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Deceuninck

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

By Helgi Analytics - 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 Analytics - 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 Analytics - 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 2018 2019 2020
Sales EUR mil 674 634 642
Gross Profit EUR mil 202 182 204
EBITDA EUR mil 73.2 52.7 88.5
EBIT EUR mil 44.2 12.3 48.9
Financing Cost EUR mil 10.8 15.6 11.4
Pre-Tax Profit EUR mil 20.9 -11.3 30.5
Net Profit EUR mil 14.7 -15.0 24.2
Dividends EUR mil 4.10 4.10 6.84
Balance Sheet 2018 2019 2020
Total Assets EUR mil 585 590 599
Non-Current Assets EUR mil 299 322 273
Current Assets EUR mil 286 268 326
Working Capital EUR mil 92.3 94.5 74.2
Shareholders' Equity EUR mil 256 233 246
Liabilities EUR mil 329 357 353
Total Debt EUR mil 160 175 136
Net Debt EUR mil 93.7 123 30.1
Ratios 2018 2019 2020
ROE % 5.75 -6.12 10.1
ROCE % 3.64 -3.70 6.35
Gross Margin % 30.0 28.7 31.7
EBITDA Margin % 10.9 8.32 13.8
EBIT Margin % 6.55 1.94 7.62
Net Margin % 2.19 -2.36 3.77
Net Debt/EBITDA 1.28 2.32 0.340
Net Debt/Equity % 36.6 52.6 12.2
Cost of Financing % 6.77 9.33 7.36
Valuation 2018 2019 2020
Market Capitalisation USD mil 302 315 323
Enterprise Value (EV) USD mil 409 452 359
Number Of Shares mil 140 137 137
Share Price EUR 1.87 2.01 1.93
EV/EBITDA 4.78 7.56 3.47
EV/Sales 0.519 0.630 0.478
Price/Earnings (P/E) 17.0 -18.3 10.9
Price/Book Value (P/BV) 1.03 1.18 1.07
Dividend Yield % 1.60 1.49 2.59

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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                               645 671 687 674 634        
Gross Profit EUR mil ...                             182 205 197 202 182        
EBIT EUR mil                               26.9 36.1 38.1 44.2 12.3        
Net Profit EUR mil                               13.6 20.8 12.5 14.7 -15.0        
                                                   
ROE %                               5.09 7.64 4.68 5.75 -6.12        
EBIT Margin %                               4.18 5.38 5.55 6.55 1.94        
Net Margin %                               2.11 3.10 1.81 2.19 -2.36        
Employees                               3,593 3,682 3,927 3,803 3,754   ... ... ...
balance sheet                                                
Total Assets EUR mil                               563 601 559 585 590        
Non-Current Assets EUR mil                               255 291 282 299 322   ... ... ...
Current Assets EUR mil                               308 310 276 286 268   ... ... ...
                                                   
Shareholders' Equity EUR mil                               269 275 258 256 233        
Liabilities EUR mil                               293 326 301 329 357   ... ... ...
Non-Current Liabilities EUR mil                               173 160 159 154 169   ... ... ...
Current Liabilities EUR mil                               120 166 142 175 188   ... ... ...
                                                   
