Financials Nigerian Breweries Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-07-01 pm EDT			5-day change	1st Jan Change
29.1 ^NGN	+0.34%		+1.22%	-19.17%

Apr. 26	Nigerian Breweries Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 14	Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	471,817	447,827	403,792	421,321	369,941	299,035	-	-
Enterprise Value (EV) ¹	521,176	508,904	418,435	839,116	369,941	611,143	586,645	565,841
P/E ratio	29.4 x	60.9 x	31.8 x	25.9 x	-2.81 x	-4.15 x	20.2 x	9.28 x
Yield	3.41%	1.68%	3.22%	3.49%	-	1.64%	2.17%	-
Capitalization / Revenue	1.46 x	1.33 x	0.92 x	0.77 x	0.62 x	0.38 x	0.35 x	0.31 x
EV / Revenue	1.61 x	1.51 x	0.96 x	1.52 x	0.62 x	0.77 x	0.7 x	0.59 x
EV / EBITDA	7.67 x	7.5 x	5.05 x	9.19 x	4.02 x	4.69 x	4.59 x	3.65 x
EV / FCF	61.6 x	11 x	13 x	-11.1 x	-	-61.9 x	23.8 x	26.9 x
FCF Yield	1.62%	9.05%	7.69%	-8.98%	-	-1.61%	4.21%	3.71%
Price to Book	2.81 x	2.78 x	2.35 x	2.34 x	-	-22 x	15.8 x	4.05 x
Nbr of stocks (in thousands)	9,996,128	9,996,128	10,094,790	10,276,132	10,276,132	10,276,132	-	-
Reference price ²	47.20	44.80	40.00	41.00	36.00	29.10	29.10	29.10
Announcement Date	2/13/20	2/17/21	2/19/22	2/24/23	2/14/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	323,007	337,046	437,285	550,638	599,643	790,283	842,572	961,089
EBITDA ¹	67,936	67,874	82,794	91,357	91,995	130,311	127,794	155,222
EBIT ¹	35,206	29,605	41,494	51,756	43,963	80,870	76,449	100,106
Operating Margin	10.9%	8.78%	9.49%	9.4%	7.33%	10.23%	9.07%	10.42%
Earnings before Tax (EBT) ¹	23,352	11,577	23,701	17,341	-145,224	-85,828	15,532	35,640
Net income ¹	16,101	7,363	12,666	13,182	-106,308	-60,001	10,640	25,003
Net margin	4.98%	2.18%	2.9%	2.39%	-17.73%	-7.59%	1.26%	2.6%
EPS ²	1.608	0.7360	1.256	1.580	-12.80	-7.010	1.443	3.137
Free Cash Flow ¹	8,459	46,059	32,162	-75,333	-	-9,868	24,692	21,018
FCF margin	2.62%	13.67%	7.35%	-13.68%	-	-1.25%	2.93%	2.19%
FCF Conversion (EBITDA)	12.45%	67.86%	38.85%	-	-	-	19.32%	13.54%
FCF Conversion (Net income)	52.54%	625.55%	253.93%	-	-	-	232.07%	84.06%
Dividend per Share ²	1.608	0.7520	1.288	1.430	-	0.4770	0.6307	-
Announcement Date	2/13/20	2/17/21	2/19/22	2/24/23	2/14/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	49,358	61,077	14,643	417,794	-	312,108	287,610	266,806
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7265 x	0.8999 x	0.1769 x	4.573 x	-	2.395 x	2.251 x	1.719 x
Free Cash Flow ¹	8,459	46,059	32,162	-75,333	-	-9,868	24,692	21,018
ROE (net income / shareholders' equity)	9.63%	4.48%	7.61%	7.5%	-86%	-	106%	74.8%
ROA (Net income/ Total Assets)	4.18%	1.78%	2.72%	2.39%	-	-	1.6%	4.3%
Assets ¹	385,526	414,317	465,685	552,704	-	-	665,000	581,465
Book Value Per Share ²	16.80	16.10	17.00	17.50	-	-1.330	1.850	7.180
Cash Flow per Share	3.890	8.330	9.110	2.710	-	-	-	-
Capex ¹	29,916	37,215	59,407	97,861	-	94,799	107,311	120,190
Capex / Sales	9.26%	11.04%	13.59%	17.77%	-	12%	12.74%	12.51%
Announcement Date	2/13/20	2/17/21	2/19/22	2/24/23	2/14/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

29.1 NGN

Average target price

34.75 NGN

Spread / Average Target

+19.41%

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