This document is being provided for the exclusive use of Baptiste DE LEUDEVILLE - Kepler Cheuvreux - generated at 2023-07-28 09:38:13
#TPchange
Release date: 28 July 2023 | ||
Clasquin Hold | +33 1 53 65 36 55 | |
Baptiste de Leudeville | ||
Equity Research Analyst | ||
France | Support services | Beta Profile: | MCap: EUR179.5m |
Target Price: | EUR84.00 (76.00) | Change in TP: | 10.5% | |
Current Price: | EUR78.60 | Change in Sales: | 6.2% | 23E/8.6% 24E |
Up/downside: | 6.9% | Change in Adj EBIT: | 9.0% | 23E/12.7% 24E |
Market data: | 27 July 2023 | Change in Adj. EPS: | 11.3% 23E/16.2% 24E |
More resilient volumes than expected in Q2
Why this report?
The volumes in Q2 were significantly stronger than expected, especially in air freight. In a challenging freight market (decreasing volume), Clasquin stands out for its capacity to add new clients and grow organically. We are factoring in a softer landing in the normalisation of volumes (and yields in Air freight) with a positive impact on our GP estimates in 2023 and 2024. TP raised to EUR84.
Key findings
- Clasquin continues to outperform large peers (K+N, DSV).
- Clasquin is excelling at gaining new clients and growing organically. 8% of the gross profit in H1 2023 came from new clients.
- Timar's contribution in Q2 was in line with expectations.
- We cut our GP estimates by 6% in 2023 and 9% in 2024 with respective positive impacts on EBIT of 9% and 13% respectively.
-
This has a EUR8 impact on our DCF-derived valuation.
Deconstructing the forecasts - We are looking at a 2% decrease in GP in 2023 as business conditions normalise (- 8% previously).
Bloomberg: ALCLA FP | Reuters: ALCLA.PA | ||
Free float | 45.0% | ||
Avg. daily volume (EURm) | 0.1 | ||
YTD abs performance | 31.9% | ||
52-week high/low (EUR) | 82.20/45.60 | ||
FY to 31/12 (EUR) | 12/23E | 12/24E | 12/25E |
Sales (m) | 856.5 | 866.6 | 898.5 |
EBITDA adj (m) | 29.3 | 29.0 | 29.4 |
EBIT adj (m) | 21.6 | 21.3 | 21.7 |
Net profit adj (m) | 12.8 | 12.6 | 12.8 |
Net financial debt (m) | 11.1 | 6.1 | -7.0 |
FCF (m) | -9.1 | 10.9 | 18.9 |
EPS adj. and ful. dil. | 5.54 | 5.44 | 5.57 |
Consensus EPS | 5.42 | 5.97 | 6.36 |
Net dividend | 2.24 | 2.20 | 2.25 |
FY to 31/12 | 12/23E | 12/24E | 12/25E |
P/E adj and ful. dil. | 14.2 | 14.5 | 14.1 |
EV/EBITDA | 7.7 | 7.6 | 7.1 |
EV/EBIT | 10.5 | 10.4 | 9.6 |
FCF yield | -5.1% | 6.1% | 10.5% |
Dividend yield | 2.9% | 2.8% | 2.9% |
ND(F+IFRS16)/EBITDA | 1.1 | 0.9 | 0.4 |
Gearing | 18.6% | 8.8% | -8.9% |
ROIC | 19.8% | 15.3% | 15.5% |
EV/IC | 2.3 | 2.1 | 2.1 |
Investment case
- Clasquin is a top-quality company that primarily bases its success on differentiated and highly attractive positioning in the freight forwarding industry. Clasquin has been implementing a well-functioning growth model with success, as evidenced by a robust 14% gross profit CAGR since 2015.
- Successful strategy execution: 1) well-led international expansion, 2) development of niche expertise and verticals (wine & spirits, art shipping, etc.) 3) smart M&A, 4) addition of value-added services for customers.
- In 2021-22, Clasquin took advantage of the powerful recovery in global demand and the massive disruption of supply chains. We expect some normalisation in 2023-24.
Catalysts - Surge in freight rates due to high demand and tight supply chain conditions.
- Broadening of offering (logistics, supply chain, digital offer).
- Business ramp-up in fast-growing regions for trade.
