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Deceuninck

Deceuninck's net profit rose 262% yoy to EUR 24.2 mil in 2020

By Helgi Library - December 14, 2021

Deceuninck made a net profit of EUR 24.2 mil with revenues of EUR 642 mil in 2020, up by 262% and up by 1.32%, resp...

Deceuninck's employees fell 2.50% yoy to 3,660 in 2020

By Helgi Library - December 14, 2021

Deceuninck employed 3,660 employees in 2020, down 2.5% compared to the previous year. Historically, between 2000 and 20...

Deceuninck's price/earnings (P/E) rose 159% yoy to 10.9 in 2020

By Helgi Library - December 14, 2021

Deceuninck stock traded at EUR 1.93 per share at the end 2020 translating into a market capitalization of USD 323 mil. Since the ...

Profit Statement 2021 2022 2023
Sales EUR mil 823 822 846
Gross Profit EUR mil 243 242 249
EBITDA EUR mil 104 112 120
EBIT EUR mil 63.5 72.6 79.7
Financing Cost EUR mil ... ... ...
Pre-Tax Profit EUR mil 52.5 59.4 66.4
Net Profit EUR mil 41.6 47.9 55.7
Dividends EUR mil 10.4 12.0 13.9
Balance Sheet 2021 2022 2023
Total Assets EUR mil 617 636 655
Non-Current Assets EUR mil ... ... ...
Current Assets EUR mil ... ... ...
Working Capital EUR mil ... ... ...
Shareholders' Equity EUR mil 281 319 362
Liabilities EUR mil ... ... ...
Total Debt EUR mil ... ... ...
Net Debt EUR mil 57.6 11.3 -34.3
Ratios 2021 2022 2023
ROE % 15.8 16.0 16.4
ROCE % ... ... ...
Gross Margin % 29.5 29.5 29.5
EBITDA Margin % 12.6 13.6 14.2
EBIT Margin % 7.71 8.83 9.42
Net Margin % 5.06 5.82 6.59
Net Debt/EBITDA 0.557 0.101 -0.287
Net Debt/Equity % 20.5 3.55 -9.47
Cost of Financing % ... ... ...
Valuation 2021 2022 2023
Market Capitalisation USD mil 505 505 505
Enterprise Value (EV) USD mil 573 519 465
Number Of Shares mil 137 137 137
Share Price EUR 3.15 3.15 3.15
EV/EBITDA 4.62 3.96 3.31
EV/Sales 0.582 0.538 0.469
Price/Earnings (P/E) 10.4 9.00 7.73
Price/Book Value (P/BV) 1.53 1.35 1.19
Dividend Yield % 2.42 2.78 3.23

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overview Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
income statement                                                
Sales EUR mil                                 671 687 674 634 642      
Gross Profit EUR mil ...                               205 197 202 182 204      
EBIT EUR mil                                 36.1 38.1 44.2 12.3 48.9      
Net Profit EUR mil                                 20.8 12.5 14.7 -15.0 24.2      
                                                   
ROE %                                 7.64 4.68 5.75 -6.12 10.1      
EBIT Margin %                                 5.38 5.55 6.55 1.94 7.62      
Net Margin %                                 3.10 1.81 2.19 -2.36 3.77      
Employees                                 3,682 3,927 3,803 3,754 3,660 ... ... ...
balance sheet                                                
Total Assets EUR mil                                 601 559 585 590 599      
Non-Current Assets EUR mil                                 291 282 299 322 273 ... ... ...
Current Assets EUR mil                                 310 276 286 268 326 ... ... ...
                                                   
Shareholders' Equity EUR mil                                 275 258 256 233 246      
Liabilities EUR mil                                 326 301 329 357 353 ... ... ...
Non-Current Liabilities EUR mil                                 160 159 154 169 165 ... ... ...
Current Liabilities EUR mil                                 166 142 175 188 188 ... ... ...
                                                   
