VERBUND AG

WBAG-VER

Basic

Market Cap
€25.88B
EV
€29.11B
Shares Out
347.42M
Revenue
€7,751.31M
Employees
4,384

Margins

Gross
48.26%
EBITDA
53.75%
Operating
43.97%
Pre-Tax
37.2%
Net
24.37%
FCF
32.68%

Returns (5Yr Avg)

ROA
7.48%
ROTA
18.5%
ROE
16.62%
ROCE
15.23%
ROIC
8.6%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
€65.52
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
€469.1M
Net Debt
€2,300.5M
Debt/Equity
0.27
EBIT/Interest
30.25

Growth (CAGR)

Rev 3Yr
30.76%
Rev 5Yr
18.6%
Rev 10Yr
10%
Dil EPS 3Yr
43.05%
Dil EPS 5Yr
28.29%
Dil EPS 10Yr
23.34%
Rev Fwd 2Yr
-14.69%
EBITDA Fwd 2Yr
-17.89%
EPS Fwd 2Yr
-23.22%
EPS LT Growth Est
-20.4%

Dividends

Yield
—
Payout
62.51%
DPS
€3.4
DPS Growth 3Yr
65.5%
DPS Growth 5Yr
51.93%
DPS Growth 10Yr
19.98%
DPS Growth Fwd 2Yr
-24.25%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Operating Revenues						3,757.4	3,311.3	4,568.2	10,056.7	10,142.3	7,330.6
Other Revenues, Total						148.3	145.4	219.2	300.8	328.6	420.7
Total Revenues						3,905.7	3,456.8	4,787.4	10,357.5	10,470.9	7,751.3
Total Revenues % Chg.						45.7%	-11.5%	38.5%	116.3%	1.1%	-37%
Cost of Goods Sold, Total						2,203.2	1,483.2	2,862.7	7,324.5	5,668.2	4,010.4
Gross Profit						1,702.5	1,973.6	1,924.7	3,033	4,802.7	3,740.9
Selling General & Admin Expenses, Total						347.8	363	383.7	439.1	513.2	554.2
Depreciation & Amortization						364.2	378.8	417.3	462.7	537	570.7
Other Operating Expenses						171.9	320.1	-16.6	-548.8	-177.7	-792.4
Other Operating Expenses, Total						883.9	1,061.9	784.4	353	872.5	332.5
Operating Income						818.6	911.7	1,140.4	2,680	3,930.2	3,408.4
Interest Expense, Total						-110.4	-81	-77.8	-94.7	-124.9	-112.7
Interest And Investment Income						76.9	34.3	42.1	42.2	72.1	82.5
Net Interest Expenses						-33.5	-46.7	-35.7	-52.5	-52.8	-30.2
Income (Loss) On Equity Invest.						46.9	39.1	54.4	12.3	93	103.3
Currency Exchange Gains (Loss)						—	-0.2	—	—	—	—
Other Non Operating Income (Expenses)						-83.2	-2.1	3.8	-33.4	11.5	-6.7
EBT, Excl. Unusual Items						748.8	901.8	1,162.8	2,606.5	3,981.8	3,474.7
Impairment of Goodwill	—	—	—		—	—	—	—	-133.5	-78.4	-78.4
Gain (Loss) On Sale Of Investments					—	—	—	—	1.3	9.9	9.9
Gain (Loss) On Sale Of Assets						-0.9	0.5	1	3.1	1.6	1.6
Asset Writedown						63	11.3	103.7	15.3	-362.4	-529.2
Insurance Settlements						1.6	1.8	20.3	7.9	3.4	3.4
Other Unusual Items	—	—		—	—	—	32.9	-23.3	31.6	1.5	1.5
EBT, Incl. Unusual Items						812.5	948.3	1,264.5	2,532.1	3,557.4	2,883.5
Income Tax Expense						171.8	238.9	279.4	583.4	825.3	677.7
Earnings From Continuing Operations						640.7	709.5	985.1	1,948.8	2,732.1	2,205.8
Earnings Of Discontinued Operations		—	—	—	—	—	—	—	—	—	—
Minority Interest						-85.9	-78	-111.5	-231.8	-466	-316.9
Net Income						554.8	631.4	873.6	1,717	2,266.1	1,888.9
Net Income to Common Incl Extra Items						554.8	631.4	873.6	1,717	2,266.1	1,888.9
Net Income to Common Excl. Extra Items						554.8	631.4	873.6	1,717	2,266.1	1,888.9
Total Shares Outstanding						347.4	347.4	347.4	347.4	347.4	348.3
Weighted Avg. Shares Outstanding						347.4	347.4	347.4	347.4	347.4	347.3
Weighted Avg. Shares Outstanding Dil						347.4	347.4	347.4	347.4	347.4	347.3
EPS						1.6	1.8	2.5	4.9	6.5	5.4
EPS Diluted						1.6	1.8	2.5	4.9	6.5	5.4
EBITDA						1,148.2	1,255	1,528	3,133	4,454.3	4,166.6
Effective Tax Rate						21.1%	25.2%	22.1%	23%	23.2%	23.5%