Financials Mabanee Company K.P.S.C.

Equities

MABANEE

KW0EQ0400725

Real Estate Development & Operations

End-of-day quote Kuwait S.E. Other stock markets 06:00:00 2024-06-09 pm EDT			5-day change	1st Jan Change
0.861 ^KWD	0.00%		+2.50%	+8.26%

May. 06	Mabanee Company K.P.S.C. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 06	Mabanee Company K.P.S.C. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	940.6	726	928.9	1,053	1,110	1,201	-	-
Enterprise Value (EV) ¹	1,210	1,024	1,199	1,342	1,494	1,817	2,260	2,590
P/E ratio	16.7 x	33.6 x	16.8 x	17.2 x	17.1 x	18 x	18.7 x	18.3 x
Yield	1.55%	0.91%	1.76%	1.65%	1.66%	1.86%	1.48%	2.09%
Capitalization / Revenue	9.76 x	11.4 x	9.24 x	9.3 x	8.58 x	8.92 x	9.04 x	6.63 x
EV / Revenue	12.6 x	16.1 x	11.9 x	11.9 x	11.6 x	13.5 x	17 x	14.3 x
EV / EBITDA	16.6 x	25.4 x	15.1 x	15.3 x	15.1 x	17.7 x	22.1 x	18.8 x
EV / FCF	13,603,069 x	69,838,790 x	19,882,180 x	17,550,054 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	1.99 x	1.51 x	1.75 x	1.84 x	1.79 x	1.85 x	1.65 x	-
Nbr of stocks (in thousands)	1,390,809	1,395,156	1,395,156	1,395,156	1,395,156	1,394,855	-	-
Reference price ²	0.6763	0.5204	0.6658	0.7547	0.7953	0.8610	0.8610	0.8610
Announcement Date	2/4/20	2/12/21	2/6/22	1/30/23	2/6/24	-	-	-

¹KWD in Million²KWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	96.36	63.55	100.5	113.2	129.3	134.7	132.9	181.1
EBITDA ¹	72.89	40.24	79.35	87.7	99.19	102.6	102.5	138.1
EBIT ¹	62.15	26.72	61.19	66.68	73.83	75.79	76.28	104
Operating Margin	64.5%	42.04%	60.87%	58.89%	57.09%	56.28%	57.4%	57.4%
Earnings before Tax (EBT)	59.33	22.96	58.5	64.33	-	-	-	-
Net income	56.41	21.59	55.41	61.08	-	-	-	-
Net margin	58.54%	33.97%	55.12%	53.95%	-	-	-	-
EPS ²	0.0405	0.0155	0.0397	0.0438	0.0466	0.0479	0.0460	0.0471
Free Cash Flow	88.93	14.66	60.31	76.48	-	-	-	-
FCF margin	92.29%	23.07%	60%	67.55%	-	-	-	-
FCF Conversion (EBITDA)	122.01%	36.43%	76.01%	87.21%	-	-	-	-
FCF Conversion (Net income)	157.65%	67.9%	108.86%	125.22%	-	-	-	-
Dividend per Share ²	0.0105	0.004750	0.0118	0.0125	0.0132	0.0160	0.0127	0.0180
Announcement Date	2/4/20	2/12/21	2/6/22	1/30/23	2/6/24	-	-	-

¹KWD in Million²KWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2023 Q1	2023 Q2
Net sales ¹	26.76	26.69	-	30.52
EBITDA	-	-	-	-
EBIT ¹	15.95	15.58	-	17.05
Operating Margin	59.58%	58.36%	-	55.85%
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	14.75	14.52	15.86	15.88
Net margin	55.12%	54.39%	-	52.03%
EPS	-	-	0.0114	-
Dividend per Share	-	-	-	-
Announcement Date	2/6/22	5/10/22	5/9/23	8/3/23

¹KWD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	269	298	270	289	384	616	1,059	1,389
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.693 x	7.397 x	3.406 x	3.299 x	3.874 x	6.007 x	10.34 x	10.06 x
Free Cash Flow	88.9	14.7	60.3	76.5	-	-	-	-
ROE (net income / shareholders' equity)	12.6%	4.53%	11%	11.1%	10.9%	10.5%	9.25%	10.2%
ROA (Net income/ Total Assets)	6.17%	2.24%	5.4%	5.5%	5.22%	4.1%	3.3%	-
Assets	913.9	965	1,025	1,110	-	-	-	-
Book Value Per Share ²	0.3400	0.3400	0.3800	0.4100	0.4400	0.4700	0.5200	-
Cash Flow per Share ²	-	-	-	-	0.0600	0.0700	0.0700	0.0900
Capex ¹	0.21	19.6	24.1	9.54	118	284	505	405
Capex / Sales	0.22%	30.77%	24%	8.43%	91.34%	210.97%	379.97%	223.63%
Announcement Date	2/4/20	2/12/21	2/6/22	1/30/23	2/6/24	-	-	-

¹KWD in Million²KWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mabanee Company K.P.S.C.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.861 KWD

Average target price

0.9194 KWD

Spread / Average Target

+6.78%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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