Logwin AG (TGHN.DE)

Industry: Integrated Freight & Logistics Sector: Industrials Currency Used: LU Live Price: $274.00

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Stock Price	244.00	253.00	268.00	246.00	141.00	163.00	128.25	133.23	109.85	90.73	57.85	51.95	42.50	60.00	60.13	50.75
Market Capitalization	702.53M	728.44M	771.64M	708.71M	406.44M	470.16M	369.92M	384.27M	316.94M	263.50M	169.21M	151.96M	124.32M	175.51M	141.02M	113.15M
(-) Cash & Equivalents	348.38M	343.05M	319.06M	209.88M	151.80M	141.61M	137.47M	106.50M	96.97M	71.32M	54.02M	54.43M	44.57M	33.52M	65.11M	32.28M
(+) Total Debt	65.07M	76.16M	78.04M	82.76M	90.79M	89.62M	10.97M	11.92M	13.45M	15.38M	17.49M	29.12M	45.18M	37.08M	87.00M	76.03M
Enterprise Value	419.21M	461.54M	530.62M	581.58M	345.43M	418.16M	243.43M	289.70M	233.42M	207.56M	132.68M	126.65M	124.93M	179.07M	162.91M	156.90M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	2,719M	4,013M	1,442M	1,258M	2,259M	1,852M	1,123M	1,130M	1,150M	1,119M	990M	1,059M	1,129M	1,220M	1,325M	1,335M	1,357M	1,113M	2,046M	2,043M	1,891M	1,840M	1,730M
Cost of Revenue	2,404M	3,646M	1,286M	1,100M	2,067M	1,689M	1,024M	1,031M	1,049M	1,028M	901M	975M	1,043M	1,120M	1,222M	1,229M	1,250M	1,021M	1,896M	1,892M	1,748M	1,693M	1,121M
Gross Profit	315M	367M	156M	158M	192M	163M	99M	100M	101M	91M	89M	84M	86M	99M	103M	105M	107M	92M	151M	151M	144M	147M	609M
Gross Profit Margin	11.6%	9.2%	10.8%	12.6%	8.5%	8.8%	8.8%	8.8%	8.8%	8.1%	9.0%	8.0%	7.6%	8.1%	7.8%	7.9%	7.9%	8.3%	7.4%	7.4%	7.6%	8.0%	35.2%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	133M	129M	76M	71M	71M	62M	55M	55M	53M	52M	54M	57M	59M	79M	83M	84M	83M	85M	131M	87M	85M	88M	0M
Operating Expenses	150M	129M	73M	73M	66M	61M	51M	51M	50M	51M	54M	58M	60M	87M	86M	84M	83M	99M	172M	120M	121M	137M	592M
Operating Income (EBIT)	165M	238M	84M	85M	126M	102M	48M	48M	51M	40M	36M	26M	26M	12M	16M	22M	24M	-7M	-21M	30M	23M	10M	18M
Operating Income Margin	6.0%	5.9%	5.8%	6.7%	5.6%	5.5%	4.3%	4.3%	4.4%	3.6%	3.6%	2.5%	2.3%	1.0%	1.2%	1.6%	1.8%	-0.6%	-1.0%	1.5%	1.2%	0.5%	1.0%
Interest Income	24M	6M	12M	10M	1M	0M	0M	0M	0M	1M	1M	0M	0M	1M	1M	1M	1M	1M	1M	1M	1M	1M	2M
Interest Expense	10M	6M	5M	5M	5M	3M	4M	5M	1M	1M	2M	2M	3M	5M	4M	10M	18M	16M	20M	18M	18M	19M	21M
Net Interest Income	14M	0M	8M	5M	-3M	-3M	-4M	-5M	-1M	0M	-1M	-2M	-2M	-5M	-4M	-9M	-16M	-15M	-18M	-17M	-17M	-18M	-20M
Unusual Items	0M	-27M	0M	7M	-18M	-10M	0M	0M	-1M	-2M	-1M	-1M	-3M	-5M	-79M	0M	1M	28M	132M	-4M	1M	-29M	16M
