FCF
Sector Monitor

FCF regularly engages in research on European listed companies from selected sectors (Automotive Suppliers, Construction Materials, Forestry, Paper & Packaging, Food & Beverages, Logistic & Transportation, Industrial Machinery, Pharma, Recycling, Software, TMT). The findings are regularly published in the

FCF SECTOR MONITOR

The FCF Sector Monitor includes:

  • Market Fundamentals: Development of key P&L metrics (Revenue, EBITDA) and profitability metrics (EBITDA-margin)
  • Market Valuation: Development of valuation multiples (EV / Sales, EV / EBITDA)
  • Credit Statistics: Development of relevant credit metrics (net leverage ratio, equity ratio, EBITDA interest cover ratio and loan-to-value ratios) as well as sector rating

Key findings of the FCF Sector Monitor (September 2024):

  • Declining revenues are expected for the Automotive Suppliers, Construction Materials, Forestry, Paper & Packaging and Industrial Machinery sectors in the current year 2024
  • Analysts expect Software companies to increase their EBITDA the most in the current calendar year with an average of 42.6%, followed by companies from the Pharmaceutical sector with an average EBITDA increase of 20.8%
  • The listed European Automotive Suppliers and Construction Materials manufacturers show the weakest EBITDA development of all analyzed sectors with an expected EBITDA decline of 2.0% each in 2024, with declining sales of 4.0% and 3.4% respectively
  • With an expected EBITDA margin of 23.4% in 2024, the Logistics & Transportation sector has the highest profitability, closely followed by the TMT and Pharmaceutical sectors with an expected EBITDA margin of 22.8% and 22.7% respectively in 2024. The European listed Automotive Suppliers have the lowest profitability with an expected EBITDA margin of 12.0% in 2024
  • With a current valuation multiple of 15.4x EBITDA (3.5x sales), companies from the Software sector are valued highest on average, while Automotive Suppliers are valued lowest at 5.2x EBITDA (0.7x sales)
  • While companies from the Construction Materials and Pharmaceuticals sectors have the lowest net leverage in 2023 at 1.3x EBITDA each, companies from the Recycling and Automotive Suppliers sectors were leveraged the highest (relative) at 2.4x and 2.1x EBITDA respectively
  • Listed European Pharmaceutical companies had the highest average equity ratio of 62.8% in 2023, while companies in the Recycling sector had the lowest average equity ratio of 37.9% in 2023

MIDCAP RESEARCH SERIES

Market Research

The FCF market research covers e.g. fundamental analysis of interest rate and margin development in the German corporate lending / debt market, development of the rating and credit standing of banks addressing the German MidCap corporate lending market, etc.

Bank Monitor
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.

Valuation Monitor
The FCF Valuation Monitor is a comprehensive quarterly valuation analysis (e.g. ratios and multiples) for the German small / midcap market segment of selected industry sectors.

Credit Monitor
Comprehensive analysis of the interest rate environment and loan market for corporates in Germany.

Sector Monitor
Research on European listed companies from selected sectors (Automotive Suppliers, Construction Materials, Forestry, Paper & Packaging, Food & Beverages, Logistic & Transportation, Industrial Machinery, Pharma, Recycling, Software, TMT)

NEWS & PRESS

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