Last close As at 05/08/2026
EUR1.15
— 0.00 (0.26%)
Market capitalisation
EUR2,143m
Research: Consumer
Intralot reported better year-on-year growth in revenue and EBITDA in Q224 than Q124, although foreign currency headwinds – notably from Argentina and Turkey – continued to dampen reported growth rates. Post period end, Intralot signed three-year contract extensions in the Netherlands and Ireland, highlighting the strength of its offering. In addition to retaining clients, the company is proactive in attempting to win a number of new contracts in North America and Australia.
Intralot share piece Intralot |
Improved growth in Q224 |
Q224 results |
Travel and leisure |
16 September 2024 |
Share price performance
Business description
Next events
Analysts
Intralot is a research client of Edison Investment Research Limited |
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Intralot reported better year-on-year growth in revenue and EBITDA in Q224 than Q124, although foreign currency headwinds – notably from Argentina and Turkey – continued to dampen reported growth rates. Post period end, Intralot signed three-year contract extensions in the Netherlands and Ireland, highlighting the strength of its offering. In addition to retaining clients, the company is proactive in attempting to win a number of new contracts in North America and Australia.
Year end |
GGR* |
EBITDA** (€m) |
PBT** |
EPS** |
EV/EBITDA |
P/E |
12/22 |
343.9 |
122.9 |
16.3 |
(0.01) |
8.1 |
N/A |
12/23 |
348.6 |
129.5 |
26.1 |
0.01 |
7.6 |
166.5 |
12/24e |
352.2 |
132.1 |
37.4 |
0.02 |
7.5 |
66.3 |
12/25e |
365.8 |
142.6 |
51.8 |
0.03 |
6.9 |
34.2 |
Note: *GGR, gross gaming revenue. **EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Q224 better than Q124
On a reported basis, revenue increased by c 3% y-o-y in Q224 and EBITDA increased by 1%, a good step-up versus Q124’s declines of c 5% and c 11%, respectively. The currencies of most countries in which Intralot operates depreciated versus the euro in Q224, beyond the quantified negative impact from the Argentine peso in the period, suggesting good underlying growth of c 6%. From a profitability perspective, North America and Croatia stood out on the positive side. On the negative side, marketing investment in Turkey to drive market share gains and depreciation of the Argentine currency weighed on profitability.
Marketing investment tempers profit growth
We have updated our forecasts to include the new contract wins in Ireland and the Netherlands, a more prudent forecast for profitability in Turkey and changes in foreign exchange rates. These result in low- to mid-single-digit downgrades in EBITDA for FY24–25 (see Exhibit 4). In recent months, Intralot has submitted proposals for lottery contracts in Australia, Quebec and Ontario and video lottery terminal (VLT) monitoring in Illinois. In the next few months, it is likely to submit proposals for lottery contracts in Missouri, West Canada and Maryland, and a small VLT project in Nebraska. Success in any of these contracts would naturally be helpful for forecasts.
Valuation: Attractive versus DCF-based valuation
The changes to our estimates and a lower estimated WACC of 8% versus 8.5% previously have led to an increase in our DCF-based valuation to €1.70 per share, from €1.60 per share previously, suggesting attractive upside in the absence of any new contract wins. Relative to its gaming technology peers, Intralot’s prospective EV/EBITDA multiple is broadly in line with the average multiples, but at a premium to the median multiple.
Income statement: Better momentum in Q224
Intralot enjoyed better momentum in its Q224 results from the revenue line down to the EBITDA line versus the prior quarter, albeit a slightly easier comparative from the prior year than Q124.
Group revenue grew by c 3% y-o-y to €88.5m (following the c 5% decline in Q124), GGR increased by c 4% to €83.6m (vs a 2% decline in Q124), gross profit increased by c 8% to €32.7m (vs 1% growth in Q124) and EBITDA increased by 1% to €29.4m (vs an 11% decline in Q124). These took H124 revenue to a marginal decline of c 1% and an EBITDA decline of c 5%. The c 15% y-o-y decline in operating income to €11.4m in Q224 includes a higher depreciation and amortisation charge due to timing effects from hyperinflation in Turkey.
