Financials Ipsen

Equities

IPN

FR0010259150

Pharmaceuticals

Real-time Euronext Paris 16:35:14 30/04/2024 BST 5-day change 1st Jan Change
114.1 EUR +1.42% Intraday chart for Ipsen +1.42% +5.75%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,560 5,609 6,621 8,279 8,912 9,425 - -
Enterprise Value (EV) 1 7,675 6,139 6,758 7,894 8,847 8,839 8,250 7,527
P/E ratio -130 x 10.3 x 10.4 x 12.9 x 14 x 14.7 x 13.2 x 12 x
Yield 1.27% 1.47% 1.49% 1.19% 1.11% 1.05% 1.06% 1.05%
Capitalization / Revenue 2.55 x 2.16 x 2.31 x 2.74 x 2.85 x 2.73 x 2.55 x 2.4 x
EV / Revenue 2.98 x 2.37 x 2.36 x 2.61 x 2.83 x 2.56 x 2.24 x 1.92 x
EV / EBITDA 8.13 x 6.28 x 5.8 x 5.86 x 10 x 7.43 x 6.5 x 5.58 x
EV / FCF 15.9 x 8.9 x 8.31 x 9.02 x 12.4 x 14.4 x 11.2 x 8.55 x
FCF Yield 6.3% 11.2% 12% 11.1% 8.04% 6.92% 8.92% 11.7%
Price to Book 3.78 x 2.67 x 2.42 x - 2.36 x 2.22 x 1.92 x 1.67 x
Nbr of stocks (in thousands) 83,035 82,601 82,243 82,380 82,599 82,599 - -
Reference price 2 79.00 67.90 80.50 100.5 107.9 114.1 114.1 114.1
Announcement Date 13/02/20 11/02/21 11/02/22 09/02/23 08/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,576 2,592 2,869 3,025 3,128 3,449 3,691 3,923
EBITDA 1 943.8 977.5 1,166 1,348 881.4 1,190 1,269 1,349
EBIT 1 782.6 829.3 1,011 1,115 1,001 1,016 1,115 1,203
Operating Margin 30.38% 32% 35.25% 36.87% 32.01% 29.46% 30.21% 30.66%
Earnings before Tax (EBT) 1 -38.5 528.8 814.6 705.9 761.5 763.8 908.7 1,013
Net income 1 -50.7 548 646.6 647.5 647.2 645.9 719.7 769.7
Net margin -1.97% 21.15% 22.54% 21.4% 20.69% 18.73% 19.5% 19.62%
EPS 2 -0.6100 6.570 7.760 7.810 7.730 7.772 8.626 9.507
Free Cash Flow 1 483.2 689.9 813.2 874.8 710.9 612.1 735.9 880
FCF margin 18.76% 26.62% 28.35% 28.92% 22.73% 17.74% 19.94% 22.43%
FCF Conversion (EBITDA) 51.2% 70.58% 69.74% 64.88% 80.66% 51.42% 57.99% 65.22%
FCF Conversion (Net income) - 125.89% 125.77% 135.1% 109.84% 94.76% 102.26% 114.33%
Dividend per Share 2 1.000 1.000 1.200 1.200 1.200 1.195 1.206 1.203
Announcement Date 13/02/20 11/02/21 11/02/22 09/02/23 08/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1
Net sales 1 1,347 1,268 1,323 1,350 727.4 791.2 1,519 687.9 745.8 1,434 774.8 816.4 1,591 741.9 794.7 1,537 772.4 818.5 1,591 822.4
EBITDA - - - - 320.9 320.9 - - - - - - - - - - - - - -
EBIT 395.1 410.2 419.1 479.8 - - 531.5 - - 568 - - 547.4 - - 523.2 - - 477.8 -
Operating Margin 29.34% 32.34% 31.67% 35.53% - - 35% - - 39.62% - - 34.4% - - 34.05% - - 30.03% -
Earnings before Tax (EBT) -321.4 270.1 258.7 400.9 - - 413.7 - - - - - - - - - - - - -
Net income -271.3 222.7 325.3 304 - - 342.6 - - - - - 253.2 - - - - - - -
Net margin -20.15% 17.56% 24.58% 22.51% - - 22.56% - - - - - 15.91% - - - - - - -
EPS -3.250 2.660 3.910 3.640 - - 4.120 - - - - - 3.070 - - 2.350 - - 5.380 -
Dividend per Share - - - - - - - - - - - - 1.200 - - - - - - -
Announcement Date 13/02/20 30/07/20 11/02/21 29/07/21 11/11/21 11/02/22 11/02/22 27/04/22 28/07/22 28/07/22 27/10/22 09/02/23 09/02/23 27/04/23 27/07/23 27/07/23 26/10/23 08/02/24 08/02/24 24/04/24
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,116 531 138 - - - - -
Net Cash position 1 - - - 385 65.1 585 1,174 1,897
Leverage (Debt/EBITDA) 1.182 x 0.5427 x 0.1182 x - - - - -
Free Cash Flow 1 483 690 813 875 711 612 736 880
ROE (net income / shareholders' equity) 31.3% 28.3% 26.5% 28.7% 21.4% 17.6% 16.7% 15.7%
ROA (Net income/ Total Assets) - 12.7% 13.9% 16.5% 12.8% 9.66% 10.5% 10.1%
Assets 1 - 4,312 4,660 3,933 5,046 6,690 6,830 7,637
Book Value Per Share 2 20.90 25.40 33.30 - 45.60 51.40 59.30 68.10
Cash Flow per Share 2 7.550 9.250 10.90 11.70 10.40 9.670 11.30 14.20
Capex 1 145 81.4 96 96.6 116 120 117 138
Capex / Sales 5.61% 3.14% 3.35% 3.19% 3.72% 3.47% 3.18% 3.51%
Announcement Date 13/02/20 11/02/21 11/02/22 09/02/23 08/02/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
114.1 EUR
Average target price
125.2 EUR
Spread / Average Target
+9.75%
Consensus