EBT Excluding Unusual Items	178M	238M	91M	90M	123M	99M	44M	43M	50M	39M	34M	24M	24M	7M	13M	12M	8M	-22M	-39M	13M	6M	-8M	-2M
Pre-Tax Income	178M	211M	91M	97M	105M	89M	44M	43M	48M	37M	34M	23M	21M	2M	-66M	12M	8M	7M	93M	9M	7M	-37M	15M
Pre-Tax Margin	6.6%	5.3%	6.3%	7.7%	4.6%	4.8%	3.9%	3.8%	4.2%	3.3%	3.4%	2.2%	1.9%	0.2%	-5.0%	0.9%	0.6%	0.6%	4.5%	0.4%	0.4%	-2.0%	0.8%
Income Tax Expense	43M	61M	25M	16M	31M	25M	9M	8M	9M	11M	7M	8M	7M	5M	3M	5M	4M	-1M	-8M	6M	5M	8M	2M
Net Income	134M	148M	65M	79M	72M	63M	34M	35M	39M	26M	26M	15M	13M	-3M	-69M	7M	0M	83M	101M	2M	1M	-53M	1M
Net Income Margin	4.9%	3.7%	4.5%	6.3%	3.2%	3.4%	3.1%	3.1%	3.4%	2.3%	2.6%	1.4%	1.2%	-0.3%	-5.2%	0.5%	0.0%	7.4%	4.9%	0.1%	0.0%	-2.9%	0.1%
Depreciation & Amortization	70M	78M	35M	36M	40M	39M	39M	39M	8M	8M	8M	8M	8M	10M	12M	12M	13M	15M	25M	30M	34M	78M	41M
EBITDA	234M	316M	118M	121M	166M	141M	87M	87M	59M	47M	44M	34M	34M	22M	28M	34M	37M	8M	4M	60M	57M	87M	59M
EBITDA Margin	8.6%	7.9%	8.2%	9.6%	7.4%	7.6%	7.7%	7.7%	5.1%	4.2%	4.4%	3.2%	3.0%	1.8%	2.1%	2.5%	2.7%	0.7%	0.2%	2.9%	3.0%	4.7%	3.4%
NOPAT	125M	169M	61M	70M	89M	73M	38M	39M	41M	28M	28M	18M	17M	-16M	13M	12M	11M	-8M	-23M	11M	7M	8M	15M
NOPAT Margin	4.6%	4.2%	4.2%	5.6%	4.0%	3.9%	3.4%	3.5%	3.6%	2.5%	2.8%	1.7%	1.5%	-1.3%	1.0%	0.9%	0.8%	-0.7%	-1.1%	0.6%	0.4%	0.4%	0.9%
Owner's Earnings	194M	209M	95M	109M	106M	89M	54M	56M	36M	24M	27M	16M	16M	1M	-65M	19M	13M	92M	126M	10M	15M	3M	23M
Owner's Earnings Margin	7.1%	5.2%	6.6%	8.7%	4.7%	4.8%	4.8%	5.0%	3.2%	2.1%	2.8%	1.5%	1.4%	0.1%	-4.9%	1.4%	1.0%	8.3%	6.2%	0.5%	0.8%	0.2%	1.3%
EPS (Basic)	46.38	51.42	22.41	27.54	25.09	21.80	11.94	12.09	13.40	9.10	8.98	5.00	4.50	-1.17	-23.64	2.00	0.17	-37.00	45.50	0.50	0.50	-23.96	0.50
EPS (Diluted)	46.39	51.42	22.41	27.54	25.09	21.80	11.94	12.09	13.40	9.11	8.98	5.19	4.58	-1.17	-23.64	2.41	0.17	37.01	45.25	0.75	0.40	-23.96	0.42
Shares (Basic)	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	2M	2M	2M	2M	2M	2M	2M
Shares (Diluted)	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M	2M	2M	2M	2M	2M	2M	2M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Cash & Cash Equivalents	334.20M	372.61M	372.61M	354.91M	363.78M	247.40M	167.86M	163.90M	155.53M	127.61M	116.01M	92.66M	66.96M	58.65M	53.93M	41.04M	67.50M	64.56M	63.20M	65.63M	63.78M	65.09M	87.37M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	334.20M	372.61M	372.61M	354.91M	363.78M	247.40M	167.86M	163.90M	155.53M	127.61M	116.01M	92.66M	66.96M	58.65M	53.93M	41.04M	67.50M	64.56M	63.20M	65.63M	63.78M	65.09M	87.37M
