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Itron

Itron's net profit fell 40.2% yoy to USD -81.3 mil in 2021

By Helgi Analytics - August 12, 2022

Itron made a net profit of USD -81.3 mil with revenues of USD 1,982 mil in 2021, down by 40.2% and down by 8.82%, r...

Itron's price/earnings (P/E) rose 44.8% yoy to -36.0 in 2021

By Helgi Analytics - August 12, 2022

Itron stock traded at USD 66.0 per share at the end 2021 translating into a market capitalization of USD 2,924 mil. Since the end...

Itron's Capital Expenditures rose 24.9% yoy to USD 34.7 mil in 2021

By Helgi Analytics - August 12, 2022

Itron invested a total of USD 34.7 mil in 2021, down 24.9% compared to the previous year. Historically, between 2011 - 2...

Profit Statement 2019 2020 2021
Sales USD mil 2,502 2,173 1,982
Gross Profit USD mil 752 602 573
EBITDA USD mil 270 109 25.4
EBIT USD mil 133 -10.4 -79.3
Financing Cost USD mil 52.5 44.0 28.6
Pre-Tax Profit USD mil 73.0 -56.6 -124
Net Profit USD mil 49.0 -58.0 -81.3
Dividends USD mil 0 0 0
Balance Sheet 2019 2020 2021
Total Assets USD mil 2,708 2,607 2,394
Non-Current Assets USD mil 1,711 1,677 1,644
Current Assets USD mil 997 930 750
Working Capital USD mil 316 285 234
Shareholders' Equity USD mil 801 840 1,143
Liabilities USD mil 1,907 1,767 1,251
Total Debt USD mil 1,137 1,116 663
Net Debt USD mil 988 909 500
Ratios 2019 2020 2021
ROE % 6.39 -7.06 -8.20
ROCE % 2.41 -2.91 -4.23
Gross Margin % 30.1 27.7 28.9
EBITDA Margin % 10.8 5.01 1.28
EBIT Margin % 5.30 -0.478 -4.00
Net Margin % 1.96 -2.67 -4.10
Net Debt/EBITDA 3.65 8.34 19.7
Net Debt/Equity % 123 108 43.8
Cost of Financing % 4.60 3.91 3.22
Valuation 2019 2020 2021
Market Capitalisation USD mil 3,343 3,780 2,924
Enterprise Value (EV) USD mil 4,331 4,689 3,424
Number Of Shares mil 40.0 40.3 44.3
Share Price USD 83.6 93.9 66.0
EV/EBITDA 16.0 43.0 135
EV/Sales 1.73 2.16 1.73
Price/Earnings (P/E) 68.2 -65.2 -36.0
Price/Book Value (P/BV) 4.17 4.50 2.56
Dividend Yield % 0 0 0

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil         1,884 2,013 2,018 2,376 2,502                
Gross Profit USD mil         557 660 677 730 752                
EBIT USD mil         52.8 96.2 155 -49.7 133                
Net Profit USD mil         12.7 31.8 57.3 -99.3 49.0                
                                     
ROE % ...       1.92 4.99 7.87 -12.9 6.39                
EBIT Margin %         2.81 4.78 7.67 -2.09 5.30                
Net Margin %         0.673 1.58 2.84 -4.18 1.96                
Employees         7,900 7,300 7,800 8,000 8,000     ... ... ... ... ... ...
balance sheet                                  
Total Assets USD mil         1,680 1,578 2,106 2,609 2,708                
Non-Current Assets USD mil         921 845 1,256 1,713 1,711                
Current Assets USD mil         759 732 850 896 997                
                                     
Shareholders' Equity USD mil         623 650 806 734 801                
Liabilities USD mil         1,058 927 1,301 1,875 1,907                
Non-Current Liabilities USD mil         580 514 793 1,222 1,236                
Current Liabilities USD mil         478 413 508 653 671                
                                     
