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AmRest

AmRest's net profit rose 118% yoy to EUR 32.9 mil in 2021

By Helgi Analytics - May 8, 2022

AmRest made a net profit of EUR 32.9 mil with revenues of EUR 1,917 mil in 2021, up by 118% and up by 25.9%, respec...

AmRest's employees rose 3.80% yoy to 46,480 in 2021

By Helgi Analytics - May 9, 2022

AmRest employed 46,480 employees in 2021, up 3.8% compared to the previous year. Historically, between 2007 and 2021, ...

AmRest's price/earnings (P/E) rose 638% yoy to 38.9 in 2021

By Helgi Analytics - May 9, 2022

AmRest stock traded at EUR 5.82 per share at the end 2021 translating into a market capitalization of USD 1,455 mil. Since the en...

Profit Statement 2019 2020 2021
Sales EUR mil 1,962 1,523 1,917
Gross Profit EUR mil 1,364 1,055 1,342
EBITDA EUR mil 355 111 340
EBIT EUR mil 106 -143 103
Financing Cost EUR mil 43.5 47.1 40.8
Pre-Tax Profit EUR mil 93.4 -201 57.9
Net Profit EUR mil 65.1 -182 32.9
Dividends EUR mil 0 0 0
Balance Sheet 2019 2020 2021
Total Assets EUR mil 2,435 2,114 2,175
Non-Current Assets EUR mil 2,170 1,803 1,859
Current Assets EUR mil 265 312 316
Working Capital EUR mil 23.1 0.700 11.6
Shareholders' Equity EUR mil 477 265 308
Liabilities EUR mil 1,958 1,850 1,867
Total Debt EUR mil 1,584 1,532 1,488
Net Debt EUR mil 1,478 1,327 1,289
Ratios 2019 2020 2021
ROE % 14.4 -49.1 11.5
ROCE % 3.86 -9.11 1.79
Gross Margin % 69.5 69.3 70.0
EBITDA Margin % 18.1 7.28 17.7
EBIT Margin % 5.38 -9.36 5.38
Net Margin % 3.32 -12.0 1.72
Net Debt/EBITDA 4.16 12.0 3.79
Net Debt/Equity % 310 501 419
Cost of Financing % 3.87 3.02 2.70
Valuation 2019 2020 2021
Market Capitalisation USD mil 2,565 1,608 1,455
Enterprise Value (EV) USD mil 4,222 3,230 2,921
Number Of Shares mil 221 219 220
Share Price EUR 10.3 6.00 5.82
EV/EBITDA 10.5 24.9 7.17
EV/Sales 1.90 1.81 1.27
Price/Earnings (P/E) 35.1 -7.23 38.9
Price/Book Value (P/BV) 4.80 4.97 4.16
Dividend Yield % 0 0 0

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overview Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                            
Sales EUR mil ...                     798 965 1,237 1,547 1,962            
Gross Profit EUR mil ... ...                   566 694 899 634 1,364            
EBIT EUR mil ...                     46.8 61.5 62.7 71.6 106            
Net Profit EUR mil ...                     38.3 43.7 42.8 43.0 65.1            
                                               
ROE % ...                     15.7 15.3 13.5 11.4 14.4            
EBIT Margin % ...                     5.86 6.37 5.07 4.63 5.38            
Net Margin % ...                     4.79 4.53 3.46 2.78 3.32            
Employees ... ... ...                 23,623 28,771 38,273 48,846 51,804     ... ... ... ...
balance sheet                                            
Total Assets EUR mil ...                     668 785 1,034 1,442 2,435            
Non-Current Assets EUR mil ... ...   ... ...             545 651 812 1,200 2,170            
Current Assets EUR mil ...                     122 134 223 242 265            
                                               
Shareholders' Equity EUR mil ...                     259 312 322 431 477            
Liabilities EUR mil ...                     409 472 712 1,011 1,958            
Non-Current Liabilities EUR mil ...                     276 280 481 751 1,459            
Current Liabilities EUR mil ...                     132 192 231 260 499            
                                               