Net Receivables	236.98M	215.55M	215.55M	172.09M	258.15M	302.56M	159.17M	182.02M	172.18M	158.36M	142.05M	131.79M	147.55M	132.17M	164.62M	164.06M	173.51M	144.81M	263.26M	0.00M	0.00M	246.51M	218.31M
Inventory	0.93M	1.02M	1.02M	1.21M	2.09M	1.41M	1.46M	2.58M	2.80M	2.52M	2.79M	2.64M	2.51M	2.60M	2.45M	2.29M	2.94M	2.54M	0.00M	7.30M	14.45M	8.92M	7.22M
Other Current Assets	3.18M	14.15M	14.15M	2.85M	4.82M	5.71M	3.19M	5.94M	172.89M	0.31M	0.65M	0.86M	1.78M	5.64M	4.62M	0.00M	186.86M	130.52M	0.00M	298.03M	0.00M	5.44M	12.67M
Total Current Assets	575.28M	603.32M	603.32M	531.06M	628.83M	557.09M	331.67M	354.44M	503.41M	288.80M	261.50M	227.94M	218.80M	199.06M	225.62M	207.39M	430.81M	342.43M	326.46M	370.96M	78.23M	325.96M	325.57M
Property, Plant & Equipment	73.28M	78.50M	78.50M	87.80M	100.19M	104.76M	118.18M	115.87M	35.62M	34.45M	36.53M	35.19M	34.22M	39.07M	55.51M	67.32M	75.26M	73.91M	181.07M	195.76M	205.51M	221.52M	264.76M
Goodwill	62.85M	55.07M	55.07M	48.89M	45.70M	57.37M	66.32M	66.32M	66.82M	66.82M	66.82M	66.82M	75.27M	74.87M	81.08M	153.09M	153.39M	153.79M	180.84M	289.99M	285.36M	284.63M	284.63M
Intangible Assets	16.74M	15.44M	15.44M	14.26M	15.48M	20.98M	22.48M	13.91M	5.62M	2.95M	2.80M	3.85M	4.66M	3.93M	5.62M	6.76M	7.73M	10.51M	14.90M	2.88M	11.49M	15.12M	23.63M
Long-Term Investments	0.13M	0.69M	0.69M	0.72M	0.68M	0.78M	0.76M	0.82M	0.78M	0.86M	0.82M	0.73M	0.73M	0.76M	1.18M	1.50M	1.79M	1.71M	1.62M	3.91M	7.22M	9.22M	7.68M
Tax Assets	20.11M	23.10M	23.10M	26.16M	19.02M	20.01M	19.52M	18.38M	14.41M	12.90M	14.23M	14.17M	16.57M	16.89M	16.46M	13.56M	15.32M	15.20M	15.05M	20.92M	21.71M	19.76M	25.63M
Other Non-Current Assets	0.98M	1.81M	1.81M	3.62M	1.01M	0.84M	0.70M	0.71M	0.67M	0.93M	1.48M	1.40M	1.38M	1.45M	1.12M	0.92M	1.33M	0.77M	2.11M	0.98M	2.20M	4.90M	8.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	174.08M	174.62M	174.62M	181.45M	182.09M	204.74M	227.96M	216.01M	123.92M	118.90M	122.67M	122.15M	132.83M	136.96M	160.97M	243.15M	254.82M	255.88M	395.58M	514.45M	533.50M	555.14M	614.33M
Total Assets	749.37M	777.94M	777.94M	712.51M	810.92M	761.82M	559.64M	570.44M	627.33M	407.70M	384.17M	350.09M	351.62M	336.02M	386.59M	450.54M	685.62M	598.31M	722.04M	885.40M	611.73M	881.10M	939.90M
Accounts Payable	234.48M	261.42M	261.42M	214.43M	292.99M	323.26M	172.52M	178.82M	188.65M	168.37M	155.79M	146.30M	152.24M	142.59M	161.70M	153.92M	157.80M	123.35M	218.67M	253.04M	238.49M	197.32M	165.36M
