Financials Workday CINNOBER BOAT

Stocks

0M18

US98138H1014

Software

Delayed CINNOBER BOAT Other stock markets			5-day change	1st Jan Change
- ^USD	-.--%		-.--%	-

06-12	Workday Insider Sold Shares Worth $14,869,715, According to a Recent SEC Filing	MT
06-09	Workday Says Canadian Public Sector Customer Growth Accelerates	MT

Projected Income Statement: Workday

Fiscal Period: January	2022	2023	2024	2025	2026	2027	2028	2029
Net sales ¹	5,139	6,216	7,259	8,446	9,552	10,667	11,838	13,105
Change	-	20.96%	16.78%	16.35%	13.09%	11.67%	10.98%	10.7%
EBITDA ¹	1,493	1,574	2,022	2,512	3,171	3,550	4,118	4,694
Change	-	5.39%	28.46%	24.23%	26.23%	11.96%	16%	13.99%
EBIT ¹	1,150	1,210	1,740	2,186	2,824	3,255	3,801	4,437
Change	-	5.21%	43.84%	25.63%	29.19%	15.25%	16.8%	16.72%
Interest Paid ¹	-	-37.75	-114	-114	-	-85.6	-114.1	-114.1
Earnings before Tax (EBT) ¹	16.18	-260	356	638	1,009	1,464	2,040	2,805
Change	-	-1,706.41%	236.95%	79.21%	58.15%	45.11%	39.32%	37.52%
Net income ¹	29.37	-366.7	1,381	526	693	1,075	1,527	1,994
Change	-	-1,348.59%	476.55%	-61.91%	31.75%	55.09%	42.08%	30.61%
Announcement Date	2/28/22 A	2/27/23 A	2/26/24 A	2/25/25 A	2/24/26 A	-	-	-

¹USD in Million

Estimates

Fiscal Period: January	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3	2028 Q4	2029 Q1
Net sales ¹	1,260	1,327	1,376	1,435	1,536	1,599	1,646	1,684	1,787	1,866	1,922	1,990	2,085	2,160	2,211	2,240	2,348	2,432	2,532	2,542	2,635	2,696	2,789	2,811	2,918	2,986	3,093	3,114
Change	-	5.31%	3.68%	4.25%	7.05%	4.12%	2.95%	2.31%	6.08%	4.42%	3.02%	3.54%	4.77%	3.6%	2.36%	1.31%	4.82%	3.58%	4.11%	0.39%	3.67%	2.32%	3.44%	0.79%	3.78%	2.34%	3.6%	0.68%
EBITDA ¹	377.2	419.4	325.9	378.4	394.2	406.1	395.3	466.4	492.8	530.7	533	590	597	650	675	761	761	777	871	901	853.1	856.1	923.8	952.3	972	981	1,064	1,137
Change	-	11.19%	-22.29%	16.11%	4.19%	3%	-2.67%	18%	5.67%	7.68%	0.43%	10.69%	1.19%	8.88%	3.85%	12.74%	0%	2.1%	12.1%	3.44%	-5.31%	0.35%	7.9%	3.09%	2.06%	0.92%	8.44%	6.91%
EBIT ¹	291.8	332.2	237.1	288.6	301.6	314.2	305.3	395.9	421.4	462.1	461	515	518	569	584	677	680	692	774	809	793	794.7	861.1	900.4	925	927.6	1,014	1,029
Change	-	13.86%	-28.63%	21.68%	4.5%	4.21%	-2.85%	29.69%	6.44%	9.65%	-0.24%	11.71%	0.58%	9.85%	2.64%	15.92%	0.44%	1.76%	11.85%	4.52%	-1.98%	0.23%	8.35%	4.57%	2.73%	0.28%	9.35%	1.41%
Charge d'intérêts ¹	-4.19	21.56	17.14	-	-32.79	4.163	-28.55	26.71	45.56	41.39	-	-29	-29	-29	-28	-29	-29	-29	-	-	-28.5	-28.5	-28.5	-28.5	-28.5	-28.5	-28.5	-
Earnings before Tax (EBT) ¹	101.9	45.5	-83.82	-93.01	-66.87	-22.16	-77.92	6.909	81.81	129.2	138	123	168	227	120	103	304	338	264	355	319.2	339.1	380.5	445.7	452.6	472.4	530	624.9
Change	-	-55.33%	-284.21%	-10.96%	28.1%	66.86%	-251.65%	108.87%	1,084.14%	57.98%	6.78%	-10.87%	36.59%	35.12%	-47.14%	-14.17%	195.15%	11.18%	-21.89%	34.47%	-10.09%	6.22%	12.23%	17.14%	1.54%	4.38%	12.18%	17.9%
Net income ¹	105.7	43.41	-73.25	-102.2	-64.16	-74.72	-125.7	0.136	78.66	113.7	1,188	107	132	193	94	68	228	252	145	222	255.2	263.5	298.5	344.1	353.7	362.7	418	430.7
Change	-	-58.94%	-268.74%	-39.48%	37.21%	-16.46%	-68.22%	100.11%	57,738.24%	44.56%	944.77%	-90.99%	23.36%	46.21%	-51.3%	-27.66%	235.29%	10.53%	-42.46%	53.1%	14.97%	3.23%	13.3%	15.25%	2.79%	2.57%	15.23%	3.04%
Announcement Date	8/26/21 A	11/18/21 A	2/28/22 A	5/26/22 A	8/25/22 A	11/29/22 A	2/27/23 A	5/25/23 A	8/24/23 A	11/28/23 A	2/26/24 A	5/23/24 A	8/22/24 A	11/26/24 A	2/25/25 A	5/22/25 A	8/21/25 A	11/25/25 A	2/24/26 A	5/21/26 A	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Workday