Net Debt/EBITDA                                 1.41 1.76 1.28 2.32 0.340      
Net Debt/Equity %                                 32.1 45.9 36.6 52.6 12.2      
Cost of Financing %                                 5.40 6.33 6.77 9.33 7.36 ... ... ...
cash flow                                                
Total Cash From Operations EUR mil                                 78.0 21.6 89.1 49.8 89.0 ... ... ...
Total Cash From Investing EUR mil                                 -72.8 -49.6 -64.1 -37.4 7.53 ... ... ...
Total Cash From Financing EUR mil                                 -0.046 3.50 -1.16 -21.4 -30.6 ... ... ...
Net Change In Cash EUR mil                                 1.71 -30.4 23.8 -13.0 52.8 ... ... ...
valuation                                                
Market Capitalisation USD mil                                 323 493 302 315 323      
Enterprise Value (EV) USD mil                                 416 635 409 452 359      
Number Of Shares mil                                 138 139 140 137 137      
Share Price EUR                                 2.15 2.89 1.87 2.01 1.93      
Price/Earnings (P/E)                                 14.3 32.1 17.0 -18.3 10.9      
Price/Cash Earnings (P/CE)                                 6.53 9.62 6.27 11.1 4.17      
EV/EBITDA                                 6.20 8.39 4.78 7.56 3.47      
Price/Book Value (P/BV)                                 1.08 1.56 1.03 1.18 1.07      
Dividend Yield %                                 1.16 1.04 1.60 1.49 2.59      
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
income statement                                                
Sales EUR mil                                 671 687 674 634 642      
Cost of Goods & Services EUR mil ...                               466 490 472 452 439      
Gross Profit EUR mil ...                               205 197 202 182 204      
Selling, General & Admin EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...     159 152 151 156 152 ... ... ...
Research & Development EUR mil   ...                             8.03 8.27 7.98 7.49 6.91 ... ... ...
Other Operating Expense EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.58 -1.82 -0.575 6.54 -4.51 ... ... ...
Staff Cost EUR mil                                 148 153 147 153 144 ... ... ...
Other Operating Cost (Income) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0 0 0 ... ... ...
EBITDA EUR mil                                 62.6 67.4 73.2 52.7 88.5      
Depreciation EUR mil                                 24.7 29.3 27.1 39.8 39.1      
EBIT EUR mil                                 36.1 38.1 44.2 12.3 48.9      
Net Financing Cost EUR mil ... ... ... ... ... ... ... ... ... ... ... ...         7.44 8.64 8.42 11.1 8.84      
Financing Cost EUR mil                                 8.74 10.2 10.8 15.6 11.4 ... ... ...
Financing Income EUR mil ... ... ... ... ...                       1.30 1.53 2.41 4.49 2.61 ... ... ...
FX (Gain) Loss EUR mil ...                               4.09 7.45 9.26 7.95 4.52 ... ... ...
Extraordinary Cost EUR mil ... ... ... ... ... ...   ...                 0 0 0 0 0      
Pre-Tax Profit EUR mil                                 22.2 22.0 20.9 -11.3 30.5      
Tax EUR mil                                 1.27 8.20 5.36 3.46 4.93      
Minorities EUR mil                                 0.159 1.36 0.824 0.213 1.34 ... ... ...
Net Profit EUR mil                                 20.8 12.5 14.7 -15.0 24.2      
Net Profit Avail. to Common EUR mil                                 20.8 12.5 14.7 -15.0 24.2      
Dividends EUR mil                                 4.06 4.09 4.10 4.10 6.84      
growth rates                                                
Total Revenue Growth % ...                               4.09 2.43 -1.88 -5.99 1.32      
Operating Cost Growth % ...                               8.74 -5.94 -0.288 7.28 -8.84 ... ... ...
Staff Cost Growth % ...                               5.63 3.25 -4.06 4.12 -5.94 ... ... ...
EBITDA Growth % ...                               19.9 7.71 8.59 -27.9 67.8      
EBIT Growth % ...                               34.0 5.52 15.9 -72.2 298      
Pre-Tax Profit Growth % ...                               31.8 -0.954 -4.92 -154 -370      
Net Profit Growth % ...                               53.1 -40.1 18.4 -201 -262      
ratios                                                
ROE %                                 7.64 4.68 5.75 -6.12 10.1      
ROA %                                 3.57 2.15 2.58 -2.55 4.08      
ROCE %                                 5.20 3.03 3.64 -3.70 6.35 ... ... ...
Gross Margin % ...                               30.5 28.6 30.0 28.7 31.7      
EBITDA Margin %                                 9.33 9.81 10.9 8.32 13.8      
EBIT Margin %                                 5.38 5.55 6.55 1.94 7.62      
Net Margin %                                 3.10 1.81 2.19 -2.36 3.77      
Payout Ratio %                                 19.5 32.9 27.8 -27.4 28.2      
Cost of Financing %                                 5.40 6.33 6.77 9.33 7.36 ... ... ...
Net Debt/EBITDA                                 1.41 1.76 1.28 2.32 0.340      
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
balance sheet                                                
Cash & Cash Equivalents EUR mil                                 72.4 42.0 65.8 52.8 106 ... ... ...
Receivables EUR mil                                 114 109 88.7 78.1 69.3 ... ... ...
Inventories EUR mil                                 99.0 114 117 109 113 ... ... ...
Other ST Assets EUR mil                                 24.4 11.0 14.0 28.0 38.4 ... ... ...
Current Assets EUR mil                                 310 276 286 268 326 ... ... ...
Property, Plant & Equipment EUR mil                                 254 253 269 299 254 ... ... ...
LT Investments & Receivables EUR mil                                 2.95 1.83 0.064 0.015 0.009 ... ... ...
Intangible Assets EUR mil ... ... ... ... ...                       15.1 16.8 16.1 14.3 12.9 ... ... ...
Goodwill EUR mil                                 10.7 10.7 10.6 10.6 10.6 ... ... ...
Non-Current Assets EUR mil                                 291 282 299 322 273 ... ... ...
Total Assets EUR mil                                 601 559 585 590 599      
                                                   