Exhibit 1: Summary income statement
€m |
Q123 |
Q223 |
H123 |
Q124 |
Q224 |
H124 |
Revenue |
89.5 |
85.8 |
175.3 |
85.1 |
88.5 |
173.6 |
Growth y-o-y |
(8.4%) |
(20.0%) |
(14.4%) |
(4.8%) |
3.1% |
(0.9%) |
– Technology & Support Services |
61.4 |
62.1 |
123.5 |
60.4 |
61.2 |
121.7 |
Growth y-o-y |
11.4% |
(1.2%) |
4.7% |
(1.6%) |
(1.4%) |
(1.5%) |
– Management Contracts |
16.9 |
12.9 |
29.8 |
18.3 |
19.0 |
37.3 |
Growth y-o-y |
54.2% |
19.2% |
36.7% |
8.8% |
47.1% |
25.4% |
– Licensed Operations |
11.2 |
10.8 |
22.0 |
6.4 |
8.2 |
14.6 |
Growth y-o-y |
(64.5%) |
(67.8%) |
(66.2%) |
(43.2%) |
(23.6%) |
(33.6%) |
Gross gaming revenue (GGR) |
83.4 |
80.2 |
163.6 |
81.7 |
83.6 |
165.3 |
Growth y-o-y |
4.5% |
(9.6%) |
(2.9%) |
(2.0%) |
4.2% |
1.1% |
Gross profit |
32.5 |
30.4 |
62.9 |
32.9 |
32.7 |
65.6 |
Gross margin on GGR |
39.0% |
37.9% |
38.5% |
40.3% |
39.1% |
39.7% |
Growth y-o-y% |
29.3% |
(2.4%) |
11.8% |
1.0% |
7.6% |
4.2% |
EBITDA |
33.7 |
29.1 |
62.8 |
30.1 |
29.4 |
59.5 |
Growth y-o-y |
29.2% |
0.4% |
14.0% |
(10.7%) |
1.0% |
(5.3%) |
Margin on revenue |
37.7% |
33.9% |
35.8% |
35.4% |
33.2% |
34.3% |
Margin on GGR |
40.5% |
36.3% |
38.4% |
36.9% |
35.2% |
36.0% |
Operating income |
17.6 |
13.3 |
30.9 |
11.7 |
11.4 |
23.0 |
Growth y-o-y |
102.6% |
39.5% |
69.6% |
(33.8%) |
(14.6%) |
(25.6%) |
Margin on revenue |
19.7% |
15.5% |
17.7% |
13.7% |
12.8% |
13.3% |
Margin on GGR |
21.1% |
16.6% |
18.9% |
14.3% |
13.6% |
13.9% |
Source: Intralot accounts, Edison Investment Research
From a revenue perspective, management highlighted a specific drag of c 3.4% in Q224 (€10.7m in H124 after €6.7m in Q124) from the depreciation of the Argentine peso versus the euro (ARS977/€ at end H124 vs ARS280/€ at end H123). Eliminating this negative suggests Intralot’s revenue grew by c 6% on an underlying basis. While management identifies only the negative impact from the depreciation of the Argentine currency, we highlight that the majority of the currencies of the other countries in which Intralot operates were also weaker versus the euro in Q224 than Q223. For example, the Turkish lira depreciated against the euro by c 20% in Q224. Only the Moroccan dirham and US dollar appreciated versus the euro in Q224, by relatively small percentages. On an underlying basis, Intralot performed well in the markets with the most severe currency depreciation, with local currency revenue growth of c 131% in Argentina and 108% in Turkey and market share gains in the latter. For H124 as a whole, all countries in which Intralot operates, except Morocco, saw their currencies depreciate versus the euro.
For the individual types of contracts or revenue streams that Intralot reports, there were quite different trends, which naturally reflect the results of the varying countries in which Intralot operates.
On the more positive side, growth in US sports betting and market share gains in Turkey (highlighted above) offset the anticipated lower contribution from the renewed contract in Morocco and drove the 47% y-o-y increase in Management Contracts (MC) revenue in Q224. Management has been actively targeting market share gains in Turkey with a significant investment in marketing to grow market share, which has driven strong revenue growth, as highlighted above, but has negatively affected its EBITDA margin (see Exhibit 2).