Valuation methodology
- DCF (9.0% WACC, 3% terminal growth, 16% LT EBIT/GP).
-
Peers (applying structural discount to account for smaller size and lower liquidity).
Risks to our rating - Improving supply chain conditions create less favourable pricing environment.
- Freight capacity exceeding demand.
- Decreasing consumption and world trade.
Clasquin
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This document is being provided for the exclusive use of Baptiste DE LEUDEVILLE - Kepler Cheuvreux - generated at 2023-07-28 09:38:13
Clasquin Hold | Target Price: EUR84.00
Q2 beat
Air freight: strong volume driven by new clients
Volumes came up 15.3% in Q2, and were much stronger than expected (KECH: -7%). The new client wins primarily explain that beat. Clasquin strongly outperformed the air freight market. For instance, DSV released a YOY decline of -21% and K+N published a YOY decrease of -11% YOY. The yield also surprised us positively by remaining stable with the first quarter. based on the above, Q2 gross profit in Air freight amounted EUR9.6m, significantly above forecasts (KECH: EUR7.6m).
Sea freight: resilient volumes, drop in yields
Volumes were also more resilient than expected (-1% YOY reported compared to -4% expected). Clasquin is in line with K+N (also -1%) and did better than DSV (-7%). The yields also surprised us positively by remaining stable compared to the first quarter. Based on the above, Q2 gross profit in Air freight amounted EUR9.6m, significantly above forecasts (KECH: EUR7.6m).
Chart 1: Volume air freight (TEUs ,000) | Chart 2: Volume sea freight (tons) | |
TEUs (,000) | Tons |
80 | 62 | 64 | 66 | 72 | 69 | 71 | 63 | 71 | 66 | 63 | 70 | 25 | 22 | ||||||||||||||||||||||||
70 | 60 | 59 | 18 | 18 | 18 | ||||||||||||||||||||||||||||||||
52 | 56 | 55 | 20 | 17 | 17 | 17 | 17 | 18 | 17 | 16 | |||||||||||||||||||||||||||
60 | 49 | 16 | 15 | 15 | |||||||||||||||||||||||||||||||||
48 | 14 | 13 | 15 | ||||||||||||||||||||||||||||||||||
50 | 15 | 12 | |||||||||||||||||||||||||||||||||||
40 | |||||||||||||||||||||||||||||||||||||
30 | 10 | ||||||||||||||||||||||||||||||||||||
20 | 5 | ||||||||||||||||||||||||||||||||||||
10 | |||||||||||||||||||||||||||||||||||||
0 | Q1-19 | Q2-19 | Q3-19 | Q4-19 | Q1-20 | Q2-20 | Q3-20 | Q4-20 | Q1-21 | Q2-21 | Q3-21 | Q4-21 | Q1-22 | Q2-22 | Q3-22 | Q4-22 | Q1-23 | Q2-23 | 0 | Q1-19 | Q2-19 | Q3-19 | Q4-19 | Q1-20 | Q2-20 | Q3-20 | Q4-20 | Q1-21 | Q2-21 | Q3-21 | Q4-21 | Q1-22 | Q2-22 | Q3-22 | Q4-22 | Q1-23 | Q2-23 |
Source: Kepler Cheuvreux | Source: Kepler Cheuvreux |
Chart 3: GP/TEU (sea freight)Chart 4: GP/t (Air freight
350 | 299 | 294 | 319 | GP/t (Air freight) | |||||||||||||||||||||||||||||||||||||||||||||
300 | 272 | 288 | 291282 | ||||||||||||||||||||||||||||||||||||||||||||||
237 | 800 | 673 | |||||||||||||||||||||||||||||||||||||||||||||||
250 | 205205 | 601 | 581 | ||||||||||||||||||||||||||||||||||||||||||||||
164 | 163 | 600 | 559 | 538 | 573 | 538541 | |||||||||||||||||||||||||||||||||||||||||||
200 155 | 141158 | 150149136 | 398395396425410 | 427443441 | 456 | 472 | |||||||||||||||||||||||||||||||||||||||||||
150 | 400 |
100 | 200 | |||||||||||||
50 | ||||||||||||||
0 | 0 | |||||||||||||
Q1-19Q2-19Q3-19Q4-19Q1-20Q2-20Q3-20Q4-20Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23 | Q1-19Q2-19Q3-19Q4-19Q1-20Q2-20Q3-20Q4-20Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23 | |||||||||||||
GP/TEU (Sea freight) | GP/t (Air freight) | |||||||||||||
Source: Kepler Cheuvreux | Source: Kepler Cheuvreux |
We raise our estimates and TP (EUR84 vs. EUR76 previously)
We raise our GP estimates by 6% in 2023 and 9% in 2024 with a positive impact on EBIT of 9% and 13% respectively. In the long term, we have a central scenario, based on 3% long-term annual growth, a 16% EBIT margin in cruising speed, and normative FCF of EUR15-20m. We factor these assumptions into our DCF (9% WACC). The method yields an equity value of EUR84 (sensitivity analysis gives a value range of EUR76-92 based on varying assumptions for terminal growth and normalised profitability).
