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Adyan

Adyan's Cash & Cash Equivalents rose 43.3% yoy to EUR 1,246 mil in 2018

By Helgi Library - April 2, 2020

Adyan's total assets reached EUR 1,860 mil at the end of 2018, up 63.6% compared to the previous year. Current ass...

Profit Statement 2016 2017 2018
Sales EUR mil 659 1,012 1,653
Gross Profit EUR mil 158 218 349
EBITDA EUR mil 123 99.4 182
EBIT EUR mil 119 93.5 173
Financing Cost EUR mil 0 0 0
Pre-Tax Profit EUR mil 120 92.2 165
Net Profit EUR mil 97.2 71.3 131
Dividends EUR mil 0 0 0
Balance Sheet 2016 2017 2018
Total Assets EUR mil 1,376 1,137 1,860
Non-Current Assets EUR mil 43.9 54.9 208
Current Assets EUR mil 1,332 1,082 1,652
Working Capital EUR mil -1,039 -709 13.6
Shareholders' Equity EUR mil 315 390 582
Liabilities EUR mil 1,061 747 1,278
Total Debt EUR mil 0 0 0
Net Debt EUR mil -680 -870 -1,246
Ratios 2016 2017 2018
ROE % 34.7 20.2 27.0
ROCE % -12.9 -8.64 -60.7
Gross Margin % 24.0 21.6 21.1
EBITDA Margin % 18.7 9.82 11.0
EBIT Margin % 18.1 9.23 10.5
Net Margin % 14.7 7.04 7.93
Net Debt/EBITDA -5.51 -8.75 -6.85
Net Debt/Equity -2.16 -2.23 -2.14
Valuation 2016 2017 2018
Market Capitalisation USD mil ... ... 16,075
Enterprise Value (EV) USD mil ... ... 14,648
Number Of Shares mil ... 30.6 30.6
Share Price EUR ... ... 459
EV/EBITDA ... ... 68.7
EV/Sales ... ... 7.57
Price/Earnings (P/E) ... ... 107
Price/Book Value (P/BV) ... ... 24.1
Dividend Yield % ... ... 0