Net Debt/EBITDA         1.86 1.04 2.41 14.1 3.65                
Net Debt/Equity %         38.4 26.3 65.2 140 123                
Cost of Financing % ...       3.54 3.25 2.75 6.31 4.60                
cash flow                                  
Total Cash From Operations USD mil         73.4 116 191 110 173                
Total Cash From Investing USD mil         -49.0 -47.5 -148 -863 -48.2                
Total Cash From Financing USD mil         7.74 -63.0 302 396 -97.5                
Net Change In Cash USD mil         18.6 2.55 354 -365 27.6                
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... 2,680 1,846 3,343                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 3,205 2,870 4,331                
Number Of Shares mil ... ... ... ... ... ... 39.4 39.2 40.0                
Share Price USD ... ... ... ... ... ... 68.1 47.0 83.6                
Price/Earnings (P/E) ... ... ... ... ... ... 46.8 -18.6 68.2                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 26.9 -38.1 33.7                
EV/EBITDA ... ... ... ... ... ... 14.7 39.4 16.0                
Price/Book Value (P/BV) ... ... ... ... ... ... 3.33 2.51 4.17                
Dividend Yield % ... ... ... ... ... ... 0 0 0                
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil         1,884 2,013 2,018 2,376 2,502                
Cost of Goods & Services USD mil         1,327 1,353 1,341 1,646 1,750                
Gross Profit USD mil         557 660 677 730 752                
Selling, General & Admin USD mil         317 322 ... 423 347 ... ... ... ... ... ... ... ...
Research & Development USD mil         162 168 169 208 202     ... ... ... ... ... ...
Other Operating Expense USD mil         24.4 74.2 27.2 149 70.6     ... ... ... ... ... ...
Other Operating Cost (Income) USD mil         0 0 0 0 0     ... ... ... ... ... ...
EBITDA USD mil         129 165 218 72.8 270                
Depreciation USD mil         44.3 43.2 42.4 50.8 50.1                
EBIT USD mil         52.8 96.2 155 -49.7 133                
Net Financing Cost USD mil         11.5 10.1 11.7 56.1 50.6                
Financing Cost USD mil         12.3 10.9 13.8 58.2 52.5                
Financing Income USD mil         0.761 0.865 2.13 2.15 1.85     ... ... ... ... ... ...
FX (Gain) Loss USD mil         0 0 0 0 0     ... ... ... ... ... ...
(Income) / Loss from Affiliates USD mil       ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Extraordinary Cost USD mil         0 0 0 0 0     ... ... ... ... ... ...
Pre-Tax Profit USD mil         37.1 84.6 135 -109 73.0                
Tax USD mil         22.1 49.6 74.3 -12.6 20.6                
Minorities USD mil         2.33 3.28 2.95 2.67 3.41                
Net Profit USD mil         12.7 31.8 57.3 -99.3 49.0                
Net Profit Avail. to Common USD mil         12.7 31.8 57.3 -99.3 49.0                
Dividends USD mil         0 0 0 0 0                
growth rates                                  
Total Revenue Growth % ...       -3.29 6.88 0.249 17.7 5.32                
Operating Cost Growth % ...       -17.9 12.0 -7.49 49.5 -20.6     ... ... ... ... ... ...
EBITDA Growth % ...       30.6 27.7 32.6 -66.6 271                
EBIT Growth % ...       10,910 82.1 61.0 -132 -367                
Pre-Tax Profit Growth % ...       -303 128 59.0 -181 -167                
Net Profit Growth % ...       -154 151 80.4 -273 -149                
ratios                                  
ROE % ...       1.92 4.99 7.87 -12.9 6.39                
ROA % ...       0.739 1.95 3.11 -4.21 1.84                
ROCE % ...       1.02 2.69 4.26 -5.52 2.41                
Gross Margin %         29.6 32.8 33.5 30.7 30.1                
EBITDA Margin %         6.84 8.17 10.8 3.06 10.8                
EBIT Margin %         2.81 4.78 7.67 -2.09 5.30                
Net Margin %         0.673 1.58 2.84 -4.18 1.96                
Payout Ratio %         0 0 0 0 0                
Cost of Financing % ...       3.54 3.25 2.75 6.31 4.60                
Net Debt/EBITDA         1.86 1.04 2.41 14.1 3.65                
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
balance sheet                                  
Cash & Cash Equivalents USD mil         131 134 176 120 150                
Receivables USD mil         299 300 369 417 416                
Unbilled Revenues USD mil ... ... ... ... ... ... 29.0 20.7 57.0                
Inventories USD mil         190 163 194 221 228                
Other ST Assets USD mil         139 136 81.6 118 147                
Current Assets USD mil         759 732 850 896 997                
Property, Plant & Equipment USD mil         190 176 201 227 313                
LT Investments & Receivables USD mil         0 0 0 0 0                
Intangible Assets USD mil         570 525 651 1,374 1,289                
Goodwill USD mil         468 452 556 1,117 1,104                
Non-Current Assets USD mil         921 845 1,256 1,713 1,711                
Total Assets USD mil         1,680 1,578 2,106 2,609 2,708                
                                     