On the more negative side, Technology & Support Services (TSS) revenue declined at a similar rate to Q124 and Licensed Operations declined but at a lower rate than Q124. In both cases, the significant depreciation of the Argentine peso versus the euro was the prime cause of the revenue decline. Outside of this currency depreciation, TSS saw good growth in Oceania.
Exhibit 2 summarises the financial results for Intralot’s most important countries for the most recent six-month periods. In aggregate, these represented c 88% of group GGR and just over 100% of group EBITDA in H124. The main standouts on the positive side were higher profitability in North America, as costs were managed in the absence of jackpots, and Croatia. The main contributors to the c 5% (ie €3.3m) decline in group EBITDA in H124 versus H123 were the depreciation of the Argentine peso (€2.4m), marketing investment in Turkey to drive market share gains (€1.6m) and a lower contribution from Morocco. With respect to the outlook, management is optimistic about a strong second half of the year in Turkey and Argentina given the typical seasonality of the businesses and the market share gains made in Turkey in H124.
Exhibit 2: Intralot’s main geographies
€m |
H123 |
H223 |
FY23 |
H124 |
North America: |
||||
GGR |
80.9 |
83.3 |
164.2 |
80.4 |
Growth y-o-y |
7.4% |
(5.4%) |
0.5% |
(0.6%) |
EBITDA |
34.2 |
35.5 |
69.7 |
34.8 |
Margin |
42.3% |
42.6% |
42.4% |
43.3% |
Turkey: |
||||
GGR |
19.8 |
31.0 |
50.8 |
33.1 |
Growth y-o-y |
65.0% |
76.1% |
71.6% |
67.2% |
EBITDA |
10.5 |
10.1 |
20.6 |
8.9 |
Margin |
53.0% |
32.6% |
40.6% |
26.9% |
Oceania: |
||||
GGR |
12.3 |
12.6 |
24.9 |
12.7 |
Growth y-o-y |
1.7% |
(3.1%) |
(0.8%) |
3.3% |
EBITDA |
8.9 |
9.0 |
17.9 |
9.1 |
Margin |
72.4% |
71.4% |
71.9% |
71.7% |
Croatia: |
||||
GGR |
4.2 |
11.1 |
15.3 |
8.1 |
Growth y-o-y |
16.7% |
44.2% |
35.4% |
92.9% |
EBITDA |
2.1 |
8.8 |
10.9 |
5.5 |
Margin |
50.0% |
79.3% |
71.2% |
67.9% |
Argentina: |
||||
GGR |
18.7 |
4.9 |
23.6 |
11.8 |
Growth y-o-y |
(3.5%) |
(73.3%) |
(39.0%) |
(33.9%) |
EBITDA |
6.0 |
1.4 |
7.4 |
3.6 |
Margin |
32.1% |
28.6% |
31.4% |
30.5% |
Source: Intralot accounts
Cash flow and balance sheet
Intralot’s free cash generation pre interest (versus GGR) was relatively stable through H124 with slightly lower profitability between Q1 and Q2 compensated for by the investment in capex.
Exhibit 3: Summary cash flow
Relative to GGR |
Q123 |
Q223 |
H123 |
Q124 |
Q224 |
H124 |
Operating cash flow pre-interest |
45% |
16% |
30% |
33% |
21% |
27% |
PBT |
13% |
7% |
10% |
7% |
1% |
4% |
Depreciation and amortisation |
19% |
20% |
19% |
21% |
21% |
21% |
Working capital |
4% |
(15%) |
(5%) |
(5%) |
(10%) |
(8%) |
Tax paid |
(2%) |
(2%) |
(2%) |
(0%) |
(3%) |
(2%) |
Investing cash flow |
(7%) |
(7%) |
(7%) |
(7%) |
(8%) |
(8%) |
Capex |
(9%) |
(9%) |
(9%) |
(8%) |
(6%) |
(7%) |
Minority dividends |
(5%) |
0% |
(3%) |
(7%) |
(0%) |
(4%) |
Repayment of lease liabilities |
(2%) |
(1%) |
(2%) |
(3%) |
(1%) |
(2%) |
Free cash flow before interest |
30% |
6% |
18% |
15% |
14% |
15% |
Net interest |
(16%) |
(3%) |
(10%) |
(12%) |
(7%) |
(9%) |
Net debt including leases (€m) |
471.6 |
480.5 |
480.5 |
353.6 |
362.2 |
362.2 |
Net debt EBITDA (x) |
3.6 |
3.7 |
2.8 |
2.9 |
Source: Intralot accounts, Edison Investment Research
In absolute terms, H124’s free cash flow of c €24m was c €5m lower than H123, mainly due to the change in profitability and higher working capital investment, which is due to investment in machines to be deployed in the US in the second half of the year. As these machines are deployed, the working capital investment will reverse.
