Financials Evonik Industries AG Bulgaria S.E.

Equities

EVK

DE000EVNK013

Specialty Chemicals

Real-time Estimate Tradegate Other stock markets 07:42:01 2024-07-17 am EDT			5-day change	1st Jan Change
19.03 ^EUR	+6.67%		0.00%	0.00%

Jul. 16	EVONIK : Deutsche Bank remains its Buy rating	ZD
Jul. 16	EVONIK : Warburg Research reaffirms its Buy rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,661	12,410	13,267	8,358	8,621	8,887	-	-
Enterprise Value (EV) ¹	13,931	15,845	16,124	11,615	11,931	12,239	11,942	11,608
P/E ratio	6.02 x	26.7 x	17.8 x	15.5 x	-18.5 x	17.4 x	14.1 x	12 x
Yield	4.23%	4.31%	4.11%	6.52%	6.32%	6.15%	6.22%	6.25%
Capitalization / Revenue	0.97 x	1.02 x	0.89 x	0.45 x	0.56 x	0.58 x	0.57 x	0.55 x
EV / Revenue	1.06 x	1.3 x	1.08 x	0.63 x	0.78 x	0.8 x	0.76 x	0.71 x
EV / EBITDA	6.47 x	8.31 x	6.77 x	4.66 x	7.2 x	6.1 x	5.48 x	4.96 x
EV / FCF	31.6 x	20.6 x	17 x	14.8 x	14.9 x	14.7 x	13.8 x	12.5 x
FCF Yield	3.17%	4.87%	5.89%	6.76%	6.71%	6.81%	7.25%	7.98%
Price to Book	1.41 x	1.55 x	1.43 x	0.76 x	0.97 x	1 x	0.98 x	0.96 x
Nbr of stocks (in thousands)	465,290	465,159	466,000	466,000	466,000	466,000	-	-
Reference price ²	27.21	26.68	28.47	17.94	18.50	19.07	19.07	19.07
Announcement Date	3/4/20	3/4/21	3/3/22	3/2/23	3/5/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,108	12,199	14,955	18,488	15,267	15,347	15,720	16,305
EBITDA ¹	2,153	1,906	2,383	2,490	1,656	2,008	2,178	2,342
EBIT ¹	1,201	890	1,338	1,350	521	931.6	1,056	1,219
Operating Margin	9.16%	7.3%	8.95%	7.3%	3.41%	6.07%	6.72%	7.47%
Earnings before Tax (EBT) ¹	954	684	1,085	923	-351	789.8	912	1,061
Net income ¹	2,106	465	746	540	-465	525.1	633.7	755
Net margin	16.07%	3.81%	4.99%	2.92%	-3.05%	3.42%	4.03%	4.63%
EPS ²	4.520	1.000	1.600	1.160	-1.000	1.098	1.349	1.595
Free Cash Flow ¹	441	771	950	785	801	833.8	866.1	926
FCF margin	3.36%	6.32%	6.35%	4.25%	5.25%	5.43%	5.51%	5.68%
FCF Conversion (EBITDA)	20.48%	40.45%	39.87%	31.53%	48.37%	41.53%	39.76%	39.54%
FCF Conversion (Net income)	20.94%	165.81%	127.35%	145.37%	-	158.79%	136.67%	122.64%
Dividend per Share ²	1.150	1.150	1.170	1.170	1.170	1.172	1.185	1.192
Announcement Date	3/4/20	3/4/21	3/3/22	3/2/23	3/5/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	6,069	6,994	4,090	4,498	4,772	4,878	4,340	4,005	3,886	3,771	3,605	3,796	3,985	7,783	3,815	3,628	3,934	-
EBITDA ¹	970	1,237	502	735	728	615	413	409	450	485	312	522	542.8	1,056	541.1	415.4	477.5	-
EBIT ¹	475	734	217	472	456	342	80	130	157	202	32	266	269.2	530	272.1	145.5	198.1	-
Operating Margin	7.83%	10.49%	5.31%	10.49%	9.56%	7.01%	1.84%	3.25%	4.04%	5.36%	0.89%	7.01%	6.76%	6.81%	7.13%	4.01%	5.04%	-
Earnings before Tax (EBT)	-	-	123	444	425	305	-224	69	-285	-114	-20	-	-	-	-	-	-	-
Net income ¹	-	405	106	314	297	214	-284	47	-270	-96	-146	156	147.4	301	138.3	46.25	-	-
Net margin	-	5.79%	2.59%	6.98%	6.22%	4.39%	-6.54%	1.17%	-6.95%	-2.55%	-4.05%	4.11%	3.7%	3.87%	3.62%	1.28%	-	-
EPS ²	-	-	0.2300	0.6700	0.6400	0.4600	-0.6100	0.1000	-0.5800	-0.2100	-0.3200	0.3300	0.3186	0.6500	0.2968	0.0993	-	-
Dividend per Share ²	-	-	1.170	-	-	-	1.170	-	-	-	1.170	-	-	-	-	0.5850	-	-
Announcement Date	8/4/20	8/5/21	3/3/22	5/6/22	8/10/22	11/8/22	3/2/23	5/9/23	8/10/23	11/7/23	3/5/24	5/8/24	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,270	3,435	2,857	3,257	3,310	3,352	3,055	2,721
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5899 x	1.802 x	1.199 x	1.308 x	1.999 x	1.669 x	1.402 x	1.162 x
Free Cash Flow ¹	441	771	950	785	801	834	866	926
ROE (net income / shareholders' equity)	25.2%	7.54%	8.62%	5.33%	3.72%	6.7%	8.19%	9.57%
ROA (Net income/ Total Assets)	4.26%	2.98%	3.46%	2.45%	-2.23%	3.3%	3.73%	4.32%
Assets ¹	49,390	15,592	21,591	22,047	20,875	15,915	16,999	17,494
Book Value Per Share ²	19.30	17.20	19.90	23.50	19.10	19.00	19.40	19.90
Cash Flow per Share ²	2.840	3.710	3.890	3.540	3.420	3.330	3.580	3.740
Capex ¹	880	956	865	865	793	763	804	836
Capex / Sales	6.71%	7.84%	5.78%	4.68%	5.19%	4.97%	5.12%	5.13%
Announcement Date	3/4/20	3/4/21	3/3/22	3/2/23	3/5/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Evonik Industries AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.07 EUR

Average target price

22.24 EUR

Spread / Average Target

+16.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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