Financials Prysmian LIQUIDNET SYSTEMS

Equities

PRY

IT0004176001

Electrical Components & Equipment

Delayed LIQUIDNET SYSTEMS Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-.--%

05-24	Stock markets down; positioning on Fed hold	AN
05-23	Mib without momentum; on Eurozone consumer confidence	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,657	7,656	8,722	9,133	11,227	16,663	-	-
Enterprise Value (EV) ¹	7,797	9,642	10,482	10,550	12,415	17,327	17,074	16,908
P/E ratio	19.4 x	42.8 x	28.3 x	18.2 x	22.4 x	20.3 x	19.1 x	17.9 x
Yield	2.33%	1.72%	1.66%	1.73%	1.46%	1.25%	1.42%	1.61%
Capitalization / Revenue	0.49 x	0.76 x	0.68 x	0.57 x	0.73 x	1.07 x	0.99 x	0.92 x
EV / Revenue	0.68 x	0.96 x	0.82 x	0.66 x	0.81 x	1.11 x	1.01 x	0.94 x
EV / EBITDA	7.74 x	11.5 x	10.7 x	7.61 x	7.63 x	10.1 x	9.04 x	8.14 x
EV / FCF	14.6 x	20.7 x	20.2 x	17.3 x	15.2 x	22.2 x	20.8 x	23.2 x
FCF Yield	6.86%	4.82%	4.95%	5.77%	6.58%	4.5%	4.81%	4.3%
Price to Book	2.34 x	3.39 x	2.99 x	2.59 x	3.17 x	3.79 x	3.31 x	2.93 x
Nbr of stocks (in thousands)	263,222	263,259	263,410	263,495	272,694	273,432	-	-
Reference price ²	21.49	29.08	33.11	34.66	41.17	60.94	60.94	60.94
Announcement Date	05/03/20	11/03/21	01/03/22	09/03/23	29/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,519	10,016	12,736	16,067	15,354	15,636	16,879	18,019
EBITDA ¹	1,007	840	976	1,387	1,628	1,712	1,889	2,077
EBIT ¹	689	515	647	1,119	1,270	1,296	1,440	1,585
Operating Margin	5.98%	5.14%	5.08%	6.96%	8.27%	8.29%	8.53%	8.8%
Earnings before Tax (EBT) ¹	444	252	476	739	764	1,141	1,298	1,480
Net income ¹	292	178	308	504	529	806.1	865.9	905.2
Net margin	2.53%	1.78%	2.42%	3.14%	3.45%	5.16%	5.13%	5.02%
EPS ²	1.110	0.6800	1.170	1.900	1.840	3.009	3.196	3.412
Free Cash Flow ¹	535	465	519	609	817	779.9	821.8	727.9
FCF margin	4.64%	4.64%	4.08%	3.79%	5.32%	4.99%	4.87%	4.04%
FCF Conversion (EBITDA)	53.13%	55.36%	53.18%	43.91%	50.18%	45.54%	43.5%	35.05%
FCF Conversion (Net income)	183.22%	261.24%	168.51%	120.83%	154.44%	96.75%	94.91%	80.41%
Dividend per Share ²	0.5000	0.5000	0.5500	0.6000	0.6000	0.7600	0.8649	0.9802
Announcement Date	05/03/20	11/03/21	01/03/22	09/03/23	29/02/24	-	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	4,985	6,034	3,442	6,702	3,677	4,272	7,949	4,140	3,978	3,992	4,011	8,003	3,822	3,529	-	3,687	3,983	3,927	3,669	4,045
EBITDA ¹	419	470	251	506	288	411	699	432	256	427	451	878	408	342	750	412	433	459	449	-
EBIT ¹	253	312	164	335	201	320	521	338	260	294	408	702	317	380	-	312	299.5	290.3	373.1	343.2
Operating Margin	5.08%	5.17%	4.76%	5%	5.47%	7.49%	6.55%	8.16%	6.54%	7.36%	10.17%	8.77%	8.29%	10.77%	-	8.46%	7.52%	7.39%	10.17%	8.48%
Earnings before Tax (EBT)	118	238	97	-	-	184	368	250	121	271	311	-	238	-56	-	-	-	-	-	-
Net income ¹	78	162	53	146	126	133	259	172	73	182	223	405	170	-46	-	185	220	211.1	268	246.3
Net margin	1.56%	2.68%	1.54%	2.18%	3.43%	3.11%	3.26%	4.15%	1.84%	4.56%	5.56%	5.06%	4.45%	-1.3%	-	5.02%	5.52%	5.38%	7.3%	6.09%
EPS ²	0.3000	-	0.2000	-	0.4800	0.5000	0.9800	0.6500	0.2700	0.6700	0.8200	-	0.6200	-0.2700	-	-	0.7519	0.7815	0.8752	0.8551
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/07/20	28/07/21	01/03/22	01/03/22	12/05/22	28/07/22	28/07/22	10/11/22	09/03/23	11/05/23	27/07/23	27/07/23	09/11/23	29/02/24	29/02/24	09/05/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,140	1,986	1,760	1,417	1,188	665	411	245
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.125 x	2.364 x	1.803 x	1.022 x	0.7297 x	0.3881 x	0.2176 x	0.1181 x
Free Cash Flow ¹	535	465	519	609	817	780	822	728
ROE (net income / shareholders' equity)	15.6%	9.36%	11.9%	15.5%	17.1%	19.6%	18.8%	17.9%
ROA (Net income/ Total Assets)	3.47%	2.14%	3.1%	4.07%	4.84%	5.62%	6.01%	-
Assets ¹	8,420	8,307	9,943	12,386	10,925	14,351	14,400	-
Book Value Per Share ²	9.180	8.580	11.10	13.40	13.00	16.10	18.40	20.80
Cash Flow per Share ²	2.950	2.680	2.940	3.910	4.860	4.070	4.360	4.060
Capex ¹	240	240	258	429	599	635	589	546
Capex / Sales	2.08%	2.4%	2.03%	2.67%	3.9%	4.06%	3.49%	3.03%
Announcement Date	05/03/20	11/03/21	01/03/22	09/03/23	29/02/24	-	-	-

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 Prysmian

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

60.94 EUR

Average target price

57.43 EUR

Spread / Average Target

-5.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wires & Cables

	1st Jan change	Capi.
NEXANS	+43.22%	5.4B
KEI INDUSTRIES LIMITED	+28.14%	4.66B
WALSIN LIHWA CORPORATION	-1.81%	4.63B
ENCORE WIRE CORPORATION	+30.47%	4.4B
NINGBO ORIENT WIRES & CABLES CO.,LTD.	+12.47%	4.32B
RIYADH CABLES GROUP COMPANY	+7.88%	4.22B
LS CORP.	+87.45%	3.44B
TAIHAN CABLE & SOLUTION CO., LTD.	+88.59%	2.61B
R R KABEL LIMITED	+14.99%	2.38B

Wires & Cables