In absolute terms, the net debt position was relatively unchanged at c €362m at the end of H124 versus Q124.
Forecasts
In our revised estimates, we have taken a more prudent outlook on Intralot’s expected profitability in Turkey. We have incorporated the renewed contracts in Ireland and the Netherlands and updated for changes in exchange rates. The changes to revenue, GGR and EBITDA estimates are summarised as follows:
Exhibit 4: Changes to estimates
€m |
FY24e new |
FY25e new |
FY24e old |
FY25e old |
Change FY24e |
Change FY25e |
Revenue |
369.4 |
381.7 |
363.6 |
388.5 |
2% |
(2%) |
Growth y-o-y |
1.5% |
3.3% |
(0.1%) |
6.8% |
||
Gross gaming revenue |
352.2 |
365.8 |
354.0 |
378.9 |
(1%) |
(3%) |
Growth y-o-y |
1.0% |
3.9% |
1.6% |
7.0% |
||
EBITDA |
132.1 |
142.6 |
138.1 |
151.5 |
(4%) |
(6%) |
Margin |
37.5% |
39.0% |
39.0% |
40.0% |
||
Growth y-o-y |
2.0% |
8.0% |
6.6% |
9.8% |
Source: Edison Investment Research
Valuation
DCF-based valuation suggests Intralot is attractively valued
Despite the slight reduction in our estimates, a lower estimated WACC of 8% (from 8.5% previously) to reflect a lower risk-free rate (3.2%) and equity market risk premium of 7.2% (source: Damodaran) leads to our DCF-based valuation increasing to €1.70 per share from €1.60 per share previously. The sensitivity of the valuation to changes in the WACC and terminal growth rate are as follows:
Exhibit 5: DCF sensitivity (€ per share)
WACC |
||||||
7.0% |
7.5% |
8.0% |
8.5% |
9.0% |
||
Terminal growth rate |
0% |
1.63 |
1.47 |
1.33 |
1.21 |
1.10 |
1% |
1.86 |
1.66 |
1.49 |
1.34 |
1.22 |
|
2% |
2.18 |
1.92 |
1.70 |
1.52 |
1.36 |
|
3% |
2.66 |
2.29 |
2.00 |
1.76 |
1.56 |
|
4% |
3.47 |
2.88 |
2.45 |
2.11 |
1.83 |
|
Source: Edison Investment Research
Peer valuations
We typically compare Intralot’s multiples with two sets of peers: gaming technology companies, which are the most appropriate, and lottery operators. Intralot’s prospective EV/EBITDA multiples of 7.6x in FY24 and 7.1x in FY25 are broadly in line with the averages for the gaming technology companies of 7.9x and 7.1x, respectively, but at a premium to the median multiples of 5.8x and 5.3x. Its profitability is comparable with the gaming technology peers, while consensus expects higher revenue growth rates for its peers.
