Financials Julius Berger Nigeria Plc

Equities

JBERGER

NGJBERGER009

Construction & Engineering

End-of-day quote Nigerian S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
58.5 NGN 0.00% Intraday chart for Julius Berger Nigeria Plc 0.00% +36.05%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 26,532 26,268 28,195 35,760 39,200 68,800
Enterprise Value (EV) 1 27,998 22,277 36,189 8,946 4,519 -61,744
P/E ratio 4.35 x 3.03 x 23 x 4.29 x 4.95 x 5.48 x
Yield 9.95% 12.1% 2.25% 11.2% 10.2% 6.98%
Capitalization / Revenue 0.14 x 0.1 x 0.12 x 0.11 x 0.09 x 0.16 x
EV / Revenue 0.14 x 0.08 x 0.15 x 0.03 x 0.01 x -0.14 x
EV / EBITDA 1.41 x 0.8 x 1.9 x 0.29 x 0.14 x -3.14 x
EV / FCF -0.6 x 1.85 x 2.42 x -0.1 x 0.43 x -180 x
FCF Yield -168% 54.2% 41.4% -1,035% 234% -0.56%
Price to Book 0.75 x 0.78 x 0.63 x 0.67 x 0.69 x 0.65 x
Nbr of stocks (in thousands) 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000
Reference price 2 16.58 16.42 17.62 22.35 24.50 43.00
Announcement Date 3/21/19 5/10/21 5/10/21 4/22/22 3/31/23 4/5/24
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 194,618 266,430 241,779 338,807 440,982 443,439
EBITDA 1 19,895 27,823 19,073 30,631 33,204 19,653
EBIT 1 12,088 19,985 12,498 22,672 21,705 9,393
Operating Margin 6.21% 7.5% 5.17% 6.69% 4.92% 2.12%
Earnings before Tax (EBT) 1 10,198 13,919 3,857 14,176 15,537 22,060
Net income 1 6,102 8,760 1,236 8,344 7,914 12,553
Net margin 3.14% 3.29% 0.51% 2.46% 1.79% 2.83%
EPS 2 3.814 5.420 0.7649 5.215 4.946 7.845
Free Cash Flow 1 -46,953 12,067 14,973 -92,617 10,563 342.8
FCF margin -24.13% 4.53% 6.19% -27.34% 2.4% 0.08%
FCF Conversion (EBITDA) - 43.37% 78.5% - 31.81% 1.74%
FCF Conversion (Net income) - 137.76% 1,211.14% - 133.47% 2.73%
Dividend per Share 2 1.650 1.980 0.3960 2.500 2.500 3.000
Announcement Date 3/21/19 5/10/21 5/10/21 4/22/22 3/31/23 4/5/24
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,466 - 7,994 - - -
Net Cash position 1 - 3,991 - 26,814 34,681 130,544
Leverage (Debt/EBITDA) 0.0737 x - 0.4191 x - - -
Free Cash Flow 1 -46,953 12,067 14,973 -92,617 10,563 343
ROE (net income / shareholders' equity) 18.6% 23.1% 2.9% 17% 14.4% 15.4%
ROA (Net income/ Total Assets) 2.68% 4.15% 2.43% 3.52% 2.76% 0.98%
Assets 1 227,688 211,124 50,852 237,378 286,886 1,275,677
Book Value Per Share 2 22.10 21.10 28.10 33.20 35.60 66.40
Cash Flow per Share 2 15.00 17.80 21.80 38.10 33.40 101.0
Capex 1 5,455 8,004 9,379 34,736 22,671 6,063
Capex / Sales 2.8% 3% 3.88% 10.25% 5.14% 1.37%
Announcement Date 3/21/19 5/10/21 5/10/21 4/22/22 3/31/23 4/5/24
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
SELL
Number of Analysts
1
Last Close Price
58.5 NGN
Average target price
37.71 NGN
Spread / Average Target
-35.54%
Consensus

Chiffre d''affaires - Rate of surprise

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