Financials Salik Company

Equities

SALIK

AEE01110S227

Highways & Rail Tracks

Market Closed - Dubai FM Other stock markets 06:55:21 2024-05-08 am EDT			5-day change	1st Jan Change
3.5 ^AED	+0.57%		+0.86%	+12.54%

May. 01	UAE Tollgate Group Salik Donates AED200,000 to Dubai Autism Center	MT
Apr. 17	Most Gulf markets end lower on US rate cut worries	RE

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	18,600	23,325	26,250	-	-
Enterprise Value (EV) ¹	21,763	27,048	30,336	30,268	30,078
P/E ratio	14 x	21.4 x	23.7 x	20.3 x	18.3 x
Yield	2.64%	4.69%	4.21%	4.87%	5.37%
Capitalization / Revenue	9.83 x	11.1 x	11.5 x	10.2 x	9.49 x
EV / Revenue	11.5 x	12.8 x	13.3 x	11.8 x	10.9 x
EV / EBITDA	15.1 x	19.5 x	19.8 x	17.3 x	15.8 x
EV / FCF	14.4 x	18.7 x	20.2 x	17.3 x	16.4 x
FCF Yield	6.95%	5.36%	4.96%	5.77%	6.08%
Price to Book	30.8 x	35.2 x	37.5 x	34.1 x	31.7 x
Nbr of stocks (in thousands)	7,500,000	7,500,000	7,500,000	-	-
Reference price ²	2.480	3.110	3.500	3.500	3.500
Announcement Date	2/10/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	1,693	1,892	2,109	2,287	2,571	2,767
EBITDA ¹	-	1,440	1,390	1,529	1,749	1,901
EBIT ¹	-	1,396	1,299	1,450	1,650	1,796
Operating Margin	-	73.76%	61.62%	63.42%	64.17%	64.89%
Earnings before Tax (EBT) ¹	-	1,326	1,098	1,225	1,433	1,577
Net income ¹	1,381	1,326	1,090	1,115	1,294	1,426
Net margin	81.54%	70.06%	51.7%	48.75%	50.34%	51.54%
EPS ²	-	0.1770	0.1450	0.1474	0.1728	0.1909
Free Cash Flow ¹	-	1,512	1,450	1,505	1,745	1,830
FCF margin	-	79.93%	68.77%	65.8%	67.89%	66.12%
FCF Conversion (EBITDA)	-	105.04%	104.32%	98.42%	99.77%	96.27%
FCF Conversion (Net income)	-	114.09%	133.02%	134.99%	134.85%	128.29%
Dividend per Share ²	-	0.0655	0.1460	0.1475	0.1704	0.1881
Announcement Date	9/5/22	2/10/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	445.4	502	520.1	516.7	-	509	563	563.2	565.6	552.8	599
EBITDA ¹	300.9	348.7	348	345.9	-	330	366	370.7	372	358.6	427.9
EBIT ¹	280.5	328.3	327.2	325.2	-	309.6	-	355.7	357.8	343	374.1
Operating Margin	62.98%	65.4%	62.91%	62.95%	-	60.82%	-	63.16%	63.27%	62.04%	62.46%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	241.9	287	275.3	272.7	547.9	255	287.4	276.3	271.3	259.9	307.2
Net margin	54.31%	57.17%	52.93%	52.77%	-	50.1%	51.04%	49.06%	47.97%	47.02%	51.28%
EPS ²	0.0300	0.0400	0.0400	0.0400	-	0.0340	-	0.0369	0.0372	0.0354	0.0390
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/10/22	2/10/23	5/12/23	8/11/23	8/11/23	11/13/23	2/8/24	-	-	-	-

¹AED in Million²AED

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	3,163	3,723	4,086	4,018	3,828
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.197 x	2.678 x	2.672 x	2.297 x	2.014 x
Free Cash Flow ¹	-	1,512	1,450	1,505	1,745	1,830
ROE (net income / shareholders' equity)	-	446%	173%	161%	168%	167%
ROA (Net income/ Total Assets)	-	47.2%	20.9%	19.4%	21.8%	22.7%
Assets ¹	-	2,809	5,226	5,733	5,945	6,296
Book Value Per Share ²	-	0.0800	0.0900	0.0900	0.1000	0.1100
Cash Flow per Share ²	-	0.2000	0.1900	0.1500	0.1900	0.2100
Capex ¹	-	3.16	4.6	2	2	2
Capex / Sales	-	0.17%	0.22%	0.09%	0.08%	0.07%
Announcement Date	9/5/22	2/10/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Salik Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.5 AED

Average target price

3.94 AED

Spread / Average Target

+12.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway Operators

	1st Jan change	Capi.
SALIK COMPANY	+12.54%	7.11B
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JIANGSU EXPRESSWAY COMPANY LIMITED	+11.25%	7.28B
IMPULSORA DEL DESARROLLO Y EL EMPLEO EN AMÉRICA LATINA, S.A.B. DE C.V.	+5.41%	6.6B
SHANDONG HI-SPEED COMPANY LIMITED	+26.37%	5.8B
ATLAS ARTERIA LIMITED	-4.76%	5.2B
GRUPO CCR S.A.	-10.23%	5.12B
PROMOTORA Y OPERADORA DE INFRAESTRUCTURA, S. A. B. DE C. V.	+0.58%	4.5B

Highway Operators