Stock TGAS MESSER TEHNOGAS AD
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Financials Messer Tehnogas AD

Equities

TGAS

RSTGASE20818

Commodity Chemicals

End-of-day quote Belgrade S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
25,000 RSD 0.00% Intraday chart for Messer Tehnogas AD -7.41% +57.81%
Mar. 26 Messer SE & Co. KGaA launched a bid to acquire remaining 17.91% stake in Messer Tehnogas AD for RSD 4.6 billion. CI
Feb. 23 Messer SE & Co Plans Buyout Bid for Messer Tehnogas CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 13,190 12,127 14,118 14,513 16,276 12,931
Enterprise Value (EV) 1 6,774 8,243 9,037 8,876 9,971 8,384
P/E ratio 5.75 x 5.74 x 6.1 x 6.07 x 5.06 x 5.64 x
Yield - - - 3.04% - -
Capitalization / Revenue 1.52 x 1.18 x 1.17 x 1.15 x 1.1 x 0.78 x
EV / Revenue 0.78 x 0.8 x 0.75 x 0.7 x 0.67 x 0.51 x
EV / EBITDA 1.87 x 2.4 x 2.21 x 2.06 x 1.93 x 1.71 x
EV / FCF 5.36 x 5.61 x 36.8 x 10.4 x 8.31 x -5.46 x
FCF Yield 18.7% 17.8% 2.72% 9.61% 12% -18.3%
Price to Book 0.78 x 0.65 x 0.69 x 0.66 x 0.66 x 0.49 x
Nbr of stocks (in thousands) 1,037 1,037 1,037 1,037 1,037 1,037
Reference price 2 12,724 11,698 13,619 14,000 15,700 12,474
Announcement Date 4/25/18 4/25/19 5/4/20 4/28/21 5/4/23 5/4/23
1RSD in Million2RSD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 8,680 10,283 12,058 12,612 14,806 16,584
EBITDA 1 3,624 3,427 4,090 4,318 5,179 4,895
EBIT 1 2,700 2,318 2,698 2,802 3,724 3,284
Operating Margin 31.1% 22.54% 22.37% 22.22% 25.15% 19.8%
Earnings before Tax (EBT) 1 2,524 2,374 2,689 2,813 3,752 2,767
Net income 1 2,293 2,113 2,314 2,391 3,214 2,292
Net margin 26.42% 20.55% 19.19% 18.96% 21.71% 13.82%
EPS 2 2,212 2,038 2,232 2,306 3,101 2,211
Free Cash Flow 1 1,265 1,469 245.6 852.6 1,200 -1,536
FCF margin 14.57% 14.28% 2.04% 6.76% 8.1% -9.26%
FCF Conversion (EBITDA) 34.9% 42.85% 6.01% 19.74% 23.16% -
FCF Conversion (Net income) 55.15% 69.5% 10.61% 35.66% 37.32% -
Dividend per Share - - - 425.0 - -
Announcement Date 4/25/18 4/25/19 5/4/20 4/28/21 5/4/23 5/4/23
1RSD in Million2RSD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 6,416 3,884 5,081 5,637 6,304 4,547
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 1,265 1,469 246 853 1,200 -1,536
ROE (net income / shareholders' equity) 14.2% 11.7% 11.7% 11.3% 13.6% 8.91%
ROA (Net income/ Total Assets) 9.74% 7.26% 7.58% 7.45% 8.85% 7.18%
Assets 1 23,549 29,104 30,536 32,113 36,311 31,917
Book Value Per Share 2 16,416 17,897 19,682 21,255 23,908 25,558
Cash Flow per Share 2 827.0 1,317 2,514 2,593 3,548 3,367
Capex 1 908 1,469 2,625 1,787 3,069 4,695
Capex / Sales 10.46% 14.29% 21.77% 14.17% 20.73% 28.31%
Announcement Date 4/25/18 4/25/19 5/4/20 4/28/21 5/4/23 5/4/23
1RSD in Million2RSD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Industrial Gas

1st Jan change Capi.
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Industrial Gas
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