Financials M2i

Equities

ALMII

FR0013270626

Miscellaneous Educational Service Providers

Real-time Euronext Paris Other stock markets 08:00:03 30/04/2024 BST			5-day change	1st Jan Change
3.42 ^EUR	-.--%		+0.59%	-8.56%

2023	M2i Société anonyme Reports Earnings Results for the Half Year Ended June 30, 2023	CI
2023	Volt Resources, M2i Global Sign LOI for Graphite Supply	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	24.24	27.21	20.78	26.78	17.47	18.05	18.05	-
Enterprise Value (EV) ¹	20.33	31.47	25.31	30.74	19.4	18.65	16.24	14.54
P/E ratio	7.05 x	55.6 x	2,100 x	55.7 x	9.72 x	9.77 x	7.86 x	9 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.53 x	0.59 x	0.57 x	0.57 x	0.31 x	0.31 x	0.29 x	0.27 x
EV / Revenue	0.45 x	0.69 x	0.69 x	0.65 x	0.35 x	0.32 x	0.26 x	0.22 x
EV / EBITDA	5.05 x	7.53 x	30.5 x	5.95 x	7.82 x	6.2 x	4.49 x	3.83 x
EV / FCF	-32.2 x	42.4 x	-124 x	25.4 x	-11.2 x	12.3 x	7.73 x	6.29 x
FCF Yield	-3.1%	2.36%	-0.81%	3.94%	-8.9%	8.12%	12.9%	15.9%
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	4,946	4,946	4,946	5,006	5,006	5,277	5,277	-
Reference price ²	4.900	5.500	4.200	5.350	3.490	3.420	3.420	3.420
Announcement Date	15/04/19	30/04/20	23/04/21	30/04/22	30/04/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	45.55	45.9	36.62	47.35	55.91	58.7	62.96	66.59
EBITDA ¹	4.025	4.177	0.83	5.165	2.481	3.01	3.62	3.8
EBIT ¹	3.4	1.5	0.84	2.044	1.827	1.62	2.85	3
Operating Margin	7.46%	3.27%	2.29%	4.32%	3.27%	2.76%	4.53%	4.51%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	3.39	0.5	-0.08	0.501	2.054	1.35	2.385	2.22
Net margin	7.44%	1.09%	-0.22%	1.06%	3.67%	2.3%	3.79%	3.33%
EPS ²	0.6950	0.0990	0.002000	0.0960	0.3590	0.3500	0.4350	0.3800
Free Cash Flow ¹	-0.631	0.742	-0.204	1.212	-1.726	1.515	2.1	2.31
FCF margin	-1.39%	1.62%	-0.56%	2.56%	-3.09%	2.58%	3.34%	3.47%
FCF Conversion (EBITDA)	-	17.76%	-	23.47%	-	50.33%	58.01%	60.79%
FCF Conversion (Net income)	-	148.4%	-	241.92%	-	112.22%	88.05%	104.05%
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	15/04/19	30/04/20	23/04/21	30/04/22	30/04/23	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	4.27	4.53	3.96	1.93	0.6	-	-
Net Cash position ¹	3.91	-	-	-	-	-	1.81	3.51
Leverage (Debt/EBITDA)	-	1.021 x	5.46 x	0.7675 x	0.7779 x	0.1993 x	-	-
Free Cash Flow ¹	-0.63	0.74	-0.2	1.21	-1.73	1.52	2.1	2.31
ROE (net income / shareholders' equity)	22%	2.83%	-	2.7%	10.1%	7.2%	9.45%	8.3%
ROA (Net income/ Total Assets)	-	-	-	-	2.27%	3.7%	5%	-
Assets ¹	-	-	-	-	90.59	36.49	47.7	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1.68	3.06	1.18	1.64	0.44	1.15	1.2	1
Capex / Sales	3.69%	6.67%	3.23%	3.46%	0.78%	1.96%	1.91%	1.5%
Announcement Date	15/04/19	30/04/20	23/04/21	30/04/22	30/04/23	-	-	-

¹EUR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for M2i

Trading Rating

Investor Rating

ESG Refinitiv

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

BUY

Number of Analysts

2

Last Close Price

3.42 EUR

Average target price

6.455 EUR

Spread / Average Target

+88.74%

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Miscellaneous Educational Service Providers

	1st Jan change	Capi.
M2I	-8.56%	19.3M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.	+5.21%	12.76B
TAL EDUCATION GROUP	-4.67%	7.69B
GRAND CANYON EDUCATION, INC.	-1.53%	3.87B
STRIDE, INC.	+12.43%	2.84B
STRATEGIC EDUCATION, INC.	+24.33%	2.8B
LAUREATE EDUCATION, INC.	+5.76%	2.29B
ADTALEM GLOBAL EDUCATION INC.	-15.83%	1.94B
GAOTU TECHEDU INC.	+80.39%	1.69B
BENESSE HOLDINGS, INC.	-0.86%	1.59B

Miscellaneous Educational Service Providers

+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019

Replicate our performance

fermer