Exhibit 6: Peer valuations
Share price |
CCY |
Market value (local m) |
Market value (€m) |
EV |
Revenue growth (%) |
EBITDA growth (%) |
EBITDA margin (%) |
EV/Sales |
EV/EBITDA |
||||||||||
2024e |
2025e |
2024e |
2025e |
2024e |
2025e |
2024e |
2025e |
2024e |
2025e |
||||||||||
International Game Technology |
21.57 |
USD |
4,314 |
3,910 |
9,796 |
1 |
3 |
8 |
10 |
38.8 |
41.3 |
2.2 |
2.2 |
5.8 |
5.3 |
||||
Aristocrat Leisure |
54.95 |
AUD |
34,642 |
20,910 |
34,594 |
7 |
6 |
12 |
8 |
36.3 |
36.8 |
5.1 |
4.8 |
14.0 |
13.0 |
||||
Evolution AB |
1009.5 |
SEK |
213,846 |
18,691 |
18,095 |
16 |
16 |
14 |
17 |
69.1 |
70.1 |
8.7 |
7.5 |
12.6 |
10.7 |
||||
Gaming Innovation Group |
30.8 |
NOK |
4,197 |
351 |
420 |
63 |
18 |
6 |
29 |
41.4 |
45.2 |
2.9 |
2.5 |
7.0 |
5.5 |
||||
Inspired Entertainment |
8.47 |
USD |
225 |
204 |
517 |
(7) |
4 |
15 |
8 |
33.6 |
35.0 |
1.7 |
1.6 |
5.1 |
4.7 |
||||
Kambi |
120.1 |
SEK |
3,754 |
328 |
286 |
3 |
2 |
2 |
(4) |
33.6 |
31.6 |
1.6 |
1.6 |
4.7 |
5.0 |
||||
Light & Wonder |
105.94 |
USD |
9,399 |
8,519 |
12,949 |
11 |
7 |
25 |
11 |
38.5 |
39.6 |
4.0 |
3.7 |
10.5 |
9.5 |
||||
Play AGS |
11.29 |
USD |
454 |
412 |
947 |
9 |
4 |
27 |
5 |
45.0 |
45.5 |
2.4 |
2.3 |
5.4 |
5.1 |
||||
Playtech |
645 |
GBP |
1,995 |
2,363 |
2,580 |
4 |
4 |
14 |
7 |
25.6 |
26.4 |
1.5 |
1.4 |
5.7 |
5.3 |
||||
Average – gaming technology |
12 |
7 |
14 |
10 |
40.2 |
41.3 |
3.3 |
3.1 |
7.9 |
7.1 |
|||||||||
Median – gaming technology |
7 |
4 |
14 |
8 |
38.5 |
39.6 |
2.4 |
2.3 |
5.8 |
5.3 |
|||||||||
La Francaise des Jeux |
38.3 |
EUR |
7,127 |
7,127 |
6,763 |
9 |
4 |
9 |
6 |
24.6 |
25.0 |
2.4 |
2.3 |
9.6 |
9.0 |
||||
Lottomatica Group |
11.34 |
EUR |
2,853 |
2,853 |
4,797 |
20 |
17 |
17 |
17 |
36.0 |
36.0 |
2.5 |
2.1 |
6.8 |
5.8 |
||||
OPAP |
15.98 |
EUR |
5,940 |
5,940 |
6,168 |
5 |
4 |
6 |
4 |
35.1 |
35.1 |
2.8 |
2.7 |
8.0 |
7.7 |
||||
Zeal Networks |
33 |
EUR |
742 |
742 |
701 |
30 |
17 |
28 |
30 |
27.8 |
31.0 |
4.6 |
4.0 |
16.6 |
12.8 |
||||
Average – lottery operators |
16 |
10 |
15 |
14 |
30.9 |
31.8 |
3.1 |
2.8 |
10.3 |
8.8 |
|||||||||
Median – lottery operators |
15 |
10 |
13 |
12 |
31.5 |
33.0 |
2.6 |
2.5 |
8.8 |
8.4 |
|||||||||
Intralot |
1.14 |
EUR |
689 |
689 |
1,008 |
1 |
4 |
2 |
8 |
37.5 |
39.0 |
2.9 |
2.8 |
7.6 |
7.1 |
||||
Source: LSEG Data & Analytics, Edison Investment Research. Note: Priced at 9 September 2024.
