Financials OPAP Deutsche Boerse AG

Equities

GF8

GRS419003009

Casinos & Gaming

Market Closed - Deutsche Boerse AG 07:31:32 28/06/2024 BST 5-day change 1st Jan Change
14.61 EUR -0.75% Intraday chart for OPAP +1.32% -3.25%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,706 3,719 4,377 4,783 5,630 5,290 - -
Enterprise Value (EV) 1 4,180 4,306 4,611 4,890 5,630 5,576 5,487 5,522
P/E ratio 18.2 x 17.8 x 16.5 x 7.92 x 13.7 x 11.5 x 11 x 10.6 x
Yield 2.59% 13.2% 4.81% 11% - 9.81% 10.3% 10.5%
Capitalization / Revenue 2.29 x 3.29 x 2.84 x 2.47 x 2.7 x 2.41 x 2.33 x 2.28 x
EV / Revenue 2.58 x 3.81 x 3 x 2.52 x 2.7 x 2.54 x 2.42 x 2.38 x
EV / EBITDA 10.3 x 16.5 x 8.38 x 6.64 x 7.54 x 7.22 x 6.86 x 6.72 x
EV / FCF 17.1 x 25.7 x 9.42 x 7.68 x - 9.08 x 8.69 x 8.51 x
FCF Yield 5.85% 3.89% 10.6% 13% - 11% 11.5% 11.7%
Price to Book 4.92 x 5.05 x 4.83 x - - 8.67 x 10.8 x 11.5 x
Nbr of stocks (in thousands) 319,794 339,597 351,027 361,512 366,288 361,319 - -
Reference price 2 11.59 10.95 12.47 13.23 15.37 14.64 14.64 14.64
Announcement Date 01/04/20 31/03/21 22/03/22 15/03/23 13/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,620 1,130 1,539 1,939 2,088 2,191 2,266 2,324
EBITDA 1 406 260.3 550.3 736 746.2 772.1 799.9 822.2
EBIT 1 289.7 250.4 400.8 763.3 590.2 634.7 660.3 682.3
Operating Margin 17.88% 22.17% 26.05% 39.37% 28.27% 28.97% 29.14% 29.36%
Earnings before Tax (EBT) 1 269.2 216.9 357.3 723.3 570.1 622.9 645.8 668
Net income 1 202.4 205.3 259.4 592.3 408.3 465.4 482.2 498.5
Net margin 12.49% 18.18% 16.86% 30.55% 19.56% 21.24% 21.28% 21.45%
EPS 2 0.6356 0.6143 0.7544 1.671 1.120 1.278 1.334 1.384
Free Cash Flow 1 244.6 167.5 489.5 637 - 614 631.7 648.6
FCF margin 15.1% 14.83% 31.81% 32.85% - 28.02% 27.88% 27.91%
FCF Conversion (EBITDA) 60.23% 64.35% 88.96% 86.55% - 79.53% 78.97% 78.88%
FCF Conversion (Net income) 120.84% 81.57% 188.7% 107.54% - 131.93% 130.99% 130.09%
Dividend per Share 2 0.3000 1.450 0.6000 1.450 - 1.436 1.513 1.539
Announcement Date 01/04/20 31/03/21 22/03/22 15/03/23 13/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1
Net sales 507.9 570.1 498.5 - 457.2 442.1 899.3 498.8 540.9 - 498.1 1,026 481 - -
EBITDA 1 110.1 205.1 170.4 - 168.8 166.9 335.7 197.6 202.7 196.5 178 374.4 172.2 198.9 190.3
EBIT - - 129.4 - 135 114.5 249.5 164.9 348.9 - 145.4 - 112 - -
Operating Margin - - 25.96% - 29.53% 25.89% 27.74% 33.06% 64.51% - 29.2% - 23.29% - -
Earnings before Tax (EBT) 24.82 - 116.9 - 119.5 102.6 222.1 156.7 344.5 - 143.4 - 108.3 - -
Net income 1 20.44 82.13 81.19 - 88.28 78.97 167.2 118.5 306.5 118 106.4 224.4 83.26 122.5 113.3
Net margin 4.02% 14.41% 16.29% - 19.31% 17.86% 18.6% 23.76% 56.68% - 21.37% 21.88% 17.31% - -
EPS - - - - - - - - 0.8610 - 0.2943 - 0.2261 - -
Dividend per Share - - - 0.5000 - - - - - - - 1.000 - - -
Announcement Date 09/09/20 08/09/21 22/03/22 22/03/22 31/05/22 29/08/22 29/08/22 22/11/22 15/03/23 24/05/23 04/09/23 04/09/23 21/11/23 13/03/24 29/05/24
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 473 587 234 107 - 286 197 232
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.166 x 2.255 x 0.4246 x 0.146 x - 0.3707 x 0.2461 x 0.2826 x
Free Cash Flow 1 245 168 490 637 - 614 632 649
ROE (net income / shareholders' equity) 27.4% 27.5% 33.6% 44.6% - 68.6% 90.6% 103%
ROA (Net income/ Total Assets) 10.1% 9.01% 10.3% 16.5% - 23.2% 25.7% 28.2%
Assets 1 2,007 2,279 2,507 3,582 - 2,005 1,876 1,769
Book Value Per Share 2 2.360 2.170 2.580 - - 1.690 1.360 1.270
Cash Flow per Share 2 0.8800 0.5600 1.430 1.850 - 1.220 1.250 1.290
Capex 1 34.8 18.9 24.2 22.8 - 25.9 27.3 27.3
Capex / Sales 2.15% 1.67% 1.57% 1.18% - 1.18% 1.2% 1.18%
Announcement Date 01/04/20 31/03/21 22/03/22 15/03/23 13/03/24 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
14.64 EUR
Average target price
18.25 EUR
Spread / Average Target
+24.66%
Consensus