![]() The capex will likely remain relatively high in the next three years as Prysmian is guiding for an average capex level of 500M EUR per year in the 2023-2025 period. The 454M EUR spent in 2022 by Prysmian also exceeds the depreciation and amortization expenses which came in at 403M EUR. That's a solid result despite seeing the total capex increase pretty dramatically from 283M EUR to 454M EUR. ![]() This means the underlying free cash flow result was approximately 610M EUR or 2.31 EUR per share after also deducting the 88M EUR in interest payments (which were recorded as a financing cash flow). We see the total capex was 454M EUR, including the 25M EUR spent on intangible assets. This means the adjusted operating cash flow was approximately 1.16B EU compared to approximately 820M EUR in 2021. The reported operating cash flow in 2022 was 1.04B EUR but this includes a net investment in the working capital position of approximately 121M EUR compared to just 43M EUR in 2021. A very strong improvement indeed.īut as I explained in my 2021 article, I was mainly interested in Prysmian from a cash flow perspective. Based on the current share count of approximately 264M shares, the EPS came in at 1.91 EUR which is a 63% increase compared to the EPS reported in 2021. Thanks to Prysmian's strong balance sheet and its preference to have fixed rate debt, the net finance expenses (including FX changes) came in at just 110M EUR resulting in a pre-tax income of 739M EUR and a net income of 509M EUR of which 504M EUR was attributable to the shareholders of Prysmian. That's despite seeing the "other expenses" increase by over a third (these other expenses include maintenance expenses, utilities, project execution-related items and the provision for risks). And although the other expenses also increased, the company's operating income jumped by almost 50% to 849M EUR. Prysmian currently has approximately 264M shares outstanding (this has been pretty stable over the past few years) and the current market capitalization is approximately 9.8B EUR.Īs expected, Prysmian was able to report a substantial revenue boost as it saw its total revenue increase from 13.1B EUR in 2021 to 16.1B EUR in 2022. Investors should clearly try to use the company's primary listing to trade in its shares. The average daily volume in Italy is approximately 700,000 shares per day. Prysmian has its primary listing in Italy where it's trading on the Milan Stock Exchange with PRY as its ticker symbol. As more submarine powerlines are under construction in Europe, Prysmian should be able to benefit as well as a leader in the sector. Prysmian is one of the specialists to connect offshore wind farms to existing power grids and to connect cities and countries with submarine cables for telecommunications. ![]() ![]() Prysmian ( OTCPK:PRYMY) ( OTCPK:PRYMF) is active in three divisions ( energy, projects and telecom), of which the energy division is by far the most important as it represents almost 75% of the total revenue (but generating the lowest margins with an EBITDA margin of just 8.1% in 2022 ). Wirestock/iStock via Getty Images Introduction ![]()
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