Financials Sirius XM Holdings Inc.

Equities

SIRI

US82968B1035

Broadcasting

Market Closed - Nasdaq Other stock markets 04:00:08 2024-05-17 pm EDT			5-day change	1st Jan Change
3.005 ^USD	-1.48%		-0.83%	-45.06%

May. 15	Berkshire reveals $6.72 billion Chubb stake, insurer's shares rise	RE
May. 02	North American Morning Briefing : Stock Futures -3-	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,630	27,069	25,397	22,715	21,012	11,578	-	-
Enterprise Value (EV) ¹	39,368	35,498	34,038	32,110	29,991	20,176	18,902	18,465
P/E ratio	35.8 x	212 x	19.8 x	18.8 x	17.1 x	9.91 x	9.34 x	8.54 x
Yield	0.69%	0.86%	1.04%	5.82%	1.81%	3.55%	3.95%	4.36%
Capitalization / Revenue	4.06 x	3.37 x	2.92 x	2.52 x	2.35 x	1.31 x	1.29 x	1.28 x
EV / Revenue	5.05 x	4.42 x	3.91 x	3.57 x	3.35 x	2.29 x	2.1 x	2.03 x
EV / EBITDA	16.2 x	13.8 x	12.3 x	11.3 x	10.7 x	7.42 x	6.78 x	6.45 x
EV / FCF	23.9 x	21.4 x	18.6 x	20.7 x	24.9 x	16.6 x	13.3 x	11.5 x
FCF Yield	4.18%	4.68%	5.38%	4.83%	4.01%	6.01%	7.54%	8.66%
Price to Book	-42.9 x	-11.6 x	-9.6 x	-6.78 x	-8.23 x	-7.04 x	-13.8 x	-10.5 x
Nbr of stocks (in thousands)	4,423,720	4,249,501	3,999,494	3,889,537	3,841,384	3,846,632	-	-
Reference price ²	7.150	6.370	6.350	5.840	5.470	3.010	3.010	3.010
Announcement Date	2/4/20	2/2/21	2/1/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,794	8,040	8,696	9,003	8,953	8,821	8,994	9,074
EBITDA ¹	2,427	2,575	2,770	2,833	2,790	2,717	2,787	2,861
EBIT ¹	1,679	1,834	2,015	2,036	1,946	1,915	1,978	2,026
Operating Margin	21.54%	22.81%	23.17%	22.61%	21.74%	21.71%	21.99%	22.33%
Earnings before Tax (EBT) ¹	1,197	430	1,526	1,605	1,518	1,528	1,564	1,643
Net income ¹	914	131	1,314	1,213	1,258	1,168	1,190	1,276
Net margin	11.73%	1.63%	15.11%	13.47%	14.05%	13.24%	13.23%	14.06%
EPS ²	0.2000	0.0300	0.3200	0.3100	0.3200	0.3038	0.3222	0.3523
Free Cash Flow ¹	1,647	1,660	1,831	1,551	1,203	1,212	1,425	1,599
FCF margin	21.13%	20.65%	21.06%	17.23%	13.44%	13.74%	15.84%	17.62%
FCF Conversion (EBITDA)	67.86%	64.47%	66.1%	54.75%	43.12%	44.61%	51.13%	55.88%
FCF Conversion (Net income)	180.2%	1,267.18%	139.35%	127.86%	95.63%	103.76%	119.77%	125.3%
Dividend per Share ²	0.0496	0.0546	0.0659	0.3401	0.0992	0.1069	0.1189	0.1313
Announcement Date	2/4/20	2/2/21	2/1/22	2/2/23	2/1/24	-	-	-

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	2,282	2,186	2,253	2,280	2,284	2,144	2,250	2,271	2,287	2,162	2,202	2,204	2,225	2,152	2,242
EBITDA ¹	672	690	679	720	744	625	702	747	715	650	680.3	702	686.3	657.5	700.5
EBIT ¹	476	510	496	467	563	412	479	564	490	437	493.6	498.8	482.2	458.9	518
Operating Margin	20.86%	23.33%	22.02%	20.48%	24.65%	19.22%	21.29%	24.83%	21.43%	20.21%	22.42%	22.63%	21.67%	21.32%	23.1%
Earnings before Tax (EBT) ¹	375	409	388	357	451	308	372	455	382	345	388.9	393.6	375.2	354	390
Net income ¹	318	309	292	247	365	233	310	363	352	258	287	293.6	276.9	283.3	312.2
Net margin	13.94%	14.14%	12.96%	10.83%	15.98%	10.87%	13.78%	15.98%	15.39%	11.93%	13.04%	13.32%	12.44%	13.16%	13.92%
EPS ²	0.0800	0.0800	0.0700	0.0600	0.1000	0.0600	0.0800	0.0900	0.0900	0.0700	0.0772	0.0797	0.0779	0.0680	0.0800
Dividend per Share ²	0.0220	0.0220	0.0220	0.0220	0.0242	0.0242	0.0242	0.0242	0.0266	-	0.0266	0.0300	0.0300	-	-
Announcement Date	2/1/22	4/28/22	7/28/22	11/1/22	2/2/23	4/27/23	8/1/23	10/31/23	2/1/24	4/30/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,738	8,429	8,641	9,395	8,979	8,598	7,324	6,886
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.188 x	3.273 x	3.119 x	3.316 x	3.218 x	3.164 x	2.628 x	2.407 x
Free Cash Flow ¹	1,647	1,660	1,831	1,551	1,203	1,212	1,425	1,599
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	9.46%	1.22%	12.8%	12%	12.3%	11.2%	11.6%	11.9%
Assets ¹	9,661	10,741	10,304	10,148	10,198	10,437	10,271	10,709
Book Value Per Share ²	-0.1700	-0.5500	-0.6600	-0.8600	-0.6600	-0.4300	-0.2200	-0.2900
Cash Flow per Share ²	0.4400	0.4600	0.4800	0.5000	0.4800	0.5000	0.5000	0.5100
Capex ¹	363	350	388	426	650	667	515	419
Capex / Sales	4.66%	4.35%	4.46%	4.73%	7.26%	7.56%	5.72%	4.62%
Announcement Date	2/4/20	2/2/21	2/1/22	2/2/23	2/1/24	-	-	-

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 Sirius XM Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.01 USD

Average target price

4.075 USD

Spread / Average Target

+35.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Radio Broadcasting

	1st Jan change	Capi.
SIRIUS XM HOLDINGS INC.	-45.06%	11.58B
ARN MEDIA LIMITED	-15.00%	178M
ENTERTAINMENT NETWORK (INDIA) LIMITED	+32.32%	137M
SAGA COMMUNICATIONS, INC.	-9.97%	126M
CORUS ENTERTAINMENT INC.	-30.28%	72.56M
MUSIC BROADCAST LIMITED	+1.46%	71.58M
EMMIS CORPORATION	-3.60%	64.58M
MEDIACO HOLDING INC.	+221.30%	64.5M
GRUPO RADIO CENTRO, S.A.B. DE C.V.	+19.40%	61.54M
CUMULUS MEDIA INC.	-40.79%	53.19M

Radio Broadcasting