Trade Payables USD mil         186 173 262 310 328                
Short-Term Debt USD mil         11.3 14.1 19.7 28.4 17.0                
Other ST Liabilities USD mil         266 216 119 211 185                
Current Liabilities USD mil         478 413 508 653 671                
Long-Term Debt USD mil         359 290 682 1,116 1,120                
Other LT Liabilities USD mil         221 224 220 211 229                
Non-Current Liabilities USD mil         580 514 793 1,222 1,236                
Liabilities USD mil         1,058 927 1,301 1,875 1,907                
Preferred Equity and Hybrid Capital USD mil         0 0 0 0 0                
Share Capital USD mil         1,247 1,270 1,295 1,334 1,358                
Treasury Stock USD mil         0 0 0 0 0                
Equity Before Minority Interest USD mil         605 632 786 713 777                
Minority Interest USD mil         17.9 18.7 19.2 21.4 24.3                
Equity USD mil         623 650 806 734 801                
growth rates                                  
Total Asset Growth % ...       -4.08 -6.10 33.5 23.9 3.79                
Shareholders' Equity Growth % ...       -10.9 4.44 23.9 -8.89 9.10                
Net Debt Growth % ...       13.0 -28.5 207 95.0 -3.58                
Total Debt Growth % ...       14.3 -17.7 130 63.1 -0.606                
ratios                                  
Total Debt USD mil         370 305 701 1,144 1,137                
Net Debt USD mil         239 171 525 1,024 988                
Working Capital USD mil         303 290 301 327 316                
Capital Employed USD mil         1,225 1,136 1,557 2,040 2,026                
Net Debt/Equity %         38.4 26.3 65.2 140 123                
Current Ratio         1.59 1.77 1.67 1.37 1.49                
Quick Ratio         0.899 1.05 1.07 0.822 0.843                
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
cash flow                                  
Net Profit USD mil         12.7 31.8 57.3 -99.3 49.0                
Depreciation USD mil         44.3 43.2 42.4 50.8 50.1                
Non-Cash Items USD mil         39.9 55.2 57.5 82.1 40.5                
Change in Working Capital USD mil         -55.2 -39.4 13.4 4.44 -31.1                
Total Cash From Operations USD mil         73.4 116 191 110 173                
                                     
Capital Expenditures USD mil         -43.9 -43.5 -49.5 -60.0 -60.7                
Net Change in LT Investment USD mil         0 0 0 0 0     ... ... ... ... ... ...
Net Cash From Acquisitions USD mil         -5.75 -0.951 -99.4 -803 0     ... ... ... ... ... ...
Other Investing Activities USD mil         0.721 -3.03 0.702 0.369 12.6                
Total Cash From Investing USD mil         -49.0 -47.5 -148 -863 -48.2                
                                     
Dividends Paid USD mil         0 0 0 0 0                
Issuance Of Shares USD mil         -35.6 2.89 3.61 9.17 -0.610                
Issuance Of Debt USD mil         50.5 -63.2 306 416 -87.7                
Other Financing Activities USD mil         -7.11 -2.67 -7.59 -28.9 -9.25     ... ... ... ... ... ...
Total Cash From Financing USD mil         7.74 -63.0 302 396 -97.5                
                                     
