Financials Bonduelle

Equities

BON

FR0000063935

Food Processing

Market Closed - Euronext Paris Other stock markets 11:35:03 2024-04-26 am EDT			5-day change	1st Jan Change
7.73 ^EUR	+1.98%		+2.79%	-29.34%

Mar. 02	Bonduelle SCA Reports Earnings Results for the Half Year Ended December 31, 2023	CI
Feb. 29	Bonduelle: net income plummets in 1st half	CF

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	923.4	684.4	677.9	499.8	356.6	248.3	-	-
Enterprise Value (EV) ¹	1,578	1,400	1,394	862.7	792.7	761.2	732.8	703.3
P/E ratio	12.9 x	12.8 x	12.1 x	14.4 x	25.2 x	11.6 x	5.78 x	5.11 x
Yield	1.74%	1.86%	2.13%	1.93%	-	3.34%	4.03%	4.76%
Capitalization / Revenue	0.33 x	0.24 x	0.24 x	0.17 x	0.15 x	0.1 x	0.1 x	0.1 x
EV / Revenue	0.57 x	0.49 x	0.5 x	0.3 x	0.33 x	0.31 x	0.29 x	0.27 x
EV / EBITDA	7.41 x	6.27 x	6.62 x	4.09 x	5.34 x	5.02 x	4.22 x	3.86 x
EV / FCF	2,764 x	17 x	48.1 x	17.4 x	-10.6 x	-11.1 x	104 x	21.5 x
FCF Yield	0.04%	5.89%	2.08%	5.75%	-9.41%	-9%	0.97%	4.65%
Price to Book	1.29 x	0.97 x	0.92 x	0.6 x	0.47 x	0.32 x	0.3 x	0.29 x
Nbr of stocks (in thousands)	32,064	31,908	32,053	32,123	32,123	32,123	-	-
Reference price ²	28.80	21.45	21.15	15.56	11.10	7.730	7.730	7.730
Announcement Date	9/30/19	9/28/20	9/27/21	10/3/22	9/29/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,777	2,855	2,779	2,892	2,406	2,436	2,502	2,558
EBITDA ¹	213.1	223.3	210.5	210.8	148.4	151.6	173.7	182
EBIT ¹	123.7	108.7	100.4	96.6	65.9	67.71	84.1	90.46
Operating Margin	4.45%	3.81%	3.61%	3.34%	2.74%	2.78%	3.36%	3.54%
Earnings before Tax (EBT) ¹	93.2	75.95	79.35	97.5	27.25	33.78	60.77	66.2
Net income ¹	72.6	54.6	57.1	35.4	14.5	16	40.22	49.6
Net margin	2.61%	1.91%	2.05%	1.22%	0.6%	0.66%	1.61%	1.94%
EPS ²	2.240	1.680	1.750	1.080	0.4400	0.6683	1.337	1.514
Free Cash Flow ¹	0.571	82.46	28.98	49.6	-74.57	-68.53	7.075	32.68
FCF margin	0.02%	2.89%	1.04%	1.72%	-3.1%	-2.81%	0.28%	1.28%
FCF Conversion (EBITDA)	0.27%	36.94%	13.77%	23.53%	-	-	4.07%	17.96%
FCF Conversion (Net income)	0.79%	151.03%	50.76%	140.1%	-	-	17.59%	65.88%
Dividend per Share ²	0.5000	0.4000	0.4500	0.3000	-	0.2583	0.3117	0.3680
Announcement Date	9/30/19	9/28/20	9/27/21	10/3/22	9/29/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1
Net sales ¹	-	1,413	1,442	1,337	672.5	770.3	-	725.9	723	1,449	571.3	672.1	1,243	572.2	568.5	644.6	1,213
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	57.2	-	56.3	-	-	-	46.5	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	3.91%	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	29.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.536
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.37%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/6/20	9/28/20	2/26/21	9/27/21	11/4/21	2/3/22	2/3/22	5/2/22	10/3/22	10/3/22	11/8/22	2/1/23	2/1/23	5/4/23	11/7/23	3/1/24	3/1/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	655	715	716	363	436	513	484	455
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.072 x	3.203 x	3.402 x	1.722 x	2.939 x	3.383 x	2.788 x	2.5 x
Free Cash Flow ¹	0.57	82.5	29	49.6	-74.6	-68.5	7.08	32.7
ROE (net income / shareholders' equity)	10.7%	7.65%	7.88%	4.45%	1.78%	2.61%	5.38%	5.94%
ROA (Net income/ Total Assets)	-	-	-	1.64%	0.71%	1.2%	1.8%	2.2%
Assets ¹	-	-	-	2,165	2,053	1,333	2,234	2,255
Book Value Per Share ²	22.40	22.20	23.00	26.00	23.70	24.30	25.60	26.70
Cash Flow per Share ²	3.670	5.550	4.080	3.760	0.0900	3.200	3.900	4.020
Capex ¹	118	97.6	105	73.6	77.5	91.1	90	92
Capex / Sales	4.26%	3.42%	3.77%	2.54%	3.22%	3.74%	3.6%	3.6%
Announcement Date	9/30/19	9/28/20	9/27/21	10/3/22	9/29/23	-	-	-

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 Bonduelle

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7.73 EUR

Average target price

11.12 EUR

Spread / Average Target

+43.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Fruit & Vegetable Processing

	1st Jan change	Capi.
BONDUELLE	-29.34%	265M
CHONGQING FULING ZHACAI GROUP CO., LTD.	-8.89%	2.07B
AGRANA BETEILIGUNGS-AG	-3.90%	904M
LASSONDE INDUSTRIES INC.	+1.96%	713M
CALAVO GROWERS, INC.	-8.09%	481M
THAI COCONUT CO.,LTD.	+60.76%	504M
TUKAS GIDA SANAYI VE TICARET	+23.72%	383M
CHALKIS HEALTH INDUSTRY CO., LTD	-14.65%	323M
LONTRUE CO., LTD.	-22.83%	301M
GÖKNUR GIDA MADDELERI ENERJI IMALAT ITHALAT IHRACAT TICARET VE SANAYI ANONIM SIRKETI	+24.62%	262M

Fruit & Vegetable Processing