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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           2,013 2,018 2,376 2,502 2,173              
Gross Profit USD mil           660 677 730 752 602              
EBIT USD mil           96.2 155 -49.7 133 -10.4              
Net Profit USD mil           31.8 57.3 -99.3 49.0 -58.0              
                                     
ROE % ...         4.99 7.87 -12.9 6.39 -7.06              
EBIT Margin %           4.78 7.67 -2.09 5.30 -0.478              
Net Margin %           1.58 2.84 -4.18 1.96 -2.67              
Employees           7,300 7,800 8,000 8,000 6,749   ... ... ... ... ... ...
balance sheet                                  
Total Assets USD mil           1,578 2,106 2,609 2,708 2,607              
Non-Current Assets USD mil           845 1,256 1,713 1,711 1,677              
Current Assets USD mil           732 850 896 997 930              
                                     
Shareholders' Equity USD mil           650 806 734 801 840              
Liabilities USD mil           927 1,301 1,875 1,907 1,767              
Non-Current Liabilities USD mil           514 793 1,222 1,236 1,217              
Current Liabilities USD mil           413 508 653 671 550              
                                     
Net Debt/EBITDA           1.04 2.41 14.1 3.65 8.34              
Net Debt/Equity %           26.3 65.2 140 123 108              
Cost of Financing % ...         3.25 2.75 6.31 4.60 3.91              
cash flow                                  
Total Cash From Operations USD mil           116 191 110 173 110              
Total Cash From Investing USD mil           -47.5 -148 -863 -48.2 -41.0              
Total Cash From Financing USD mil           -63.0 302 396 -97.5 -11.6              
Net Change In Cash USD mil           2.55 354 -365 27.6 57.0              
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... 2,680 1,846 3,343 3,780              
Enterprise Value (EV) USD mil ... ... ... ... ... ... 3,205 2,870 4,331 4,689              
Number Of Shares mil ... ... ... ... ... ... 39.4 39.2 40.0 40.3              
Share Price USD ... ... ... ... ... ... 68.1 47.0 83.6 93.9              
Price/Earnings (P/E) ... ... ... ... ... ... 46.8 -18.6 68.2 -65.2              
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 26.9 -38.1 33.7 -703              
EV/EBITDA ... ... ... ... ... ... 14.7 39.4 16.0 43.0              
Price/Book Value (P/BV) ... ... ... ... ... ... 3.33 2.51 4.17 4.50              
Dividend Yield % ... ... ... ... ... ... 0 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           2,013 2,018 2,376 2,502 2,173              
Cost of Goods & Services USD mil           1,353 1,341 1,646 1,750 1,571              
Gross Profit USD mil           660 677 730 752 602              
Selling, General & Admin USD mil           322 ... 423 347 ... ... ... ... ... ... ... ...
Research & Development USD mil           168 169 208 202 194   ... ... ... ... ... ...
Other Operating Expense USD mil           74.2 27.2 149 70.6 142   ... ... ... ... ... ...
Other Operating Cost (Income) USD mil           0 0 0 0 0   ... ... ... ... ... ...
EBITDA USD mil           165 218 72.8 270 109              
Depreciation USD mil           43.2 42.4 50.8 50.1 52.6              
EBIT USD mil           96.2 155 -49.7 133 -10.4              
Net Financing Cost USD mil           10.1 11.7 56.1 50.6 41.0              
Financing Cost USD mil           10.9 13.8 58.2 52.5 44.0              
Financing Income USD mil           0.865 2.13 2.15 1.85 3.00   ... ... ... ... ... ...
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           84.6 135 -109 73.0 -56.6              
Tax USD mil           49.6 74.3 -12.6 20.6 0.238              
Minorities USD mil           3.28 2.95 2.67 3.41 1.08              
Net Profit USD mil           31.8 57.3 -99.3 49.0 -58.0              
Net Profit Avail. to Common USD mil           31.8 57.3 -99.3 49.0 -58.0              
Dividends USD mil           0 0 0 0 0              
growth rates                                  
Total Revenue Growth % ...         6.88 0.249 17.7 5.32 -13.2              
Operating Cost Growth % ...         12.0 -7.49 49.5 -20.6 -1.14   ... ... ... ... ... ...
EBITDA Growth % ...         27.7 32.6 -66.6 271 -59.7              
EBIT Growth % ...         82.1 61.0 -132 -367 -108              
Pre-Tax Profit Growth % ...         128 59.0 -181 -167 -178              
Net Profit Growth % ...         151 80.4 -273 -149 -218              
ratios                                  
ROE % ...         4.99 7.87 -12.9 6.39 -7.06              
ROA % ...         1.95 3.11 -4.21 1.84 -2.18              
ROCE % ...         2.69 4.26 -5.52 2.41 -2.91              
Gross Margin %           32.8 33.5 30.7 30.1 27.7              
EBITDA Margin %           8.17 10.8 3.06 10.8 5.01              
EBIT Margin %           4.78 7.67 -2.09 5.30 -0.478              
Net Margin %           1.58 2.84 -4.18 1.96 -2.67              
Payout Ratio %           0 0 0 0 0              
Cost of Financing % ...         3.25 2.75 6.31 4.60 3.91              
Net Debt/EBITDA           1.04 2.41 14.1 3.65 8.34              
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           134 176 120 150 207              
Receivables USD mil           300 369 417 416 318              
Unbilled Revenues USD mil ... ... ... ... ... ... 29.0 20.7 57.0 51.6              
Inventories USD mil           163 194 221 228 182              
Other ST Assets USD mil           136 81.6 118 147 171              
Current Assets USD mil           732 850 896 997 930              
Property, Plant & Equipment USD mil           176 201 227 313 284              
LT Investments & Receivables USD mil           0 0 0 0 0              
Intangible Assets USD mil           525 651 1,374 1,289 1,265              
Goodwill USD mil           452 556 1,117 1,104 1,132              
Non-Current Assets USD mil           845 1,256 1,713 1,711 1,677              
Total Assets USD mil           1,578 2,106 2,609 2,708 2,607              
                                     
