Financials Barloworld Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
86.59 ^ZAR	+0.21%		+2.03%	+9.61%

Mar. 26	Transcript : Barloworld Limited, 5 Months Period Ending Feb 09, 2024 Sales/ Trading Statement Call, Mar 26, 2024
Feb. 16	Barloworld Limited Approves Election of V Nkonyeni as Chairman of the Audit Committee	CI

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,587	12,355	26,157	17,550	16,468	16,421	-	-
Enterprise Value (EV) ¹	25,169	17,335	29,235	20,626	16,468	17,840	17,858	17,991
P/E ratio	10.1 x	-4.97 x	8.94 x	5.27 x	6.8 x	9.33 x	8.17 x	7.39 x
Yield	4%	-	3.55%	4.99%	5.76%	4.28%	4.98%	5.57%
Capitalization / Revenue	0.41 x	0.25 x	0.49 x	0.36 x	0.35 x	0.4 x	0.39 x	0.35 x
EV / Revenue	0.42 x	0.35 x	0.54 x	0.42 x	0.35 x	0.43 x	0.42 x	0.39 x
EV / EBITDA	5.09 x	3.59 x	4.25 x	2.68 x	2.69 x	3.66 x	3.49 x	3.3 x
EV / FCF	8.21 x	9.23 x	5.55 x	-11.6 x	-	11.9 x	10.9 x	10 x
FCF Yield	12.2%	10.8%	18%	-8.65%	-	8.42%	9.14%	9.97%
Price to Book	1.04 x	0.63 x	1.15 x	0.9 x	-	0.92 x	0.86 x	0.8 x
Nbr of stocks (in thousands)	212,693	201,026	212,693	190,204	189,642	189,642	-	-
Reference price ²	115.6	61.46	123.0	92.27	86.84	86.59	86.59	86.59
Announcement Date	11/18/19	11/30/20	11/22/21	11/30/22	11/20/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	60,206	49,683	53,838	49,184	47,116	41,219	42,534	46,373
EBITDA ¹	4,948	4,830	6,883	7,703	6,130	4,868	5,123	5,449
EBIT ¹	3,272	1,797	4,423	5,587	4,782	3,461	3,649	3,821
Operating Margin	5.43%	3.62%	8.22%	11.36%	10.15%	8.4%	8.58%	8.24%
Earnings before Tax (EBT) ¹	2,498	-1,562	3,480	3,412	2,942	2,316	2,702	3,250
Net income ¹	2,428	-2,476	2,756	3,242	2,275	1,814	2,077	2,461
Net margin	4.03%	-4.98%	5.12%	6.59%	4.83%	4.4%	4.88%	5.31%
EPS ²	11.47	-12.36	13.76	17.52	12.76	9.280	10.60	11.71
Free Cash Flow ¹	3,064	1,878	5,268	-1,785	-	1,502	1,632	1,793
FCF margin	5.09%	3.78%	9.78%	-3.63%	-	3.64%	3.84%	3.87%
FCF Conversion (EBITDA)	61.92%	38.88%	76.54%	-	-	30.85%	31.85%	32.91%
FCF Conversion (Net income)	126.19%	-	191.15%	-	-	82.77%	78.56%	72.85%
Dividend per Share ²	4.620	-	4.370	4.600	5.000	3.702	4.308	4.826
Announcement Date	11/18/19	11/30/20	11/22/21	11/30/22	11/20/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	582	4,980	3,078	3,076	-	1,419	1,437	1,570
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.1176 x	1.031 x	0.4472 x	0.3993 x	-	0.2914 x	0.2806 x	0.2881 x
Free Cash Flow ¹	3,064	1,878	5,268	-1,785	-	1,502	1,632	1,793
ROE (net income / shareholders' equity)	10.6%	-2.49%	12.2%	5.88%	-	11.1%	11.8%	12.5%
ROA (Net income/ Total Assets)	5.03%	-1.13%	4.7%	-	-	4%	3.55%	3.95%
Assets ¹	48,225	219,115	58,612	-	-	45,361	58,513	62,313
Book Value Per Share ²	111.0	97.40	107.0	102.0	-	93.90	100.0	109.0
Cash Flow per Share ²	11.80	12.00	28.90	-6.250	-	4.770	9.700	8.630
Capex ¹	633	536	521	558	-	908	928	1,000
Capex / Sales	1.05%	1.08%	0.97%	1.13%	-	2.2%	2.18%	2.16%
Announcement Date	11/18/19	11/30/20	11/22/21	11/30/22	11/20/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

86.59 ZAR

Average target price

85.25 ZAR

Spread / Average Target

-1.55%

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