Financials Chemring Group PLC

Equities

CHG

GB00B45C9X44

Aerospace & Defense

Market Closed - London S.E. Other stock markets 16:35:22 26/04/2024 BST			5-day change	1st Jan Change
373.5 ^GBX	+2.33%		+8.58%	+6.56%

03-25	Chemring Director Ord sells GBP500,000 in shares	AN
03-18	Stocks downbeat before central bank rate storm	AN

Valuation

Fiscal Period: Ottobre	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	562.9	734.3	826.5	855.2	781.2	1,017	-	-
Enterprise Value (EV) ¹	638.6	782.5	853.1	862.4	795.6	1,084	1,090	1,079
P/E ratio	26.1 x	21.7 x	20.3 x	17.9 x	21.3 x	19.3 x	17.4 x	15.9 x
Yield	1.79%	1.5%	1.64%	1.89%	2.47%	2.12%	2.35%	2.61%
Capitalization / Revenue	1.49 x	1.82 x	2.1 x	1.93 x	1.65 x	2 x	1.86 x	1.7 x
EV / Revenue	1.69 x	1.94 x	2.17 x	1.95 x	1.68 x	2.14 x	1.99 x	1.8 x
EV / EBITDA	10.4 x	10.5 x	11.2 x	10.5 x	8.99 x	11.3 x	10.5 x	9.48 x
EV / FCF	37.3 x	22.3 x	18.8 x	20.3 x	25.1 x	110 x	35.5 x	23.1 x
FCF Yield	2.68%	4.49%	5.33%	4.93%	3.98%	0.91%	2.82%	4.34%
Price to Book	1.76 x	2.4 x	2.39 x	2.08 x	2.13 x	2.7 x	2.39 x	2.14 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	3.735	3.735	3.735
Announcement Date	16/12/19	15/12/20	14/12/21	13/12/22	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	507.8	547.7	598.2
EBITDA ¹	61.2	74.6	76.4	82.3	88.5	95.55	104.3	113.9
EBIT ¹	44	54.7	57.5	64	69.2	73.2	80.22	88.98
Operating Margin	11.62%	13.59%	14.62%	14.45%	14.64%	14.42%	14.65%	14.87%
Earnings before Tax (EBT) ¹	26.7	43.3	48.8	51.8	44.1	67.15	74.15	82.18
Net income ¹	21.9	34.7	41.5	47.4	37.7	53.98	59	65.35
Net margin	5.78%	8.62%	10.55%	10.7%	7.98%	10.63%	10.77%	10.92%
EPS ²	0.0770	0.1200	0.1440	0.1690	0.1310	0.1932	0.2150	0.2356
Free Cash Flow ¹	17.1	35.1	45.5	42.5	31.7	9.875	30.72	46.8
FCF margin	4.52%	8.72%	11.57%	9.6%	6.71%	1.94%	5.61%	7.82%
FCF Conversion (EBITDA)	27.94%	47.05%	59.55%	51.64%	35.82%	10.33%	29.45%	41.09%
FCF Conversion (Net income)	78.08%	101.15%	109.64%	89.66%	84.08%	18.3%	52.07%	71.61%
Dividend per Share ²	0.0360	0.0390	0.0480	0.0570	0.0690	0.0791	0.0877	0.0974
Announcement Date	16/12/19	15/12/20	14/12/21	13/12/22	12/12/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Ottobre	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S2	2024 S1	2024 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	-	29.1	-	29.4	33.5	30.5	42.6	-	50.5
Operating Margin	-	13.76%	-	15.09%	15.2%	13.71%	-	-	-
Earnings before Tax (EBT)	-	-	24.3	24.5	28.9	22.9	22.1	-	47.5
Net income	-	-	21.4	20.1	26.5	20.9	19	-	38
Net margin	-	-	10.78%	10.32%	12.02%	9.4%	-	-	-
EPS ¹	0.0690	-	0.0740	0.0700	0.0920	0.0740	0.0650	0.0540	0.1360
Dividend per Share ¹	-	-	0.0160	0.0320	0.0190	0.0380	0.0460	0.0270	0.0530
Announcement Date	03/06/20	15/12/20	03/06/21	14/12/21	08/06/22	13/12/22	12/12/23	-	-

¹GBP

Estimates

Balance Sheet Analysis

Fiscal Period: Ottobre	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	75.7	48.2	26.6	7.2	14.4	67.1	72.8	62.3
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.237 x	0.6461 x	0.3482 x	0.0875 x	0.1627 x	0.7023 x	0.6982 x	0.5471 x
Free Cash Flow ¹	17.1	35.1	45.5	42.5	31.7	9.88	30.7	46.8
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	71.2	54.4	45.9
Capex / Sales	11.83%	10.14%	7.68%	7.79%	7.24%	14.02%	9.94%	7.68%
Announcement Date	16/12/19	15/12/20	14/12/21	13/12/22	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

3.735 GBP

Average target price

4.325 GBP

Spread / Average Target

+15.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aerospace & Defense

	1st Jan change	Capi.
CHEMRING GROUP PLC	+6.56%	1.27B
RTX CORPORATION	+20.53%	135B
GENERAL DYNAMICS CORPORATION	+9.53%	77.91B
NORTHROP GRUMMAN CORPORATION	+2.63%	71.1B
BAE SYSTEMS PLC	+20.67%	50.29B
ROLLS-ROYCE HOLDINGS PLC	+40.51%	43.87B
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HINDUSTAN AERONAUTICS LIMITED	+42.10%	31.95B
RHEINMETALL AG	+82.72%	24.31B
AXON ENTERPRISE, INC.	+19.32%	23.26B

Other Aerospace & Defense