Short-Term Debt	0.40M	0.39M	0.39M	0.05M	1.11M	0.14M	0.07M	0.08M	0.05M	0.11M	0.28M	0.73M	1.27M	4.72M	10.97M	9.75M	3.31M	0.00M	0.00M	8.54M	8.78M	18.18M	19.83M
Tax Payables	10.59M	16.60M	16.60M	4.98M	16.47M	18.48M	7.44M	27.50M	10.84M	9.95M	8.15M	8.58M	9.86M	8.88M	9.23M	3.53M	5.27M	2.12M	3.82M	28.08M	30.88M	59.28M	38.62M
Deferred Revenue	0.00M	0.00M	0.00M	1.79M	1.94M	2.08M	41.39M	63.56M	10.84M	41.20M	42.81M	42.88M	49.43M	50.01M	44.35M	14.00M	21.36M	13.38M	18.22M	28.08M	30.88M	85.72M	96.87M
Other Current Liabilities	54.21M	54.84M	54.84M	28.50M	31.33M	19.66M	1.22M	-20.31M	22.69M	27.89M	30.63M	26.26M	31.82M	37.13M	33.07M	29.53M	37.64M	175.42M	73.26M	40.97M	40.57M	81.53M	90.06M
Total Current Liabilities	299.68M	333.25M	333.25M	249.75M	343.84M	363.61M	222.64M	249.65M	233.08M	247.51M	237.65M	224.75M	244.60M	243.33M	259.32M	210.73M	225.38M	314.28M	313.96M	358.72M	349.61M	442.03M	410.75M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	-34.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	16.00M	22.03M	69.97M	0.00M	127.22M	160.34M	161.02M	203.38M	206.02M
Capital Lease Obligations	52.78M	59.30M	59.30M	75.01M	80.95M	79.52M	90.83M	90.96M	11.48M	10.95M	13.14M	14.64M	14.87M	15.99M	19.78M	20.95M	22.32M	24.21M	33.79M	39.54M	44.92M	0.00M	6.75M
Deferred Tax Liabilities	3.07M	2.98M	2.98M	17.18M	1.89M	6.33M	1.29M	0.93M	1.01M	0.80M	0.32M	0.05M	0.05M	0.05M	0.20M	0.56M	1.00M	2.27M	11.98M	17.57M	19.31M	18.89M	25.23M
Other Non-Current Liabilities	28.92M	27.65M	27.65M	26.44M	25.93M	34.98M	39.02M	0.00M	1.46M	1.44M	0.65M	0.05M	0.06M	0.01M	0.01M	1.54M	27.10M	151.72M	1.42M	37.25M	38.73M	49.43M	45.65M
Total Non-Current Liabilities	84.77M	89.92M	89.92M	118.63M	108.77M	85.84M	131.14M	91.89M	13.95M	13.20M	14.11M	14.74M	14.99M	16.05M	35.99M	45.07M	120.38M	178.20M	174.41M	254.69M	263.98M	271.69M	283.64M
Total Liabilities	384.45M	423.17M	423.17M	368.38M	452.61M	449.45M	353.78M	341.54M	247.02M	260.71M	251.75M	239.49M	259.59M	259.38M	295.31M	255.80M	345.76M	492.47M	488.37M	613.41M	613.59M	713.72M	694.39M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	19.10M	39.92M	64.22M	88.20M	97.16M	126.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	131.30M	131.30M	131.30M	131.30M	131.30M	131.30M	131.30M	131.30M	131.30M	131.30M	131.20M	131.20M	131.20M	131.20M	131.20M	131.20M	131.20M	139.34M	139.34M	139.34M	139.34M	139.34M	139.34M