Trade Payables EUR mil                                 102 87.5 114 92.7 108 ... ... ...
Short-Term Debt EUR mil                                 31.6 30.7 35.3 52.4 24.1 ... ... ...
Other ST Liabilities EUR mil                                 7.68 5.51 5.87 25.5 31.4 ... ... ...
Current Liabilities EUR mil                                 166 142 175 188 188 ... ... ...
Long-Term Debt EUR mil                                 129 130 124 123 112 ... ... ...
Other LT Liabilities EUR mil                                 30.7 29.5 30.2 45.7 53.6 ... ... ...
Non-Current Liabilities EUR mil                                 160 159 154 169 165 ... ... ...
Liabilities EUR mil                                 326 301 329 357 353 ... ... ...
Preferred Equity and Hybrid Capital EUR mil                                 0 0 0 0 0 ... ... ...
Share Capital EUR mil                                 140 142 142 142 142 ... ... ...
Treasury Stock EUR mil                                 0.320 0.115 0.075 0.529 0.075 ... ... ...
Equity Before Minority Interest EUR mil                                 272 255 253 231 239 ... ... ...
Minority Interest EUR mil                                 3.40 2.60 2.61 2.44 6.94 ... ... ...
Equity EUR mil                                 275 258 256 233 246      
growth rates                                                
Total Asset Growth % ...                               6.83 -7.06 4.71 0.825 1.64      
Shareholders' Equity Growth % ...                               2.15 -6.33 -0.774 -8.81 5.65      
Net Debt Growth % ...                               -4.00 33.8 -20.8 30.8 -75.4      
Total Debt Growth % ...                               -1.21 -0.321 -0.505 9.92 -22.6 ... ... ...
ratios                                                
Total Debt EUR mil                                 161 160 160 175 136 ... ... ...
Net Debt EUR mil                                 88.4 118 93.7 123 30.1      
Working Capital EUR mil                                 111 136 92.3 94.5 74.2 ... ... ...
Capital Employed EUR mil                                 403 418 391 416 347 ... ... ...
Net Debt/Equity %                                 32.1 45.9 36.6 52.6 12.2      
Current Ratio                                 1.86 1.95 1.63 1.42 1.74 ... ... ...
Quick Ratio                                 1.12 1.06 0.884 0.696 0.931 ... ... ...
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
cash flow                                                
Net Profit EUR mil                                 20.8 12.5 14.7 -15.0 24.2      
Depreciation EUR mil                                 24.7 29.3 27.1 39.8 39.1      
Non-Cash Items EUR mil                                 14.9 15.5 20.4 21.5 16.7 ... ... ...
Change in Working Capital EUR mil                                 15.8 -35.7 25.0 2.76 8.49 ... ... ...
Total Cash From Operations EUR mil                                 78.0 21.6 89.1 49.8 89.0 ... ... ...
                                                   
