Financials BUA Cement Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
143.2 ^NGN	0.00%		0.00%	+47.63%

Mar. 21	Transcript : BUA Cement Plc, 2023 Earnings Call, Mar 21, 2024
Feb. 29	BUA Cement Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,619,408	2,270,605	3,310,241	3,284,842	4,849,376	-	-
Enterprise Value (EV) ¹	2,781,738	2,270,605	3,501,618	3,592,120	4,969,365	4,849,376	4,849,376
P/E ratio	37.2 x	24.7 x	32.8 x	47.3 x	26.4 x	-	-
Yield	2.67%	3.88%	2.86%	2.06%	2.68%	2.3%	-
Capitalization / Revenue	12.5 x	8.82 x	9.17 x	7.14 x	7.75 x	6.26 x	4.34 x
EV / Revenue	13.3 x	8.82 x	9.7 x	7.81 x	7.94 x	6.26 x	4.34 x
EV / EBITDA	28.4 x	18.9 x	23 x	35.9 x	28.4 x	16.2 x	13.4 x
EV / FCF	-29.9 x	24.1 x	-	97.9 x	20.9 x	15 x	10.6 x
FCF Yield	-3.35%	4.15%	-	1.02%	4.8%	6.64%	9.47%
Price to Book	7 x	-	8.08 x	8.53 x	10.8 x	-	-
Nbr of stocks (in thousands)	33,864,355	33,864,355	33,864,355	33,864,355	33,864,354	-	-
Reference price ²	77.35	67.05	97.75	97.00	143.2	143.2	143.2
Announcement Date	1/29/21	1/28/22	3/3/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	209,474	257,333	360,989	459,999	625,859	774,950	1,116,650
EBITDA ¹	97,908	120,045	152,206	100,095	174,787	299,107	361,808
EBIT ¹	82,505	104,769	129,720	74,697	207,635	318,531	419,622
Operating Margin	39.39%	40.71%	35.93%	16.24%	33.18%	41.1%	37.58%
Earnings before Tax (EBT) ¹	79,066	105,031	120,154	67,228	224,434	202,874	252,802
Net income ¹	70,518	91,743	101,011	69,455	184,036	182,586	227,521
Net margin	33.66%	35.65%	27.98%	15.1%	29.41%	23.56%	20.38%
EPS ²	2.080	2.710	2.980	2.050	5.430	-	-
Free Cash Flow ¹	-93,050	94,190	-	36,695	238,328	322,224	459,387
FCF margin	-44.42%	36.6%	-	7.98%	38.08%	41.58%	41.14%
FCF Conversion (EBITDA)	-	78.46%	-	36.66%	136.35%	107.73%	126.97%
FCF Conversion (Net income)	-	102.67%	-	52.83%	129.5%	176.48%	201.91%
Dividend per Share ²	2.067	2.600	2.800	2.000	3.840	3.290	-
Announcement Date	1/29/21	1/28/22	3/3/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	162,330	-	191,378	307,278	119,989	-	-
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.658 x	-	1.257 x	3.07 x	0.6865 x	-	-
Free Cash Flow ¹	-93,050	94,190	-	36,695	238,328	322,224	459,387
ROE (net income / shareholders' equity)	19.1%	23.7%	25%	17.4%	21.9%	38.5%	43.3%
ROA (Net income/ Total Assets)	-	12.3%	-	6.65%	6.6%	10.2%	10.3%
Assets ¹	-	747,397	-	1,044,849	2,788,424	1,790,059	2,208,942
Book Value Per Share ²	11.00	-	12.10	11.40	13.30	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	146,114	60,667	104,431	117,002	61,338	51,524	47,608
Capex / Sales	69.75%	23.58%	28.93%	25.44%	9.8%	6.65%	4.26%
Announcement Date	1/29/21	1/28/22	3/3/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

143.2 NGN

Average target price

85.32 NGN

Spread / Average Target

-40.42%

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