Financials The Italian Sea Group S.p.A.

Equities

TISG

IT0005439085

Recreational Products

Real-time Borsa Italiana Other stock markets 08:57:50 29/04/2024 BST			5-day change	1st Jan Change
9.41 ^EUR	-3.88%		+3.18%	+14.34%

04-05	Mib falls below 34,000; Fed slows on cuts	AN
03-28	Futures tentatively up, eyes on macros	AN

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	338.9	300.5	436.2	518.9	-	-
Enterprise Value (EV) ¹	253.3	289.1	434.3	476.5	439.8	408.9
P/E ratio	20.6 x	12.3 x	-	11.8 x	10.1 x	8.37 x
Yield	2.89%	4.8%	4.5%	4.22%	4.93%	5.4%
Capitalization / Revenue	1.83 x	1.02 x	1.2 x	1.24 x	1.17 x	1.1 x
EV / Revenue	1.37 x	0.98 x	1.19 x	1.14 x	0.99 x	0.86 x
EV / EBITDA	9.06 x	6.14 x	7.01 x	6.56 x	5.38 x	4.65 x
EV / FCF	19 x	6.42 x	19.2 x	7.28 x	7.58 x	6.1 x
FCF Yield	5.26%	15.6%	5.21%	13.7%	13.2%	16.4%
Price to Book	3.65 x	2.75 x	-	3.34 x	2.79 x	2.38 x
Nbr of stocks (in thousands)	53,000	53,000	53,000	53,000	-	-
Reference price ²	6.395	5.670	8.230	9.790	9.790	9.790
Announcement Date	24/03/22	21/03/23	21/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	185.6	294.7	364.5	417.5	444.9	473
EBITDA ¹	27.95	47.08	61.98	72.67	81.77	88
EBIT ¹	21.72	37.1	50.46	61.83	72.1	79.5
Operating Margin	11.71%	12.59%	13.85%	14.81%	16.2%	16.81%
Earnings before Tax (EBT) ¹	18.15	29.41	45.24	57.5	67.5	74
Net income ¹	16.32	24.05	36.91	43.9	51.57	57.5
Net margin	8.8%	8.16%	10.13%	10.51%	11.59%	12.16%
EPS ²	0.3100	0.4600	-	0.8293	0.9710	1.169
Free Cash Flow ¹	13.33	45.02	22.62	65.45	58	67
FCF margin	7.18%	15.28%	6.21%	15.68%	13.04%	14.16%
FCF Conversion (EBITDA)	47.69%	95.61%	36.5%	90.07%	70.93%	76.14%
FCF Conversion (Net income)	81.67%	187.2%	61.29%	149.09%	112.48%	116.52%
Dividend per Share ²	0.1850	0.2720	0.3700	0.4133	0.4830	0.5285
Announcement Date	24/03/22	21/03/23	21/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT) ¹	10.66
Net income ¹	7.618
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	13/09/22

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	85.6	11.4	1.88	42.4	79.1	110
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	13.3	45	22.6	65.5	58	67
ROE (net income / shareholders' equity)	24.5%	23.8%	30.7%	30.6%	30.7%	30.2%
ROA (Net income/ Total Assets)	-	8.33%	10.3%	10%	11.1%	-
Assets ¹	-	288.7	359.8	439	464.6	-
Book Value Per Share ²	1.750	2.060	-	2.930	3.510	4.110
Cash Flow per Share ²	0.6900	1.220	-	0.8100	0.9600	1.060
Capex ¹	23.4	19.8	2.75	4.75	3.27	4
Capex / Sales	12.62%	6.73%	0.75%	1.14%	0.73%	0.85%
Announcement Date	24/03/22	21/03/23	21/03/24	-	-	-

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

Ratings for The Italian Sea Group S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.79 EUR

Average target price

12.47 EUR

Spread / Average Target

+27.34%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Sailing Yachts & Motorboats

	1st Jan change	Capi.
THE ITALIAN SEA GROUP S.P.A.	+14.34%	554M
SANLORENZO S.P.A.	-3.07%	1.52B
BÉNÉTEAU	-2.24%	1.06B
FERRETTI S.P.A.	-4.03%	997M
MALIBU BOATS, INC.	-37.71%	698M
MARINE PRODUCTS CORPORATION	+0.88%	399M
MASTERCRAFT BOAT HOLDINGS, INC.	-9.23%	350M
FOUNTAINE PAJOT	+16.16%	234M
CATANA GROUP	-13.81%	155M
GRAND BANKS YACHTS LIMITED	+19.35%	50.13M

Sailing Yachts & Motorboats