Retained Earnings	116.38M	122.30M	122.30M	97.32M	18.82M	-60.35M	-74.73M	-68.65M	11.56M	-19.10M	-39.92M	-64.22M	-88.20M	-97.16M	-126.01M	0.00M	0.00M	165.75M	97.86M	5.74M	8.72M	-23.07M	-87.94M
Accumulated OCI	-10.86M	-5.85M	-5.85M	-6.35M	-2.71M	-3.63M	-7.91M	-1.78M	-121.75M	-118.76M	-118.56M	-117.50M	-120.14M	-118.20M	-146.20M	-146.39M	-151.16M	-151.48M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.67M	1.24M	1.24M	1.96M	2.45M	1.32M	0.80M	1.06M	0.96M	0.66M	0.84M	1.10M	2.10M	2.35M	2.60M	2.28M	1.61M	1.89M	3.03M	3.06M	2.72M	3.40M	4.25M
Total Shareholders’ Equity	236.82M	247.75M	247.75M	222.27M	147.42M	67.33M	48.67M	60.87M	21.11M	12.54M	12.64M	13.71M	11.06M	13.00M	-15.00M	-15.19M	-19.96M	153.62M	237.20M	145.08M	148.07M	116.27M	51.40M
Total Equity	237.49M	248.99M	248.99M	224.24M	149.86M	68.64M	49.46M	61.92M	22.07M	13.20M	13.48M	14.81M	13.16M	15.35M	-12.40M	-12.91M	-18.35M	155.51M	240.24M	148.14M	150.78M	119.67M	55.65M
Total Liabilities & Equity	621.94M	672.16M	672.16M	592.62M	602.47M	518.09M	403.24M	403.46M	269.09M	273.91M	265.24M	254.30M	272.75M	274.73M	282.91M	242.89M	327.41M	647.98M	728.61M	761.55M	764.37M	833.39M	750.05M
Tangible Assets	669.78M	707.43M	707.43M	649.36M	749.74M	683.48M	470.84M	490.21M	554.89M	337.93M	314.55M	279.42M	271.69M	257.23M	299.89M	290.69M	524.51M	434.01M	526.30M	592.54M	314.87M	581.36M	631.64M
Tangible Equity	157.91M	178.48M	178.48M	161.09M	88.68M	-9.70M	-39.34M	-18.31M	-50.37M	-56.57M	-56.14M	-55.86M	-66.77M	-63.44M	-99.10M	-172.76M	-179.47M	-8.79M	44.50M	-144.73M	-146.07M	-180.08M	-252.61M
Tangible Book Value	157.91M	178.48M	178.48M	161.09M	88.68M	-9.70M	-39.34M	-18.31M	-50.37M	-56.57M	-56.14M	-55.86M	-66.77M	-63.44M	-99.10M	-172.76M	-179.47M	-8.79M	44.50M	-144.73M	-146.07M	-180.08M	-252.61M
Total Investments	0.13M	0.69M	0.69M	0.72M	0.68M	0.78M	0.76M	0.82M	0.78M	0.86M	0.82M	0.73M	0.73M	0.76M	1.18M	1.50M	1.79M	1.71M	1.62M	3.91M	7.22M	9.22M	7.68M
Net Debt	-333.80M	-372.22M	-372.22M	-354.86M	-362.67M	-282.25M	-167.79M	-163.82M	-155.48M	-127.50M	-115.73M	-91.93M	-65.69M	-53.92M	-26.96M	-9.25M	5.78M	-64.56M	64.02M	103.25M	106.02M	156.47M	138.48M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Working Capital	257.1M	270.1M	270.1M	242.1M	246.5M	170.7M	97.8M	95.7M	106.4M	81.1M	64.5M	40.7M	19.9M	0.0M	3.7M	-2.6M	30.5M	50.6M	51.3M	53.2M	44.8M	38.6M	40.4M
Total Capital	417.4M	434.9M	434.9M	424.8M	426.0M	360.8M	315.0M	298.5M	195.3M	165.5M	151.7M	128.8M	116.1M	109.3M	142.3M	221.0M	187.7M	278.4M	370.3M	523.3M	533.1M	540.2M	605.8M