Trade Payables USD mil           173 262 310 328 216              
Short-Term Debt USD mil           14.1 19.7 28.4 17.0 34.6              
Other ST Liabilities USD mil           216 119 211 185 198              
Current Liabilities USD mil           413 508 653 671 550              
Long-Term Debt USD mil           290 682 1,116 1,120 1,081              
Other LT Liabilities USD mil           224 220 211 229 269              
Non-Current Liabilities USD mil           514 793 1,222 1,236 1,217              
Liabilities USD mil           927 1,301 1,875 1,907 1,767              
Preferred Equity and Hybrid Capital USD mil           0 0 0 0 0              
Share Capital USD mil           1,270 1,295 1,334 1,358 1,389              
Treasury Stock USD mil           0 0 0 0 0              
Equity Before Minority Interest USD mil           632 786 713 777 817              
Minority Interest USD mil           18.7 19.2 21.4 24.3 23.7              
Equity USD mil           650 806 734 801 840              
growth rates                                  
Total Asset Growth % ...         -6.10 33.5 23.9 3.79 -3.72              
Shareholders' Equity Growth % ...         4.44 23.9 -8.89 9.10 4.93              
Net Debt Growth % ...         -28.5 207 95.0 -3.58 -7.94              
Total Debt Growth % ...         -17.7 130 63.1 -0.606 -1.88              
ratios                                  
Total Debt USD mil           305 701 1,144 1,137 1,116              
Net Debt USD mil           171 525 1,024 988 909              
Working Capital USD mil           290 301 327 316 285              
Capital Employed USD mil           1,136 1,557 2,040 2,026 1,962              
Net Debt/Equity %           26.3 65.2 140 123 108              
Current Ratio           1.77 1.67 1.37 1.49 1.69              
Quick Ratio           1.05 1.07 0.822 0.843 0.955              
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           31.8 57.3 -99.3 49.0 -58.0              
Depreciation USD mil           43.2 42.4 50.8 50.1 52.6              
Non-Cash Items USD mil           55.2 57.5 82.1 40.5 76.5              
Change in Working Capital USD mil           -39.4 13.4 4.44 -31.1 -6.35              
Total Cash From Operations USD mil           116 191 110 173 110              
                                     
