Financials Neoen

Equities

NEOEN

FR0011675362

Independent Power Producers

Market Closed - Euronext Paris Other stock markets 11:35:15 2024-05-08 am EDT			5-day change	1st Jan Change
30.26 ^EUR	-1.30%		+5.22%	-0.07%

May. 02	NEOEN : Q1 24: Earnings in line with expectations, objectives confirmed
May. 02	Transcript : Neoen S.A., Q1 2024 Sales/ Trading Statement Call, May 02, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,622	5,344	4,078	4,028	4,602	4,593	-	-
Enterprise Value (EV) ¹	4,576	7,718	6,438	6,915	7,617	8,789	9,956	10,808
P/E ratio	75.4 x	1,568 x	109 x	102 x	32.2 x	53.6 x	35.5 x	28.3 x
Yield	-	-	0.26%	0.33%	0.5%	0.56%	0.67%	0.78%
Capitalization / Revenue	10.4 x	17.9 x	12.2 x	8.01 x	8.78 x	7.01 x	5.19 x	4.35 x
EV / Revenue	18.1 x	25.8 x	19.3 x	13.7 x	14.5 x	13.4 x	11.3 x	10.2 x
EV / EBITDA	21.2 x	28.5 x	21.4 x	16.7 x	16 x	16.1 x	14.1 x	12.9 x
EV / FCF	-7.9 x	-25.1 x	-13.5 x	-10.6 x	-10.6 x	-8.03 x	-7.23 x	-10.8 x
FCF Yield	-12.7%	-3.98%	-7.43%	-9.46%	-9.47%	-12.4%	-13.8%	-9.22%
Price to Book	3.97 x	8.39 x	2.94 x	2.27 x	1.74 x	1.71 x	1.6 x	1.53 x
Nbr of stocks (in thousands)	84,849	85,231	106,858	107,105	151,976	151,793	-	-
Reference price ²	30.90	62.70	38.16	37.61	30.28	30.26	30.26	30.26
Announcement Date	3/25/20	3/11/21	3/14/22	3/1/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	253.2	298.8	333.6	503.2	524.4	655	884.6	1,055
EBITDA ¹	216.1	270.4	300.4	414	474.8	545.8	706.7	836.9
EBIT ¹	135.9	142.4	171.2	259.3	294.7	334.1	435.2	525.4
Operating Margin	53.67%	47.66%	51.32%	51.53%	56.2%	51.01%	49.2%	49.8%
Earnings before Tax (EBT) ¹	44.9	24.8	53.5	78.3	211.6	132.3	187.9	228.1
Net income ¹	36	3.9	41	45.2	150.2	89.57	129.4	156
Net margin	14.22%	1.31%	12.29%	8.98%	28.64%	13.67%	14.63%	14.78%
EPS ²	0.4100	0.0400	0.3500	0.3700	0.9400	0.5645	0.8534	1.068
Free Cash Flow ¹	-579.5	-307.4	-478.5	-654.2	-721.3	-1,094	-1,377	-996.9
FCF margin	-228.87%	-102.88%	-143.44%	-130.01%	-137.55%	-167.04%	-155.62%	-94.48%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.1000	0.1250	0.1500	0.1701	0.2021	0.2373
Announcement Date	3/25/20	3/11/21	3/14/22	3/1/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q2	2023 S1	2023 Q4	2024 Q1
Net sales ¹	157.2	164.9	109.1	114.9	224	130.5	148.7	122.6	277	126.9	141.4
EBITDA	148.2	125.9	-	-	175	-	-	-	252.2	-	-
EBIT	95.9	-	-	-	103	-	-	-	163.4	-	-
Operating Margin	61.01%	-	-	-	45.98%	-	-	-	58.99%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	92.2	-	-
Net margin	-	-	-	-	-	-	-	-	33.29%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	9/23/20	7/30/21	4/28/22	7/28/22	7/28/22	11/3/22	3/1/23	7/27/23	7/27/23	2/28/24	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,954	2,375	2,361	2,887	3,015	4,196	5,363	6,215
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.043 x	8.781 x	7.858 x	6.972 x	6.351 x	7.687 x	7.589 x	7.426 x
Free Cash Flow ¹	-580	-307	-479	-654	-721	-1,094	-1,377	-997
ROE (net income / shareholders' equity)	5.51%	3.01%	4.1%	2.77%	6.61%	3.22%	4.36%	5.25%
ROA (Net income/ Total Assets)	1.21%	0.55%	0.94%	0.81%	2.2%	1.05%	1.43%	1.46%
Assets ¹	2,977	715.6	4,361	5,609	6,838	8,511	9,032	10,689
Book Value Per Share ²	7.790	7.470	13.00	16.50	17.40	17.70	18.90	19.80
Cash Flow per Share ²	2.060	2.350	2.360	3.750	2.250	2.250	3.410	4.140
Capex ¹	764	530	755	1,111	1,046	1,505	1,721	1,375
Capex / Sales	301.74%	177.28%	226.17%	220.83%	199.47%	229.73%	194.56%	130.3%
Announcement Date	3/25/20	3/11/21	3/14/22	3/1/23	2/28/24	-	-	-

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 Neoen

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

30.26 EUR

Average target price

30.92 EUR

Spread / Average Target

+2.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Renewable IPPs