Exhibit 7: Financial summary
€m |
2019 |
2020 |
2021 |
2022 |
2023 |
2024e |
2025e |
||
Year end 31 December |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
||
INCOME STATEMENT |
|||||||||
GGR |
|
|
409.2 |
292.9 |
335.3 |
343.9 |
348.6 |
352.2 |
365.8 |
Costs |
(314.6) |
(226.7) |
(224.9) |
(221.1) |
(219.1) |
(220.1) |
(223.2) |
||
EBITDA |
|
|
94.5 |
66.2 |
110.4 |
122.9 |
129.5 |
132.1 |
142.6 |
Operating profit (before amort. and excepts.) |
|
11.9 |
(2.3) |
39.4 |
52.8 |
61.6 |
65.9 |
72.8 |
|
Amortisation of acquired intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Exceptionals |
(6.8) |
(6.8) |
(17.2) |
(1.2) |
0.0 |
(1.3) |
0.0 |
||
Share-based payments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Reported operating profit |
5.1 |
(9.1) |
22.2 |
51.6 |
61.6 |
64.6 |
72.8 |
||
Net Interest |
(48.0) |
(48.4) |
(13.6) |
(36.7) |
(35.7) |
(28.5) |
(21.0) |
||
JVS and associates |
(17.5) |
(1.5) |
0.2 |
0.3 |
0.2 |
0.0 |
0.0 |
||
Exceptionals |
(10.2) |
(35.1) |
28.2 |
14.6 |
7.4 |
0.0 |
0.0 |
||
Profit Before Tax (norm) |
|
|
(53.6) |
(52.2) |
26.0 |
16.3 |
26.1 |
37.4 |
51.8 |
Profit Before Tax (reported) |
|
|
(70.6) |
(94.1) |
37.1 |
29.8 |
33.6 |
34.8 |
51.8 |
Reported tax |
(19.2) |
(7.2) |
(4.4) |
(10.8) |
(19.7) |
(15.5) |
(20.5) |
||
Profit After Tax (norm) |
(68.2) |
(56.2) |
23.0 |
10.4 |
10.8 |
20.8 |
31.3 |
||
Profit After Tax (reported) |
(89.8) |
(101.3) |
32.7 |
19.0 |
13.8 |
19.3 |
31.3 |
||
Minority interests |
(22.1) |
(3.1) |
(6.0) |
(12.6) |
(8.0) |
(10.6) |
(11.7) |
||
Discontinued operations |
7.7 |
(1.8) |
(9.2) |
5.6 |
0.0 |
0.0 |
0.0 |
||
Net income (normalised) |
(90.3) |
(59.4) |
16.9 |
(2.2) |
2.8 |
10.1 |
19.6 |
||
Net income (reported) |
(104.2) |
(106.3) |
17.5 |
11.9 |
5.8 |
8.7 |
19.6 |
||
Average Number of Shares Outstanding (m) |
147.8 |
147.8 |
148.3 |
249.5 |
416.0 |
604.1 |
604.1 |
||
EPS – normalised (c) |
|
|
(61.10) |
(40.19) |
11.42 |
(0.89) |
0.67 |
1.67 |
3.25 |
EPS – normalised fully diluted (c) |
|
|
(61.10) |
(40.19) |
11.42 |
(0.89) |
0.67 |
1.67 |
3.25 |
EPS – basic reported (€) |
|
|
(0.71) |
(0.72) |
0.12 |
0.05 |
0.01 |
0.01 |
0.03 |
Dividend (€) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
||
BALANCE SHEET |
|||||||||
Fixed Assets |
|
|
459.0 |
371.7 |
376.5 |
381.0 |
332.5 |
315.3 |
299.5 |
Intangible Assets |
242.9 |
202.0 |
204.3 |
208.6 |
182.3 |
170.2 |
159.1 |
||
Tangible Assets |
168.7 |
134.3 |
123.2 |
113.8 |
91.6 |
86.5 |
81.7 |
||
Investments & other |
47.4 |
35.4 |
49.0 |
58.6 |
58.6 |
58.6 |
58.6 |
||
Current Assets |
|
|
338.5 |
277.1 |
231.1 |
236.1 |
256.2 |
271.9 |
288.5 |
Stocks |
35.6 |
25.7 |
18.7 |
23.9 |
24.4 |
24.6 |
25.6 |
||
Debtors |
131.7 |
151.4 |
105.0 |
109.8 |
119.9 |
121.2 |
125.9 |
||
Cash & cash equivalents |
171.1 |
100.0 |
107.3 |
102.4 |
111.9 |
126.1 |
137.1 |
||