Capital Expenditures EUR mil                                 -72.8 -49.6 -62.1 -35.0 -7.86 ... ... ...
Net Change in LT Investment EUR mil                 ... ... ... ... ... ... ... ... ... ... ... ... 0 ... ... ...
Net Cash From Acquisitions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 -2.00 -2.48 -0.001 ... ... ...
Other Investing Activities EUR mil                                 0 0 0 0.103 15.4 ... ... ...
Total Cash From Investing EUR mil                                 -72.8 -49.6 -64.1 -37.4 7.53 ... ... ...
                                                   
Dividends Paid EUR mil                                 -3.37 -4.19 -4.22 -4.25 -0.143 ... ... ...
Issuance Of Shares EUR mil                                 0.415 -0.640 -0.200 0.432 0 ... ... ...
Issuance Of Debt EUR mil                                 3.38 10.2 9.43 4.35 -25.7 ... ... ...
Other Financing Activities EUR mil                                 -0.474 -1.89 -6.17 -21.9 -4.68 ... ... ...
Total Cash From Financing EUR mil                                 -0.046 3.50 -1.16 -21.4 -30.6 ... ... ...
                                                   
Effect of FX Rates EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -3.46 -5.90 0.024 -4.01 -13.1 ... ... ...
Net Change In Cash EUR mil                                 1.71 -30.4 23.8 -13.0 52.8 ... ... ...
ratios                                                
Days Sales Outstanding days                                 61.9 57.9 48.0 45.0 39.4 ... ... ...
Days Sales Of Inventory days ...                               77.5 85.1 90.8 88.1 94.0 ... ... ...
Days Payable Outstanding days ...                               79.5 65.1 88.1 74.8 89.8 ... ... ...
Cash Conversion Cycle days ...                               59.8 77.9 50.8 58.2 43.5 ... ... ...
Cash Earnings EUR mil                                 45.5 41.7 41.9 24.8 63.4      
Free Cash Flow EUR mil                                 5.22 -28.0 25.0 12.4 96.5 ... ... ...
Capital Expenditures (As % of Sales) %                                 10.8 7.22 9.21 5.52 1.22 ... ... ...
other ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
                                                 
Employees                                 3,682 3,927 3,803 3,754 3,660 ... ... ...
Cost Per Employee USD per month                                 3,602 3,652 3,774 3,852 3,837 ... ... ...
Cost Per Employee (Local Currency) EUR per month                                 3,360 3,253 3,222 3,399 3,279 ... ... ...
Operating Cost (As % of Sales) %                                 25.1 23.1 23.5 26.8 24.1 ... ... ...
Research & Development (As % of Sales) %   ...                             1.20 1.20 1.18 1.18 1.08 ... ... ...
Staff Cost (As % of Sales) %                                 22.1 22.3 21.8 24.2 22.4 ... ... ...
Effective Tax Rate %                                 5.72 37.2 25.6 -30.6 16.2      
Total Revenue Growth (5-year average) % ... ... ... ... ...                       4.59 4.29 4.68 2.77 -0.073      
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...             0.123 0.456 0.683 2.27 1.42      
valuation Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
                                                 
