Rubis (ENXTPA:RUI) - Share price, News & Analysis

Q: What is the Fair Price of RUI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

RUI (€22.32) is trading below our estimate of [[fair value]] (€34.76)

RUI fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	2/6
Past Performance	5/6
Financial Health	6/6
Dividends	5/6

RUI Stock Overview

Rubis, through its subsidiaries, engages in the operation of bulk liquid storage facilities and distribution of petroleum products in Europe, Africa, and the Caribbean.

Rewards

Trading at 35.8% below our estimate of its fair value

Earnings are forecast to grow 2.79% per year

Earnings grew by 62.5% over the past year

Risk Analysis

Dividend of 8.33% is not well covered by earnings

Rubis Competitors

Albioma

ENXTPA:ABIO

€1.6b

Neoen

ENXTPA:NEOEN

€4.1b

Électricite de Strasbourg Société Anonyme

ENXTPA:ELEC

€715.5m

Toho Gas

TSE:9533

JP¥308.4b

Price History & Performance

Summary of all time highs, changes and price drops for Rubis
Historical stock prices
Current Share Price	€22.32
52 Week High	€37.46
52 Week Low	€21.64
Beta	1.21
1 Month Change	-22.07%
3 Month Change	-17.42%
1 Year Change	-40.11%
3 Year Change	-55.93%
5 Year Change	-54.15%
Change since IPO	344.27%

Shareholder Returns

	RUI	FR Gas Utilities	FR Market
7D	0.2%	2.6%	-2.0%
1Y	-40.1%	8.7%	-12.3%

Return vs Industry: RUI underperformed the French Gas Utilities industry which returned 8.7% over the past year.

Return vs Market: RUI underperformed the French Market which returned -12.3% over the past year.

Price Volatility

Is RUI's price volatile compared to industry and market?
RUI volatility
RUI Average Weekly Movement	5.9%
Gas Utilities Industry Average Movement	4.1%
Market Average Movement	5.0%
10% most volatile stocks in FR Market	9.2%
10% least volatile stocks in FR Market	2.9%

Stable Share Price: RUI is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: RUI's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1990	4,305	Christian Cochet	https://www.rubis.fr

Rubis, through its subsidiaries, engages in the operation of bulk liquid storage facilities and distribution of petroleum products in Europe, Africa, and the Caribbean. The company operates in two divisions, Retail & Marketing and Support & Services, It operates terminals that provide bulk liquid storage facilities for petroleum products, chemical products, biofuels, fertilizers, molasses, edible oils, and agri-food products; and trades in and distributes fuels, liquefied gases, bitumen, commercial fuel oil, aviation and marine fuel, and lubricants, as well as butane and propane. The company also provides infrastructure, transportation, supply, and services for supporting the development of downstream distribution and marketing business.

Rubis Fundamentals Summary

How do Rubis's earnings and revenue compare to its market cap?
RUI fundamental statistics
Market Cap	€2.29b
Earnings (TTM)	€292.57m
Revenue (TTM)	€4.59b

7.8x

P/E Ratio

0.5x

P/S Ratio

Is RUI overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
RUI income statement (TTM)
Revenue	€4.59b
Cost of Revenue	€3.32b
Gross Profit	€1.27b
Other Expenses	€977.23m
Earnings	€292.57m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Sep 08, 2022

Earnings per share (EPS)	2.85
Gross Margin	27.67%
Net Profit Margin	6.37%
Debt/Equity Ratio	48.0%

How did RUI perform over the long term?

See historical performance and comparison

Dividends

8.3%

Current Dividend Yield

65%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is RUI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for RUI?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for RUI. This is calculated by dividing RUI's market cap by their current preferred multiple.
What is RUI's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€2.29b

RUI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.7x
Enterprise Value/EBITDA	6x
PEG Ratio	2.8x

Price to Earnings Ratio vs Peers

How does RUI's PE Ratio compare to its peers?

