Financials Illinois Tool Works Inc.

Equities

ITW

US4523081093

Consumer Goods Conglomerates

Market Closed - Nyse Other stock markets 04:00:02 2024-05-08 pm EDT			5-day change	1st Jan Change
247.4 ^USD	+0.11%		+2.12%	-5.55%

May. 03	Illinois Tool Works Keeps Quarterly Dividend at $1.40 a Share, Payable July 11 to Shareholders of Record on June 28	MT
May. 03	Illinois Tool Works Inc. Declares Dividend for the Second Quarter of 2024, Payable on July 11, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	57,734	64,532	77,466	67,673	78,814	73,824	-	-
Enterprise Value (EV) ¹	63,511	70,090	83,626	74,728	85,913	81,017	80,918	80,280
P/E ratio	23.2 x	30.8 x	29 x	22.5 x	26.9 x	23.8 x	22.6 x	20.9 x
Yield	2.3%	2.17%	1.91%	2.3%	2.07%	2.3%	2.4%	2.53%
Capitalization / Revenue	4.09 x	5.13 x	5.36 x	4.25 x	4.89 x	4.5 x	4.34 x	4.16 x
EV / Revenue	4.5 x	5.57 x	5.79 x	4.69 x	5.33 x	4.94 x	4.76 x	4.53 x
EV / EBITDA	16.6 x	21.2 x	21.5 x	17.8 x	-	17.3 x	16.6 x	15.6 x
EV / FCF	23.8 x	27.3 x	37 x	38.6 x	27.9 x	25.8 x	24.8 x	22.4 x
FCF Yield	4.2%	3.67%	2.7%	2.59%	3.59%	3.87%	4.03%	4.47%
Price to Book	19.2 x	20.3 x	21.3 x	22.1 x	26.3 x	25.6 x	24.4 x	25.9 x
Nbr of stocks (in thousands)	321,406	316,520	313,881	307,186	300,886	298,400	-	-
Reference price ²	179.6	203.9	246.8	220.3	261.9	247.4	247.4	247.4
Announcement Date	1/31/20	2/5/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,109	12,574	14,455	15,932	16,107	16,410	16,993	17,725
EBITDA ¹	3,828	3,309	3,887	4,200	-	4,675	4,870	5,148
EBIT ¹	3,402	2,882	3,477	3,790	4,040	4,286	4,454	4,727
Operating Margin	24.11%	22.92%	24.05%	23.79%	25.08%	26.12%	26.21%	26.67%
Earnings before Tax (EBT) ¹	3,288	2,704	3,326	3,842	3,823	4,095	4,219	4,491
Net income ¹	2,521	2,109	2,694	3,034	2,957	3,092	3,202	3,427
Net margin	17.87%	16.77%	18.64%	19.04%	18.36%	18.84%	18.84%	19.33%
EPS ²	7.740	6.630	8.510	9.770	9.740	10.40	10.93	11.81
Free Cash Flow ¹	2,669	2,571	2,261	1,936	3,084	3,138	3,261	3,585
FCF margin	18.92%	20.45%	15.64%	12.15%	19.15%	19.12%	19.19%	20.23%
FCF Conversion (EBITDA)	69.72%	77.7%	58.17%	46.1%	-	67.13%	66.97%	69.64%
FCF Conversion (Net income)	105.87%	121.91%	83.93%	63.81%	104.29%	101.49%	101.84%	104.63%
Dividend per Share ²	4.140	4.420	4.720	5.060	5.420	5.686	5.945	6.268
Announcement Date	1/31/20	2/5/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

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	3,679	3,939	4,011	4,011	3,971	4,019	4,074	4,031	3,983	3,973	4,101	4,139	4,155	4,103	4,218
EBITDA ¹	938	1,001	1,029	1,085	1,085	1,071	1,110	1,167	-	1,224	1,139	1,181	1,189	1,154	1,197
EBIT ¹	834	895	926	983	986	972	1,010	1,070	988	1,127	1,044	1,082	1,082	1,054	1,093
Operating Margin	22.67%	22.72%	23.09%	24.51%	24.83%	24.19%	24.79%	26.54%	24.81%	28.37%	25.46%	26.13%	26.04%	25.7%	25.92%
Earnings before Tax (EBT) ¹	792	861	903	957	1,121	922	961	1,013	927	1,072	986.6	1,019	1,020	997	1,039
Net income ¹	609	662	738	727	907	714	754	772	717	819	742.6	768.1	769.5	757	789.4
Net margin	16.55%	16.81%	18.4%	18.13%	22.84%	17.77%	18.51%	19.15%	18%	20.61%	18.11%	18.56%	18.52%	18.45%	18.71%
EPS ²	1.930	2.110	2.370	2.350	2.950	2.330	2.480	2.550	2.380	2.730	2.487	2.590	2.601	2.574	2.697
Dividend per Share ²	1.220	1.220	1.220	1.220	1.310	1.310	1.310	1.400	1.400	1.400	1.400	1.419	1.459	1.491	1.498
Announcement Date	2/3/22	5/3/22	8/2/22	10/25/22	2/2/23	5/2/23	8/1/23	10/24/23	2/1/24	4/30/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,777	5,558	6,160	7,055	7,099	7,193	7,093	6,456
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.509 x	1.68 x	1.585 x	1.68 x	-	1.538 x	1.457 x	1.254 x
Free Cash Flow ¹	2,669	2,571	2,261	1,936	3,084	3,138	3,261	3,585
ROE (net income / shareholders' equity)	80.3%	68%	79.2%	84.9%	97%	104%	110%	114%
ROA (Net income/ Total Assets)	16.8%	13.7%	17%	18.1%	19.1%	19.7%	21%	22.1%
Assets ¹	14,969	15,340	15,845	16,772	15,470	15,682	15,267	15,485
Book Value Per Share ²	9.340	10.00	11.60	9.970	9.950	9.650	10.10	9.570
Cash Flow per Share ²	9.250	8.820	8.080	7.560	11.70	12.50	12.40	13.60
Capex ¹	326	236	296	412	455	339	335	370
Capex / Sales	2.31%	1.88%	2.05%	2.59%	2.82%	2.07%	1.97%	2.09%
Announcement Date	1/31/20	2/5/21	2/3/22	2/2/23	2/1/24	-	-	-

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 Illinois Tool Works Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

247.4 USD

Average target price

252.8 USD

Spread / Average Target

+2.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
ILLINOIS TOOL WORKS INC.	-5.55%	73.82B
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Consumer Goods Conglomerates