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SPOT, a 5% higher target price
Current, target price 238, 250 (+5%)
September 21st, 2021
1 minute read
Sales up strongly
Costs lower
1 minute read
Sales up strongly
- Sales increased by a seasonally strong 9% in the second quarter to 2,331 million euros which is above our forecast 2,211 million euros. Our total forecasts are -2% below actual.
- Average quarterly growth is now at 5%.
- We precut another 5% a quarter growth in the next 1/ months to bring sales to 2,853 million euros by the second quarter of 2022.
Costs lower
- The costs ratio was slightly lower at -95% in the second quarter but profit was -20 million euros on higher non cash costs.
- Average cash costs are now -97%.
- We use the latest -95% costs to predict a positive 6 million euros profit in the second quarter of 2022.
Cashflow positive again
Balance sheet, lower leverage
Valuation, a 5% higher target price
- Cashflow was positive 26 million euros with lower investment of -20 million euros in the second quarter.
- Average quarterly Cashflow is now positive 48 million euros.
- We use the same -20 million euros investment spend which with higher sales gives a higher 112 million euros Cashflow in the second quarter of 2022.
Balance sheet, lower leverage
- Cash was almost flat at 2,440 million euros in the second quarter.
- Liabilities improved slightly from 4,793 to 4,782 million euros, so net cash also improved slightly from -2,351 to -2,342 million euros.
- With our forecast higher cashflow & a tiny -2 equity payout, net cash will be -1,905 million euros in 12 months time.
Valuation, a 5% higher target price
- SPOT capital from the last three years worsened slightly to -1,493 million euros in the second quarter.
- At the current value 38,675 million euros, based on forecasts, it’s at 5.5X assets with a 0% yield.
- Our cashflow forecast is 407 million euros which is a 95X valuation. At 100X gives a 5% higher target price of 250.