Net Debt/EBITDA ...                     1.91 1.80 2.44 3.33 4.16            
Net Debt/Equity % ...                     74.0 71.2 106 127 310            
Cost of Financing % ... ...                   3.30 3.06 2.86 2.39 3.87            
cash flow                                            
Total Cash From Operations EUR mil ...                     106 105 142 151 308            
Total Cash From Investing EUR mil ...                     -80.1 -124 -230 -421 -220            
Total Cash From Financing EUR mil ...                     -10.7 15.2 146 255 -99.7            
Net Change In Cash EUR mil ...                     14.5 -6.01 60.3 -12.8 -12.2            
valuation                                            
Market Capitalisation USD mil                       1,021 1,497 2,502 2,337 2,565            
Enterprise Value (EV) USD mil ...                     1,228 1,731 2,913 2,962 4,222            
Number Of Shares mil                       212 212 212 214 221            
Share Price EUR                       4.43 6.71 9.82 9.29 10.3            
Price/Earnings (P/E) ...                     24.6 32.6 48.7 46.5 35.1            
Price/Cash Earnings (P/CE) ...     ... ...             11.0 14.5 18.8 16.1 7.61            
EV/EBITDA ...                     10.7 13.1 18.5 15.5 10.5            
Price/Book Value (P/BV) ...                     3.63 4.55 6.47 4.61 4.80            
Dividend Yield % ... ... ... ...               0 0 0 0 0            
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                            
Sales EUR mil ...                     798 965 1,237 1,547 1,962            
Cost of Goods & Services EUR mil ... ...                   232 271 338 913 598            
Gross Profit EUR mil ... ...                   566 694 899 634 1,364            
Selling, General & Admin EUR mil ... ... ... ...               87.7 98.4 133 108 135     ... ... ... ...
Research & Development EUR mil ... ... ... ... ...             0 0 0 0 0     ... ... ... ...
Other Operating Expense EUR mil ... ... ... ... ...             383 477 972 1,274 1,468     ... ... ... ...
Staff Cost EUR mil ...                     164 208 282 357 470     ... ... ... ...
Other Operating Cost (Income) EUR mil ...                     6.26 5.12 9.60 ... ... ... ... ... ... ... ...
EBITDA EUR mil ...                     100 124 140 164 355            
Depreciation EUR mil ...     ... ...             47.1 54.5 67.8 80.3 235            
EBIT EUR mil ...                     46.8 61.5 62.7 71.6 106            
Net Financing Cost EUR mil ... ... ... ...               7.96 7.76 10.1 12.8 9.70            
Financing Cost EUR mil ... ...                   8.73 8.47 10.9 13.6 43.5            
Financing Income EUR mil ... ...   ...               0.771 0.707 0.772 0.800 33.8            
FX (Gain) Loss EUR mil ... ...   ...               -1.24 0.666 0.834 0.900 0     ... ... ... ...
(Income) / Loss from Affiliates EUR mil ... ...                   -0.141 -0.014 0 0 0     ... ... ... ...
Extraordinary Cost EUR mil ...                     0 0 0 0 0     ... ... ... ...
Pre-Tax Profit EUR mil ...                     38.8 51.2 49.5 57.5 93.4            
Tax EUR mil ...                     1.18 7.50 6.89 16.2 26.5            
Minorities EUR mil ...                     -0.645 0.041 -0.224 -1.70 1.80            
Net Profit EUR mil ...                     38.3 43.7 42.8 43.0 65.1            
Net Profit Avail. to Common EUR mil ...                     38.3 43.7 42.8 43.0 65.1            
Dividends EUR mil ... ... ... ...               0 0 0 0 0            
growth rates                                            
Total Revenue Growth % ... ...                   13.1 20.8 28.3 25.0 26.8            
Operating Cost Growth % ... ...                   11.3 21.4 85.7 24.6 25.8     ... ... ... ...
Staff Cost Growth % ... ...                   12.6 27.0 35.3 26.7 31.5     ... ... ... ...
EBITDA Growth % ... ...                   32.9 23.2 13.5 16.6 117            
EBIT Growth % ... ...                   78.2 31.4 1.99 14.2 47.5            
Pre-Tax Profit Growth % ... ...                   149 32.0 -3.40 16.2 62.4            
Net Profit Growth % ... ...                   210 14.2 -1.97 0.401 51.4            
ratios                                            
ROE % ...                     15.7 15.3 13.5 11.4 14.4            
ROA % ...                     5.98 6.02 4.71 3.47 3.36            
ROCE % ... ... ... ... ... ...           7.53 7.69 6.15 4.41 3.86            
Gross Margin % ... ...                   70.9 71.9 72.7 41.0 69.5            
EBITDA Margin % ...                     12.6 12.8 11.3 10.6 18.1            
EBIT Margin % ...                     5.86 6.37 5.07 4.63 5.38            
Net Margin % ...                     4.79 4.53 3.46 2.78 3.32            
Payout Ratio % ... ... ... ...               0 0 0 0 0            
Cost of Financing % ... ...                   3.30 3.06 2.86 2.39 3.87            
Net Debt/EBITDA ...                     1.91 1.80 2.44 3.33 4.16            
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
balance sheet                                            
Cash & Cash Equivalents EUR mil ... ... ... ... ...             74.5 66.2 131 118 106            
Receivables EUR mil ...                     12.7 12.9 18.8 55.5 105            
Inventories EUR mil ...                     14.9 18.6 22.4 25.7 29.9            
Other ST Assets EUR mil ...                     20.3 35.9 50.1 42.2 24.1            
Current Assets EUR mil ...                     122 134 223 242 265            
Property, Plant & Equipment EUR mil ...                     248 305 405 501 1,438            
LT Investments & Receivables EUR mil ... ...   ... ...             5.19 5.03 5.31 32.1 81.4            
Intangible Assets EUR mil ...                     272 317 365 618 604            
Goodwill EUR mil ... ...                   137 176 218 357 350            
Non-Current Assets EUR mil ... ...   ... ...             545 651 812 1,200 2,170            
Total Assets EUR mil ...                     668 785 1,034 1,442 2,435            
                                               
