Financials AtkinsRéalis

Equities

ATRL

CA78460T1057

Construction & Engineering

Delayed Toronto S.E. Other stock markets 01:20:38 2024-05-21 pm EDT			5-day change	1st Jan Change
52.44 ^CAD	+0.83%		-6.12%	+22.95%

May. 16	ATB Capital Raises Price Target on AtkinsRealis, Says Buy Before Investor Day	MT
May. 15	National Bank Raises Targets on AtkinsRealis, Bird Construction, Post Q1 Conference Calls	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,258	3,815	5,426	4,189	7,489	9,131	-	-
Enterprise Value (EV) ¹	6,516	5,124	6,809	5,925	7,489	10,765	10,036	9,484
P/E ratio	16 x	-3.95 x	8.15 x	430 x	26 x	22.5 x	16.8 x	13.7 x
Yield	0.8%	0.37%	0.26%	0.34%	-	0.15%	0.15%	0.23%
Capitalization / Revenue	0.55 x	0.48 x	0.74 x	0.55 x	0.87 x	0.98 x	0.94 x	0.91 x
EV / Revenue	0.68 x	0.65 x	0.92 x	0.78 x	0.87 x	1.16 x	1.04 x	0.95 x
EV / EBITDA	13.2 x	25.6 x	13 x	13.1 x	9.82 x	11.9 x	9.57 x	8.6 x
EV / FCF	-13.6 x	112 x	244 x	-16.7 x	-	46.5 x	24.8 x	20.1 x
FCF Yield	-7.33%	0.89%	0.41%	-5.99%	-	2.15%	4.04%	4.98%
Price to Book	1.42 x	-	1.82 x	1.46 x	-	2.53 x	2.22 x	-
Nbr of stocks (in thousands)	175,554	175,554	175,554	175,554	175,554	175,554	-	-
Reference price ²	29.95	21.73	30.91	23.86	42.66	52.01	52.01	52.01
Announcement Date	2/28/20	3/9/21	3/3/22	3/3/23	3/1/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,516	7,886	7,371	7,549	8,634	9,313	9,685	10,030
EBITDA ¹	495.5	200.1	525	453	762.6	900.9	1,049	1,103
EBIT ¹	275.2	-113.3	348	201.5	-	691.3	849.8	953
Operating Margin	2.89%	-1.44%	4.72%	2.67%	-	7.42%	8.77%	9.5%
Earnings before Tax (EBT) ¹	529.3	-406	83.65	-20.74	-	465.7	628.1	-
Net income ¹	328.2	-965.4	666.6	9.8	287.2	340.7	503.2	652
Net margin	3.45%	-12.24%	9.04%	0.13%	3.33%	3.66%	5.2%	6.5%
EPS ²	1.870	-5.500	3.792	0.0555	1.640	2.310	3.092	3.800
Free Cash Flow ¹	-477.7	45.66	27.91	-355.2	-	231.3	405.1	472
FCF margin	-5.02%	0.58%	0.38%	-4.71%	-	2.48%	4.18%	4.71%
FCF Conversion (EBITDA)	-	22.82%	5.32%	-	-	25.67%	38.62%	42.79%
FCF Conversion (Net income)	-	-	4.19%	-	-	67.89%	80.5%	72.39%
Dividend per Share ²	0.2400	0.0800	0.0800	0.0800	-	0.0800	0.0800	0.1200
Announcement Date	2/28/20	3/9/21	3/3/22	3/3/23	3/1/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	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
Net sales ¹	1,945	1,888	1,872	1,889	1,900	2,023	2,132	2,200	2,280	2,264	2,296	2,340	2,422	2,354	2,384
EBITDA ¹	58.5	117.9	131.8	144.9	58.4	160.5	183.9	184.3	233.9	168.9	213.4	239.1	276.1	233	254.4
EBIT ¹	13.28	76.2	88.5	81.7	-1.95	101.9	121.4	121.4	-	107	163.7	191.2	229.4	176.5	206.3
Operating Margin	0.68%	4.04%	4.73%	4.32%	-0.1%	5.04%	5.7%	5.52%	-	4.73%	7.13%	8.17%	9.47%	7.5%	8.65%
Earnings before Tax (EBT)	-	-	6.973	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	-0.3111	-	-	-	-	-	-	0.6000	0.5100	0.2600	0.5300	0.5800	0.8100	0.4800	0.6900
Dividend per Share	-	-	0.0200	0.0200	-	-	0.0200	0.0200	-	-	-	-	-	-	-
Announcement Date	3/3/22	5/5/22	8/4/22	11/4/22	3/3/23	5/9/23	8/3/23	11/10/23	3/1/24	5/15/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,259	1,309	1,383	1,737	-	1,634	905	353
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.54 x	6.541 x	2.634 x	3.833 x	-	1.814 x	0.8629 x	0.32 x
Free Cash Flow ¹	-478	45.7	27.9	-355	-	231	405	472
ROE (net income / shareholders' equity)	3.23%	-9.53%	8.01%	3.35%	-	11.3%	12.8%	13.1%
ROA (Net income/ Total Assets)	2.67%	-8.78%	6.59%	1.01%	-	3.3%	4.7%	6%
Assets ¹	12,293	10,992	10,108	966.8	-	10,324	10,707	10,867
Book Value Per Share ²	21.20	-	16.90	16.30	-	20.60	23.40	-
Cash Flow per Share ²	-2.020	0.6900	0.7600	-1.400	-	3.500	4.060	-
Capex ¹	122	75.8	106	110	-	147	141	123
Capex / Sales	1.29%	0.96%	1.44%	1.45%	-	1.58%	1.46%	1.23%
Announcement Date	2/28/20	3/9/21	3/3/22	3/3/23	3/1/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AtkinsRéalis

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

52.01 CAD

Average target price

61.58 CAD

Spread / Average Target

+18.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
ATKINSRÉALIS	+22.15%	6.71B
VINCI	+1.28%	71.57B
LARSEN & TOUBRO LIMITED	-2.47%	57.17B
QUANTA SERVICES, INC.	+23.74%	39.18B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+20.58%	33.37B
FERROVIAL SE	+10.54%	28.96B
CHINA RAILWAY GROUP LIMITED	+20.60%	21.87B
WSP GLOBAL INC.	+12.49%	19.03B
EMCOR GROUP, INC.	+77.30%	18.04B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+38.51%	17.8B

Other Construction & Engineering