Capital Employed	431.2M	444.7M	444.7M	423.5M	428.6M	375.4M	325.8M	311.7M	230.3M	200.0M	187.2M	162.8M	152.7M	137.0M	164.7M	240.6M	285.3M	306.5M	446.9M	567.6M	578.3M	593.7M	654.7M
Invested Capital	83.2M	62.3M	62.3M	69.9M	62.2M	113.4M	147.1M	134.6M	39.7M	37.9M	35.7M	36.1M	49.1M	50.7M	88.4M	180.0M	120.2M	213.8M	307.1M	457.7M	469.3M	475.1M	518.4M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Net Income	133.56M	148.06M	90.59M	79.29M	104.63M	88.81M	43.87M	43.39M	48.36M	37.41M	33.69M	23.34M	21.12M	2.20M	-66.02M	12.23M	8.43M	-5.38M	93.02M	8.88M	7.68M	-33.74M	21.58M
Depreciation & Amortization	66.88M	77.73M	34.90M	36.39M	39.97M	39.19M	38.65M	38.73M	7.70M	7.75M	8.04M	7.60M	7.70M	10.18M	11.54M	12.11M	13.04M	14.59M	25.37M	29.80M	33.60M	77.68M	40.77M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-2.32M	69.31M	-3.53M	3.70M	46.29M	-2.92M	0.40M	-6.15M	1.39M	-1.65M	0.84M	7.49M	-5.74M	7.29M	9.89M	-9.18M	14.06M	0.00M	70.55M	11.95M	-9.59M	-2.85M	38.77M
Accounts Receivable	-27.17M	61.18M	-53.09M	92.34M	59.57M	-162.56M	0.62M	8.76M	-14.70M	-22.53M	-10.35M	11.73M	-11.41M	16.74M	-4.84M	0.00M	0.00M	9.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.68M	-0.44M	0.19M	0.65M	-0.67M	0.04M	1.12M	0.21M	-0.28M	-0.04M	-0.15M	-0.18M	0.10M	-0.23M	-0.18M	0.63M	-0.33M	4.04M	0.04M	7.07M	-9.19M	-1.70M	-1.71M
Accounts Payable	24.17M	8.57M	49.37M	-89.29M	-12.62M	159.61M	-1.34M	-15.12M	16.37M	20.91M	11.33M	-4.06M	0.00M	0.00M	0.00M	0.00M	0.00M	-13.05M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.67M	-1.61M	0.99M	7.67M	-5.84M	7.52M	10.07M	-9.80M	14.39M	0.00M	70.51M	4.88M	-0.41M	-1.16M	40.48M
Other Non-Cash Items	1.76M	114.20M	-12.98M	-11.48M	-21.33M	0.81M	-15.17M	-10.53M	-10.01M	-11.87M	-9.77M	-8.44M	-6.88M	1.85M	69.37M	5.67M	-10.44M	0.00M	-173.78M	-12.04M	-11.05M	-23.51M	-40.26M
Net Cash from Operating Activities	199.88M	323.14M	108.99M	107.89M	169.56M	125.89M	67.74M	65.44M	47.44M	31.64M	32.81M	29.99M	16.20M	21.52M	24.78M	20.83M	25.09M	9.21M	15.16M	38.59M	20.63M	17.59M	60.87M
Capital Expenditures (PPE)	-8.90M	-17.10M	-4.35M	-6.41M	-6.61M	-12.59M	-19.54M	-17.19M	-10.07M	-10.41M	-6.54M	-6.46M	-5.24M	-5.50M	-7.28M	0.00M	0.00M	-5.05M	0.00M	-21.64M	-19.75M	-21.24M	-18.38M
Acquisitions (Net)	-22.66M	4.28M	-12.35M	-10.96M	0.78M	8.10M	1.45M	0.40M	0.64M	-0.45M	0.21M	8.99M	2.03M	2.24M	2.94M	0.29M	1.34M	1.83M	6.87M	-7.44M	1.78M	-2.22M	-20.64M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.71M	0.59M	1.49M	0.26M	0.43M
