Financials East African Breweries PLC

Equities

End-of-day quote Nairobi S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
155.2 ^KES	+1.97%		-0.48%	+36.18%

Jan. 26	Diageo's Kenyan unit calls Tusker beer sale report 'market speculation'	RE
Jan. 26	Diageo's Kenyan Unit Calls Tusker Beer Sale Report 'Market Speculation'	CI

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	157,462	128,018	142,424	108,143	122,009	122,175	-	-
Enterprise Value (EV) ¹	181,313	168,906	184,620	143,308	122,009	174,458	172,894	172,535
P/E ratio	17.8 x	31.3 x	32.8 x	9.15 x	12.4 x	13.5 x	9.83 x	8.97 x
Yield	4.26%	1.85%	-	8.01%	-	3.57%	4.2%	5.6%
Capitalization / Revenue	1.91 x	1.71 x	1.66 x	0.99 x	1.11 x	1.05 x	0.96 x	0.89 x
EV / Revenue	2.2 x	2.26 x	2.15 x	1.31 x	1.11 x	1.5 x	1.36 x	1.26 x
EV / EBITDA	7.23 x	8.45 x	9.18 x	4.2 x	3.9 x	5.4 x	4.68 x	4.36 x
EV / FCF	16.7 x	-35.2 x	27.6 x	11.3 x	-	42 x	21.9 x	17.8 x
FCF Yield	5.99%	-2.84%	3.62%	8.89%	-	2.38%	4.56%	5.61%
Price to Book	18.2 x	20.3 x	23 x	4.11 x	-	2.21 x	1.95 x	1.78 x
Nbr of stocks (in thousands)	788,296	787,800	787,959	787,925	787,155	786,957	-	-
Reference price ²	199.8	162.5	180.8	137.2	155.0	155.2	155.2	155.2
Announcement Date	7/25/19	8/6/20	7/31/21	9/6/22	8/3/23	-	-	-

¹KES in Million²KES

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	82,543	74,900	85,962	109,409	109,649	116,515	127,052	136,522
EBITDA ¹	25,094	20,000	20,100	34,136	31,287	32,288	36,922	39,617
EBIT ¹	21,187	14,600	20,732	32,281	26,247	24,324	28,352	30,412
Operating Margin	25.67%	19.49%	24.12%	29.5%	23.94%	20.88%	22.32%	22.28%
Earnings before Tax (EBT) ¹	17,815	10,700	10,858	24,016	18,709	18,135	24,566	26,855
Net income ¹	8,878	4,086	6,962	11,857	9,857	9,073	12,451	13,638
Net margin	10.76%	5.46%	8.1%	10.84%	8.99%	7.79%	9.8%	9.99%
EPS ²	11.23	5.200	5.510	15.00	12.47	11.50	15.80	17.30
Free Cash Flow ¹	10,866	-4,800	6,685	12,733	-	4,150	7,885	9,680
FCF margin	13.16%	-6.41%	7.78%	11.64%	-	3.56%	6.21%	7.09%
FCF Conversion (EBITDA)	43.3%	-	33.26%	37.3%	-	12.85%	21.36%	24.43%
FCF Conversion (Net income)	122.4%	-	96.02%	107.39%	-	45.74%	63.33%	70.98%
Dividend per Share ²	8.500	3.000	-	11.00	-	5.537	6.521	8.699
Announcement Date	7/25/19	8/6/20	7/31/21	9/6/22	8/3/23	-	-	-

¹KES in Million²KES

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	23,851	40,888	42,196	35,165	-	52,283	50,719	50,360
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9505 x	2.044 x	2.099 x	1.03 x	-	1.619 x	1.374 x	1.271 x
Free Cash Flow ¹	10,866	-4,800	6,685	12,733	-	4,150	7,885	9,680
ROE (net income / shareholders' equity)	82.8%	46.6%	69.6%	106%	52.4%	26.8%	28%	27.3%
ROA (Net income/ Total Assets)	14.5%	7.99%	4.61%	11.3%	-	-	-	-
Assets ¹	61,027	51,140	151,020	105,305	-	-	-	-
Book Value Per Share ²	11.00	7.990	7.850	33.40	-	70.10	79.80	87.40
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	11,700	8,100	7,927	13,172	-	14,270	15,556	16,485
Capex / Sales	14.17%	10.81%	9.22%	12.04%	-	12.25%	12.24%	12.07%
Announcement Date	7/25/19	8/6/20	7/31/21	9/6/22	8/3/23	-	-	-

¹KES in Million²KES

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

155.2 KES

Average target price

158.8 KES

Spread / Average Target

+2.30%

	1st Jan change	Capi.
EAST AFRICAN BREWERIES PLC	+36.18%	907M
ANHEUSER-BUSCH INBEV SA/NV	-3.94%	119B
DELTA CORPORATION LIMITED	+384.45%	67.41B
CONSTELLATION BRANDS, INC.	+7.57%	47.58B
AMBEV S.A.	-12.53%	36.89B
HEINEKEN HOLDING N.V.	0.00%	23.13B
CARLSBERG A/S	+12.68%	19.06B
BUDWEISER BREWING COMPANY APAC LIMITED	-25.17%	18.42B
ASAHI GROUP HOLDINGS, LTD.	+3.94%	17.59B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	+6.29%	15.06B