Net Debt/EBITDA                               1.76 1.41 1.76 1.28 2.32        
Net Debt/Equity %                               34.2 32.1 45.9 36.6 52.6        
Cost of Financing %                               5.57 5.40 6.33 6.77 9.33   ... ... ...
cash flow                                                
Total Cash From Operations EUR mil                               14.7 78.0 21.6 89.1 49.8   ... ... ...
Total Cash From Investing EUR mil                               -33.4 -72.8 -49.6 -64.1 -37.4   ... ... ...
Total Cash From Financing EUR mil                               60.5 -0.046 3.50 -1.16 -21.4   ... ... ...
Net Change In Cash EUR mil                               41.7 1.71 -30.4 23.8 -13.0   ... ... ...
valuation                                                
Market Capitalisation USD mil                               357 323 493 302 315        
Enterprise Value (EV) USD mil                               457 416 635 409 452        
Number Of Shares mil                               137 138 139 140 137        
Share Price EUR                               2.28 2.15 2.89 1.87 2.01        
Price/Earnings (P/E)                               22.8 14.3 32.1 17.0 -18.3        
Price/Cash Earnings (P/CE)                               8.28 6.53 9.62 6.27 11.1        
EV/EBITDA                               7.63 6.20 8.39 4.78 7.56        
Price/Book Value (P/BV)                               1.16 1.08 1.56 1.03 1.18        
Dividend Yield %                               0.876 1.16 1.04 1.60 1.49        
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                               645 671 687 674 634        
Cost of Goods & Services EUR mil ...                             463 466 490 472 452        
Gross Profit EUR mil ...                             182 205 197 202 182        
Selling, General & Admin EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...   145 159 152 151 156   ... ... ...
Research & Development EUR mil   ...                           7.64 8.03 8.27 7.98 7.49   ... ... ...
Other Operating Expense EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.58 -1.82 -0.575 6.54   ... ... ...
Staff Cost EUR mil                               141 148 153 147 153   ... ... ...
Other Operating Cost (Income) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0 0   ... ... ...
EBITDA EUR mil                               52.2 62.6 67.4 73.2 52.7        
Depreciation EUR mil                               24.3 24.7 29.3 27.1 39.8        
EBIT EUR mil                               26.9 36.1 38.1 44.2 12.3        
Net Financing Cost EUR mil ... ... ... ... ... ... ... ... ... ... ... ...       5.58 7.44 8.64 8.42 11.1        
Financing Cost EUR mil                               7.32 8.74 10.2 10.8 15.6   ... ... ...
Financing Income EUR mil ... ... ... ... ...                     1.74 1.30 1.53 2.41 4.49   ... ... ...
FX (Gain) Loss EUR mil ...                             1.70 4.09 7.45 9.26 7.95   ... ... ...
Extraordinary Cost EUR mil ... ... ... ... ... ...   ...               0 0 0 0 0        
Pre-Tax Profit EUR mil                               16.9 22.2 22.0 20.9 -11.3        
Tax EUR mil                               3.52 1.27 8.20 5.36 3.46        
Minorities EUR mil                               -0.241 0.159 1.36 0.824 0.213   ... ... ...
Net Profit EUR mil                               13.6 20.8 12.5 14.7 -15.0        
Net Profit Avail. to Common EUR mil                               13.6 20.8 12.5 14.7 -15.0        
Dividends EUR mil                               3.38 4.06 4.09 4.10 4.10        
growth rates                                                
Total Revenue Growth % ...                             16.6 4.09 2.43 -1.88 -5.99        
Operating Cost Growth % ...                             12.1 8.74 -5.94 -0.288 7.28   ... ... ...
Staff Cost Growth % ...                             13.8 5.63 3.25 -4.06 4.12   ... ... ...
EBITDA Growth % ...                             50.9 19.9 7.71 8.59 -27.9        
EBIT Growth % ...                             117 34.0 5.52 15.9 -72.2        
Pre-Tax Profit Growth % ...                             146 31.8 -0.954 -4.92 -154        
Net Profit Growth % ...                             28.3 53.1 -40.1 18.4 -201        
ratios                                                
ROE %                               5.09 7.64 4.68 5.75 -6.12        
ROA %                               2.55 3.57 2.15 2.58 -2.55        
ROCE %                               3.50 5.20 3.03 3.64 -3.70   ... ... ...
Gross Margin % ...                             28.2 30.5 28.6 30.0 28.7        
EBITDA Margin %                               8.10 9.33 9.81 10.9 8.32        
EBIT Margin %                               4.18 5.38 5.55 6.55 1.94        
Net Margin %                               2.11 3.10 1.81 2.19 -2.36        
Payout Ratio %                               24.9 19.5 32.9 27.8 -27.4        
Cost of Financing %                               5.57 5.40 6.33 6.77 9.33   ... ... ...
Net Debt/EBITDA                               1.76 1.41 1.76 1.28 2.32        
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                               70.7 72.4 42.0 65.8 52.8   ... ... ...
Receivables EUR mil                               121 114 109 88.7 78.1   ... ... ...
Inventories EUR mil                               95.5 99.0 114 117 109   ... ... ...
Other ST Assets EUR mil                               19.9 24.4 11.0 14.0 28.0   ... ... ...
Current Assets EUR mil                               308 310 276 286 268   ... ... ...
Property, Plant & Equipment EUR mil                               219 254 253 269 299   ... ... ...
LT Investments & Receivables EUR mil                               1.17 2.95 1.83 0.064 0.015   ... ... ...
Intangible Assets EUR mil ... ... ... ... ...                     16.1 15.1 16.8 16.1 14.3   ... ... ...
Goodwill EUR mil                               10.7 10.7 10.7 10.6 10.6   ... ... ...
Non-Current Assets EUR mil                               255 291 282 299 322   ... ... ...
Total Assets EUR mil                               563 601 559 585 590        
                                                   