keplercheuvreux.com
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This document is being provided for the exclusive use of Baptiste DE LEUDEVILLE - Kepler Cheuvreux - generated at 2023-07-28 09:38:13
Clasquin Hold | Target Price: EUR84.00
Company description
Clasquin is an air and sea freight forwarder with a focus on Asia/Europe flows.
Management
Hugues Morin, CEO
Philippe Lons, CFO
Laurence Ilhe, General Secretary
Key shareholders
Free float | 45.00% |
Yves Revol | 41.90% |
Employees | 12.60% |
Others | 0.50% |
Key data charts
Price performance | Sales split by region | Sales split by division | ||
FCF | Sales and EBITDA margin | FCF and Capex to sales | ||
SWOT analysis
Strengths
- International integrated network (US, Europe, Asia).
- Differentiated profile (family-owned business, medium-sizecompany).
- Diversified and balanced customer base (first customer <3%of GP).
- Strong presence in China.
Weaknesses
- Limited presence in the US.
- Lower volume shipped, GP/volume, and conversion rate than competitors.
Opportunities
- Disruption of global supply chain.
- Development of niche expertise /verticals (e.g. wine, fine arts).
- Broadening of offering (overseas logistics, consulting, etc.).
Threats
- Slowdown in global consumption and world trade.
- Collapse in freight rates.
- Relocation of production in Europe.
keplercheuvreux.com
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This document is being provided for the exclusive use of Baptiste DE LEUDEVILLE - Kepler Cheuvreux - generated at 2023-07-28 09:38:13
Clasquin Hold | Target Price: EUR84.00
Valuation table | Market data as of: 27 July 2023 | |||||||||
FY to 31/12 (EUR) | 12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23E | 12/24E | 12/25E |
Per share data (EUR) | ||||||||||
EPS adjusted | 0.69 | 1.08 | 1.21 | 1.68 | 2.22 | 7.60 | 9.55 | 5.60 | 5.50 | 5.63 |
% Change | -52.4% | 56.5% | 12.3% | 38.5% | 32.2% | 241.9% | 25.7% | -41.3% | -1.9% | 2.3% |
EPS adjusted and fully diluted | 0.69 | 1.08 | 1.21 | 1.68 | 2.21 | 7.53 | 9.45 | 5.54 | 5.44 | 5.57 |
% Change | -52.4% | 56.5% | 12.3% | 38.1% | 31.8% | 240.8% | 25.5% | -41.3% | -1.9% | 2.3% |
EPS reported | 0.69 | 1.08 | 1.21 | 1.68 | 2.22 | 7.60 | 9.55 | 5.60 | 5.50 | 5.63 |
% Change | -52.4% | 56.5% | 12.3% | 38.5% | 32.2% | 241.9% | 25.7% | -41.3% | -1.9% | 2.3% |
EPS Consensus | 5.42 | 5.97 | 6.36 | |||||||
Cash flow per share | 0.58 | 1.04 | 1.92 | 7.01 | 0.91 | 6.79 | 29.29 | -2.69 | 6.07 | 9.57 |