Other Investing Activities	-9.23M	-2.30M	1.70M	0.56M	-0.01M	0.72M	0.37M	-0.04M	0.49M	1.03M	0.09M	0.54M	0.67M	14.06M	0.10M	-1.52M	5.56M	1.71M	-4.70M	2.67M	9.27M	4.61M	26.30M
Net Cash from Investing Activities	-40.80M	-12.86M	-15.00M	-16.82M	-5.84M	-3.77M	-17.73M	-16.84M	-8.95M	-9.83M	-6.24M	3.07M	-2.54M	10.81M	-4.24M	-1.23M	6.90M	-1.51M	2.88M	-25.83M	-7.21M	-18.60M	-12.31M
Net Debt Issuance	-0.05M	-0.97M	-0.03M	-0.97M	1.03M	0.07M	-0.01M	0.00M	-0.06M	-0.16M	-0.45M	-0.60M	-3.52M	-22.29M	-5.29M	-44.78M	-65.00M	-3.48M	-5.17M	3.85M	-10.98M	-18.85M	-89.94M
Long-Term Debt Issuance	0.00M	-0.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-18.00M	-6.03M	-46.71M	-65.00M	-3.72M	-2.14M	3.85M	-10.98M	-18.85M	46.93M
Short-Term Debt Issuance	-0.05M	0.00M	-0.03M	-0.97M	1.03M	0.07M	-0.01M	0.00M	-0.06M	-0.16M	-0.45M	-0.60M	-3.52M	-4.29M	0.74M	3.88M	-1.33M	0.24M	-3.03M	0.00M	0.00M	0.00M	-136.87M
Net Stock Issuance	0.00M	-0.21M	0.00M	0.00M	-0.04M	-0.41M	-0.39M	0.00M	0.00M	0.00M	-0.45M	-2.94M	-0.09M	0.00M	0.00M	0.00M	39.82M	0.00M	0.97M	0.12M	0.00M	0.00M	94.91M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	39.82M	0.00M	0.00M	0.00M	0.00M	0.00M	94.91M
Common Stock Repurchased	0.00M	-0.21M	0.00M	0.00M	-0.04M	-0.41M	-0.39M	0.00M	0.00M	0.00M	-0.45M	-2.94M	-0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.97M	0.12M	0.00M	0.00M	0.00M
Net Dividends Paid	-77.16M	-86.38M	-40.31M	-69.10M	-17.28M	-10.08M	-10.09M	-10.10M	-7.21M	-5.77M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-77.16M	-86.38M	-40.31M	-69.10M	-17.28M	-10.08M	-10.09M	-10.10M	-7.21M	-5.77M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-111.84M	-31.34M	-35.40M	-27.91M	-31.43M	-33.89M	-31.83M	-31.29M	-2.72M	-1.99M	-3.07M	-4.40M	-3.98M	-3.01M	-2.41M	-0.56M	-5.80M	-3.81M	-9.74M	-14.38M	-1.23M	-3.15M	-3.61M
Net Cash from Financing Activities	-189.05M	-152.12M	-75.74M	-97.98M	-47.72M	-44.32M	-42.32M	-41.38M	-9.99M	-7.92M	-3.98M	-7.93M	-7.59M	-25.30M	-7.70M	-45.35M	-30.98M	-7.29M	13.94M	-10.42M	-12.20M	-22.00M	1.36M
Effect of FX on Cash	-5.47M	0.07M	-0.53M	-1.41M	-0.23M	1.80M	-3.19M	1.15M	-0.58M	-2.29M	0.75M	0.57M	1.82M	-1.88M	0.05M	-0.72M	1.93M	0.85M	0.77M	-0.49M	-0.90M	0.73M	0.42M
Net Change in Cash	-323.84M	158.29M	17.72M	-8.31M	115.77M	79.61M	4.51M	8.37M	27.92M	11.60M	23.35M	25.70M	7.89M	4.72M	12.90M	-26.46M	2.94M	1.36M	-2.42M	1.85M	-1.31M	-22.28M	36.36M