Effect of FX Rates USD mil         -13.5 -2.74 8.64 -7.93 0.435     ... ... ... ... ... ...
Net Change In Cash USD mil         18.6 2.55 354 -365 27.6                
ratios                                  
Days Sales Outstanding days         57.9 54.4 66.7 64.0 60.7                
Days Sales Of Inventory days         52.4 44.0 52.7 48.9 47.5                
Days Payable Outstanding days         51.1 46.6 71.3 68.7 68.4                
Cash Conversion Cycle days         59.1 51.8 48.2 44.2 39.8                
Cash Earnings USD mil         57.0 75.0 99.7 -48.5 99.1                
Free Cash Flow USD mil         24.4 68.3 43.2 -753 125                
Capital Expenditures (As % of Sales) %         2.33 2.16 2.45 2.52 2.43                
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Employees         7,900 7,300 7,800 8,000 8,000     ... ... ... ... ... ...
Operating Cost (As % of Sales) %         26.7 28.0 25.9 32.8 24.8     ... ... ... ... ... ...
Research & Development (As % of Sales) %         8.62 8.36 8.39 8.75 8.08     ... ... ... ... ... ...
Effective Tax Rate %         59.6 58.6 55.2 11.5 28.2                
Total Revenue Growth (5-year average) % ... ... ... ... ... -3.73 -1.51 4.05 5.14                
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...              
valuation Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Market Capitalisation USD mil ... ... ... ... ... ... 2,680 1,846 3,343                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 3,205 2,870 4,331                
Number Of Shares mil ... ... ... ... ... ... 39.4 39.2 40.0                
Share Price USD ... ... ... ... ... ... 68.1 47.0 83.6                
EV/EBITDA ... ... ... ... ... ... 14.7 39.4 16.0                
Price/Earnings (P/E) ... ... ... ... ... ... 46.8 -18.6 68.2                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 26.9 -38.1 33.7                
P/FCF ... ... ... ... ... ... 62.1 -2.45 26.8                
Price/Book Value (P/BV) ... ... ... ... ... ... 3.33 2.51 4.17                
Dividend Yield % ... ... ... ... ... ... 0 0 0                
Free Cash Flow Yield % ... ... ... ... ... ... 1.61 -40.8 3.73                
Earnings Per Share (EPS) USD ... ... ... ... ... ... 1.45 -2.53 1.23                
Cash Earnings Per Share USD ... ... ... ... ... ... 2.53 -1.23 2.48                
Free Cash Flow Per Share USD ... ... ... ... ... ... 1.10 -19.2 3.12                
Book Value Per Share USD ... ... ... ... ... ... 20.5 18.7 20.0                
Dividend Per Share USD ... ... ... ... ... ... 0 0 0                
EV/Sales ... ... ... ... ... ... 1.59 1.21 1.73                
EV/EBIT ... ... ... ... ... ... 20.7 -57.8 32.6                
EV/Free Cash Flow ... ... ... ... ... ... 74.2 -3.81 34.7                
EV/Capital Employed ... ... ... ... ... ... 2.06 1.41 2.14                
Earnings Per Share Growth % ... ... ... ... ... ... ... -274 -148                
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... -149 -301                
Book Value Per Share Growth % ... ... ... ... ... ... ... -8.55 7.09                

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Itron's Net Margin fell 53.8% yoy to -4.10% in 2021

By Helgi Analytics - August 12, 2022

Itron made a net profit of USD -81.3 mil with revenues of USD 1,982 mil in 2021, down by 40.2% and down by 8.82%, respectively, compared to the previous year. This translates into a net margin of -4.10%. Historically, between 2011 and 2021, the firm...

Itron's ROCE fell 45.6% yoy to -4.23% in 2021

By Helgi Analytics - August 12, 2022

Itron made a net profit of USD -81.3 mil in 2021, down 40.2% compared to the previous year. Historically, between 2011 and 2021, the company's net profit reached a high of USD 108 mil in 2012 and a low of USD -510 mil in 2011. The result implies a return ...

Itron's P/FCF fell 55.8% yoy to 24.4 in 2021

By Helgi Analytics - August 12, 2022

Itron stock traded at USD 66.0 per share at the end 2021 translating into a market capitalization of USD 2,924 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021, the firm traded at ...

Itron's Share Price fell 29.7% yoy to USD 66.0 in 2021

By Helgi Analytics - August 12, 2022

Itron stock traded at USD 66.0 per share at the end 2021 implying a market capitalization of USD 2,924 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company rose by U...

Itron's Net Debt/EBITDA rose 136% yoy to 19.7 in 2021

By Helgi Analytics - August 12, 2022

Itron's net debt stood at USD 500 mil and accounted for 43.8% of equity at the end of 2021. The ratio is down 64.4 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 140% in 2018 and a low of 26.3%...

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Finance

Itron has been growing its sales by 7.19% a year on average in the last 5 years. EBITDA has grown on average by 35.7% a year during that time to total of USD 498 mil in 2027, or 18.4% of sales. That’s compared to 15.1% average margin seen in last five years.

The company netted USD 268 mil in 2027 implying ROE of 13.5% and ROCE of 11.8%. Again, the average figures were 12.2% and 9.00%, respectively when looking at the previous 5 years.

Itron’s net debt amounted to USD 560 mil at the end of 2027, or 26.5% of equity. When compared to EBITDA, net debt was 1.12x, down when compared to average of 1.60x seen in the last 5 years.

Valuation

Itron stock traded at USD 53.3 per share at the end of 2027 resulting in a market capitalization of USD 2,407 mil. Over the previous five years, stock price grew by 0% or 0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 5.96x and price to earnings (PE) of 8.98x as of 2027.