Book value per share | 8.78 | 8.57 | 9.31 | 9.53 | 11.68 | 17.07 | 22.97 | 22.79 | 26.85 | 31.08 |
DPS | 0.80 | 0.80 | 0.65 | 0.00 | 1.30 | 3.40 | 6.50 | 2.24 | 2.20 | 2.25 |
Number of shares, YE (m) | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 |
Nbr of shares, fully diluted, YE (m) | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 |
Share price | ||||||||||
Latest price / year end | 28.4 | 36.0 | 30.0 | 35.0 | 36.7 | 76.0 | 59.6 | 78.6 | 78.6 | 78.6 |
52 week high | 35.0 | 38.2 | 42.5 | 38.4 | 41.2 | 76.0 | 75.8 | 82.2 | ||
52 week low | 23.5 | 27.3 | 30.0 | 29.7 | 18.5 | 36.5 | 45.6 | 56.0 | ||
Average price (Year) | 29.6 | 33.2 | 36.5 | 34.6 | 30.7 | 53.0 | 60.9 | 78.6 | 78.6 | 78.6 |
Enterprise value (EURm) | ||||||||||
Market capitalisation | 68.2 | 76.4 | 84.1 | 79.7 | 70.7 | 121.2 | 139.2 | 179.5 | 179.5 | 179.5 |
Net financial debt | 11.6 | 12.7 | 16.0 | 29.3 | 19.8 | 15.5 | -28.9 | 11.1 | 6.1 | -7.0 |
Pension provisions | 0.0 | 0.9 | 0.8 | 1.1 | 1.3 | 1.2 | 1.1 | 1.1 | 1.1 | 1.1 |
IFRS 16 debt | 0.0 | 0.0 | 0.0 | 9.7 | 9.0 | 11.1 | 20.1 | 20.1 | 20.1 | 20.1 |
Market value of minorities | 3.0 | 3.2 | 3.0 | 4.9 | 4.0 | 6.3 | 7.4 | 7.4 | 7.4 | 7.4 |
MV of equity affiliates (net of tax) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Others | -1.4 | 1.0 | 0.9 | 3.0 | 1.2 | 7.5 | 7.6 | 7.6 | 7.6 | 7.6 |
Enterprise value | 81.4 | 94.1 | 104.8 | 127.5 | 106.0 | 162.9 | 146.6 | 226.9 | 221.9 | 208.8 |
Valuation | ||||||||||
P/E adjusted | 42.9 | 30.7 | 30.1 | 20.6 | 13.8 | 7.0 | 6.4 | 14.0 | 14.3 | 14.0 |
P/E adjusted and fully diluted | 42.9 | 30.7 | 30.1 | 20.6 | 13.9 | 7.0 | 6.5 | 14.2 | 14.5 | 14.1 |
P/E consensus | 14.5 | 13.2 | 12.4 | |||||||
P/BV | 3.4 | 3.9 | 3.9 | 3.6 | 2.6 | 3.1 | 2.7 | 3.4 | 2.9 | 2.5 |
P/CF | 50.8 | 31.9 | 19.0 | 4.9 | 33.6 | 7.8 | 2.1 | na | 12.9 | 8.2 |
Dividend yield (%) | 2.7% | 2.4% | 1.8% | 0.0% | 4.2% | 6.4% | 10.7% | 2.9% | 2.8% | 2.9% |
FCF yield (%) | -3.2% | -1.6% | 1.0% | 17.1% | 0.8% | 11.2% | 44.0% | -5.1% | 6.1% | 10.5% |
ROE (%) | 7.6% | 12.5% | 13.6% | 17.9% | 21.0% | 52.7% | 47.6% | 24.5% | 22.1% | 19.4% |
ROIC (%) | 9.3% | 10.6% | 9.8% | 9.1% | 10.1% | 29.0% | 35.2% | 19.8% | 15.3% | 15.5% |
EV/Sales | 0.35 | 0.32 | 0.34 | 0.38 | 0.27 | 0.22 | 0.17 | 0.26 | 0.26 | 0.23 |
EV/EBITDA adj. | 11.5 | 12.8 | 11.3 | 9.2 | 6.4 | 4.3 | 3.6 | 7.7 | 7.6 | 7.1 |
EV/EBIT adj. | 20.3 | 17.3 | 18.1 | 15.4 | 11.0 | 6.0 | 4.3 | 10.5 | 10.4 | 9.6 |
EV/NOPAT | 35.2 | 28.8 | 29.4 | 26.4 | 16.3 | 7.9 | 5.9 | 14.4 | 14.3 | 13.2 |
