Financials Atlas Copco AB BOERSE MUENCHEN

Equities

ACO5

SE0017486897

Industrial Machinery & Equipment

Real-time BOERSE MUENCHEN Other stock markets 02:43:38 2024-06-27 pm EDT			5-day change	1st Jan Change
15.05 ^EUR	-1.25%		+1.03%	+12.93%

Jun. 26	Bonava AB Appoints Jon Johnsson as Member of the Executive Management Group, Effective Not Later Than 2 January 2025	CI
Jun. 14	Atlas Copco Buys Compressed Air Systems Company AE Industrial	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	435,589	491,424	726,136	580,332	808,050	923,589	-	-
Enterprise Value (EV) ¹	447,602	507,845	734,287	606,902	831,491	932,726	911,553	898,481
P/E ratio	27.5 x	34.7 x	42.1 x	25.6 x	30.2 x	32.2 x	30 x	28 x
Yield	1.87%	1.73%	1.21%	1.87%	1.61%	1.51%	1.62%	1.77%
Capitalization / Revenue	4.2 x	4.92 x	6.55 x	4.11 x	4.68 x	5.13 x	4.83 x	4.56 x
EV / Revenue	4.31 x	5.09 x	6.62 x	4.29 x	4.82 x	5.19 x	4.77 x	4.43 x
EV / EBITDA	16.3 x	20.2 x	24.7 x	16.7 x	18.1 x	19.6 x	17.9 x	16.5 x
EV / FCF	33.2 x	26.2 x	37.1 x	37.1 x	36.7 x	30.2 x	27.8 x	25.9 x
FCF Yield	3.01%	3.82%	2.7%	2.69%	2.72%	3.31%	3.6%	3.86%
Price to Book	8.49 x	9.57 x	11.3 x	7.69 x	9.13 x	8.78 x	7.62 x	6.72 x
Nbr of stocks (in thousands)	4,865,847	4,863,710	4,874,791	4,866,473	4,873,209	4,872,869	-	-
Reference price ²	93.40	105.3	156.4	123.1	173.6	199.6	199.6	199.6
Announcement Date	1/28/20	1/29/21	1/25/22	1/26/23	1/25/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	103,756	99,787	110,912	141,325	172,664	179,883	191,110	202,636
EBITDA ¹	27,377	25,187	29,712	36,398	45,978	47,644	51,062	54,456
EBIT ¹	22,677	19,998	24,246	30,065	38,217	40,148	43,061	46,145
Operating Margin	21.86%	20.04%	21.86%	21.27%	22.13%	22.32%	22.53%	22.77%
Earnings before Tax (EBT) ¹	21,572	18,825	23,410	30,044	36,442	39,302	42,387	45,970
Net income ¹	16,522	14,779	18,130	23,477	28,040	30,185	32,577	35,052
Net margin	15.92%	14.81%	16.35%	16.61%	16.24%	16.78%	17.05%	17.3%
EPS ²	3.398	3.035	3.712	4.810	5.750	6.190	6.655	7.127
Free Cash Flow ¹	13,473	19,408	19,793	16,346	22,633	30,847	32,786	34,647
FCF margin	12.99%	19.45%	17.85%	11.57%	13.11%	17.15%	17.16%	17.1%
FCF Conversion (EBITDA)	49.21%	77.06%	66.62%	44.91%	49.23%	64.74%	64.21%	63.62%
FCF Conversion (Net income)	81.55%	131.32%	109.17%	69.63%	80.72%	102.19%	100.64%	98.85%
Dividend per Share ²	1.750	1.825	1.900	2.300	2.800	3.020	3.226	3.538
Announcement Date	1/28/20	1/29/21	1/25/22	1/26/23	1/25/24	-	-	-

¹SEK in Million²SEK

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	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	29,533	30,086	33,111	38,074	40,054	39,861	43,364	44,485	44,954	-	42,875	45,348	45,254	46,267	45,740	49,710
EBITDA ¹	7,912	7,966	8,533	10,102	9,797	10,441	11,369	12,100	12,068	-	11,560	12,236	12,501	12,606	12,755	13,465
EBIT ¹	6,462	6,525	7,042	8,469	8,029	8,663	9,488	10,110	9,956	-	9,486	10,093	10,276	10,333	10,427	11,215
Operating Margin	21.88%	21.69%	21.27%	22.24%	20.05%	21.73%	21.88%	22.73%	22.15%	-	22.12%	22.26%	22.71%	22.33%	22.8%	22.56%
Earnings before Tax (EBT) ¹	6,250	6,671	7,305	8,448	7,620	8,655	9,026	9,928	8,833	-	9,361	9,900	9,945	10,048	10,195	10,294
Net income ¹	4,889	5,213	5,678	6,533	6,053	6,523	6,940	7,798	6,779	-	7,172	7,587	7,724	7,785	7,831	8,259
Net margin	16.55%	17.33%	17.15%	17.16%	15.11%	16.36%	16%	17.53%	15.08%	-	16.73%	16.73%	17.07%	16.83%	17.12%	16.61%
EPS ²	1.000	1.068	1.160	1.340	1.240	1.340	1.420	1.600	1.390	-	1.470	1.558	1.594	1.595	1.599	1.696
Dividend per Share ²	1.900	-	-	-	2.300	-	-	-	2.800	2.800	-	-	-	2.935	-	-
Announcement Date	1/25/22	4/26/22	7/19/22	10/19/22	1/26/23	4/27/23	7/19/23	10/25/23	1/25/24	1/25/24	4/24/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,013	16,421	8,151	26,570	23,441	9,138	-	-
Net Cash position ¹	-	-	-	-	-	-	12,035	25,107
Leverage (Debt/EBITDA)	0.4388 x	0.652 x	0.2743 x	0.73 x	0.5098 x	0.1918 x	-	-
Free Cash Flow ¹	13,473	19,408	19,793	16,346	22,633	30,847	32,786	34,647
ROE (net income / shareholders' equity)	35%	27%	30%	32%	32.7%	30.4%	28%	26.4%
ROA (Net income/ Total Assets)	15.6%	13.1%	14.5%	15.2%	15.8%	16.1%	16.1%	16.2%
Assets ¹	105,837	112,542	125,024	154,492	177,468	187,603	202,762	216,751
Book Value Per Share ²	11.00	11.00	13.90	16.00	19.00	22.70	26.20	29.70
Cash Flow per Share ²	3.320	4.560	4.740	4.380	5.760	7.280	7.870	8.390
Capex ¹	2,678	2,796	3,359	5,031	5,451	5,662	5,924	6,106
Capex / Sales	2.58%	2.8%	3.03%	3.56%	3.16%	3.15%	3.1%	3.01%
Announcement Date	1/28/20	1/29/21	1/25/22	1/26/23	1/25/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Atlas Copco AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

199.6 SEK

Average target price

188.8 SEK

Spread / Average Target

-5.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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