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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

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Page: Company Financials

Havas S.A.

Ticker: HAVAS.AS | Industry: Advertising Agencies | Sector: Communication Services
$17.70 +0.80 (4.73%)
As of: 2026-01-23

Master Data Export


Enterprise Value

Metric 2024 2023
Stock Price 17.20 18.20
Market Capitalization 17,000.07M 23,198.63M
(-) Cash & Equivalents 206.00M 130.50M
(+) Total Debt 381.50M 187.00M
Enterprise Value 17,175.57M 23,255.13M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenue 5,825M 0.00M 2,863M 2,872M 2,765M 2,341M
Cost of Revenue 4,037M 0.00M 127M 177M 175M 103M
Gross Profit 1,788M 0.00M 2,736M 2,695M 2,590M 2,238M
Gross Profit Margin 30.7% 0.0% 95.6% 93.8% 93.7% 95.6%
R&D Expenses 0M 0.00M 0M 0M 0M 0M
SG&A Expenses 14M 0.00M 0M 0M 0M 0M
Operating Expenses 1,147M 0.00M 2,421M 2,385M 2,304M 1,999M
Operating Income (EBIT) 641M 0.00M 315M 310M 286M 239M
Operating Income Margin 11.0% 0.0% 11.0% 10.8% 10.3% 10.2%
Interest Income 0M 0.00M 2M 8M 0M 0M
Interest Expense 37M 0.00M 13M 14M 14M 15M
Net Interest Income -37M 0.00M -11M -6M -14M -15M
Unusual Items -40M 0.00M -26M -25M 1M -30M
EBT Excluding Unusual Items 604M 0.00M 304M 304M 272M 224M
Pre-Tax Income 564M 0.00M 278M 279M 273M 194M
Pre-Tax Margin 9.7% 0.0% 9.7% 9.7% 9.9% 8.3%
Income Tax Expense 180M 0.00M 89M 95M 80M 58M
Net Income 348M 0.00M 173M 167M 171M 113M
Net Income Margin 6.0% 0.0% 6.0% 5.8% 6.2% 4.8%
Depreciation & Amortization 125M 0.00M 124M 56M 138M 125M
EBITDA 766M 0.00M 439M 366M 424M 364M
EBITDA Margin 13.2% 0.0% 15.3% 12.7% 15.3% 15.5%
NOPAT 436M 0.00M 214M 204M 202M 168M
NOPAT Margin 7.5% 0.0% 7.5% 7.1% 7.3% 7.2%
Owner's Earnings 414M 0.00M 263M 188M 272M 212M
Owner's Earnings Margin 7.1% 0.0% 9.2% 6.5% 9.8% 9.1%
EPS (Basic) 3.71 0.00 1.70 1.70 1.70 1.10
EPS (Diluted) 3.05 0.00 1.73 1.68 1.72 1.14
Shares (Basic) 117M 0.00M 99M 99M 99M 99M
Shares (Diluted) 114M 0.00M 100M 99M 99M 99M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash & Cash Equivalents 321.00M 234.00M 234.00M 261.00M 222.00M 663.00M 269.00M
Short-Term Investments 41.00M 7.00M 7.00M 66.00M 131.00M 115.00M 73.00M
Cash & Short-Term Investments 362.00M 241.00M 241.00M 327.00M 353.00M 778.00M 342.00M
Net Receivables 2,971.00M 2,968.00M 2,968.00M 3,161.00M 3,111.00M 2,843.00M 2,461.00M
Inventory 134.00M 115.00M 115.00M 91.00M 114.00M 108.00M 158.00M
Other Current Assets 64.00M 70.00M 70.00M 81.00M 59.00M 52.00M 64.00M
Total Current Assets 3,531.00M 3,394.00M 3,394.00M 3,660.00M 3,637.00M 3,781.00M 3,025.00M
Property, Plant & Equipment 426.00M 443.00M 443.00M 504.00M 574.00M 635.00M 670.00M
Goodwill 2,486.00M 2,535.00M 2,535.00M 2,428.00M 2,274.00M 2,135.00M 2,027.00M