Trade Payables EUR mil                               74.1 102 87.5 114 92.7   ... ... ...
Short-Term Debt EUR mil                               19.3 31.6 30.7 35.3 52.4   ... ... ...
Other ST Liabilities EUR mil                               26.8 7.68 5.51 5.87 25.5   ... ... ...
Current Liabilities EUR mil                               120 166 142 175 188   ... ... ...
Long-Term Debt EUR mil                               143 129 130 124 123   ... ... ...
Other LT Liabilities EUR mil                               29.6 30.7 29.5 30.2 45.7   ... ... ...
Non-Current Liabilities EUR mil                               173 160 159 154 169   ... ... ...
Liabilities EUR mil                               293 326 301 329 357   ... ... ...
Preferred Equity and Hybrid Capital EUR mil                               0 0 0 0 0   ... ... ...
Share Capital EUR mil                               140 140 142 142 142   ... ... ...
Treasury Stock EUR mil                               0.261 0.320 0.115 0.075 0.529   ... ... ...
Equity Before Minority Interest EUR mil                               265 272 255 253 231   ... ... ...
Minority Interest EUR mil                               4.00 3.40 2.60 2.61 2.44   ... ... ...
Equity EUR mil                               269 275 258 256 233        
growth rates                                                
Total Asset Growth % ...                             11.7 6.83 -7.06 4.71 0.825        
Shareholders' Equity Growth % ...                             1.80 2.15 -6.33 -0.774 -8.81        
Net Debt Growth % ...                             29.7 -4.00 33.8 -20.8 30.8        
Total Debt Growth % ...                             62.8 -1.21 -0.321 -0.505 9.92   ... ... ...
ratios                                                
Total Debt EUR mil                               163 161 160 160 175   ... ... ...
Net Debt EUR mil                               92.1 88.4 118 93.7 123        
Working Capital EUR mil                               143 111 136 92.3 94.5   ... ... ...
Capital Employed EUR mil                               398 403 418 391 416   ... ... ...
Net Debt/Equity %                               34.2 32.1 45.9 36.6 52.6        
Current Ratio                               2.56 1.86 1.95 1.63 1.42   ... ... ...
Quick Ratio                               1.60 1.12 1.06 0.884 0.696   ... ... ...
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                               13.6 20.8 12.5 14.7 -15.0        
Depreciation EUR mil                               24.3 24.7 29.3 27.1 39.8        
Non-Cash Items EUR mil                               4.93 14.9 15.5 20.4 21.5   ... ... ...
Change in Working Capital EUR mil                               -29.1 15.8 -35.7 25.0 2.76   ... ... ...
Total Cash From Operations EUR mil                               14.7 78.0 21.6 89.1 49.8   ... ... ...
                                                   
Capital Expenditures EUR mil                               -33.4 -72.8 -49.6 -62.1 -35.0   ... ... ...
Net Change in LT Investment EUR mil                 ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ...
Net Cash From Acquisitions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 -2.00 -2.48   ... ... ...
Other Investing Activities EUR mil                               -0.906 0 0 0 0.103   ... ... ...
Total Cash From Investing EUR mil                               -33.4 -72.8 -49.6 -64.1 -37.4   ... ... ...
                                                   
Dividends Paid EUR mil                               -2.68 -3.37 -4.19 -4.22 -4.25   ... ... ...
Issuance Of Shares EUR mil                               1.20 0.415 -0.640 -0.200 0.432   ... ... ...
Issuance Of Debt EUR mil                               68.2 3.38 10.2 9.43 4.35   ... ... ...
Other Financing Activities EUR mil                               -6.25 -0.474 -1.89 -6.17 -21.9   ... ... ...
Total Cash From Financing EUR mil                               60.5 -0.046 3.50 -1.16 -21.4   ... ... ...
                                                   
