Financials British American Tobacco Bangladesh Company Limited

Equities

End-of-day quote Dhaka S.E. Other stock markets 06:00:00 2024-04-24 pm EDT			5-day change	1st Jan Change
364.5 ^BDT	-2.31%		-7.44%	-29.73%

Apr. 21	BATBC Announces Executive Changes, Effective on July 01, 2024	CI
Apr. 09	British American Tobacco Bangladesh Company Limited 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	174,582	212,544	343,224	280,098	280,098	196,830	-	-
Enterprise Value (EV) ¹	170,991	208,294	343,224	280,098	280,098	196,830	196,830	196,830
P/E ratio	18.9 x	19.5 x	22.9 x	15.7 x	15.7 x	10.3 x	9.17 x	7.84 x
Yield	4.12%	5.08%	4.33%	3.86%	-	5.49%	11.7%	10.5%
Capitalization / Revenue	3.07 x	3.53 x	4.59 x	3.33 x	3.06 x	2 x	1.81 x	1.64 x
EV / Revenue	3.07 x	3.53 x	4.59 x	3.33 x	3.06 x	2 x	1.81 x	1.64 x
EV / EBITDA	8.41 x	8.74 x	10.6 x	7.33 x	7.38 x	4.78 x	4.27 x	3.68 x
EV / FCF	14.1 x	15.6 x	132 x	13.4 x	-	9.76 x	8.66 x	7.44 x
FCF Yield	7.09%	6.39%	0.76%	7.46%	-	10.2%	11.5%	13.4%
Price to Book	4.88 x	2.08 x	9.33 x	6.8 x	-	3.73 x	3.36 x	3.35 x
Nbr of stocks (in thousands)	540,000	540,000	540,000	540,000	540,000	540,000	-	-
Reference price ²	323.3	393.6	635.6	518.7	518.7	364.5	364.5	364.5
Announcement Date	4/8/20	3/6/21	3/7/22	3/7/23	4/9/24	-	-	-

¹BDT in Million²BDT

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	56,821	60,291	74,828	84,232	91,668	98,354	108,484	120,219
EBITDA ¹	20,753	24,332	32,465	38,200	37,978	41,164	46,102	53,452
EBIT ¹	18,767	22,224	30,131	35,558	35,034	38,711	44,074	50,997
Operating Margin	33.03%	36.86%	40.27%	42.21%	38.22%	39.36%	40.63%	42.42%
Earnings before Tax (EBT) ¹	17,404	21,090	29,902	34,993	35,270	36,552	41,143	48,096
Net income ¹	9,246	10,887	14,969	17,872	17,879	19,092	21,484	25,112
Net margin	16.27%	18.06%	20%	21.22%	19.5%	19.41%	19.8%	20.89%
EPS ²	17.12	20.16	27.72	33.10	33.11	35.35	39.75	46.50
Free Cash Flow ¹	12,374	13,584	2,608	20,896	-	20,162	22,732	26,472
FCF margin	21.78%	22.53%	3.49%	24.81%	-	20.5%	20.95%	22.02%
FCF Conversion (EBITDA)	59.63%	55.83%	8.03%	54.7%	-	48.98%	49.31%	49.53%
FCF Conversion (Net income)	133.82%	124.78%	17.42%	116.92%	-	105.6%	105.81%	105.42%
Dividend per Share ²	13.33	20.00	27.50	20.00	-	20.00	42.50	38.35
Announcement Date	4/8/20	3/6/21	3/7/22	3/7/23	4/9/24	-	-	-

¹BDT in Million²BDT

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	3,591	4,250	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	12,374	13,584	2,608	20,896	-	20,162	22,732	26,472
ROE (net income / shareholders' equity)	28.3%	31.2%	42.3%	45.8%	-	37.5%	37.2%	42.9%
ROA (Net income/ Total Assets)	15.9%	17.5%	21%	22.2%	-	19.2%	21.1%	23.6%
Assets ¹	57,987	62,104	71,152	80,493	-	99,438	101,818	106,633
Book Value Per Share ²	66.30	189.0	68.10	76.30	-	97.60	108.0	109.0
Cash Flow per Share ²	-	-	-	-	-	49.80	54.90	58.40
Capex ¹	3,216	1,435	-	-	-	5,744	7,410	7,154
Capex / Sales	5.66%	2.38%	-	-	-	5.84%	6.83%	5.95%
Announcement Date	4/8/20	3/6/21	3/7/22	3/7/23	4/9/24	-	-	-

¹BDT in Million²BDT

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

364.5 BDT

Average target price

562.8 BDT

Spread / Average Target

+54.40%

	1st Jan change	Capi.
BRITISH AMERICAN TOBACCO BANGLADESH COMPANY LIMITED	-29.73%	1.79B
ALTRIA GROUP, INC.	+7.54%	74.51B
ITC LIMITED	-4.78%	65.87B
JAPAN TOBACCO, INC.	+14.60%	47.11B
KT&G CORPORATION	+2.30%	7.29B
PT HANJAYA MANDALA SAMPOERNA TBK	-6.70%	5.99B
RLX TECHNOLOGY INC.	-4.50%	2.43B
PT GUDANG GARAM TBK	-6.03%	2.27B
SCANDINAVIAN TOBACCO GROUP A/S	-3.67%	1.36B
EASTERN COMPANY S.A.E	-11.55%	1.17B