EV/IC | 2.9 | 2.8 | 2.7 | 1.9 | 1.7 | 2.0 | 2.4 | 2.3 | 2.1 | 2.1 |
ROIC/WACC | 1.0 | 1.2 | 1.1 | 1.0 | 1.1 | 3.2 | 3.9 | 2.2 | 1.7 | 1.7 |
EV/IC over ROIC/WACC | 2.8 | 2.4 | 2.5 | 1.9 | 1.6 | 0.6 | 0.6 | 1.0 | 1.3 | 1.2 |
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4
This document is being provided for the exclusive use of Baptiste DE LEUDEVILLE - Kepler Cheuvreux - generated at 2023-07-28 09:38:13
Clasquin Hold | Target Price: EUR84.00
Income statement
FY to 31/12 (EUR) | 12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23E | 12/24E | 12/25E |
Sales | 235.0 | 290.6 | 308.3 | 331.3 | 392.0 | 752.2 | 877.1 | 856.5 | 866.6 | 898.5 |
Gross profit | 57.5 | 62.9 | 68.9 | 76.7 | 76.2 | 121.9 | 140.0 | 136.7 | 138.3 | 143.4 |
EBITDA reported | 7.1 | 7.4 | 9.3 | 13.9 | 16.7 | 38.2 | 40.3 | 29.3 | 29.0 | 29.4 |
EBITDA adjusted | 7.1 | 7.4 | 9.3 | 13.9 | 16.7 | 38.2 | 40.3 | 29.3 | 29.0 | 29.4 |
Depreciation and amortisation | -2.0 | -1.9 | -2.8 | -5.6 | -7.0 | -10.8 | -7.7 | -7.7 | -7.7 | -7.7 |
Goodwill impairment | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Other financial result and associates | -1.1 | 0.0 | -0.6 | -0.1 | -0.1 | -0.1 | 1.5 | 0.0 | 0.0 | 0.0 |
EBIT reported | 4.0 | 5.4 | 5.8 | 8.3 | 9.6 | 27.3 | 34.0 | 21.6 | 21.3 | 21.7 |
EBIT adjusted | 4.0 | 5.4 | 5.8 | 8.3 | 9.6 | 27.3 | 34.0 | 21.6 | 21.3 | 21.7 |
Net financial items | 0.6 | 0.7 | 0.7 | 1.0 | -0.4 | -0.1 | 1.6 | 1.6 | 1.6 | 1.6 |
Associates | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Others | -1.1 | -1.4 | -1.1 | -1.7 | -1.2 | -1.9 | -3.0 | -3.0 | -3.0 | -3.0 |
Earnings before tax | 3.6 | 4.8 | 5.5 | 7.6 | 8.1 | 25.1 | 32.6 | 20.2 | 19.9 | 20.3 |
Tax | -1.5 | -1.9 | -2.1 | -3.2 | -2.6 | -6.1 | -8.9 | -5.5 | -5.4 | -5.5 |
Net profit from continuing op. | 2.0 | 2.9 | 3.4 | 4.5 | 5.4 | 18.9 | 23.7 | 14.7 | 14.5 | 14.8 |
Net profit from disc. activities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net profit before minorities | 2.0 | 2.9 | 3.4 | 4.5 | 5.4 | 18.9 | 23.7 | 14.7 | 14.5 | 14.8 |
Minorities | -0.5 | -0.4 | -0.6 | -0.6 | -0.3 | -1.5 | -1.9 | -1.9 | -1.9 | -1.9 |
Net profit reported | 1.6 | 2.5 | 2.8 | 3.9 | 5.1 | 17.4 | 21.8 | 12.8 | 12.6 | 12.8 |
Adjustments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net profit adjusted | 1.6 | 2.5 | 2.8 | 3.9 | 5.1 | 17.4 | 21.8 | 12.8 | 12.6 | 12.8 |
Sales % Change | 0.3% | 23.6% | 6.1% | 7.4% | 18.3% | 91.9% | 16.6% | -2.4% | 1.2% | 3.7% |
EBITDA reported % Change | -13.8% | 3.7% | 25.7% | 49.7% | 20.3% | 129.0% | 5.5% | -27.1% | -1.1% | 1.4% |