Intangible Assets 48.00M 49.00M 49.00M 51.00M 50.00M 50.00M 52.00M
Long-Term Investments 47.00M 43.00M 43.00M 0.00M 0.00M 11.00M 0.00M
Tax Assets 72.00M 96.00M 96.00M 95.00M 98.00M 95.00M 102.00M
Other Non-Current Assets 28.00M 19.00M 19.00M 69.00M 39.00M 14.00M 32.00M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 3,107.00M 3,185.00M 3,185.00M 3,147.00M 3,035.00M 2,940.00M 2,883.00M
Total Assets 6,638.00M 6,579.00M 6,579.00M 6,807.00M 6,672.00M 6,721.00M 5,908.00M
Accounts Payable 2,330.00M 2,692.00M 2,692.00M 2,844.00M 2,867.00M 2,637.00M 2,388.00M
Short-Term Debt 428.00M 19.00M 19.00M 4.00M 5.00M 396.00M 122.00M
Tax Payables 23.00M 180.00M 180.00M 66.00M 58.00M 57.00M 51.00M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 135.00M 918.00M 918.00M 1,056.00M 1,030.00M 1,005.00M 819.00M
Total Current Liabilities 2,916.00M 3,809.00M 3,809.00M 3,970.00M 3,960.00M 4,095.00M 3,380.00M
Long-Term Debt 2.00M 4.00M 4.00M 3.00M 3.00M 4.00M 5.00M
Capital Lease Obligations 295.00M 300.00M 300.00M 367.00M 426.00M 455.00M 475.00M
Deferred Tax Liabilities 60.00M 69.00M 69.00M 66.00M 55.00M 57.00M 79.00M
Other Non-Current Liabilities 338.00M 354.00M 354.00M 335.00M 280.00M 266.00M 273.00M
Total Non-Current Liabilities 695.00M 727.00M 727.00M 771.00M 764.00M 782.00M 832.00M
Total Liabilities 3,611.00M 4,536.00M 4,536.00M 4,741.00M 4,724.00M 4,877.00M 4,212.00M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 198.00M 198.00M 198.00M 170.00M 170.00M 170.00M 170.00M
Retained Earnings -1,503.00M -1,484.00M 0.00M 0.00M 0.00M 236.00M 0.00M
Accumulated OCI -133.00M -79.00M 0.00M 0.00M 0.00M -107.00M 0.00M
Minority Interest 30.00M 26.00M 26.00M 28.00M 25.00M 38.00M 29.00M
Total Shareholders’ Equity -1,438.00M -1,365.00M 198.00M 170.00M 170.00M 299.00M 170.00M
Total Equity -1,408.00M -1,339.00M 224.00M 198.00M 195.00M 337.00M 199.00M
Total Liabilities & Equity 2,203.00M 3,197.00M 4,760.00M 4,939.00M 4,919.00M 5,214.00M 4,411.00M
Tangible Assets 4,104.00M 3,995.00M 3,995.00M 4,328.00M 4,348.00M 4,536.00M 3,829.00M
Tangible Equity -3,942.00M -3,923.00M -2,360.00M -2,281.00M -2,129.00M -1,848.00M -1,880.00M
Tangible Book Value -3,942.00M -3,923.00M -2,360.00M -2,281.00M -2,129.00M -1,848.00M -1,880.00M
Total Investments 88.00M 50.00M 50.00M 66.00M 131.00M 126.00M 73.00M
Net Debt 109.00M -211.00M -211.00M -254.00M -214.00M -263.00M -142.00M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Working Capital -729.0M -628.0M -628.0M -498.0M -462.0M -494.0M -533.0M
Total Capital 2,450.0M 2,204.0M 2,204.0M 2,305.0M 2,297.0M 2,555.0M 2,161.0M
Capital Employed 2,378.0M 2,557.0M 2,557.0M 2,649.0M 2,573.0M 2,446.0M 2,350.0M
Invested Capital 2,129.0M 1,970.0M 1,970.0M 2,044.0M 2,075.0M 1,892.0M 1,892.0M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Net Income 348.00M 0.00M 189.00M 184.00M 193.00M 136.00M