Capital Expenditures USD mil           -43.5 -49.5 -60.0 -60.7 -46.2              
Net Change in LT Investment USD mil           0 0 0 0 0   ... ... ... ... ... ...
Net Cash From Acquisitions USD mil           -0.951 -99.4 -803 0 1.13   ... ... ... ... ... ...
Other Investing Activities USD mil           -3.03 0.702 0.369 12.6 4.04              
Total Cash From Investing USD mil           -47.5 -148 -863 -48.2 -41.0              
                                     
Dividends Paid USD mil           0 0 0 0 0              
Issuance Of Shares USD mil           2.89 3.61 9.17 -0.610 8.89              
Issuance Of Debt USD mil           -63.2 306 416 -87.7 -14.1              
Other Financing Activities USD mil           -2.67 -7.59 -28.9 -9.25 -6.40   ... ... ... ... ... ...
Total Cash From Financing USD mil           -63.0 302 396 -97.5 -11.6              
                                     
Effect of FX Rates USD mil           -2.74 8.64 -7.93 0.435 0.127   ... ... ... ... ... ...
Net Change In Cash USD mil           2.55 354 -365 27.6 57.0              
ratios                                  
Days Sales Outstanding days           54.4 66.7 64.0 60.7 53.5              
Days Sales Of Inventory days           44.0 52.7 48.9 47.5 42.4              
Days Payable Outstanding days           46.6 71.3 68.7 68.4 50.1              
Cash Conversion Cycle days           51.8 48.2 44.2 39.8 45.7              
Cash Earnings USD mil           75.0 99.7 -48.5 99.1 -5.38              
Free Cash Flow USD mil           68.3 43.2 -753 125 68.5              
Capital Expenditures (As % of Sales) %           2.16 2.45 2.52 2.43 2.13              
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Employees           7,300 7,800 8,000 8,000 6,749   ... ... ... ... ... ...
Operating Cost (As % of Sales) %           28.0 25.9 32.8 24.8 28.2   ... ... ... ... ... ...
Research & Development (As % of Sales) %           8.36 8.39 8.75 8.08 8.93   ... ... ... ... ... ...
Effective Tax Rate %           58.6 55.2 11.5 28.2 -0.420              
Total Revenue Growth (5-year average) % ... ... ... ... ... -3.73 -1.51 4.05 5.14 2.90              
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 3,780              
Enterprise Value (EV) USD mil ... ... ... ... ... ... 3,205 2,870 4,331 4,689              
Number Of Shares mil ... ... ... ... ... ... 39.4 39.2 40.0 40.3              
Share Price USD ... ... ... ... ... ... 68.1 47.0 83.6 93.9              
EV/EBITDA ... ... ... ... ... ... 14.7 39.4 16.0 43.0              
Price/Earnings (P/E) ... ... ... ... ... ... 46.8 -18.6 68.2 -65.2              
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 26.9 -38.1 33.7 -703              
P/FCF ... ... ... ... ... ... 62.1 -2.45 26.8 55.2              
Price/Book Value (P/BV) ... ... ... ... ... ... 3.33 2.51 4.17 4.50              
Dividend Yield % ... ... ... ... ... ... 0 0 0 0              
Free Cash Flow Yield % ... ... ... ... ... ... 1.61 -40.8 3.73 1.81              
Earnings Per Share (EPS) USD ... ... ... ... ... ... 1.45 -2.53 1.23 -1.44              
Cash Earnings Per Share USD ... ... ... ... ... ... 2.53 -1.23 2.48 -0.134              
Free Cash Flow Per Share USD ... ... ... ... ... ... 1.10 -19.2 3.12 1.70              
Book Value Per Share USD ... ... ... ... ... ... 20.5 18.7 20.0 20.9              
Dividend Per Share USD ... ... ... ... ... ... 0 0 0 0              
EV/Sales ... ... ... ... ... ... 1.59 1.21 1.73 2.16              
EV/EBIT ... ... ... ... ... ... 20.7 -57.8 32.6 -451              
EV/Free Cash Flow ... ... ... ... ... ... 74.2 -3.81 34.7 68.5              
EV/Capital Employed ... ... ... ... ... ... 2.06 1.41 2.14 2.39              
Earnings Per Share Growth % ... ... ... ... ... ... ... -274 -148 -217              
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... -149 -301 -105              
Book Value Per Share Growth % ... ... ... ... ... ... ... -8.55 7.09 4.22              

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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.