| KPI | [EUR m] | Q4 2023 | FY 2023 | Q4 2024 E | FY 2024 E | FY 2025 E | FY 2026 E |
|---|---|---|---|---|---|---|---|
| Net Sales | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Net Sales | Highest | 982.6 | 4,473.8 | 4,763.9 | 5,126.4 | ||
| Net Sales | Consensus (Mean) | 883.1 | 4,093.9 | 947.7 | 4,438.8 | 4,744.5 | 5,072.0 |
| Net Sales | Median | 948.6 | 4,439.6 | 4,751.1 | 5,081.5 | ||
| Net Sales | Lowest | 908.9 | 4,400.0 | 4,694.9 | 5,013.1 | ||
| Cost of raw materials, consumables and supplies and merchandise | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Cost of raw materials, consumables and supplies and merchandise | Highest | -470.1 | -2,366.0 | -2,532.1 | -2,691.2 | ||
| Cost of raw materials, consumables and supplies and merchandise | Consensus (Mean) | -477.0 | -2,237.2 | -505.9 | -2,401.8 | -2,559.0 | -2,725.2 |
| Cost of raw materials, consumables and supplies and merchandise | Median | -507.5 | -2,403.4 | -2,564.1 | -2,730.5 | ||
| Cost of raw materials, consumables and supplies and merchandise | Lowest | -534.0 | -2,429.9 | -2,566.6 | -2,747.5 | ||
| Gross profit | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Gross profit | Highest | 448.7 | 2,044.0 | 2,197.9 | 2,378.9 | ||
| Gross profit | Consensus (Mean) | 406.2 | 1,856.8 | 441.8 | 2,037.0 | 2,185.5 | 2,346.8 |
| Gross profit | Median | 439.2 | 2,034.4 | 2,187.9 | 2,350.9 | ||
| Gross profit | Lowest | 437.9 | 2,033.1 | 2,162.8 | 2,317.0 | ||
| Gross profit margin | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Gross profit margin | Highest | 48.3 | 46.2 | 46.1 | 46.4 | ||
| Gross profit margin | Consensus (Mean) | 46.0 | 45.4 | 46.6 | 45.9 | 46.1 | 46.3 |
| Gross profit margin | Median | 46.4 | 45.8 | 46.1 | 46.3 | ||
| Gross profit margin | Lowest | 45.7 | 45.7 | 46.0 | 46.1 | ||
| Net operating expenses | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Net operating expenses | Highest | -270.6 | -1,288.5 | -1,315.1 | -1,398.0 | ||
| Net operating expenses | Consensus (Mean) | -269.2 | -1,173.8 | -294.4 | -1,312.2 | -1,331.8 | -1,415.3 |
| Net operating expenses | Median | -299.6 | -1,317.4 | -1,332.2 | -1,410.0 | ||
| Net operating expenses | Lowest | -301.8 | -1,319.8 | -1,345.5 | -1,439.2 | ||
| Reported EBITDA | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Reported EBITDA | Highest | 176.2 | 753.6 | 874.3 | 969.8 | ||
| Reported EBITDA | Consensus (Mean) | 137.0 | 683.0 | 147.4 | 724.8 | 853.7 | 931.5 |
| Reported EBITDA | Median | 138.8 | 716.2 | 847.8 | 922.0 | ||
| Reported EBITDA | Lowest | 137.3 | 714.7 | 842.0 | 915.4 | ||
| Adjustments on EBITDA | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Adjustments on EBITDA | Highest | 10.3 | 90.0 | 30.0 | 20.0 | ||
| Adjustments on EBITDA | Consensus (Mean) | -0.3 | 42.9 | 4.9 | 84.6 | 18.3 | 11.0 |
| Adjustments on EBITDA | Median | 10.2 | 90.0 | 17.5 | 9.0 | ||
| Adjustments on EBITDA | Lowest | -19.7 | 60.0 | 10.0 | 5.0 | ||
| Adjusted EBITDA | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Adjusted EBITDA | Highest | 165.9 | 823.3 | 884.3 | 974.8 | ||
| Adjusted EBITDA | Consensus (Mean) | 136.7 | 725.9 | 152.3 | 809.4 | 872.0 | 942.5 |
| Adjusted EBITDA | Median | 147.9 | 805.0 | 870.8 | 936.2 | ||
| Adjusted EBITDA | Lowest | 147.6 | 804.7 | 862.7 | 929.0 | ||
| Adjusted EBITDA margin | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Adjusted EBITDA margin | Highest | 16.9 | 18.4 | 18.6 | 19.0 | ||
| Adjusted EBITDA margin | Consensus (Mean) | 15.5 | 17.7 | 16.1 | 18.2 | 18.4 | 18.6 |
| Adjusted EBITDA margin | Median | 16.0 | 18.2 | 18.4 | 18.5 | ||
| Adjusted EBITDA margin | Lowest | 15.5 | 18.1 | 18.3 | 18.4 | ||
| Amortization/depreciation/impairment | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Amortization/depreciation/impairment | Highest | -86.2 | -342.1 | -360.9 | -380.0 | ||
| Amortization/depreciation/impairment | Consensus (Mean) | -106.0 | -345.9 | -92.2 | -348.1 | -368.6 | -389.9 |
