Financials DS Smith Plc Deutsche Boerse AG

Equities

1KR

GB0008220112

Paper Packaging

Real-time Estimate Tradegate Other stock markets 10:23:41 05/06/2024 BST			5-day change	1st Jan Change
4.393 ^EUR	-2.03%		+0.36%	+22.50%

06-03	International Paper Seeks to Reassure DS Smith as Suzano Plots Bid	CI
05-30	BHP pursuit of Anglo American highlights corporate-led UK M&A upswing	RE

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,892	4,277	5,772	4,543	4,268	5,186	-	-
Enterprise Value (EV) ¹	7,169	6,378	7,567	6,027	4,268	7,153	7,063	6,918
P/E ratio	17.3 x	8.1 x	29.6 x	16.3 x	8.74 x	14 x	13.6 x	12.2 x
Yield	4.54%	-	2.88%	4.53%	-	4.7%	4.71%	5.04%
Capitalization / Revenue	0.79 x	0.71 x	0.97 x	0.63 x	0.52 x	0.74 x	0.71 x	0.69 x
EV / Revenue	1.16 x	1.06 x	1.27 x	0.83 x	0.52 x	1.02 x	0.97 x	0.92 x
EV / EBITDA	8.74 x	6.67 x	9.39 x	6.65 x	3.64 x	7 x	6.71 x	6.12 x
EV / FCF	21.1 x	18 x	15.6 x	11.6 x	-	155 x	21.8 x	19 x
FCF Yield	4.73%	5.55%	6.42%	8.61%	-	0.64%	4.59%	5.28%
Price to Book	1.52 x	1.28 x	1.63 x	1.07 x	-	1.25 x	1.2 x	1.15 x
Nbr of stocks (in thousands)	1,370,294	1,371,316	1,371,775	1,372,931	1,376,455	1,378,489	-	-
Reference price ²	3.570	3.119	4.208	3.309	3.101	3.762	3.762	3.762
Announcement Date	13/06/19	02/07/20	22/06/21	21/06/22	22/06/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,171	6,043	5,976	7,241	8,221	7,010	7,271	7,544
EBITDA ¹	820	956	806	906	1,173	1,022	1,053	1,131
EBIT ¹	631	660	502	616	861	699.1	720.1	792
Operating Margin	10.23%	10.92%	8.4%	8.51%	10.47%	9.97%	9.9%	10.5%
Earnings before Tax (EBT) ¹	350	368	231	378	661	489.5	515.3	584.3
Net income ¹	274	527	194	280	492	371.5	381.3	427.8
Net margin	4.44%	8.72%	3.25%	3.87%	5.98%	5.3%	5.24%	5.67%
EPS ²	0.2060	0.3850	0.1420	0.2030	0.3550	0.2685	0.2757	0.3092
Free Cash Flow ¹	339	354	486	519	-	46.1	324.2	365
FCF margin	5.49%	5.86%	8.13%	7.17%	-	0.66%	4.46%	4.84%
FCF Conversion (EBITDA)	41.34%	37.03%	60.3%	57.28%	-	4.51%	30.79%	32.27%
FCF Conversion (Net income)	123.72%	67.17%	250.52%	185.36%	-	12.41%	85.03%	85.33%
Dividend per Share ²	0.1620	-	0.1210	0.1500	-	0.1766	0.1772	0.1896
Announcement Date	13/06/19	02/07/20	22/06/21	21/06/22	22/06/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	3,188	2,855	2,889	3,087	3,362	3,879	4,299	3,922	3,513	3,423
EBITDA ¹	498	458	385	421	423	483	572	601	522	495
EBIT ¹	351	309	230	272	276	340	418	443	365	333.5
Operating Margin	11.01%	10.82%	7.96%	8.81%	8.21%	8.77%	9.72%	11.3%	10.39%	9.74%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-
EPS	-	0.2650	-	0.0880	0.0980	0.1050	-	-	-	-
Dividend per Share ²	0.0540	-	0.0400	0.0810	0.0400	0.1100	0.0600	-	0.0600	0.1200
Announcement Date	05/12/19	02/07/20	10/12/20	22/06/21	09/12/21	21/06/22	08/12/22	22/06/23	07/12/23	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,277	2,101	1,795	1,484	-	1,967	1,878	1,732
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.777 x	2.198 x	2.227 x	1.638 x	-	1.925 x	1.783 x	1.531 x
Free Cash Flow ¹	339	354	486	519	-	46.1	324	365
ROE (net income / shareholders' equity)	14.4%	14.1%	9.65%	10.9%	-	10.7%	10.6%	11.3%
ROA (Net income/ Total Assets)	5.06%	5.31%	3.83%	4.54%	-	3.8%	4.05%	4.34%
Assets ¹	5,410	9,924	5,062	6,166	-	9,779	9,423	9,857
Book Value Per Share ²	2.340	2.440	2.580	3.080	-	3.000	3.120	3.280
Cash Flow per Share ²	0.4000	0.4800	0.5500	0.6700	-	0.4100	0.5600	0.6100
Capex ¹	303	376	331	431	-	494	477	476
Capex / Sales	4.91%	6.22%	5.54%	5.95%	-	7.05%	6.56%	6.31%
Announcement Date	13/06/19	02/07/20	22/06/21	21/06/22	22/06/23	-	-	-

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 DS Smith Plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.762 GBP

Average target price

3.948 GBP

Spread / Average Target

+4.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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