Depreciation & Amortization 269.00M 0.00M 104.00M 122.00M 138.00M 125.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 16.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 36.00M 0.00M -71.00M 11.00M 40.00M 39.00M
Accounts Receivable 46.00M 0.00M 103.00M -21.00M -88.00M -308.00M
Inventory -39.00M 0.00M -22.00M 20.00M -6.00M 56.00M
Accounts Payable 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital 29.00M 0.00M -152.00M 12.00M 134.00M 291.00M
Other Non-Cash Items -104.00M 0.00M 20.00M 24.00M -1.00M 32.00M
Net Cash from Operating Activities 565.00M 0.00M 242.00M 341.00M 370.00M 332.00M
Capital Expenditures (PPE) -59.00M 0.00M -34.00M -35.00M -37.00M -26.00M
Acquisitions (Net) -85.00M 0.00M -27.00M -96.00M -36.00M -10.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Investing Activities 44.00M 0.00M 143.00M 37.00M -111.00M 20.00M
Net Cash from Investing Activities -100.00M 0.00M 82.00M -94.00M -184.00M -16.00M
Net Debt Issuance 0.00M 0.00M -2.00M -2.00M -398.00M 272.00M
Long-Term Debt Issuance 0.00M 0.00M -2.00M -2.00M -8.00M -3.00M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M -390.00M 275.00M
Net Stock Issuance -4.00M 0.00M 0.00M 1.00M 0.00M 1.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Repurchased -4.00M 0.00M 0.00M -18.00M -33.00M -18.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -314.00M 0.00M -235.00M -85.00M -77.00M -33.00M
Common Dividends Paid -314.00M 0.00M -235.00M -85.00M -77.00M -33.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -69.00M 0.00M -210.00M -156.00M -163.00M -164.00M
Net Cash from Financing Activities -387.00M 0.00M -447.00M -242.00M -638.00M 76.00M
Effect of FX on Cash -54.00M 0.00M 23.00M -28.00M 22.00M 44.00M
Net Change in Cash -234.00M 0.00M -100.00M -23.00M -430.00M 436.00M
Cash at Beginning of Period 0.00M 0.00M 322.00M 345.00M 775.00M 339.00M
Cash at End of Period 0.00M 0.00M 222.00M 322.00M 345.00M 775.00M
Operating Cash Flow 565.00M 0.00M 242.00M 341.00M 370.00M 332.00M
Capital Expenditure -59.00M 0.00M -34.00M -35.00M -37.00M -26.00M
Free Cash Flow 506.00M 0.00M 208.00M 306.00M 333.00M 306.00M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31
EBITDA 1,899.00M 0.00M 2,860.00M 2,751.00M 2,728.00M 2,363.00M
(-) Tax Adjustment 606.06M 0.00M 915.61M 936.72M 799.41M 706.46M
(-) Change In Working Capital 36.00M 0.00M -71.00M 11.00M 40.00M 39.00M
(-) Capital Expenditure -59.00M 0.00M -34.00M -35.00M -37.00M -26.00M
Unlevered Free Cash Flow 1,197.94M 0.00M 1,981.39M 1,768.28M 1,851.59M 1,591.54M
(-) Net Interest Income After Taxes -25.19M 0.00M -7.48M -3.96M -9.90M -10.52M
Net Debt Issuance 0.00M 0.00M -2.00M -2.00M -398.00M 272.00M
Levered Free Cash Flow 1,223.13M 0.00M 1,986.87M 1,770.24M 1,463.48M 1,874.05M