Financials Lenzing CINNOBER BOAT

Equities

0NCV

AT0000644505

Specialty Chemicals

Real-time Estimate Tradegate Other stock markets 02:31:25 2024-07-11 pm EDT			5-day change	1st Jan Change
32.98 ^EUR	0.00%		0.00%	0.00%

Jun. 28	Lenzing CEO to Step Down March 2025; Successor Named	MT
Jun. 12	Suzano to Buy 15% Stake in Lenzing from B&C Group	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,198	2,198	3,239	1,455	1,373	1,276	-	-
Enterprise Value (EV) ¹	2,608	2,681	4,227	1,455	3,083	3,083	3,111	2,870
P/E ratio	17.9 x	345 x	29.3 x	-19.9 x	-1.78 x	-22.1 x	59.6 x	20.9 x
Yield	1.21%	-	3.57%	-	-	-	-	3.11%
Capitalization / Revenue	1.04 x	1.35 x	1.48 x	0.57 x	0.54 x	0.49 x	0.47 x	0.45 x
EV / Revenue	1.24 x	1.64 x	1.93 x	0.57 x	1.22 x	1.17 x	1.16 x	1 x
EV / EBITDA	7.98 x	13 x	11.6 x	6.01 x	10.2 x	8.18 x	6.43 x	5.33 x
EV / FCF	4,304 x	-4.33 x	-9.39 x	-	-28.7 x	41.7 x	33 x	19.1 x
FCF Yield	0.02%	-23.1%	-10.7%	-	-3.49%	2.4%	3.03%	5.25%
Price to Book	1.45 x	1.27 x	1.56 x	-	0.95 x	1.07 x	1.05 x	0.66 x
Nbr of stocks (in thousands)	26,550	26,550	26,550	26,550	38,618	38,620	-	-
Reference price ²	82.80	82.80	122.0	54.80	35.55	32.20	32.20	32.20
Announcement Date	1/28/20	3/11/21	3/10/22	3/9/23	3/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,105	1,633	2,195	2,566	2,521	2,627	2,693	2,865
EBITDA ¹	327	206.9	362.9	241.9	303.3	376.7	483.5	538
EBIT ¹	162.3	48.44	200.6	16.5	-476.4	123.4	214	280.6
Operating Margin	7.71%	2.97%	9.14%	0.64%	-18.9%	4.7%	7.95%	9.8%
Earnings before Tax (EBT) ¹	163.8	22.25	182.9	-45.9	-585.6	9.5	112.9	145
Net income ¹	114	6.277	110.3	-73.1	-649.4	-56.5	20.9	59.5
Net margin	5.42%	0.38%	5.03%	-2.85%	-25.76%	-2.15%	0.78%	2.08%
EPS ²	4.630	0.2400	4.160	-2.750	-20.02	-1.455	0.5400	1.540
Free Cash Flow ¹	0.606	-619.8	-450.3	-	-107.5	74	94.18	150.6
FCF margin	0.03%	-37.96%	-20.52%	-	-4.26%	2.82%	3.5%	5.26%
FCF Conversion (EBITDA)	0.19%	-	-	-	-	19.65%	19.48%	28%
FCF Conversion (Net income)	0.53%	-	-	-	-	-	450.6%	253.17%
Dividend per Share ²	1.000	-	4.350	-	-	-	-	1.000
Announcement Date	1/28/20	3/11/21	3/10/22	3/9/23	3/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales	615	678.6	676.5	595.5	623.1	627.1	615.5	655.4	-	-
EBITDA ¹	88	100.9	74.1	-21	29.7	106.8	82.6	84.22	71.4	81
EBIT	-	52	16.9	-96.1	-41.4	29.4	1.5	-465.9	-	-
Operating Margin	-	7.66%	2.5%	-16.14%	-6.64%	4.69%	0.24%	-71.09%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	-	39.7	-	-130.4	-80.5	-23.7	-44.3	-	-	-
Net margin	-	5.85%	-	-21.9%	-12.92%	-3.78%	-7.2%	-	-	-
EPS	-	1.490	-	-	-3.030	-0.8900	-0.9700	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	5/4/22	8/3/22	11/3/22	3/9/23	5/3/23	8/2/23	11/3/23	3/15/24	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	410	482	988	-	1,710	1,806	1,835	1,594
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.254 x	2.332 x	2.722 x	-	5.638 x	4.796 x	3.795 x	2.962 x
Free Cash Flow ¹	0.61	-620	-450	-	-108	74	94.2	151
ROE (net income / shareholders' equity)	8.15%	0.39%	6.11%	-	-40.8%	-5.5%	2.82%	5.3%
ROA (Net income/ Total Assets)	4.27%	-	-	-	-12.1%	0.13%	1.61%	2.58%
Assets ¹	2,670	-	-	-	5,370	-43,035	1,300	2,307
Book Value Per Share ²	57.00	65.30	78.00	-	37.30	30.00	30.70	48.60
Cash Flow per Share ²	9.210	1.840	14.80	-	4.940	4.710	10.90	22.50
Capex ¹	244	669	844	-	268	229	239	242
Capex / Sales	11.59%	40.96%	38.47%	-	10.62%	8.72%	8.87%	8.46%
Announcement Date	1/28/20	3/11/21	3/10/22	3/9/23	3/15/24	-	-	-

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 Lenzing

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

32.2 EUR

Average target price

34.26 EUR

Spread / Average Target

+6.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cellular Fiber

	1st Jan change	Capi.
TONGKUN GROUP CO., LTD.	-0.46%	4.79B
HUAFON CHEMICAL CO.,LTD	+6.86%	4.75B
JINAN ACETATE CHEMICAL CO., LTD.	+9.15%	2.31B
ALPEK, S.A.B. DE C.V.	+2.61%	1.53B
LUYANG ENERGY-SAVING MATERIALS CO., LTD.	-11.65%	866M
HUAFON MICROFIBRE (SHANGHAI) CO., LTD.	-16.97%	830M
NORTH CHEMICAL INDUSTRIES CO., LTD.	-0.12%	595M
CHONGQING ZAISHENG TECHNOLOGY CO., LTD.	-35.81%	368M
JIANGSU JIANGNAN HIGH POLYMER FIBER CO.,LTD	-25.64%	336M

Cellular Fiber