Financials AECI Ltd

Equities

AFE

ZAE000000220

Specialty Chemicals

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-07-14 pm EDT			5-day change	1st Jan Change
107.4 ^ZAR	-0.54%		-0.79%	-2.07%

May. 30	AECI Ltd Announces Board Changes	CI
Feb. 28	Transcript : AECI Ltd, 2023 Earnings Call, Feb 28, 2024

Valuation

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,764	12,314	9,243	11,574	11,335	-	-
Enterprise Value (EV) ¹	11,764	12,314	14,588	15,912	14,483	13,450	11,985
P/E ratio	-	10.1 x	9.98 x	9.86 x	7.43 x	5.81 x	4.82 x
Yield	5.33%	-	8.84%	2%	3.17%	5.47%	6.7%
Capitalization / Revenue	0.47 x	0.47 x	0.26 x	0.31 x	0.29 x	0.28 x	0.26 x
EV / Revenue	0.47 x	0.47 x	0.41 x	0.42 x	0.38 x	0.33 x	0.28 x
EV / EBITDA	3.54 x	-	4.09 x	4.32 x	3.62 x	3 x	2.39 x
EV / FCF	-	-	-6.53 x	10.2 x	9.87 x	7.34 x	4.99 x
FCF Yield	-	-	-15.3%	9.78%	10.1%	13.6%	20%
Price to Book	-	-	-	0.94 x	0.84 x	0.77 x	0.7 x
Nbr of stocks (in thousands)	109,944	109,944	105,518	105,518	105,518	-	-
Reference price ²	107.0	112.0	87.60	109.7	107.4	107.4	107.4
Announcement Date	2/25/20	3/2/22	2/28/23	2/27/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net sales ¹	24,799	26,053	35,583	37,500	38,446	40,546	42,953
EBITDA ¹	3,326	-	3,570	3,683	4,005	4,485	5,023
EBIT ¹	2,031	-	2,047	2,571	2,942	3,403	3,925
Operating Margin	8.19%	-	5.75%	6.86%	7.65%	8.39%	9.14%
Earnings before Tax (EBT) ¹	-	-	1,759	2,097	2,556	3,123	3,729
Net income ¹	-	-	959	1,174	1,561	2,002	2,423
Net margin	-	-	2.7%	3.13%	4.06%	4.94%	5.64%
EPS ²	-	11.12	8.780	11.12	14.46	18.48	22.28
Free Cash Flow ¹	-	-	-2,235	1,556	1,467	1,833	2,402
FCF margin	-	-	-6.28%	4.15%	3.82%	4.52%	5.59%
FCF Conversion (EBITDA)	-	-	-	42.25%	36.64%	40.87%	47.82%
FCF Conversion (Net income)	-	-	-	132.54%	94.02%	91.54%	99.1%
Dividend per Share ²	5.700	-	7.740	2.190	3.410	5.880	7.195
Announcement Date	2/25/20	3/2/22	2/28/23	2/27/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1
Net sales ¹	18,404
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS ²	5.960
Dividend per Share	-
Announcement Date	7/26/23

¹ZAR in Million²ZAR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	5,345	4,338	3,148	2,115	650
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.497 x	1.178 x	0.786 x	0.4716 x	0.1295 x
Free Cash Flow ¹	-	-	-2,235	1,556	1,467	1,833	2,402
ROE (net income / shareholders' equity)	12.1%	-	-	9.83%	11.1%	12.5%	13.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	-	-	-	116.0	128.0	140.0	155.0
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	833	-	1,552	1,305	1,319	1,373	1,428
Capex / Sales	3.36%	-	4.36%	3.48%	3.43%	3.39%	3.32%
Announcement Date	2/25/20	3/2/22	2/28/23	2/27/24	-	-	-

¹ZAR in Million²ZAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AECI Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

107.4 ZAR

Average target price

124 ZAR

Spread / Average Target

+15.43%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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