Fiscal Period: January	2022	2023	2024	2025	2026	2027	2028	2029
Net Debt ¹	-1,804	-3,145	-4,833	-5,033	-2,456	-2,178	-4,680	-7,737
Change	-	-74.33%	-53.67%	-4.14%	51.2%	11.32%	-114.88%	-65.32%
Announcement Date	2/28/22 A	2/27/23 A	2/26/24 A	2/25/25 A	2/24/26 A	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Workday

Fiscal Period: January	2022	2023	2024	2025	2026	2027	2028	2029
CAPEX ¹	264.3	359.6	228	269	162	272.5	296.9	346.7
Change	-	36.06%	-36.59%	17.98%	-39.78%	68.24%	8.94%	16.76%
Free Cash Flow (FCF) ¹	1,386	1,298	1,917	2,192	2,777	3,192	3,684	4,315
Change	-	-6.4%	47.73%	14.35%	26.69%	14.95%	15.4%	17.13%
Announcement Date	2/28/22 A	2/27/23 A	2/26/24 A	2/25/25 A	2/24/26 A	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Workday

Fiscal Period: January	2022	2023	2024	2025	2026	2027	2028	2029
Profitability
EBITDA Margin (%)	29.06%	25.32%	27.86%	29.74%	33.2%	33.28%	34.79%	35.82%
EBIT Margin (%)	22.37%	19.46%	23.97%	25.88%	29.56%	30.51%	32.11%	33.86%
EBT Margin (%)	0.31%	-4.18%	4.9%	7.55%	10.56%	13.73%	17.23%	21.4%
Net margin (%)	0.57%	-5.9%	19.02%	6.23%	7.26%	10.08%	12.9%	15.22%
FCF margin (%)	26.98%	20.88%	26.41%	25.95%	29.07%	29.93%	31.12%	32.93%
FCF / Net Income (%)	4,720.11%	-353.82%	138.81%	416.73%	400.72%	297.01%	241.25%	216.35%
Profitability
ROA	10.81%	7.92%	9.23%	3.06%	3.84%	6.14%	8.25%	9.44%
ROE	26.59%	18.76%	22.67%	22.96%	29.39%	34.42%	33.08%	28.26%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	5.14%	5.78%	3.14%	3.18%	1.7%	2.56%	2.51%	2.65%
CAPEX / EBITDA (%)	17.7%	22.84%	11.28%	10.71%	5.11%	7.68%	7.21%	7.39%
CAPEX / FCF (%)	19.06%	27.71%	11.89%	12.27%	5.83%	8.54%	8.06%	8.03%
Items per share
Cash flow per share ¹	6.498	6.503	8.101	9.142	10.96	13.51	15.7	19.14
Change	-	0.08%	24.56%	12.85%	19.91%	23.27%	16.17%	21.96%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	17.85	21.92	30.47	34.06	29.44	31.08	40.65	52.04
Change	-	22.78%	38.99%	11.79%	-13.55%	5.56%	30.8%	28.01%
EPS ¹	0.12	-1.44	5.21	1.95	2.59	4.11	6.059	7.87
Change	-	-1,300%	461.81%	-62.57%	32.82%	58.67%	47.44%	29.88%
Nbr of stocks (in thousands)	250,000	257,016	263,000	266,000	263,000	246,973	246,973	246,973
Announcement Date	2/28/22 A	2/27/23 A	2/26/24 A	2/25/25 A	2/24/26 A	-	-	-