Market Capitalisation USD mil                                 323 493 302 315 323      
Enterprise Value (EV) USD mil                                 416 635 409 452 359      
Number Of Shares mil                                 138 139 140 137 137      
Share Price EUR                                 2.15 2.89 1.87 2.01 1.93      
EV/EBITDA                                 6.20 8.39 4.78 7.56 3.47      
Price/Earnings (P/E)                                 14.3 32.1 17.0 -18.3 10.9      
Price/Cash Earnings (P/CE)                                 6.53 9.62 6.27 11.1 4.17      
P/FCF                                 57.0 -14.3 10.5 22.2 2.73 ... ... ...
Price/Book Value (P/BV)                                 1.08 1.56 1.03 1.18 1.07      
Dividend Yield %                                 1.16 1.04 1.60 1.49 2.59      
Free Cash Flow Yield %                                 1.73 -6.38 9.68 4.46 35.0 ... ... ...
Earnings Per Share (EPS) EUR                                 0.150 0.090 0.110 -0.110 0.177      
Cash Earnings Per Share EUR                                 0.329 0.300 0.298 0.182 0.463      
Free Cash Flow Per Share EUR                                 0.038 -0.202 0.178 0.091 0.706 ... ... ...
Book Value Per Share EUR                                 1.99 1.85 1.82 1.71 1.80      
Dividend Per Share EUR                                 0.025 0.030 0.030 0.030 0.050      
EV/Sales                                 0.578 0.823 0.519 0.630 0.478      
EV/EBIT                                 10.7 14.8 7.92 32.5 6.28      
EV/Free Cash Flow                                 74.4 -20.2 14.0 32.2 3.18 ... ... ...
EV/Capital Employed                                 0.982 1.27 0.913 0.969 0.847 ... ... ...
Earnings Per Share Growth % ...                               50.0 -40.0 22.2 -200 -261      
Cash Earnings Per Share Growth % ...                               19.4 -8.79 -0.610 -39.1 155      
Book Value Per Share Growth % ...                               1.38 -6.81 -1.66 -6.39 5.58      

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Deceuninck's Capital Expenditures rose 77.5% yoy to EUR 7.86 mil in 2020

By Helgi Library - December 14, 2021

Deceuninck invested a total of EUR 7.86 mil in 2020, down 77.5% compared to the previous year. Historically, between 2000 - 2020, the company's investments stood at a high of EUR 89.4 mil in 2003 and a low of EUR 3.54 mil in 2009. As ...

Deceuninck's Net Margin rose 260% yoy to 3.77% in 2020

By Helgi Library - December 14, 2021

Deceuninck made a net profit of EUR 24.2 mil with revenues of EUR 642 mil in 2020, up by 262% and up by 1.32%, respectively, compared to the previous year. This translates into a net margin of 3.77%. Historically, between 2000 and 2020, the firm’s...

Deceuninck's Net Debt/EBITDA fell 85.4% yoy to 0.340 in 2020

By Helgi Library - December 14, 2021

Deceuninck's net debt stood at EUR 30.1 mil and accounted for 12.2% of equity at the end of 2020. The ratio is down 40.3 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 119% in 2008 and a low of ...

Deceuninck's P/FCF fell 87.7% yoy to 2.73 in 2020

By Helgi Library - December 14, 2021

Deceuninck stock traded at EUR 1.93 per share at the end 2020 translating into a market capitalization of USD 323 mil. Since the end of 2015, the stock has depreciated by 15.4% representing an annual average growth of -3.30%. At the end of 2020, the firm...

Deceuninck's Share Price fell 4.17% yoy to EUR 1.93 in 2020

By Helgi Library - December 14, 2021

Deceuninck stock traded at EUR 1.93 per share at the end 2020 implying a market capitalization of USD 323 mil. Since the end of 2015, stock has appreciated by -15.4% implying an annual average growth of -3.30% In absolute terms, the value of the company ...

Deceuninck's ROCE rose 271% yoy to 6.35% in 2020

By Helgi Library - December 14, 2021

Deceuninck made a net profit of EUR 24.2 mil in 2020, up 262% compared to the previous year. Historically, between 2000 and 2020, the company's net profit reached a high of EUR 29.6 mil in 2002 and a low of EUR -37.4 mil in 2008. The result implies a retu...

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Finance

Deceuninck has been growing its sales by 4.64% a year on average in the last 5 years. EBITDA has grown on average by 10.3% a year during that time to total of EUR 120 mil in 2023, or 14.2% of sales. That’s compared to 12.5% average margin seen in last five years.

The company netted EUR 55.7 mil in 2023 implying ROE of 16.4% and ROCE of . Again, the average figures were 10.4% and 1.32%, respectively when looking at the previous 5 years.

Deceuninck’s net debt amounted to EUR -34.3 mil at the end of 2023, or -9.47% of equity. When compared to EBITDA, net debt was -0.287x, down when compared to average of 0.607x seen in the last 5 years.

Valuation

Deceuninck stock traded at EUR 3.15 per share at the end of 2023 resulting in a market capitalization of USD 505 mil. Over the previous five years, stock price grew by 68.3% or 11.0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.31x and price to earnings (PE) of 7.73x as of 2023.