Financials Jardine Cycle & Carriage Limited

Equities

Market Closed - Singapore S.E. Other stock markets 05:06:56 2024-04-26 am EDT			5-day change	1st Jan Change
26.26 ^SGD	+0.15%		-0.91%	-11.76%

Mar. 01	Norway wealth fund sells stakes in 3 Jardine firms on environment concerns	RE
Feb. 28	Jardine Cycle & Carriage's 2023 Attributable Profit Nearly Doubles on Record Astra Unit Growth	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,840	5,851	6,035	8,437	8,917	7,617	-	-
Enterprise Value (EV) ¹	15,182	9,418	7,961	10,349	8,917	12,831	13,697	14,714
P/E ratio	10 x	10.8 x	9.14 x	11.4 x	7.32 x	7.11 x	6.92 x	6.41 x
Yield	3.89%	2.9%	5.24%	5.2%	-	5.72%	6.02%	6.37%
Capitalization / Revenue	0.48 x	0.44 x	0.34 x	0.39 x	0.4 x	0.35 x	0.33 x	0.32 x
EV / Revenue	0.82 x	0.71 x	0.45 x	0.47 x	0.4 x	0.59 x	0.6 x	0.62 x
EV / EBITDA	4.81 x	3.59 x	2.89 x	2.78 x	2.15 x	3.5 x	3.7 x	3.83 x
EV / FCF	18.3 x	3.91 x	3.01 x	4.97 x	-	11.1 x	16.3 x	20 x
FCF Yield	5.47%	25.6%	33.2%	20.1%	-	8.99%	6.15%	5%
Price to Book	1.29 x	0.84 x	0.82 x	1.18 x	-	0.9 x	0.85 x	0.81 x
Nbr of stocks (in thousands)	395,236	395,236	395,236	395,236	395,236	395,236	-	-
Reference price ²	22.37	14.80	15.27	21.35	22.56	19.27	19.27	19.27
Announcement Date	2/27/20	2/26/21	2/28/22	2/28/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,591	13,234	17,688	21,794	22,234	21,933	22,783	23,686
EBITDA ¹	3,156	2,623	2,759	3,726	4,141	3,669	3,704	3,837
EBIT ¹	2,196	1,517	1,695	2,710	3,104	2,730	2,734	2,830
Operating Margin	11.81%	11.46%	9.58%	12.43%	13.96%	12.45%	12%	11.95%
Earnings before Tax (EBT) ¹	2,549	1,480	2,234	3,227	3,714	3,215	3,265	3,405
Net income ¹	881.4	540.3	660.6	739.8	1,215	966.2	1,001	1,104
Net margin	4.74%	4.08%	3.73%	3.39%	5.47%	4.41%	4.4%	4.66%
EPS ²	2.230	1.370	1.670	1.870	3.080	2.711	2.785	3.004
Free Cash Flow ¹	830.9	2,410	2,647	2,084	-	1,154	841.9	736.2
FCF margin	4.47%	18.21%	14.96%	9.56%	-	5.26%	3.7%	3.11%
FCF Conversion (EBITDA)	26.33%	91.88%	95.94%	55.92%	-	31.45%	22.73%	19.19%
FCF Conversion (Net income)	94.27%	446.09%	400.7%	281.67%	-	119.44%	84.07%	66.67%
Dividend per Share ²	0.8700	0.4300	0.8000	1.110	-	1.103	1.160	1.227
Announcement Date	2/27/20	2/26/21	2/28/22	2/28/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,342	3,567	1,926	1,912	-	5,215	6,080	7,098
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.01 x	1.36 x	0.698 x	0.5131 x	-	1.421 x	1.641 x	1.85 x
Free Cash Flow ¹	831	2,410	2,647	2,084	-	1,154	842	736
ROE (net income / shareholders' equity)	13.3%	6%	9.21%	15.1%	-	13.1%	13%	13%
ROA (Net income/ Total Assets)	3.06%	1.91%	2.34%	3.76%	-	7.37%	7.32%	7.66%
Assets ¹	28,794	28,292	28,283	19,692	-	13,115	13,673	14,413
Book Value Per Share ²	17.40	17.70	18.60	18.10	-	21.40	22.60	23.80
Cash Flow per Share ²	4.330	7.000	7.660	7.210	-	7.230	7.010	7.090
Capex ¹	881	344	381	767	-	1,295	1,368	1,460
Capex / Sales	4.74%	2.6%	2.15%	3.52%	-	5.9%	6.01%	6.16%
Announcement Date	2/27/20	2/26/21	2/28/22	2/28/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.27 USD

Average target price

20.04 USD

Spread / Average Target

+4.02%

	1st Jan change	Capi.
JARDINE CYCLE & CARRIAGE LIMITED	-11.76%	7.62B
BERKSHIRE HATHAWAY INC.	+11.85%	869B
INTERNATIONAL HOLDING COMPANY	0.00%	239B
GE AEROSPACE	+27.20%	178B
HONEYWELL INTERNATIONAL INC.	-7.75%	126B
HITACHI, LTD.	+32.50%	79.32B
ILLINOIS TOOL WORKS INC.	-5.21%	74.17B
3M COMPANY	-16.00%	50.82B
ALPHA DHABI HOLDING	-24.57%	38.6B
MITSUBISHI ELECTRIC CORPORATION	+19.71%	31.74B