Trade Payables EUR mil ...                     57.7 61.4 82.3 100 111            
Short-Term Debt EUR mil ...                     21.3 51.1 38.2 6.60 209            
Other ST Liabilities EUR mil ...                     1.74 5.11 4.69 11.2 11.8            
Current Liabilities EUR mil ...                     132 192 231 260 499            
Long-Term Debt EUR mil ...                     245 238 436 658 1,375            
Other LT Liabilities EUR mil ...                     31.9 42.8 45.7 93.7 84.0            
Non-Current Liabilities EUR mil ...                     276 280 481 751 1,459            
Liabilities EUR mil ...                     409 472 712 1,011 1,958            
Preferred Equity and Hybrid Capital EUR mil ...                     0 0 0 0 0            
Share Capital EUR mil ...                     177 172 181 258 258            
Treasury Stock EUR mil ... ... ... ...               4.97 2.52 10.8 15.2 7.50            
Equity Before Minority Interest EUR mil ...                     242 297 314 421 467            
Minority Interest EUR mil ...                     16.6 15.3 8.43 9.90 9.50            
Equity EUR mil ...                     259 312 322 431 477            
growth rates                                            
Total Asset Growth % ... ...                   9.06 17.6 31.8 39.4 68.9            
Shareholders' Equity Growth % ... ...                   13.5 20.8 3.14 33.6 10.7            
Net Debt Growth % ... ...                   -5.51 16.3 54.0 59.3 171            
Total Debt Growth % ... ...                   1.24 8.62 64.2 40.2 139            
ratios                                            
Total Debt EUR mil ...                     266 289 474 664 1,584            
Net Debt EUR mil ...                     191 222 343 546 1,478            
Working Capital EUR mil ...                     -30.2 -29.8 -41.1 -19.1 23.1            
Capital Employed EUR mil ... ...   ... ...             515 621 771 1,181 2,193            
Net Debt/Equity % ...                     74.0 71.2 106 127 310            
Current Ratio ...                     0.923 0.696 0.965 0.930 0.531            
Quick Ratio ... ... ... ... ...             0.658 0.412 0.651 0.669 0.423            
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
cash flow                                            
Net Profit EUR mil ...                     38.3 43.7 42.8 43.0 65.1            
Depreciation EUR mil ...     ... ...             47.1 54.5 67.8 80.3 235            
Non-Cash Items EUR mil ...                     4.91 10.1 19.4 8.30 -10.8            
Change in Working Capital EUR mil ...                     8.92 -11.2 1.78 7.40 4.70            
Total Cash From Operations EUR mil ...                     106 105 142 151 308            
                                               
