Financials Vrancart S.A.

Equities

VNC

ROVRJUACNOR7

Paper Packaging

End-of-day quote Bucharest S.E. 06:00:00 2024-07-08 pm EDT 5-day change 1st Jan Change
0.141 RON -0.70% Intraday chart for Vrancart S.A. -1.40% -15.57%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 177.4 159.9 163 206.3 157.8 282.4
Enterprise Value (EV) 1 318.9 329.6 320.8 396 411.1 594.5
P/E ratio 10.6 x 6.89 x 11.1 x 33.1 x 7.81 x 41.6 x
Yield 5.52% 7.48% 6.14% 2.1% 6.54% -
Capitalization / Revenue 0.5 x 0.44 x 0.47 x 0.45 x 0.26 x 0.56 x
EV / Revenue 0.9 x 0.91 x 0.92 x 0.87 x 0.67 x 1.19 x
EV / EBITDA 5.95 x 5.75 x 5.62 x 8.97 x 6.13 x 11.8 x
EV / FCF -16.6 x -34.5 x 21 x -13.7 x -6.75 x -6.67 x
FCF Yield -6.03% -2.89% 4.76% -7.31% -14.8% -15%
Price to Book 0.88 x 0.71 x 0.72 x 0.86 x 0.58 x 0.79 x
Nbr of stocks (in thousands) 1,031,684 1,031,684 1,031,684 1,031,684 1,031,684 1,691,217
Reference price 2 0.1720 0.1550 0.1580 0.2000 0.1530 0.1670
Announcement Date 4/25/19 4/28/20 4/27/21 4/27/22 4/27/23 4/29/24
1RON in Million2RON
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 355.4 362 349.7 453.9 614.2 500.9
EBITDA 1 53.58 57.3 57.12 44.15 67.08 50.19
EBIT 1 27.9 30.6 22.29 9.015 36.25 16.53
Operating Margin 7.85% 8.45% 6.38% 1.99% 5.9% 3.3%
Earnings before Tax (EBT) 1 17.78 24.44 18.64 7.767 25.68 6.578
Net income 1 16.82 23.21 16.61 6.346 22.95 5.423
Net margin 4.73% 6.41% 4.75% 1.4% 3.74% 1.08%
EPS 2 0.0163 0.0225 0.0142 0.006048 0.0196 0.004019
Free Cash Flow 1 -19.24 -9.542 15.28 -28.94 -60.95 -89.15
FCF margin -5.41% -2.64% 4.37% -6.38% -9.92% -17.8%
FCF Conversion (EBITDA) - - 26.75% - - -
FCF Conversion (Net income) - - 91.96% - - -
Dividend per Share 2 0.009500 0.0116 0.009700 0.004200 0.0100 -
Announcement Date 4/25/19 4/28/20 4/27/21 4/27/22 4/27/23 4/29/24
1RON in Million2RON
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 141 170 158 190 253 312
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.64 x 2.962 x 2.762 x 4.295 x 3.776 x 6.218 x
Free Cash Flow 1 -19.2 -9.54 15.3 -28.9 -60.9 -89.2
ROE (net income / shareholders' equity) 8.42% 10.9% 7.37% 2.71% 8.26% 1.61%
ROA (Net income/ Total Assets) 4.26% 4.28% 2.99% 1.13% 3.7% 1.41%
Assets 1 394.7 542.4 556.2 562.2 619.7 384.3
Book Value Per Share 2 0.2000 0.2200 0.2200 0.2300 0.2600 0.2100
Cash Flow per Share 2 0 0 0.0100 0 0 0
Capex 1 47.6 34.6 39.3 47.4 87.9 144
Capex / Sales 13.4% 9.55% 11.25% 10.44% 14.32% 28.83%
Announcement Date 4/25/19 4/28/20 4/27/21 4/27/22 4/27/23 4/29/24
1RON in Million2RON
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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