Financials Aramark

Equities

ARMK

US03852U1060

Restaurants & Bars

Market Closed - Nyse Other stock markets 04:00:01 2024-05-08 pm EDT			5-day change	1st Jan Change
31.86 ^USD	+3.61%		+2.28%	+13.38%

May. 08	Baird Adjusts Price Target on Aramark to $37 From $35, Keeps Neutral Rating	MT
May. 08	Oppenheimer Adjusts Aramark Price Target to $36 From $31, Maintains Outperform Rating	MT

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,622	6,684	8,571	8,082	9,058	8,379	-	-
Enterprise Value (EV) ¹	17,058	13,453	15,491	15,163	15,359	13,127	12,907	12,937
P/E ratio	24.2 x	-14.4 x	-93.3 x	41.8 x	13.5 x	28.5 x	17.8 x	15 x
Yield	1.02%	1.67%	1.31%	1.4%	-	1.22%	1.32%	1.39%
Capitalization / Revenue	0.65 x	0.52 x	0.71 x	0.5 x	0.48 x	0.48 x	0.46 x	0.43 x
EV / Revenue	1.05 x	1.05 x	1.28 x	0.93 x	0.81 x	0.75 x	0.7 x	0.67 x
EV / EBITDA	10.9 x	17.4 x	21.3 x	12.6 x	10.5 x	10.5 x	9.24 x	8.24 x
EV / FCF	34.2 x	-71.7 x	55 x	46 x	45.9 x	55.4 x	33.4 x	25.6 x
FCF Yield	2.93%	-1.4%	1.82%	2.17%	2.18%	1.81%	2.99%	3.9%
Price to Book	3.28 x	2.43 x	3.14 x	2.68 x	2.45 x	2.75 x	2.48 x	2.25 x
Nbr of stocks (in thousands)	246,909	252,976	255,242	257,717	261,050	262,992	-	-
Reference price ²	43.02	26.42	33.58	31.36	34.70	31.86	31.86	31.86
Announcement Date	11/19/19	11/17/20	11/16/21	11/15/22	11/14/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,227	12,830	12,096	16,327	18,854	17,409	18,397	19,368
EBITDA ¹	1,565	772.8	728.2	1,204	1,466	1,245	1,396	1,570
EBIT ¹	1,089	294.1	292.2	780.3	1,035	888.8	1,016	1,139
Operating Margin	6.71%	2.29%	2.42%	4.78%	5.49%	5.11%	5.52%	5.88%
Earnings before Tax (EBT) ¹	556.2	-647.7	-132.9	255.6	851.1	430.1	641.5	776.9
Net income ¹	448.5	-461.5	-90.83	194.5	674.1	284.1	474.3	554.1
Net margin	2.76%	-3.6%	-0.75%	1.19%	3.58%	1.63%	2.58%	2.86%
EPS ²	1.780	-1.830	-0.3600	0.7500	2.570	1.119	1.794	2.130
Free Cash Flow ¹	499	-187.8	281.7	329.7	334.3	237.1	386.5	504.5
FCF margin	3.08%	-1.46%	2.33%	2.02%	1.77%	1.36%	2.1%	2.6%
FCF Conversion (EBITDA)	31.89%	-	38.69%	27.39%	22.81%	19.05%	27.68%	32.14%
FCF Conversion (Net income)	111.25%	-	-	169.55%	49.59%	83.46%	81.49%	91.04%
Dividend per Share ²	0.4400	0.4400	0.4400	0.4400	-	0.3883	0.4209	0.4428
Announcement Date	11/19/19	11/17/20	11/16/21	11/15/22	11/14/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	3,948	3,861	4,127	4,390	4,601	4,602	4,749	4,902	4,408	4,200	4,314	4,465	4,658	4,442	4,539
EBITDA ¹	273.1	275.6	284.7	370.6	350.4	321.1	346.8	447.4	312.2	269.2	276.5	368.8	351.9	304.8	313.9
EBIT ¹	166.5	168.7	178.4	266.7	242.1	213.2	240.3	339.1	230.6	187.4	190.2	281	262.8	215	220.7
Operating Margin	4.22%	4.37%	4.32%	6.07%	5.26%	4.63%	5.06%	6.92%	5.23%	4.46%	4.41%	6.29%	5.64%	4.84%	4.86%
Earnings before Tax (EBT) ¹	47.23	52.31	56.42	99.68	98.3	67.96	466.6	218.3	52.39	72.71	94.56	192.9	171.4	126.4	134.9
Net income ¹	42.61	35.75	40.33	75.8	74.15	56.04	338.5	205.4	28.54	53.45	65.81	136.5	124	90.8	93.08
Net margin	1.08%	0.93%	0.98%	1.73%	1.61%	1.22%	7.13%	4.19%	0.65%	1.27%	1.53%	3.06%	2.66%	2.04%	2.05%
EPS ²	0.1700	0.1400	0.1600	0.2900	0.2800	0.2100	1.290	0.7800	0.1100	0.2000	0.2590	0.5247	0.4623	0.3404	0.3572
Dividend per Share ²	0.1100	0.1100	0.1100	0.1100	0.1100	0.1100	0.1100	-	-	-	0.0999	0.1046	0.1014	0.1014	0.0983
Announcement Date	2/8/22	5/10/22	8/9/22	11/15/22	2/7/23	5/9/23	8/8/23	11/14/23	2/6/24	5/7/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,436	6,769	6,920	7,081	6,300	4,748	4,528	4,558
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.112 x	8.76 x	9.502 x	5.882 x	4.299 x	3.814 x	3.243 x	2.904 x
Free Cash Flow ¹	499	-188	282	330	334	237	386	505
ROE (net income / shareholders' equity)	14.1%	-15.2%	-3.33%	6.76%	20%	11.2%	15%	16.4%
ROA (Net income/ Total Assets)	3.27%	-3.13%	-0.6%	1.32%	4.22%	2.38%	3.91%	-
Assets ¹	13,728	14,727	15,044	14,729	15,977	11,944	12,115	-
Book Value Per Share ²	13.10	10.90	10.70	11.70	14.10	11.60	12.90	14.10
Cash Flow per Share ²	3.910	0.7000	2.580	2.680	2.920	2.560	3.600	4.140
Capex ¹	485	364	375	365	432	450	539	594
Capex / Sales	2.99%	2.84%	3.1%	2.23%	2.29%	2.58%	2.93%	3.06%
Announcement Date	11/19/19	11/17/20	11/16/21	11/15/22	11/14/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aramark

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

31.86 USD

Average target price

35.32 USD

Spread / Average Target

+10.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Food Services

	1st Jan change	Capi.
ARAMARK	+13.38%	8.38B
TEXAS ROADHOUSE, INC.	+35.42%	11.06B
BRINKER INTERNATIONAL, INC.	+34.04%	2.58B
FOOD & LIFE COMPANIES LTD.	-1.38%	2.13B
SSP GROUP PLC	-15.59%	1.97B
THE CHEESECAKE FACTORY INCORPORATED	-2.97%	1.73B
DO & CO AKTIENGESELLSCHAFT	+6.25%	1.69B
CREATE RESTAURANTS HOLDINGS INC.	-2.10%	1.44B
TONGQINGLOU CATERING CO., LTD.	-13.80%	940M
BJ'S RESTAURANTS, INC.	-7.53%	779M

Commercial Food Services