| Amortization/depreciation/impairment | Median | -90.3 | -346.2 | -367.2 | -385.4 | ||
| Amortization/depreciation/impairment | Lowest | -104.0 | -360.0 | -378.0 | -405.0 | ||
| Reported EBIT | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Reported EBIT | Highest | 81.1 | 402.6 | 513.4 | 587.0 | ||
| Reported EBIT | Consensus (Mean) | 31.0 | 337.1 | 55.2 | 376.7 | 485.1 | 541.6 |
| Reported EBIT | Median | 51.7 | 373.2 | 483.1 | 539.6 | ||
| Reported EBIT | Lowest | 33.6 | 355.0 | 464.0 | 513.4 | ||
| Financial result | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Financial result | Highest | 64.8 | -195.6 | -122.3 | -112.9 | ||
| Financial result | Consensus (Mean) | -67.3 | -271.7 | 2.7 | -257.6 | -136.1 | -131.0 |
| Financial result | Median | -4.0 | -264.4 | -131.2 | -128.6 | ||
| Financial result | Lowest | -41.6 | -301.9 | -154.0 | -154.8 | ||
| EBT | Number of Estimates | 6 | 6 | 6 | 6 | ||
| EBT | Highest | 127.6 | 188.7 | 376.4 | 434.0 | ||
| EBT | Consensus (Mean) | -36.4 | 65.3 | 58.0 | 119.1 | 348.9 | 410.6 |
| EBT | Median | 47.4 | 108.5 | 355.1 | 421.7 | ||
| EBT | Lowest | -6.4 | 54.7 | 313.8 | 374.8 | ||
| Income taxes | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Income taxes | Highest | 32.4 | -16.4 | -71.2 | -80.9 | ||
| Income taxes | Consensus (Mean) | 8.1 | -48.7 | 4.1 | -44.7 | -101.4 | -119.1 |
| Income taxes | Median | 2.3 | -46.6 | -108.5 | -127.6 | ||
| Income taxes | Lowest | -31.1 | -80.0 | -113.2 | -136.2 | ||
| Net income | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Net income | Highest | 132.1 | 144.3 | 263.5 | 303.8 | ||
| Net income | Consensus (Mean) | -28.2 | 16.7 | 62.1 | 74.4 | 247.5 | 291.5 |
| Net income | Median | 41.4 | 53.7 | 246.7 | 297.2 | ||
| Net income | Lowest | 11.8 | 24.1 | 219.6 | 262.3 | ||
| Earnings per share (basic = diluted) | Number of Estimates | 6 | 6 | 6 | 6 | ||
| Earnings per share (basic = diluted) | Highest | 1.24 | 1.34 | 2.45 | 2.82 | ||
| Earnings per share (basic = diluted) | Consensus (Mean) | - | - | 0.59 | 0.69 | 2.30 | 2.71 |
| Earnings per share (basic = diluted) | Median | 0.40 | 0.50 | 2.29 | 2.76 | ||
| Earnings per share (basic = diluted) | Lowest | 0.11 | 0.22 | 2.04 | 2.44 | ||
| Capex | Number of Estimates | - | 6 | 6 | 6 | ||
| Capex | Highest | - | -149.6 | -140.8 | -145.7 | ||
| Capex | Consensus (Mean) | -47.4 | -107.4 | - | -156.0 | -152.9 | -157.6 |
| Capex | Median | - | -156.0 | -152.1 | -153.0 | ||
| Capex | Lowest | - | -161.9 | -168.2 | -174.9 | ||
| Net Working Capital | Number of Estimates | - | 4 | 4 | 4 | ||
| Net Working Capital | Highest | - | 217.3 | 216.9 | 220.2 | ||
| Net Working Capital | Consensus (Mean) | -46.3 | 204.7 | - | 204.0 | 205.8 | 209.2 |
| Net Working Capital | Median | - | 202.0 | 203.9 | 207.8 | ||
| Net Working Capital | Lowest | - | 194.8 | 198.5 | 201.0 | ||
| Free Cash Flow (incl. IFRS 16) | Number of Estimates | - | 4 | 4 | 4 | ||
| Free Cash Flow (incl. IFRS 16) | Highest | - | 552.3 | 639.6 | 689.3 | ||
| Free Cash Flow (incl. IFRS 16) | Consensus (Mean) | 121.7 | 480.6 | - | 419.8 | 543.9 | 664.2 |
| Free Cash Flow (incl. IFRS 16) | Median | - | 526.2 | 599.0 | 667.1 | ||
| Free Cash Flow (incl. IFRS 16) | Lowest | - | 74.3 | 338.1 | 633.2 | ||
| Leverage ratio | Number of Estimates | - | 4 | 4 | 4 | ||
| Leverage ratio | Highest | - | 2.9 | 2.5 | 2.2 | ||
| Leverage ratio | Consensus (Mean) | - | - | - | 2.8 | 2.4 | 2.1 |
| Leverage ratio | Median | - | 2.8 | 2.4 | 2.1 | ||
| Leverage ratio | Lowest | - | 2.8 | 2.3 | 1.8 | ||
| Number of new store openings (net openings) | Number of Estimates | - | 4 | 4 | 4 | ||
| Number of new store openings (net openings) | Highest | - | 80 | 81 | 81 | ||
| Number of new store openings (net openings) | Consensus (Mean) | - | - | - | 54 | 73 | 73 |
| Number of new store openings (net openings) | Median | - | 47 | 75 | 76 | ||
| Number of new store openings (net openings) | Lowest | - | 41 | 60 | 60 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
