Financials Burkhalter Holding AG

Equities

Market Closed - Swiss Exchange Other stock markets 16:31:30 26/04/2024 BST			5-day change	1st Jan Change
100.4 ^CHF	+0.70%		+2.55%	+8.31%

04-08	Swiss Stocks Post Gains Amid Unchanged Jobless Rate	MT
04-08	Burkhalter Holding AG Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	456.1	396.2	377.4	793	983.8	1,066	-	-
Enterprise Value (EV) ¹	423.1	365.8	348.3	781.3	983.8	1,085	1,081	1,076
P/E ratio	20.5 x	27.2 x	15.8 x	16.2 x	18.7 x	19 x	17.8 x	17 x
Yield	4.86%	3.63%	6.03%	5.55%	-	4.68%	4.88%	5%
Capitalization / Revenue	0.9 x	0.8 x	0.7 x	0.99 x	0.87 x	0.89 x	0.87 x	0.85 x
EV / Revenue	0.84 x	0.74 x	0.65 x	0.98 x	0.87 x	0.91 x	0.88 x	0.86 x
EV / EBITDA	14 x	16.6 x	10.7 x	14.5 x	13.5 x	13.7 x	13.2 x	12.7 x
EV / FCF	18.2 x	17.8 x	24.9 x	20.4 x	-	20 x	19 x	18.3 x
FCF Yield	5.48%	5.62%	4.01%	4.9%	-	5%	5.26%	5.47%
Price to Book	5.35 x	5.56 x	5.1 x	10.7 x	-	8.08 x	7.68 x	7.31 x
Nbr of stocks (in thousands)	5,993	5,994	5,990	10,353	10,613	10,615	-	-
Reference price ²	76.10	66.10	63.00	76.60	92.70	100.4	100.4	100.4
Announcement Date	06/04/20	12/04/21	31/03/22	03/04/23	08/04/24	-	-	-

¹CHF in Million²CHF

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	505.9	497.6	539.5	800.8	1,127	1,194	1,222	1,249
EBITDA ¹	30.31	21.98	32.56	54.05	73.08	78.99	82.15	84.45
EBIT ¹	27.3	18.67	29.3	48.06	64.81	70.34	73.3	75.44
Operating Margin	5.4%	3.75%	5.43%	6%	5.75%	5.89%	6%	6.04%
Earnings before Tax (EBT) ¹	-	-	-	-	62.9	69.85	73.1	76.31
Net income ¹	22.28	14.57	23.9	38.53	51.89	57.26	59.91	62.56
Net margin	4.4%	2.93%	4.43%	4.81%	4.6%	4.79%	4.9%	5.01%
EPS ²	3.720	2.430	3.990	4.730	4.950	5.290	5.640	5.890
Free Cash Flow ¹	23.2	20.56	13.97	38.25	-	54.28	56.88	58.84
FCF margin	4.59%	4.13%	2.59%	4.78%	-	4.54%	4.66%	4.71%
FCF Conversion (EBITDA)	76.53%	93.52%	42.91%	70.78%	-	68.72%	69.24%	69.67%
FCF Conversion (Net income)	104.15%	141.1%	58.46%	99.27%	-	94.79%	94.94%	94.05%
Dividend per Share ²	3.700	2.400	3.800	4.250	-	4.698	4.900	5.025
Announcement Date	06/04/20	12/04/21	31/03/22	03/04/23	08/04/24	-	-	-

¹CHF in Million²CHF

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	19.5	15.1	10.8
Net Cash position ¹	33	30.4	29.1	11.7	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	0.2465 x	0.1841 x	0.1273 x
Free Cash Flow ¹	23.2	20.6	14	38.3	-	54.3	56.9	58.8
ROE (net income / shareholders' equity)	25.6%	18.6%	-	-	-	43.6%	43.4%	42.5%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	14.20	11.90	12.40	7.150	-	12.40	13.10	13.70
Cash Flow per Share ²	4.810	4.040	-	-	-	6.820	7.410	7.520
Capex ¹	-	-	-	-	-	5.2	5	5
Capex / Sales	-	-	-	-	-	0.44%	0.41%	0.4%
Announcement Date	06/04/20	12/04/21	31/03/22	03/04/23	08/04/24	-	-	-

¹CHF in Million²CHF

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

100.4 CHF

Average target price

101 CHF

Spread / Average Target

+0.60%

	1st Jan change	Capi.
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