Financials Moncler S.p.A. Deutsche Boerse AG

Equities

MOV

IT0004965148

Apparel & Accessories

Real-time Estimate Tradegate Other stock markets 14:12:50 26/06/2024 BST			5-day change	1st Jan Change
58.21 ^EUR	-0.70%		+3.09%	+3.82%

06-21	Mib continues bearish; Saipem and Hera on the rise	AN
06-21	European IPOs fizzle out as political turmoil roils stocks	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,110	12,674	17,258	13,307	15,047	15,835	-	-
Enterprise Value (EV) ¹	9,447	11,818	16,529	13,326	15,047	15,363	14,973	14,573
P/E ratio	28 x	42.5 x	43.6 x	22.1 x	24.6 x	24.4 x	21.8 x	19.5 x
Yield	1.37%	0.9%	0.94%	2.26%	-	2.07%	2.28%	2.53%
Capitalization / Revenue	6.21 x	8.8 x	8.43 x	5.11 x	5.04 x	4.96 x	4.49 x	4.06 x
EV / Revenue	5.8 x	8.2 x	8.08 x	5.12 x	5.04 x	4.81 x	4.24 x	3.74 x
EV / EBITDA	13.6 x	19.7 x	23.9 x	15.1 x	12.7 x	11.9 x	10.5 x	9.19 x
EV / FCF	27.8 x	60.4 x	30 x	40.7 x	20.3 x	22.9 x	20.8 x	18.6 x
FCF Yield	3.6%	1.65%	3.33%	2.46%	4.92%	4.37%	4.81%	5.38%
Price to Book	7.72 x	7.79 x	6.8 x	4.59 x	-	4.47 x	4.04 x	3.64 x
Nbr of stocks (in thousands)	252,300	252,767	269,576	268,824	270,137	270,315	-	-
Reference price ²	40.07	50.14	64.02	49.50	55.70	58.58	58.58	58.58
Announcement Date	10/02/20	18/02/21	24/02/22	28/02/23	28/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,628	1,440	2,046	2,603	2,984	3,196	3,529	3,899
EBITDA ¹	692.3	600.8	691.9	880.1	1,186	1,295	1,430	1,585
EBIT ¹	491.8	368.8	603.1	774.5	893.8	953.4	1,062	1,182
Operating Margin	30.21%	25.6%	29.47%	29.76%	29.95%	29.84%	30.08%	30.31%
Earnings before Tax (EBT) ¹	474.5	345.5	557.6	747.3	870.6	925.6	1,031	1,152
Net income ¹	361.5	300.4	393.5	606.7	611.9	653.3	730.1	817
Net margin	22.21%	20.86%	19.23%	23.31%	20.51%	20.44%	20.69%	20.95%
EPS ²	1.432	1.180	1.470	2.240	2.260	2.403	2.683	3.003
Free Cash Flow ¹	340	195.5	550.3	327.7	740.8	671.6	719.6	784.4
FCF margin	20.89%	13.58%	26.9%	12.59%	24.82%	21.02%	20.39%	20.12%
FCF Conversion (EBITDA)	49.11%	32.55%	79.54%	37.24%	62.49%	51.86%	50.3%	49.49%
FCF Conversion (Net income)	94.04%	65.09%	139.84%	54.02%	121.06%	102.79%	98.56%	96.01%
Dividend per Share ²	0.5500	0.4500	0.6000	1.120	-	1.215	1.338	1.483
Announcement Date	10/02/20	18/02/21	24/02/22	28/02/23	28/02/24	-	-	-

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 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	1,058	403.3	1,037	621.8	712.2	868.9	1,424	589.9	328.5	918.4	638.3	1,046	1,684	410.2	1,137	669.7	1,178	1,848	818	438.6	1,229	652.6	1,246	1,929	905.2
EBITDA	493.4	3.676	450.1	148.3	-	-	486.7	-	-	321.6	-	-	648.9	-	380.2	-	-	825	-	-	-	-	-	-	-
EBIT ¹	389.2	-35.49	404.3	92.8	258.4	258.4	510.3	90.08	90.08	180.2	297.2	297.1	594.4	-	217.8	-	-	676	239.8	150	245.8	170	399.4	690.7	274.7
Operating Margin	36.8%	-8.8%	38.98%	14.92%	36.28%	29.74%	35.83%	15.27%	27.42%	19.62%	46.56%	28.4%	35.29%	-	19.16%	-	-	36.59%	30.48%	34.2%	20%	26.05%	32.06%	35.8%	30.35%
Earnings before Tax (EBT)	380.7	-46.71	392.2	73	-	-	-	-	-	168.5	-	-	578.8	-	206.5	-	-	664.2	-	-	242.4	-	-	677	-
Net income ¹	290.2	-31.63	332	50.5	180.5	180.5	343	105.6	105.6	211.3	197.7	197.7	395.4	-	145.4	-	-	466.6	165.2	95	166.8	113.5	287.1	477	190.4
Net margin	27.44%	-7.84%	32.01%	8.12%	25.34%	20.77%	24.08%	17.91%	32.16%	23.01%	30.98%	18.89%	23.47%	-	12.79%	-	-	25.25%	21%	21.66%	13.57%	17.39%	23.05%	24.72%	21.03%
EPS ²	1.150	-0.1300	1.290	0.1900	0.6300	0.6300	1.280	0.3900	0.3900	0.7800	-	1.033	1.460	-	0.5400	-	-	1.720	0.6220	0.3577	-	0.4274	1.081	-	-
Dividend per Share ²	-	-	-	-	-	0.6000	-	-	-	-	-	1.120	-	-	-	-	-	-	-	-	-	-	1.212	-	-
Announcement Date	10/02/20	27/07/20	18/02/21	27/07/21	30/07/22	24/02/22	24/02/22	12/05/22	27/07/22	27/07/22	26/10/22	28/02/23	28/02/23	26/07/23	26/07/23	28/11/23	28/02/24	28/02/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	19.2	-	-	-	-
Net Cash position ¹	663	855	730	-	-	472	862	1,262
Leverage (Debt/EBITDA)	-	-	-	0.0218 x	-	-	-	-
Free Cash Flow ¹	340	196	550	328	741	672	720	784
ROE (net income / shareholders' equity)	30.1%	20.5%	19.9%	22.5%	-	19.2%	19.4%	19.5%
ROA (Net income/ Total Assets)	17.3%	11.3%	11.2%	13.6%	-	12.5%	12.8%	13.4%
Assets ¹	2,096	2,661	3,512	4,454	-	5,236	5,684	6,091
Book Value Per Share ²	5.190	6.440	9.410	10.80	-	13.10	14.50	16.10
Cash Flow per Share ²	2.340	1.610	2.540	2.450	3.390	3.160	3.350	3.480
Capex ¹	121	90.4	125	167	174	193	214	232
Capex / Sales	7.42%	6.27%	6.09%	6.42%	5.83%	6.04%	6.05%	5.94%
Announcement Date	10/02/20	18/02/21	24/02/22	28/02/23	28/02/24	-	-	-

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

Ratings for Moncler S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

58.58 EUR

Average target price

68.21 EUR

Spread / Average Target

+16.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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