders' equity)	12.3%	12.5%	11.3%	11.3%	11.9%	13.2%	12.4%	12.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	22.70	24.40	24.10	25.50	26.60	25.50	28.40	29.60
Cash Flow per Share ²	3.360	5.000	2.410	2.870	4.090	5.440	5.300	5.630
Capex ¹	233	230	245	206	252	283	367	433
Capex / Sales	4.9%	4.4%	6.29%	4.48%	3.54%	4.27%	5.44%	6.23%
Announcement Date	3/12/19	3/12/20	3/11/21	3/10/22	3/16/23	3/7/24	-	-

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 Rubis

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32.46 EUR

Average target price

35.31 EUR

Spread / Average Target

+8.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Petroleum Product Wholesale

	1st Jan change	Capi.
RUBIS	+44.27%	3.57B
PTT OIL AND RETAIL BUSINESS	-5.24%	5.86B
PETRONAS DAGANGAN	0.00%	4.55B
QATAR FUEL COMPANY Q.P.S.C. ("WOQOD")	-13.69%	3.91B
VIVA ENERGY GROUP LIMITED	-1.43%	3.56B
AMERIGAS PARTNERS, L.P.	+23.40%	3.23B
PT AKR CORPORINDO TBK	+8.47%	1.95B
WORLD KINECT CORPORATION	+1.01%	1.38B
ITOCHU ENEX CO.,LTD.	+0.07%	1.1B
SK GAS CO., LTD.	+11.08%	1.07B

Petroleum Product Wholesale