Capital Expenditures EUR mil ... ... ... ... ...             -64.8 -91.3 -137 -150 -196            
Net Change in LT Investment EUR mil ...                     0 0 0 -25.0 0     ... ... ... ...
Net Cash From Acquisitions EUR mil ... ... ... ... ...             -15.3 -32.3 -93.6 -247 -24.1     ... ... ... ...
Other Investing Activities EUR mil ...                     0.047 0 0 0 0            
Total Cash From Investing EUR mil ...                     -80.1 -124 -230 -421 -220            
                                               
Dividends Paid EUR mil ...                     0 0 0 0 -1.40            
Issuance Of Shares EUR mil ...                     -9.67 -8.95 -17.6 59.7 0            
Issuance Of Debt EUR mil ...                     1.41 25.3 179 193 -92.5            
Other Financing Activities EUR mil ...                     -2.44 -1.20 -16.1 2.10 -5.80     ... ... ... ...
Total Cash From Financing EUR mil ...                     -10.7 15.2 146 255 -99.7            
                                               
Effect of FX Rates EUR mil ... ... ... ... ...             -0.300 -2.33 3.23 2.50 -0.800     ... ... ... ...
Net Change In Cash EUR mil ...                     14.5 -6.01 60.3 -12.8 -12.2            
ratios                                            
Days Sales Outstanding days ...                     5.79 4.88 5.56 13.1 19.5            
Days Sales Of Inventory days ... ...                   23.4 25.1 24.2 10.3 18.3            
Days Payable Outstanding days ... ...                   90.6 82.7 88.9 40.1 68.1            
Cash Conversion Cycle days ... ...                   -61.5 -52.7 -59.1 -16.7 -30.3            
Cash Earnings EUR mil ...     ... ...             85.3 98.2 111 123 301            
Free Cash Flow EUR mil ...                     25.5 -18.9 -88.6 -270 88.3            
Capital Expenditures (As % of Sales) % ... ... ... ... ...             8.12 9.47 11.0 9.66 9.99            
other ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                             
Employees ... ... ...                 23,623 28,771 38,273 48,846 51,804     ... ... ... ...
Cost Per Employee USD per month ... ... ...                 663 647 689 714 856     ... ... ... ...
Cost Per Employee (Local Currency) EUR per month ... ... ...                 579 603 614 609 755     ... ... ... ...
Operating Cost (As % of Sales) % ...                     65.8 66.1 95.7 95.4 94.6     ... ... ... ...
Research & Development (As % of Sales) % ... ... ... ... ...             0 0 0 0 0     ... ... ... ...
Staff Cost (As % of Sales) % ...                     20.6 21.6 22.8 23.1 23.9     ... ... ... ...
Effective Tax Rate % ...                     3.05 14.6 13.9 28.2 28.4            
Total Revenue Growth (5-year average) % ... ... ... ... ... ...           9.39 15.6 17.0 19.2 22.7            
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... ... 20.4 19.6 18.5 14.4 15.5            
valuation Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                             
Market Capitalisation USD mil                       1,021 1,497 2,502 2,337 2,565            
Enterprise Value (EV) USD mil ...                     1,228 1,731 2,913 2,962 4,222            
Number Of Shares mil                       212 212 212 214 221            
Share Price EUR                       4.43 6.71 9.82 9.29 10.3            
EV/EBITDA ...                     10.7 13.1 18.5 15.5 10.5            
Price/Earnings (P/E) ...                     24.6 32.6 48.7 46.5 35.1            
Price/Cash Earnings (P/CE) ...     ... ...             11.0 14.5 18.8 16.1 7.61            
P/FCF ...                     36.8 -75.5 -23.5 -7.35 25.9            
Price/Book Value (P/BV) ...                     3.63 4.55 6.47 4.61 4.80            
Dividend Yield % ... ... ... ...               0 0 0 0 0            
Free Cash Flow Yield % ...                     2.87 -1.35 -3.97 -13.5 3.90            
Earnings Per Share (EPS) EUR ...                     0.180 0.206 0.202 0.200 0.294            
Cash Earnings Per Share EUR ...     ... ...             0.402 0.463 0.521 0.577 1.36            
Free Cash Flow Per Share EUR ...                     0.120 -0.089 -0.418 -1.26 0.399            
Book Value Per Share EUR ...                     1.22 1.47 1.52 2.01 2.15            
Dividend Per Share EUR ... ... ... ...               0 0 0 0 0            
EV/Sales ...                     1.34 1.67 2.10 1.64 1.90            
EV/EBIT ...                     22.9 26.3 41.4 35.3 35.3            
EV/Free Cash Flow ...                     42.0 -85.6 -29.3 -9.36 42.2            
EV/Capital Employed ... ...   ... ...             2.20 2.65 3.15 2.19 1.72            
Earnings Per Share Growth % ... ...                   210 14.2 -1.97 -0.935 47.0            
Cash Earnings Per Share Growth % ... ...   ... ... ...           51.2 15.1 12.6 10.7 135            
Book Value Per Share Growth % ... ...                   13.5 20.8 3.14 32.6 6.82            