Cash at Beginning of Period	1,383.45M	1,058.49M	355.46M	363.78M	248.01M	168.41M	163.90M	155.53M	127.61M	116.01M	92.66M	66.96M	59.07M	53.93M	41.04M	67.50M	64.56M	63.20M	65.63M	63.78M	65.09M	87.37M	51.01M
Cash at End of Period	704.14M	1,216.78M	373.19M	355.47M	363.78M	248.01M	168.41M	163.90M	155.53M	127.61M	116.01M	92.66M	66.96M	58.65M	53.93M	41.04M	67.50M	64.56M	63.20M	65.63M	63.78M	65.09M	87.37M
Operating Cash Flow	177.43M	323.14M	108.99M	107.89M	169.56M	125.89M	67.74M	65.44M	47.44M	31.64M	32.81M	29.99M	16.20M	21.52M	24.78M	20.83M	25.09M	9.21M	15.16M	38.59M	20.63M	17.59M	60.87M
Capital Expenditure	-8.90M	-17.10M	-4.35M	-6.41M	-6.61M	-12.59M	-19.54M	-17.19M	-10.07M	-10.41M	-6.54M	-6.46M	-5.24M	-5.50M	-7.28M	0.00M	0.00M	-5.05M	0.00M	-21.64M	-19.75M	-21.24M	-18.38M
Free Cash Flow	168.53M	306.04M	104.64M	101.48M	162.95M	113.30M	48.20M	48.24M	37.37M	21.23M	26.27M	23.53M	10.97M	16.02M	17.51M	20.83M	25.09M	4.16M	15.16M	16.95M	0.88M	-3.66M	42.49M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
EBITDA	251.19M	315.69M	115.27M	123.18M	160.97M	140.08M	82.75M	83.47M	55.61M	46.86M	43.63M	34.75M	35.12M	30.29M	31.31M	33.09M	36.35M	22.02M	44.92M	92.96M	92.37M	136.23M	650.14M
(-) Tax Adjustment	60.48M	90.88M	31.81M	21.00M	47.20M	39.90M	17.24M	15.40M	10.54M	13.44M	9.51M	11.41M	12.11M	10.60M	0.00M	11.58M	12.72M	0.00M	0.00M	32.54M	32.33M	0.00M	101.31M
(-) Change In Working Capital	-2.32M	69.31M	-3.53M	3.70M	46.29M	-2.92M	0.40M	-6.15M	1.39M	-1.65M	0.84M	7.49M	-5.74M	7.29M	9.89M	-9.18M	14.06M	0.00M	70.55M	11.95M	-9.59M	-2.85M	38.77M
(-) Capital Expenditure	-8.90M	-17.10M	-4.35M	-6.41M	-6.61M	-12.59M	-19.54M	-17.19M	-10.07M	-10.41M	-6.54M	-6.46M	-5.24M	-5.50M	-7.28M	0.00M	0.00M	-5.05M	0.00M	-21.64M	-19.75M	-21.24M	-18.38M
Unlevered Free Cash Flow	184.13M	138.40M	82.63M	92.07M	60.88M	90.50M	45.58M	57.02M	33.60M	24.66M	26.75M	9.39M	23.51M	6.90M	14.14M	30.68M	9.57M	16.98M	-25.63M	26.84M	49.89M	117.84M	491.68M
(-) Net Interest Income After Taxes	10.46M	0.26M	5.43M	4.17M	-2.38M	-2.05M	-3.00M	-3.80M	-0.90M	-0.18M	-0.88M	-1.23M	-1.60M	-3.01M	-3.65M	-6.12M	-10.68M	-14.96M	-18.29M	-11.16M	-10.79M	-17.73M	-16.55M
Net Debt Issuance	-0.05M	-0.97M	-0.03M	-0.97M	1.03M	0.07M	-0.01M	0.00M	-0.06M	-0.16M	-0.45M	-0.60M	-3.52M	-22.29M	-5.29M	-44.78M	-65.00M	-3.48M	-5.17M	3.85M	-10.98M	-18.85M	-89.94M
Levered Free Cash Flow	173.62M	137.18M	77.18M	86.93M	64.28M	92.61M	48.57M	60.82M	34.44M	24.68M	27.18M	10.02M	21.59M	-12.39M	12.50M	-7.98M	-44.75M	28.46M	-12.51M	41.85M	49.70M	116.72M	418.29M