Valmet: The stock is still not expensive
The overall picture in Valmet's Q4 report turned positive thanks to surprisingly strong guidance for the current year. We made slight organic upgrades to our forecasts for this year and included the acquisition of Siemens' gas chromatography business, which is expected to be completed in early Q2.
Valmet supplies technologies, automation and lifecycle services to process industries globally, including pulp, paper and energy. The company operates globally and supports customers from initial capital equipment delivery through decades of operation. Its business model is based on a large installed base, long-term customer relationships and recurring services.
Read more on company pageKey Estimate Figures08.02.2024
2023 | 24e | 25e |
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2023 | 24e | 25e | |
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Revenue | 5,532.0 | 5,423.5 | 5,267.2 |
growth-% | 9.0 % | -2.0 % | -2.9 % |
EBIT (adj.) | 598.0 | 593.5 | 611.0 |
EBIT-% (adj.) | 10.8 % | 10.9 % | 11.6 % |
EPS (adj.) | 2.31 | 2.19 | 2.30 |
Dividend | 1.35 | 1.40 | 1.45 |
Dividend % | 5.2 % | 4.6 % | 4.8 % |
P/E (adj.) | 11.3 | 13.8 | 13.1 |
EV/EBITDA | 8.4 | 8.8 | 8.2 |