Financials Benefit Systems S.A.

Equities

BFT

PLBNFTS00018

Employment Services

Market Closed - Warsaw S.E. 11:55:54 2024-07-15 am EDT 5-day change 1st Jan Change
2,500 PLN +1.42% Intraday chart for Benefit Systems S.A. -8.76% +28.21%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,417 2,315 1,866 2,183 5,720 7,396 - -
Enterprise Value (EV) 1 3,479 2,353 1,835 2,049 5,347 6,987 6,912 6,794
P/E ratio 23.5 x -22.9 x - 15.8 x 13.1 x 16.2 x 13.5 x 12.2 x
Yield - - - - 2.1% 5.38% 5.35% 6.48%
Capitalization / Revenue 1.58 x 2.24 x 1.95 x 1.14 x 2.06 x 2.19 x 1.89 x 1.69 x
EV / Revenue 2.28 x 2.28 x 1.92 x 1.07 x 1.93 x 2.06 x 1.77 x 1.55 x
EV / EBITDA 9.72 x 11.3 x 8.95 x 4.61 x 6.46 x 6.89 x 6.12 x 5.4 x
EV / FCF 13.9 x 14 x 11 x 6.46 x 9.41 x 20.1 x 13.6 x 11 x
FCF Yield 7.21% 7.15% 9.07% 15.5% 10.6% 4.97% 7.37% 9.11%
Price to Book 4.07 x 4.6 x 3.09 x - 5.74 x 7.23 x 6.08 x 5.51 x
Nbr of stocks (in thousands) 2,741 2,776 2,934 2,934 2,934 2,958 - -
Reference price 2 882.0 834.0 636.0 744.0 1,950 2,500 2,500 2,500
Announcement Date 4/1/20 3/24/21 4/15/22 3/22/23 3/20/24 - - -
1PLN in Million2PLN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,527 1,034 954.9 1,909 2,774 3,385 3,912 4,388
EBITDA 1 357.9 207.8 205.1 444.8 827.6 1,014 1,129 1,258
EBIT 1 155.5 -3.387 -4.01 212.8 540.1 642.8 747.4 831.9
Operating Margin 10.18% -0.33% -0.42% 11.14% 19.47% 18.99% 19.1% 18.96%
Earnings before Tax (EBT) 1 143 -90.63 -17.14 176.6 553.4 611.3 738.6 832.5
Net income 1 105.3 -100 -25.14 138.1 439.6 467.9 561.3 625.6
Net margin 6.9% -9.68% -2.63% 7.23% 15.85% 13.82% 14.35% 14.26%
EPS 2 37.54 -36.43 - 47.08 149.3 154.6 184.6 204.9
Free Cash Flow 1 251 168.3 166.4 316.9 568.2 347.3 509.7 619
FCF margin 16.43% 16.28% 17.43% 16.6% 20.48% 10.26% 13.03% 14.11%
FCF Conversion (EBITDA) 70.11% 80.99% 81.15% 71.25% 68.66% 34.25% 45.13% 49.22%
FCF Conversion (Net income) 238.26% - - 229.46% 129.25% 74.23% 90.8% 98.95%
Dividend per Share 2 - - - - 41.00 134.4 133.8 161.9
Announcement Date 4/1/20 3/24/21 4/15/22 3/22/23 3/20/24 - - -
1PLN in Million2PLN
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
Net sales 1 378.6 401.8 459.6 485.4 562.3 625.3 697.5 693.9 757.5 801.1 838.2 - -
EBITDA 1 93.88 74.64 107.3 127.1 135.9 129.1 215.6 243.2 239.6 204.2 244.2 286 301.3
EBIT 1 37.86 19.32 50.3 69.1 74 65.73 143.2 171.1 160.1 123 137.6 200 200.7
Operating Margin 10% 4.81% 10.94% 14.24% 13.16% 10.51% 20.53% 24.66% 21.13% 15.36% 16.42% - -
Earnings before Tax (EBT) 1 33.72 - 40.22 - - 64.73 158.9 144.8 184.9 117.7 131.3 - -
Net income 1 23.48 - 31.6 - - 52.37 129.5 115.4 142.4 92.12 98.85 - -
Net margin 6.2% - 6.88% - - 8.38% 18.57% 16.63% 18.81% 11.5% 11.79% - -
EPS - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 4/15/22 5/25/22 8/16/22 11/9/22 3/22/23 5/17/23 8/16/23 11/15/23 3/20/24 5/15/24 - - -
1PLN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,062 37.7 - - - - - -
Net Cash position 1 - - 31.1 134 373 408 484 602
Leverage (Debt/EBITDA) 2.966 x 0.1814 x - - - - - -
Free Cash Flow 1 251 168 166 317 568 347 510 619
ROE (net income / shareholders' equity) 17.8% -17.5% -3.23% 20.8% 51% 43.3% 46.4% 45.4%
ROA (Net income/ Total Assets) 6.65% -4.85% -0.86% 6.26% 17.5% 17.5% 18.5% 18.4%
Assets 1 1,584 2,062 2,914 2,207 2,517 2,674 3,034 3,400
Book Value Per Share 2 217.0 181.0 206.0 - 340.0 346.0 411.0 453.0
Cash Flow per Share - - - - - - - -
Capex 1 129 53.8 74.1 123 262 340 310 290
Capex / Sales 8.44% 5.2% 7.76% 6.43% 9.45% 10.05% 7.93% 6.6%
Announcement Date 4/1/20 3/24/21 4/15/22 3/22/23 3/20/24 - - -
1PLN in Million2PLN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
2,500 PLN
Average target price
3,058 PLN
Spread / Average Target
+22.32%
Consensus

Quarterly revenue - Rate of surprise

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