Financials Caterpillar Inc. Sao Paulo

Equities

CATP34

BRCATPBDR003

Heavy Machinery & Vehicles

Market Closed - Sao Paulo Other stock markets 03:50:25 2024-07-16 pm EDT			5-day change	1st Jan Change
122.6 ^BRL	+3.88%		+11.50%	+36.92%

Jul. 03	Ioneer Joins Caterpillar's Four-Year Pathways to Sustainability Program	MT
Jul. 01	Caterpillar Inc.(NYSE:CAT) added to Russell 1000 Defensive Index	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	81,617	98,884	111,834	124,669	150,521	176,343	-	-
Enterprise Value (EV) ¹	110,990	126,695	140,369	149,336	172,658	205,147	203,218	200,947
P/E ratio	13.8 x	33.3 x	17.5 x	19 x	14.7 x	16.9 x	16.3 x	15 x
Yield	2.67%	2.26%	2.11%	1.97%	1.72%	1.5%	1.62%	1.7%
Capitalization / Revenue	1.52 x	2.37 x	2.19 x	2.1 x	2.24 x	2.67 x	2.58 x	2.45 x
EV / Revenue	2.06 x	3.03 x	2.75 x	2.51 x	2.57 x	3.1 x	2.97 x	2.79 x
EV / EBITDA	11.5 x	21.3 x	17.7 x	14.8 x	11.7 x	13.4 x	12.8 x	12.1 x
EV / FCF	18.9 x	23.7 x	23 x	23 x	15.3 x	20.8 x	20.3 x	18.8 x
FCF Yield	5.29%	4.22%	4.35%	4.34%	6.54%	4.8%	4.94%	5.33%
Price to Book	5.57 x	6.47 x	6.72 x	7.95 x	7.74 x	8.46 x	7.18 x	6.08 x
Nbr of stocks (in thousands)	552,658	543,258	540,942	520,409	509,085	489,053	-	-
Reference price ²	147.7	182.0	206.7	239.6	295.7	360.6	360.6	360.6
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	53,800	41,748	50,971	59,427	67,060	66,165	68,390	72,112
EBITDA ¹	9,683	5,951	7,913	10,096	14,800	15,321	15,890	16,577
EBIT ¹	8,290	4,553	6,878	7,433	12,966	13,678	14,216	15,224
Operating Margin	15.41%	10.91%	13.49%	12.51%	19.33%	20.67%	20.79%	21.11%
Earnings before Tax (EBT) ¹	7,812	3,995	8,204	8,752	13,050	13,292	13,470	14,626
Net income ¹	6,093	2,998	6,489	6,705	10,335	10,563	10,630	11,181
Net margin	11.33%	7.18%	12.73%	11.28%	15.41%	15.97%	15.54%	15.51%
EPS ²	10.74	5.460	11.83	12.64	20.12	21.30	22.14	24.10
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,857	10,035	10,711
FCF margin	10.92%	12.81%	11.98%	10.92%	16.83%	14.9%	14.67%	14.85%
FCF Conversion (EBITDA)	60.68%	89.88%	77.15%	64.25%	76.27%	64.34%	63.15%	64.61%
FCF Conversion (Net income)	96.44%	178.42%	94.08%	96.75%	109.22%	93.32%	94.4%	95.79%
Dividend per Share ²	3.950	4.120	4.360	4.710	5.100	5.414	5.851	6.122
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

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	13,798	13,589	14,247	14,994	16,597	15,862	17,318	16,810	17,070	15,799	16,714	16,420	17,190	16,092	17,426
EBITDA ¹	1,863	2,086	2,189	2,691	3,130	3,567	3,929	3,764	3,540	3,726	3,968	3,864	3,626	4,184	4,210
EBIT ¹	1,611	1,728	1,944	2,425	1,629	2,731	3,652	3,449	3,134	3,519	3,557	3,380	3,277	3,659	3,790
Operating Margin	11.68%	12.72%	13.64%	16.17%	9.82%	17.22%	21.09%	20.52%	18.36%	22.27%	21.28%	20.58%	19.06%	22.74%	21.75%
Earnings before Tax (EBT) ¹	2,562	1,999	2,096	2,558	2,099	2,634	3,652	3,515	3,249	3,532	3,455	3,323	3,164	3,630	3,728
Net income ¹	2,120	1,537	1,673	2,041	1,454	1,943	2,922	2,794	2,676	2,856	2,720	2,581	2,465	2,832	2,863
Net margin	15.36%	11.31%	11.74%	13.61%	8.76%	12.25%	16.87%	16.62%	15.68%	18.08%	16.27%	15.72%	14.34%	17.6%	16.43%
EPS ²	3.910	2.860	3.130	3.870	2.790	3.740	5.670	5.450	5.280	5.750	5.490	5.216	5.009	5.571	5.851
Dividend per Share ²	1.110	1.110	1.200	1.200	1.200	1.200	1.300	-	1.300	-	1.303	1.368	1.370	1.410	1.413
Announcement Date	1/28/22	4/28/22	8/2/22	10/27/22	1/31/23	4/27/23	8/1/23	10/31/23	2/5/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,373	27,811	28,535	24,667	22,137	28,805	26,876	24,604
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.033 x	4.673 x	3.606 x	2.443 x	1.496 x	1.88 x	1.691 x	1.484 x
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,857	10,035	10,711
ROE (net income / shareholders' equity)	42.6%	20%	37.3%	45.4%	61.6%	52.9%	46.3%	41%
ROA (Net income/ Total Assets)	7.76%	3.82%	7.36%	8.91%	12.9%	15.6%	14.2%	13.9%
Assets ¹	78,481	78,389	88,123	75,253	80,179	67,828	74,963	80,688
Book Value Per Share ²	26.50	28.10	30.80	30.10	38.20	42.60	50.20	59.30
Cash Flow per Share ²	12.20	11.50	13.10	14.60	25.10	26.00	24.60	30.00
Capex ¹	1,056	978	1,093	1,296	1,597	2,175	2,150	2,136
Capex / Sales	1.96%	2.34%	2.14%	2.18%	2.38%	3.29%	3.14%	2.96%
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

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 Caterpillar Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

360.6 USD

Average target price

347.6 USD

Spread / Average Target

-3.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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