Financials Birkenstock Holding plc

Equities

BIRK

JE00BS44BN30

Footwear

Market Closed - Nyse Other stock markets 04:00:01 2024-05-13 pm EDT			5-day change	1st Jan Change
47.44 ^USD	+4.29%		+5.66%	-2.65%

Apr. 26	TotalEnergies Looking at Moving Primary Listing to New York, CEO Says -- Update	DJ
Apr. 26	TotalEnergies Looking at Moving Primary Listing to New York, CEO Says	DJ

Valuation

Fiscal Period: September	2024	2025	2026
Capitalization ¹	8,256	-	-
Enterprise Value (EV) ¹	9,259	8,974	8,622
P/E ratio	41.3 x	27.1 x	21 x
Yield	-	-	-
Capitalization / Revenue	4.72 x	4.03 x	3.41 x
EV / Revenue	5.29 x	4.38 x	3.57 x
EV / EBITDA	17.3 x	14.1 x	11.4 x
EV / FCF	58.1 x	23.4 x	17.1 x
FCF Yield	1.72%	4.28%	5.86%
Price to Book	2.89 x	2.51 x	2.27 x
Nbr of stocks (in thousands)	187,826	-	-
Reference price ²	43.95	43.95	43.95
Announcement Date	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2022	2023	2024	2025	2026
Net sales ¹	-	1,492	1,750	2,049	2,418
EBITDA ¹	-	482.7	533.9	634.7	756.9
EBIT ¹	-	399.3	403.6	509.9	619.7
Operating Margin	-	26.76%	23.06%	24.88%	25.63%
Earnings before Tax (EBT) ¹	-	153.7	273	415.7	533.8
Net income ¹	187.1	75.02	189.8	301.9	391.5
Net margin	-	5.03%	10.84%	14.73%	16.19%
EPS ²	1.020	0.4000	1.065	1.620	2.094
Free Cash Flow ¹	-	256.6	159.4	384.1	505.1
FCF margin	-	17.2%	9.11%	18.74%	20.89%
FCF Conversion (EBITDA)	-	53.15%	29.85%	60.52%	66.73%
FCF Conversion (Net income)	-	342.01%	83.98%	127.23%	129.03%
Dividend per Share ²	-	-	-	-	-
Announcement Date	7/7/23	1/18/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	374.5	302.9	462.2	550.2	437.3	344	546.4
EBITDA ¹	95.69	81.36	149.7	181.2	121.6	99.58	186.6
EBIT ¹	74.08	58.11	114.3	147.3	93.04	70.08	153.3
Operating Margin	19.78%	19.18%	24.73%	26.76%	21.28%	20.37%	28.06%
Earnings before Tax (EBT) ¹	-0.571	-0.48	78.79	123.3	68.54	43.92	125.7
Net income ¹	-28.29	-7.154	51.7	86.84	51.51	29.91	89.47
Net margin	-7.55%	-2.36%	11.19%	15.78%	11.78%	8.7%	16.37%
EPS ²	-0.1500	-0.0400	0.2965	0.4628	0.2702	0.1594	0.4781
Dividend per Share ²	-	-	-	-	-	-	-
Announcement Date	1/18/24	2/29/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: September	2022	2023	2024	2025	2026
Net Debt ¹	-	1,639	1,003	719	367
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	3.395 x	1.879 x	1.132 x	0.4845 x
Free Cash Flow ¹	-	257	159	384	505
ROE (net income / shareholders' equity)	-	8.71%	8.89%	10.1%	11.8%
ROA (Net income/ Total Assets)	-	4.31%	4.51%	5.83%	7%
Assets ¹	-	1,741	4,211	5,176	5,590
Book Value Per Share ²	-	13.10	15.20	17.50	19.40
Cash Flow per Share ²	-	1.960	1.520	2.640	2.940
Capex ¹	-	102	150	80.8	81.6
Capex / Sales	-	6.85%	8.58%	3.94%	3.37%
Announcement Date	7/7/23	1/18/24	-	-	-

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 Birkenstock Holding plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43.95 EUR

Average target price

49.02 EUR

Spread / Average Target

+11.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Footwear

	1st Jan change	Capi.
BIRKENSTOCK HOLDING PLC	-2.65%	8.54B
DECKERS OUTDOOR CORPORATION	+27.26%	22.13B
HUALI INDUSTRIAL GROUP COMPANY LIMITED	+34.37%	11B
SKECHERS U.S.A., INC.	+9.46%	10.34B
CROCS, INC.	+53.02%	8.7B
PUMA SE	+0.24%	8.2B
POU CHEN CORPORATION	+20.55%	3.38B
YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED	+76.62%	3.11B
RELAXO FOOTWEARS LIMITED	-7.44%	2.54B
BATA INDIA LIMITED	-20.31%	2.01B

Other Footwear