Other |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Current Liabilities |
|
|
(135.7) |
(370.4) |
(115.9) |
(105.7) |
(320.7) |
(320.9) |
(321.8) |
Creditors |
(91.8) |
(89.5) |
(89.2) |
(78.3) |
(61.5) |
(61.7) |
(62.6) |
||
Tax and social security |
(3.1) |
(3.4) |
(5.6) |
(0.8) |
(3.9) |
(3.9) |
(3.9) |
||
Short term borrowings and leases |
(37.9) |
(274.9) |
(16.5) |
(22.5) |
(251.9) |
(251.9) |
(251.9) |
||
Other |
(2.9) |
(2.6) |
(4.6) |
(4.2) |
(3.4) |
(3.4) |
(3.4) |
||
Long-Term Liabilities |
|
|
(754.9) |
(497.6) |
(607.1) |
(599.1) |
(225.9) |
(215.4) |
(195.7) |
Long-term borrowings and leases |
(727.4) |
(476.2) |
(588.0) |
(570.4) |
(193.2) |
(175.0) |
(149.2) |
||
Other long-term liabilities |
(27.6) |
(21.5) |
(19.2) |
(28.8) |
(32.7) |
(40.4) |
(46.5) |
||
Net Assets |
|
|
(93.2) |
(219.1) |
(115.5) |
(87.7) |
42.1 |
50.8 |
70.4 |
Minority interests |
0.2 |
3.7 |
8.0 |
20.2 |
17.8 |
17.8 |
17.8 |
||
Shareholders' equity |
|
|
(93.0) |
(215.4) |
(107.5) |
(67.5) |
59.9 |
68.6 |
88.3 |
CASH FLOW |
|||||||||
Operating Cash Flow |
19.8 |
(27.1) |
100.4 |
105.4 |
101.5 |
101.0 |
121.6 |
||
Working capital |
(12.1) |
(8.1) |
(12.3) |
(16.7) |
(11.2) |
(1.2) |
(4.8) |
||
Exceptional & other |
67.9 |
87.4 |
15.6 |
19.8 |
29.5 |
28.5 |
21.0 |
||
Tax |
(14.3) |
(14.5) |
3.8 |
(12.2) |
(7.2) |
(7.8) |
(14.3) |
||
Net operating cash flow |
|
|
61.3 |
37.7 |
107.6 |
96.3 |
112.5 |
120.6 |
123.5 |
Capex |
(55.0) |
(35.9) |
(22.9) |
(26.5) |
(29.7) |
(45.0) |
(50.0) |
||
Acquisitions/disposals |
98.4 |
(3.5) |
10.3 |
(125.1) |
(2.2) |
0.0 |
0.0 |
||
Net interest |
(44.0) |
(43.8) |
(54.4) |
(38.5) |
(35.1) |
(26.5) |
(19.0) |
||
Equity financing |
(10.6) |
0.0 |
0.1 |
128.9 |
130.1 |
0.0 |
0.0 |
||
Dividends |
(41.7) |
(8.5) |
(6.5) |
(3.7) |
(4.5) |
(10.6) |
(11.7) |
||
Other |
(1.7) |
(11.9) |
(23.1) |
(32.6) |
(148.5) |
(24.3) |
(31.8) |
||
Net Cash Flow |
6.8 |
(65.8) |
11.1 |
(1.3) |
22.5 |
14.2 |
11.0 |
||
Opening net debt/(cash) including leases |
|
615.3 |
594.1 |
651.1 |
497.2 |
490.5 |
333.2 |
300.8 |
|
FX |
1.9 |
(5.3) |
(3.8) |
(3.7) |
(12.9) |
0.0 |
0.0 |
||
Other non-cash movements |
(29.8) |
128.1 |
(161.3) |
(1.8) |
(166.8) |
(46.6) |
(47.8) |
||
Closing net debt/(cash) |
|
|
594.1 |
651.1 |
497.2 |
490.5 |
333.2 |
300.8 |
264.0 |
Source: Intralot accounts, Edison Investment Research
|
|
Research: Industrials
ADS-TEC supplies intelligent energy storage and management systems supporting the energy transition, including electric vehicle (EV) charging. While the EV rate of adoption has slowed, the H124 results (sales +107%) demonstrate the benefits of ADS-TEC’s broader end-market applications and corporate customer base. With a positive EBITDA in the period, the group appears to be approaching operational cash positive, which we see as marking the transition to a sustainable growth company.