Effect of FX Rates EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -3.46 -5.90 0.024 -4.01   ... ... ...
Net Change In Cash EUR mil                               41.7 1.71 -30.4 23.8 -13.0   ... ... ...
ratios                                                
Days Sales Outstanding days                               68.8 61.9 57.9 48.0 45.0   ... ... ...
Days Sales Of Inventory days ...                             75.3 77.5 85.1 90.8 88.1   ... ... ...
Days Payable Outstanding days ...                             58.5 79.5 65.1 88.1 74.8   ... ... ...
Cash Conversion Cycle days ...                             85.7 59.8 77.9 50.8 58.2   ... ... ...
Cash Earnings EUR mil                               37.9 45.5 41.7 41.9 24.8        
Free Cash Flow EUR mil                               -18.8 5.22 -28.0 25.0 12.4   ... ... ...
Capital Expenditures (As % of Sales) %                               5.19 10.8 7.22 9.21 5.52   ... ... ...
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                               3,593 3,682 3,927 3,803 3,754   ... ... ...
Cost Per Employee USD per month                               3,736 3,602 3,652 3,774 3,852   ... ... ...
Cost Per Employee (Local Currency) EUR per month                               3,259 3,360 3,253 3,222 3,399   ... ... ...
Operating Cost (As % of Sales) %                               24.1 25.1 23.1 23.5 26.8   ... ... ...
Research & Development (As % of Sales) %   ...                           1.19 1.20 1.20 1.18 1.18   ... ... ...
Staff Cost (As % of Sales) %                               21.8 22.1 22.3 21.8 24.2   ... ... ...
Effective Tax Rate %                               20.9 5.72 37.2 25.6 -30.6        
Total Revenue Growth (5-year average) % ... ... ... ... ...                     2.93 4.59 4.29 4.68 2.77        
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...           0.013 0.123 0.456 0.683 2.27        
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                               357 323 493 302 315        
Enterprise Value (EV) USD mil                               457 416 635 409 452        
Number Of Shares mil                               137 138 139 140 137        
Share Price EUR                               2.28 2.15 2.89 1.87 2.01        
EV/EBITDA                               7.63 6.20 8.39 4.78 7.56        
Price/Earnings (P/E)                               22.8 14.3 32.1 17.0 -18.3        
Price/Cash Earnings (P/CE)                               8.28 6.53 9.62 6.27 11.1        
P/FCF                               -16.7 57.0 -14.3 10.5 22.2   ... ... ...
Price/Book Value (P/BV)                               1.16 1.08 1.56 1.03 1.18        
Dividend Yield %                               0.876 1.16 1.04 1.60 1.49        
Free Cash Flow Yield %                               -6.04 1.73 -6.38 9.68 4.46   ... ... ...
Earnings Per Share (EPS) EUR                               0.100 0.150 0.090 0.110 -0.110        
Cash Earnings Per Share EUR                               0.276 0.329 0.300 0.298 0.182        
Free Cash Flow Per Share EUR                               -0.137 0.038 -0.202 0.178 0.091   ... ... ...
Book Value Per Share EUR                               1.96 1.99 1.85 1.82 1.71        
Dividend Per Share EUR                               0.020 0.025 0.030 0.030 0.030        
EV/Sales                               0.618 0.578 0.823 0.519 0.630        
EV/EBIT                               14.8 10.7 14.8 7.92 32.5        
EV/Free Cash Flow                               -21.2 74.4 -20.2 14.0 32.2   ... ... ...
EV/Capital Employed                               1.06 0.982 1.27 0.913 0.969   ... ... ...
Earnings Per Share Growth % ...                             11.1 50.0 -40.0 22.2 -200        
Cash Earnings Per Share Growth % ...                             1.86 19.4 -8.79 -0.610 -39.1        
Book Value Per Share Growth % ...                             -11.5 1.38 -6.81 -1.66 -6.39        

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

By Helgi Analytics - 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 Analytics - 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 Analytics - 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 Share Price fell 4.17% yoy to EUR 1.93 in 2020

By Helgi Analytics - 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 Analytics - 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...

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

By Helgi Analytics - 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...

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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.