NIGERIAN BREWERIES P

NB
End-of-day quote. End-of-day quote  - 11/30
46.5NGN 0.00%
Valuation
Fiscal Period: December 2020 2021
Capitalization1 447 827375 526
Entreprise Value (EV)1 508 904457 930
P/E ratio 60,9x21,6x
Yield 1,68%3,38%
Capitalization / Revenue 1,33x0,90x
EV / Revenue 1,51x1,09x
EV / EBITDA 7,50x6,03x
Price to Book 2,78x2,13x
Nbr of stocks (in thousands) 7 996 9028 075 832
Reference price (NGN) 56,046,5
Announcement Date 02/17/2021-
Previous period Next period
1 NGN in Million
Estimates
Income Statement Evolution
Annual Income Statement Data
Fiscal Period: December 2020 2021
Net sales1 337 046418 611
EBITDA1 67 87475 964
Operating profit (EBIT)1 29 60531 814
Operating Margin 8,78%7,60%
Pre-Tax Profit (EBT)1 11 57725 895
Net income1 7 36317 620
Net margin 2,18%4,21%
EPS2 0,922,16
Dividend per Share2 0,941,57
Announcement Date 02/17/2021-
Previous period Next period
1 NGN in Million
2 NGN
Finances - Leverage
Fiscal Period: December 2020 2021
Net Debt1 61 07782 404
Net Cash position1 --
Leverage (Debt / EBITDA) 0,90x1,08x
Free Cash Flow1 46 0598 853
ROE (Net Profit / Equities) 4,48%12,5%
Shareholders' equity1 164 365140 427
ROA (Net Profit / Asset) 1,78%5,07%
Assets1 414 317347 535
Book Value Per Share2 20,121,8
Cash Flow per Share 10,4-
Capex1 37 21542 401
Capex / Sales 11,0%10,1%
Announcement Date 02/17/2021-
Previous period Next period
1 NGN in Million
2 NGN
Financial Ratios
Size 2021e 2022e
Capitalization 375 526 M NGN -
Entreprise Value (EV) 457 930 M NGN 473 575 M NGN
Valuation 2021e 2022e
P/E ratio (Price / EPS) 21,6x 19,7x
Capitalization / Revenue 0,90x 0,92x
EV / Revenue 1,09x 1,13x
EV / EBITDA 6,03x 5,65x
Yield (DPS / Price) 3,38% 4,95%
Price to book (Price / BVPS) 2,13x 1,99x
Profitability 2021e 2022e
Operating Margin (EBIT / Sales) 7,60% 9,85%
Operating Leverage (Delta EBIT / Delta Sales) 0,31x -
Net Margin (Net Profit / Revenue) 4,21% 4,87%
ROA (Net Profit / Asset) 5,07% 5,88%
ROE (Net Profit / Equities) 12,5% 14,7%
Rate of Dividend 72,9% 97,4%
Balance Sheet Analysis 2021e 2022e
CAPEX / Sales   10,1% 10,3%
Cash Flow / Sales - -
Capital Intensity (Assets / Sales) 0,83x 0,83x
Financial Leverage (Net Debt / EBITDA) 1,08x 1,21x
Price Earning Ratio
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
EPS & Dividend