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summary Unit 2014 2015 2016 2017 2018
income statement          
Sales EUR mil 154 331 659    
Gross Profit EUR mil 46.8 98.5 158    
EBIT EUR mil 13.6 40.8 119    
Net Profit EUR mil 10.9 33.6 97.2    
ROE % 8.77 18.2 34.7    
EBIT Margin % 8.87 12.3 18.1    
Net Margin % 7.07 10.2 14.7    
Employees ... 338 464    
balance sheet          
Total Assets EUR mil 490 821 1,376    
Non-Current Assets EUR mil 6.03 57.6 43.9    
Current Assets EUR mil 484 764 1,332    
Shareholders' Equity EUR mil 124 246 315    
Liabilities EUR mil 366 576 1,061    
Non-Current Liabilities EUR mil 0 0.019 3.85    
Current Liabilities EUR mil 366 576 1,057    
Net Debt/EBITDA -22.5 -11.7 -5.51    
Net Debt/Equity -2.67 -2.04 -2.16    
cash flow          
Total Cash From Operations EUR mil 146 138 190    
Total Cash From Investing EUR mil -3.35 -5.24 -10.5    
Total Cash From Financing EUR mil 143 133 179    
Net Change In Cash EUR mil 285 266 358    
valuation          
Market Capitalisation USD mil ... ... ... ...  
Number Of Shares mil ... ... ...    
Share Price EUR ... ... ... ...  
Earnings Per Share (EPS) EUR ... ... ...    
Book Value Per Share EUR ... ... ...    
Dividend Per Share EUR ... ... ...    
Price/Earnings (P/E) ... ... ... ...  
Price/Book Value (P/BV) ... ... ... ...  
Dividend Yield % ... ... ... ...  
Earnings Per Share Growth % ... ... ... ...  
Book Value Per Share Growth % ... ... ... ...  
income statement Unit 2014 2015 2016 2017 2018
income statement          
Sales EUR mil 154 331 659    
Cost of Goods & Services EUR mil 107 233 501    
Gross Profit EUR mil 46.8 98.5 158    
Staff Cost EUR mil 18.7 35.0 43.5    
Other Cost EUR mil 13.4 20.4 -8.90    
EBITDA EUR mil 14.7 43.1 123    
Depreciation EUR mil 1.06 2.22 4.14    
EBIT EUR mil 13.6 40.8 119    
Financing Cost EUR mil 0 0 0    
Extraordinary Cost EUR mil -0.331 -0.196 -0.234    
Pre-Tax Profit EUR mil 14.0 41.0 120    
Tax EUR mil 3.10 7.43 22.3    
Minorities EUR mil 0 0 0    
Net Profit EUR mil 10.9 33.6 97.2    
Dividends EUR mil 0 0 0    
growth rates          
Total Revenue Growth % ... 115 99.1    
Operating Cost Growth % ... 72.6 -37.6    
EBITDA Growth % ... 193 187    
EBIT Growth % ... 200 192    
Pre-Tax Profit Growth % ... 194 191    
Net Profit Growth % ... 209 189    
ratios          
ROE % 8.77 18.2 34.7    
ROCE % ... -7.81 -12.9    
Gross Margin % 30.4 29.7 24.0    
EBITDA Margin % 9.56 13.0 18.7    
EBIT Margin % 8.87 12.3 18.1    
Net Margin % 7.07 10.2 14.7    
Payout Ratio % 0 0 0    
Net Debt/EBITDA -22.5 -11.7 -5.51    
balance sheet Unit 2014 2015 2016 2017 2018
balance sheet          
Non-Current Assets EUR mil 6.03 57.6 43.9    
Property, Plant & Equipment EUR mil 3.99 7.69 15.1    
Intangible Assets EUR mil 2.04 2.98 3.96    
Goodwill EUR mil 0 0 0    
Current Assets EUR mil 484 764 1,332    
Inventories EUR mil 0.068 1.46 3.25    
Receivables EUR mil 5.45 8.44 11.7    
Cash & Cash Equivalents EUR mil 331 502 680    
Total Assets EUR mil 490 821 1,376    
Shareholders' Equity EUR mil 124 246 315    
Of Which Minority Interest EUR mil 0 0 0    
Liabilities EUR mil 366 576 1,061    
Non-Current Liabilities EUR mil 0 0.019 3.85    
Long-Term Debt EUR mil 0 0 0    
Deferred Tax Liabilities EUR mil 0 0.019 3.85    
Current Liabilities EUR mil 366 576 1,057    
Short-Term Debt EUR mil 0 0 0    
Trade Payables EUR mil 365 574 1,054    
Equity And Liabilities EUR mil 490 821 1,376    
growth rates          
Total Asset Growth % ... 67.6 67.5    
Shareholders' Equity Growth % ... 98.4 28.1    
Net Debt Growth % ... 51.8 35.4    
ratios          
Total Debt EUR mil 0 0 0    
Net Debt EUR mil -331 -502 -680    
Working Capital EUR mil -360 -564 -1,039    
Capital Employed EUR mil -354 -507 -996    
Net Debt/Equity -2.67 -2.04 -2.16    
cash flow Unit 2014 2015 2016 2017 2018
cash flow          
Net Profit EUR mil 10.9 33.6 97.2    
Depreciation EUR mil 1.06 2.22 4.14    
Non-Cash Items EUR mil ... -102 -387    
Change in Working Capital EUR mil ... 205 475    
Total Cash From Operations EUR mil 146 138 190    
Capital Expenditures EUR mil -3.35 -5.24 -10.5    
Other Investments EUR mil 0 0 0    
Total Cash From Investing EUR mil -3.35 -5.24 -10.5    
Dividends Paid EUR mil 0 0 0    
Issuance Of Shares EUR mil ... 88.3 -28.1    
Issuance Of Debt EUR mil ... 0 0    
Total Cash From Financing EUR mil 143 133 179    
Net Change In Cash EUR mil 285 266 358    
ratios          
Days Sales Outstanding days 13.0 9.30 6.45    
Days Sales Of Inventory days 0.232 2.29 2.36    
Days Payable Outstanding days 1,247 901 768    
Cash Conversion Cycle days -1,234 -889 -759    
Cash Earnings EUR mil 11.9 35.8 101    
Cash Earnings Per Share EUR ... ... ...    
Price/Cash Earnings (P/CE) ... ... ... ...  
Free Cash Flow EUR mil 143 133 179    
Free Cash Flow Yield % ... ... ... ...  
other data Unit 2014 2015 2016 2017 2018
other data          
ROA % 2.22 5.12 8.85    
Gross Margin % 30.4 29.7 24.0    
Cost Per Employee USD per month ... 9,900 8,371    
Cost Per Employee (Local Currency) EUR per month ... 8,636 7,808    
Staff Cost (As % Of Total Cost) % 13.3 12.1 8.05    
Effective Tax Rate % 22.2 18.1 18.6    
Enterprise Value (EV) USD mil ... ... ... ...  
EV/EBITDA ... ... ... ...  
EV/Capital Employed ... ... ... ...  
EV/Sales ... ... ... ...  
EV/EBIT ... ... ... ...  

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Finance

Adyan has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of EUR 182 mil in 2018, or 11.0% of sales. That’s compared to 12.4% average margin seen in last five years.

The company netted EUR 131 mil in 2018 implying ROE of 27.0% and ROCE of -60.7%. Again, the average figures were 21.8% and -22.5%, respectively when looking at the previous 5 years.

Adyan’s net debt amounted to EUR -1,246 mil at the end of 2018, or -2.14 of equity. When compared to EBITDA, net debt was -6.85x, up when compared to average of -11.1x seen in the last 5 years.

Valuation

Adyan stock traded at EUR 459 per share at the end of 2018 resulting in a market capitalization of USD 16,075 mil. Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 68.7x and price to earnings (PE) of 107x as of 2018.

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