Financials Racing Force S.p.A.

Equities

RFG

IT0005466963

Recreational Products

Market Closed - Borsa Italiana Other stock markets 16:44:59 28/06/2024 BST			5-day change	1st Jan Change
4.28 ^EUR	-0.47%		+9.74%	-18.63%

06-27	Futures bullish; yen slides again	AN
06-26	Mib drops to 33,500; Saipem to fifth bullish	AN

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	142.3	130.7	135.2	110	-	-
Enterprise Value (EV) ¹	145.8	138.4	142.8	120.5	118.9	119
P/E ratio	35.2 x	-	-	26.6 x	20.7 x	16.3 x
Yield	1.17%	1.64%	1.71%	1.75%	2.17%	3.2%
Capitalization / Revenue	3.05 x	2.22 x	2.16 x	1.68 x	1.55 x	1.45 x
EV / Revenue	3.12 x	2.35 x	2.28 x	1.85 x	1.68 x	1.57 x
EV / EBITDA	16.3 x	11.8 x	14.8 x	11.7 x	9.25 x	8.23 x
EV / FCF	66.2 x	-102 x	-27.5 x	-301 x	32.6 x	49.6 x
FCF Yield	1.51%	-0.98%	-3.63%	-0.33%	3.07%	2.02%
Price to Book	-	-	-	-	-	-
Nbr of stocks (in thousands)	23,757	23,757	25,699	25,690	-	-
Reference price ²	5.990	5.500	5.260	4.280	4.280	4.280
Announcement Date	29/03/22	29/03/23	18/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	46.67	58.87	62.66	65.3	70.75	75.9
EBITDA ¹	8.954	11.69	9.62	10.3	12.85	14.45
EBIT ¹	5.511	8.814	6.278	6.05	8.3	10
Operating Margin	11.81%	14.97%	10.02%	9.26%	11.73%	13.18%
Earnings before Tax (EBT) ¹	5.235	8.713	5.77	6	7	9
Net income ¹	4.168	7.549	4.793	4.5	5.9	7
Net margin	8.93%	12.82%	7.65%	6.89%	8.34%	9.22%
EPS ²	0.1700	-	-	0.1610	0.2065	0.2620
Free Cash Flow ¹	2.203	-1.354	-5.185	-0.4	3.65	2.4
FCF margin	4.72%	-2.3%	-8.27%	-0.61%	5.16%	3.16%
FCF Conversion (EBITDA)	24.6%	-	-	-	28.4%	16.61%
FCF Conversion (Net income)	52.85%	-	-	-	61.86%	34.29%
Dividend per Share ²	0.0700	0.0900	0.0900	0.0750	0.0930	0.1370
Announcement Date	29/03/22	29/03/23	18/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1
Net sales ¹	37.2
EBITDA ¹	7.932
EBIT ¹	6.374
Operating Margin	17.13%
Earnings before Tax (EBT)	-
Net income ¹	4.876
Net margin	13.11%
EPS	-
Dividend per Share	-
Announcement Date	21/09/23

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	3.52	7.76	7.59	10.6	8.95	9
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3931 x	0.6637 x	0.7889 x	1.024 x	0.6965 x	0.6228 x
Free Cash Flow ¹	2.2	-1.35	-5.18	-0.4	3.65	2.4
ROE (net income / shareholders' equity)	25.9%	22.7%	11.3%	8.1%	10.7%	-
ROA (Net income/ Total Assets)	-	11.2%	6.45%	5%	6.7%	-
Assets ¹	-	67.7	74.29	90	88.06	-
Book Value Per Share	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	2.25	4.51	6.17	9.5	5.5	4.8
Capex / Sales	4.83%	7.66%	9.84%	14.55%	7.77%	6.32%
Announcement Date	29/03/22	29/03/23	18/04/24	-	-	-

¹EUR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Racing Force S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.28 EUR

Average target price

6.2 EUR

Spread / Average Target

+44.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Sporting & Outdoor Goods

	1st Jan change	Capi.
RACING FORCE S.P.A.	-18.63%	118M
AMER SPORTS OYJ	+4.27%	5.09B
ACUSHNET HOLDINGS CORP.	+0.49%	4B
FLUIDRA, S.A.	+3.40%	3.96B
TECHNOGYM S.P.A.	+6.12%	2.05B
MIZUNO CORPORATION	+101.53%	1.26B
PELOTON INTERACTIVE, INC.	-44.50%	1.25B
YONEX CO., LTD.	+45.96%	1.05B
MIPS AB	+13.85%	1.04B
FENIX OUTDOOR INTERNATIONAL AG	-6.59%	909M

Sporting & Outdoor Goods