Financials Chemring Group PLC

Equities

CHG

GB00B45C9X44

Aerospace & Defense

Real-time Estimate Cboe Europe Other stock markets 05:42:03 2024-05-02 am EDT			5-day change	1st Jan Change
385.2 ^GBX	-0.58%		+5.10%	+9.30%

Mar. 25	Chemring Director Ord sells GBP500,000 in shares	AN
Mar. 18	Stocks downbeat before central bank rate storm	AN

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	562.9	734.3	826.5	855.2	781.2	1,055	-	-
Enterprise Value (EV) ¹	638.6	782.5	853.1	862.4	795.6	1,122	1,128	1,117
P/E ratio	26.1 x	21.7 x	20.3 x	17.9 x	21.3 x	19.9 x	18 x	16.3 x
Yield	1.79%	1.5%	1.64%	1.89%	2.47%	2.03%	2.25%	2.52%
Capitalization / Revenue	1.49 x	1.82 x	2.1 x	1.93 x	1.65 x	2.07 x	1.91 x	1.74 x
EV / Revenue	1.69 x	1.94 x	2.17 x	1.95 x	1.68 x	2.21 x	2.04 x	1.84 x
EV / EBITDA	10.4 x	10.5 x	11.2 x	10.5 x	8.99 x	11.6 x	10.7 x	9.65 x
EV / FCF	37.3 x	22.3 x	18.8 x	20.3 x	25.1 x	135 x	34.3 x	22.8 x
FCF Yield	2.68%	4.49%	5.33%	4.93%	3.98%	0.74%	2.92%	4.38%
Price to Book	1.76 x	2.4 x	2.39 x	2.08 x	2.13 x	2.8 x	2.48 x	2.23 x
Nbr of stocks (in thousands)	280,052	281,893	282,580	283,180	279,515	272,329	-	-
Reference price ²	2.010	2.605	2.925	3.020	2.795	3.875	3.875	3.875
Announcement Date	12/16/19	12/15/20	12/14/21	12/13/22	12/12/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	378.6	402.5	393.3	442.8	472.6	508.7	551.5	606.4
EBITDA ¹	61.2	74.6	76.4	82.3	88.5	96.47	105.6	115.8
EBIT ¹	44	54.7	57.5	64	69.2	73.5	80.78	90.22
Operating Margin	11.62%	13.59%	14.62%	14.45%	14.64%	14.45%	14.65%	14.88%
Earnings before Tax (EBT) ¹	26.7	43.3	48.8	51.8	44.1	67.4	74.73	83.43
Net income ¹	21.9	34.7	41.5	47.4	37.7	54.27	59.37	66.23
Net margin	5.78%	8.62%	10.55%	10.7%	7.98%	10.67%	10.76%	10.92%
EPS ²	0.0770	0.1200	0.1440	0.1690	0.1310	0.1948	0.2156	0.2380
Free Cash Flow ¹	17.1	35.1	45.5	42.5	31.7	8.333	32.92	48.88
FCF margin	4.52%	8.72%	11.57%	9.6%	6.71%	1.64%	5.97%	8.06%
FCF Conversion (EBITDA)	27.94%	47.05%	59.55%	51.64%	35.82%	8.64%	31.18%	42.22%
FCF Conversion (Net income)	78.08%	101.15%	109.64%	89.66%	84.08%	15.36%	55.46%	73.79%
Dividend per Share ²	0.0360	0.0390	0.0480	0.0570	0.0690	0.0788	0.0873	0.0978
Announcement Date	12/16/19	12/15/20	12/14/21	12/13/22	12/12/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S2
Net sales	191	211.5	198.5	194.8	220.4	222.4	-
EBITDA	-	39.4	37.6	38.8	42.8	39.5	-
EBIT ¹	-	29.1	-	29.4	33.5	30.5	42.6
Operating Margin	-	13.76%	-	15.09%	15.2%	13.71%	-
Earnings before Tax (EBT) ¹	-	-	24.3	24.5	28.9	22.9	22.1
Net income ¹	-	-	21.4	20.1	26.5	20.9	19
Net margin	-	-	10.78%	10.32%	12.02%	9.4%	-
EPS ²	0.0690	-	0.0740	0.0700	0.0920	0.0740	0.0650
Dividend per Share ²	-	-	0.0160	0.0320	0.0190	0.0380	0.0460
Announcement Date	6/3/20	12/15/20	6/3/21	12/14/21	6/8/22	12/13/22	12/12/23

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	75.7	48.2	26.6	7.2	14.4	67.1	72.6	61.4
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.237 x	0.6461 x	0.3482 x	0.0875 x	0.1627 x	0.6958 x	0.6873 x	0.5302 x
Free Cash Flow ¹	17.1	35.1	45.5	42.5	31.7	8.33	32.9	48.9
ROE (net income / shareholders' equity)	11.4%	8.18%	14%	14.7%	14.3%	14.8%	14.7%	14.4%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	1.150	1.090	1.220	1.450	1.310	1.380	1.560	1.740
Cash Flow per Share ²	0.2200	0.2600	0.2600	0.2800	-	-0.1900	-0.0400	0.0200
Capex ¹	44.8	40.8	30.2	34.5	34.2	71.8	53.1	45.2
Capex / Sales	11.83%	10.14%	7.68%	7.79%	7.24%	14.11%	9.63%	7.45%
Announcement Date	12/16/19	12/15/20	12/14/21	12/13/22	12/12/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Chemring Group PLC

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.875 GBP

Average target price

4.35 GBP

Spread / Average Target

+12.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aerospace & Defense

	1st Jan change	Capi.
CHEMRING GROUP PLC	+9.30%	1.32B
RTX CORPORATION	+20.30%	134B
GENERAL DYNAMICS CORPORATION	+10.34%	78.49B
NORTHROP GRUMMAN CORPORATION	+3.89%	71.98B
BAE SYSTEMS PLC	+20.06%	50.34B
ROLLS-ROYCE HOLDINGS PLC	+34.70%	42.56B
L3HARRIS TECHNOLOGIES, INC.	+0.54%	40.16B
HINDUSTAN AERONAUTICS LIMITED	+40.66%	31.56B
RHEINMETALL AG	+78.68%	23.98B
AXON ENTERPRISE, INC.	+20.61%	23.51B

Other Aerospace & Defense