RUI PE Ratio vs Peers

The above table shows the PE ratio for RUI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	39.5x
ABIO Albioma	26.8x	6.0%	€1.6b
NEOEN Neoen	99.2x	21.8%	€4.1b
ELEC Électricite de Strasbourg Société Anonyme	12.2x	n/a	€715.5m
9533 Toho Gas	19.9x	2.0%	JP¥308.4b
RUI Rubis	7.8x	2.8%	€2.3b

Forward PE

Price-To-Earnings vs Peers: RUI is good value based on its Price-To-Earnings Ratio (7.8x) compared to the peer average (39.5x).

Price to Earnings Ratio vs Industry

How does RUI's PE Ratio compare vs other companies in the Global Gas Utilities Industry?

Price-To-Earnings vs Industry: RUI is good value based on its Price-To-Earnings Ratio (7.8x) compared to the European Gas Utilities industry average (10.4x)

Price to Earnings Ratio vs Fair Ratio

What is RUI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

RUI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.8x
Fair PE Ratio	15.9x

Price-To-Earnings vs Fair Ratio: RUI is good value based on its Price-To-Earnings Ratio (7.8x) compared to the estimated Fair Price-To-Earnings Ratio (15.9x).

Share Price vs Fair Value

What is the Fair Price of RUI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: RUI (€22.32) is trading below our estimate of fair value (€34.76)

Significantly Below Fair Value: RUI is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: RUI is poor value based on its PEG Ratio (2.8x)

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Future Growth

How is Rubis forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

2.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: RUI's forecast earnings growth (2.8% per year) is above the savings rate (0.3%).

Earnings vs Market: RUI's earnings (2.8% per year) are forecast to grow slower than the French market (11.6% per year).

High Growth Earnings: RUI's earnings are forecast to grow, but not significantly.

Revenue vs Market: RUI's revenue (7.1% per year) is forecast to grow faster than the French market (5.8% per year).

High Growth Revenue: RUI's revenue (7.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: RUI's Return on Equity is forecast to be low in 3 years time (11.5%).

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Past Performance

How has Rubis performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

1.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: RUI has high quality earnings.

Growing Profit Margin: RUI's current net profit margins (6.4%) are higher than last year (4.6%).

Past Earnings Growth Analysis

Earnings Trend: RUI's earnings have grown by 1.4% per year over the past 5 years.

Accelerating Growth: RUI's earnings growth over the past year (62.5%) exceeds its 5-year average (1.4% per year).

Earnings vs Industry: RUI earnings growth over the past year (62.5%) exceeded the Gas Utilities industry 31.4%.

Return on Equity

High ROE: RUI's Return on Equity (11.1%) is considered low.

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Financial Health

How is Rubis's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: RUI's short term assets (€2.1B) exceed its short term liabilities (€1.2B).

Long Term Liabilities: RUI's short term assets (€2.1B) exceed its long term liabilities (€1.4B).

Debt to Equity History and Analysis

Debt Level: RUI's net debt to equity ratio (16%) is considered satisfactory.

Reducing Debt: RUI's debt to equity ratio has reduced from 53.6% to 48% over the past 5 years.

Debt Coverage: RUI's debt is well covered by operating cash flow (22.4%).

Interest Coverage: RUI's interest payments on its debt are well covered by EBIT (16x coverage).

Balance Sheet

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Dividend

What is Rubis's current dividend yield, its reliability and sustainability?

Dividend Score

6/6

Dividend Score 6/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

8.33%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: RUI's dividend (8.33%) is higher than the bottom 25% of dividend payers in the French market (1.79%).

High Dividend: RUI's dividend (8.33%) is in the top 25% of dividend payers in the French market (5.6%)

Stability and Growth of Payments

Stable Dividend: RUI's dividends per share have been stable in the past 10 years.

Growing Dividend: RUI's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (65%), RUI's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (214.2%), RUI's dividend payments are not well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

7.1yrs

Average board tenure

CEO

Christian Cochet

no data

Tenure

Mr. Christian Cochet serves as Chief Executive Officer of Rubis Energie and Rubis Support & Services at Rubis. Mr. Cochet is an Non Executive Director at KenolKobil Plc since April 2019. Mr. Cochet has exp...

Board Members

Experienced Board: RUI's board of directors are considered experienced (7.1 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/07/02 00:00
End of Day Share Price	2022/07/01 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31