EBITDA adjusted % Change | -13.8% | 3.7% | 25.7% | 49.7% | 20.3% | 129.0% | 5.5% | -27.1% | -1.1% | 1.4% |
EBIT reported % Change | -36.2% | 35.5% | 6.3% | 42.9% | 16.7% | 182.9% | 24.9% | -36.4% | -1.5% | 1.9% |
EBIT adjusted % Change | -36.2% | 35.5% | 6.3% | 42.9% | 16.7% | 182.9% | 24.9% | -36.4% | -1.5% | 1.9% |
Earnings before tax % Change | -42.4% | 35.7% | 14.2% | 38.4% | 5.9% | 210.3% | 30.2% | -38.0% | -1.6% | 2.0% |
Net profit from cont. op. % Change | -51.6% | 41.4% | 17.1% | 31.6% | 21.7% | 248.4% | 25.4% | -38.0% | -1.6% | 2.0% |
Net profit reported % Change | -52.5% | 56.5% | 12.2% | 38.6% | 32.2% | 239.7% | 25.4% | -41.3% | -1.9% | 2.3% |
Net profit adjusted % Change | -52.5% | 56.5% | 12.2% | 38.6% | 32.2% | 239.7% | 25.4% | -41.3% | -1.9% | 2.3% |
Gross profit margin (%) | 24.5% | 21.6% | 22.3% | 23.2% | 19.4% | 16.2% | 16.0% | 16.0% | 16.0% | 16.0% |
EBITDA margin (%) | 3.0% | 2.5% | 3.0% | 4.2% | 4.3% | 5.1% | 4.6% | 3.4% | 3.3% | 3.3% |
EBIT margin (%) | 1.7% | 1.9% | 1.9% | 2.5% | 2.5% | 3.6% | 3.9% | 2.5% | 2.5% | 2.4% |
Net profit margin (%) | 0.7% | 0.9% | 0.9% | 1.2% | 1.3% | 2.3% | 2.5% | 1.5% | 1.4% | 1.4% |
Tax rate (%) | 42.4% | 39.9% | 38.4% | 41.5% | 32.8% | 24.5% | 27.3% | 27.3% | 27.3% | 27.3% |
Payout ratio (%) | 115.8% | 74.0% | 53.6% | 0.0% | 58.9% | 45.2% | 68.8% | 40.4% | 40.4% | 40.4% |
EPS reported (EUR) | 0.69 | 1.08 | 1.21 | 1.68 | 2.22 | 7.60 | 9.55 | 5.60 | 5.50 | 5.63 |
EPS adjusted (EUR) | 0.69 | 1.08 | 1.21 | 1.68 | 2.22 | 7.60 | 9.55 | 5.60 | 5.50 | 5.63 |
EPS adj and fully diluted (EUR) | 0.69 | 1.08 | 1.21 | 1.68 | 2.21 | 7.53 | 9.45 | 5.54 | 5.44 | 5.57 |
DPS (EUR) | 0.80 | 0.80 | 0.65 | 0.00 | 1.30 | 3.40 | 6.50 | 2.24 | 2.20 | 2.25 |
EPS reported % Change | -52.4% | 56.5% | 12.3% | 38.5% | 32.2% | 241.9% | 25.7% | -41.3% | -1.9% | 2.3% |
EPS adjusted % Change | -52.4% | 56.5% | 12.3% | 38.5% | 32.2% | 241.9% | 25.7% | -41.3% | -1.9% | 2.3% |
EPS adj and fully diluted % Change | -52.4% | 56.5% | 12.3% | 38.1% | 31.8% | 240.8% | 25.5% | -41.3% | -1.9% | 2.3% |
DPS % Change | -36.0% | 0.0% | -18.8% | -chg | +chg | 161.5% | 91.2% | -65.5% | -1.9% | 2.3% |
Consensus Sales (EURm) | 824.9 | 873.6 | 909.8 | |||||||
Consensus EBITDA (EURm) | 27.8 | 30.9 | 33.4 | |||||||
Consensus EBIT (EURm) | 19.8 | 21.2 | 20.7 | |||||||
Consensus EPS (EUR) | 5.42 | 5.97 | 6.36 |
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Clasquin SA published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 10:08:04 UTC.