Financials LDC

Equities

LOUP

FR0013204336

Food Processing

Market Closed - Euronext Paris Other stock markets 11:35:23 2024-07-05 am EDT			5-day change	1st Jan Change
145 ^EUR	-1.69%		+5.84%	+3.57%

02:22pm	LDC : Oddo BHF remains positive following quarterly sales figures	CF
01:11pm	LDC: stable sales in Q1	CF

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,616	1,674	1,656	1,960	2,314	2,586	-	-
Enterprise Value (EV) ¹	1,595	1,551	1,475	1,579	2,314	2,026	1,851	1,735
P/E ratio	11.2 x	11.9 x	9.83 x	8.72 x	7.51 x	9.54 x	8.78 x	7.69 x
Yield	1.27%	1.84%	2.12%	2.41%	-	2.18%	2.35%	2.78%
Capitalization / Revenue	0.37 x	0.38 x	0.33 x	0.34 x	0.37 x	0.4 x	0.39 x	0.38 x
EV / Revenue	0.36 x	0.35 x	0.29 x	0.27 x	0.37 x	0.32 x	0.28 x	0.25 x
EV / EBITDA	4.49 x	4.31 x	3.7 x	2.88 x	4.21 x	3.39 x	2.91 x	2.66 x
EV / FCF	28.6 x	15 x	19.3 x	6.35 x	-	10.5 x	7.95 x	6.94 x
FCF Yield	3.5%	6.68%	5.17%	15.7%	-	9.54%	12.6%	14.4%
Price to Book	1.15 x	1.1 x	0.97 x	1.05 x	-	1.11 x	1 x	0.9 x
Nbr of stocks (in thousands)	17,084	17,082	17,575	17,496	17,530	17,530	-	-
Reference price ²	94.60	98.00	94.20	112.0	132.0	147.5	147.5	147.5
Announcement Date	5/27/20	5/26/21	5/24/22	5/24/23	5/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,419	4,428	5,069	5,846	6,198	6,403	6,594	6,844
EBITDA ¹	355.7	359.5	399	547.4	550.2	597.2	635	653.2
EBIT ¹	201.5	194	208.5	299.9	370.3	343	369.9	414.8
Operating Margin	4.56%	4.38%	4.11%	5.13%	5.97%	5.36%	5.61%	6.06%
Earnings before Tax (EBT) ¹	200	188.5	214	302.4	393.6	343.3	383	415.8
Net income ¹	143.7	140.7	165.1	224.7	304.4	271.1	294.2	333.8
Net margin	3.25%	3.18%	3.26%	3.84%	4.91%	4.23%	4.46%	4.88%
EPS ²	8.410	8.240	9.580	12.84	17.58	15.46	16.80	19.18
Free Cash Flow ¹	55.88	103.6	76.23	248.5	-	193.2	232.7	250
FCF margin	1.26%	2.34%	1.5%	4.25%	-	3.02%	3.53%	3.65%
FCF Conversion (EBITDA)	15.71%	28.82%	19.11%	45.39%	-	32.36%	36.65%	38.26%
FCF Conversion (Net income)	38.88%	73.64%	46.17%	110.58%	-	71.27%	79.09%	74.87%
Dividend per Share ²	1.200	1.800	2.000	2.700	-	3.210	3.465	4.105
Announcement Date	5/27/20	5/26/21	5/24/22	5/24/23	5/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2021 S1	2022 Q4	2022 S2	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	2,105	2,122	1,336	2,673	2,736	3,022	-	3,115	3,380
EBITDA	-	-	-	-	-	-	-	276.7	311.7
EBIT	88.4	89.68	-	-	120.9	193.4	176.9	170	188.8
Operating Margin	4.2%	4.23%	-	-	4.42%	6.4%	-	5.46%	5.59%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	-	66.57	-	84.99	93.9	153.2	-	133.6	157
Net margin	-	3.14%	-	3.18%	3.43%	5.07%	-	4.29%	4.65%
EPS	-	-	-	-	-	-	8.840	7.700	9.100
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	11/27/19	12/1/20	5/24/22	5/24/22	11/23/22	11/22/23	5/29/24	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	20.8	123	181	381	-	560	735	850
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	55.9	104	76.2	248	-	193	233	250
ROE (net income / shareholders' equity)	10.6%	9.6%	10.2%	12.5%	-	11.9%	11.6%	12%
ROA (Net income/ Total Assets)	-	-	-	6.44%	-	6.1%	5.9%	-
Assets ¹	-	-	-	3,489	-	4,445	4,987	-
Book Value Per Share ²	82.40	89.10	97.50	107.0	-	133.0	147.0	164.0
Cash Flow per Share ²	16.60	19.40	18.70	29.10	-	30.10	32.00	31.70
Capex ¹	228	227	251	261	-	346	320	328
Capex / Sales	5.16%	5.13%	4.95%	4.47%	-	5.4%	4.85%	4.78%
Announcement Date	5/27/20	5/26/21	5/24/22	5/24/23	5/29/24	-	-	-

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 LDC

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

147.5 EUR

Average target price

179.6 EUR

Spread / Average Target

+21.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Animal Slaughtering & Processing

	1st Jan change	Capi.
LDC	+3.57%	2.8B
TYSON FOODS, INC.	+4.15%	20.15B
HORMEL FOODS CORPORATION	-6.15%	16.58B
JBS S.A.	+26.13%	12.67B
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO.,LTD.	-12.39%	11.14B
WH GROUP LIMITED	+0.99%	9.49B
PILGRIM'S PRIDE CORPORATION	+36.84%	9.16B
BRF S.A.	+66.62%	6.94B
MAPLE LEAF FOODS INC.	-10.64%	2.07B
MARFRIG GLOBAL FOODS S.A.	+27.63%	2.02B

Animal Slaughtering & Processing