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AmRest's P/FCF fell 30.8% yoy to 5.30 in 2021

By Helgi Analytics - May 8, 2022

AmRest stock traded at EUR 5.82 per share at the end 2021 translating into a market capitalization of USD 1,455 mil. Since the end of 2016, the stock has depreciated by 13.2% representing an annual average growth of -2.80%. At the end of 2021, the firm t...

AmRest's Capital Expenditures fell 15.3% yoy to EUR 96.6 mil in 2021

By Helgi Analytics - May 8, 2022

AmRest invested a total of EUR 96.6 mil in 2021, up 15.3% compared to the previous year. Historically, between 2009 - 2021, the company's investments stood at a high of EUR 196 mil in 2019 and a low of EUR 9.05 mil in 2012. As a perce...

AmRest's Net Margin rose 114% yoy to 1.72% in 2021

By Helgi Analytics - May 8, 2022

AmRest made a net profit of EUR 32.9 mil with revenues of EUR 1,917 mil in 2021, up by 118% and up by 25.9%, respectively, compared to the previous year. This translates into a net margin of 1.72%. Historically, between 2005 and 2021, the firm’s n...

AmRest's Share Price fell 3.03% yoy to EUR 5.82 in 2021

By Helgi Analytics - May 8, 2022

AmRest stock traded at EUR 5.82 per share at the end 2021 implying a market capitalization of USD 1,455 mil. Since the end of 2016, stock has appreciated by -13.2% implying an annual average growth of -2.80% In absolute terms, the value of the company fe...

AmRest's Net Debt/EBITDA fell 68.3% yoy to 3.79 in 2021

By Helgi Analytics - May 8, 2022

AmRest's net debt stood at EUR 1,289 mil and accounted for 419% of equity at the end of 2021. The ratio is down 82.4 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 501% in 2020 and a low of 18....

AmRest's ROCE rose 120% yoy to 1.79% in 2021

By Helgi Analytics - May 8, 2022

AmRest made a net profit of EUR 32.9 mil in 2021, up 118% compared to the previous year. Historically, between 2005 and 2021, the company's net profit reached a high of EUR 65.1 mil in 2019 and a low of EUR -182 mil in 2020. The result implies a return on...

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Finance

AmRest has been growing its sales by 9.36% a year on average in the last 5 years. EBITDA has grown on average by 32.9% a year during that time to total of EUR 461 mil in 2025, or 19.3% of sales. That’s compared to 18.4% average margin seen in last five years.

The company netted EUR 92.1 mil in 2025 implying ROE of 18.1% and ROCE of 3.82%. Again, the average figures were 14.1% and 2.57%, respectively when looking at the previous 5 years.

AmRest’s net debt amounted to EUR 1,304 mil at the end of 2025, or 234% of equity. When compared to EBITDA, net debt was 2.83x, down when compared to average of 3.25x seen in the last 5 years.

Valuation

AmRest stock traded at EUR 3.68 per share at the end of 2025 resulting in a market capitalization of USD 948 mil. Over the previous five years, stock price fell by 38.8% or -9.34% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.59x and price to earnings (PE) of 8.78x as of 2025.

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