Stock SOVRENINS SOVEREIGN TRUST INSURANCE PLC
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Financials Sovereign Trust Insurance Plc

Equities

SOVRENINS

NGSOVRENINS5

Property & Casualty Insurance

End-of-day quote Nigerian S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
0.36 NGN -10.00% Intraday chart for Sovereign Trust Insurance Plc -18.18% -14.29%
Jan. 31 Sovereign Trust Insurance Plc Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023 CI
2023 Sovereign Trust Insurance Plc Reports Earnings Results for the Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 4,170 1,752 2,502 2,273 3,409 3,182
Enterprise Value (EV) 1 1,711 -2,189 -3,487 -3,687 -2,839 -3,399
P/E ratio 26.5 x 5.09 x 3.41 x 3.31 x 3.5 x 2.87 x
Yield - - - - - -
Capitalization / Revenue 0.92 x 0.3 x 0.34 x 0.28 x 0.4 x 0.39 x
EV / Revenue 0.38 x -0.38 x -0.48 x -0.45 x -0.33 x -0.42 x
EV / EBITDA 5.81 x -2.71 x -4.12 x -3.64 x -2.65 x -3.09 x
EV / FCF 41.8 x -3.17 x -18.2 x 54.3 x -5.8 x -20.1 x
FCF Yield 2.39% -31.6% -5.5% 1.84% -17.3% -4.96%
Price to Book 0.76 x 0.3 x 0.29 x 0.26 x 0.35 x 0.3 x
Nbr of stocks (in thousands) 8,340,823 8,340,824 12,511,235 11,364,497 11,364,497 11,364,466
Reference price 2 0.5000 0.2100 0.2000 0.2000 0.3000 0.2800
Announcement Date 4/23/18 3/29/19 6/15/20 3/30/21 3/29/22 3/31/23
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 4,526 5,781 7,301 8,119 8,592 8,165
EBITDA 1 294.6 806.5 847.4 1,013 1,072 1,100
EBIT 1 143.1 643.8 692.8 872.2 888.7 1,013
Operating Margin 3.16% 11.14% 9.49% 10.74% 10.34% 12.41%
Earnings before Tax (EBT) 1 202.7 540.6 819 796.1 885.8 962.3
Net income 1 157.9 344.2 503.4 687.7 974.7 838.8
Net margin 3.49% 5.95% 6.89% 8.47% 11.34% 10.27%
EPS 2 0.0189 0.0413 0.0586 0.0605 0.0858 0.0976
Free Cash Flow 1 40.95 690.7 191.8 -67.88 489.8 168.7
FCF margin 0.9% 11.95% 2.63% -0.84% 5.7% 2.07%
FCF Conversion (EBITDA) 13.9% 85.65% 22.64% - 45.68% 15.34%
FCF Conversion (Net income) 25.94% 200.66% 38.11% - 50.25% 20.11%
Dividend per Share - - - - - -
Announcement Date 4/23/18 3/29/19 6/15/20 3/30/21 3/29/22 3/31/23
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 2,459 3,940 5,989 5,960 6,249 6,581
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 41 691 192 -67.9 490 169
ROE (net income / shareholders' equity) 2.95% 6.1% 7.4% 8.38% 10.7% 8.36%
ROA (Net income/ Total Assets) 0.88% 3.63% 3.5% 3.86% 3.56% 3.74%
Assets 1 17,948 9,470 14,381 17,820 27,404 22,406
Book Value Per Share 2 0.6600 0.7000 0.6900 0.7600 0.8500 0.9200
Cash Flow per Share 2 0.4100 0.6300 0.6300 0.6400 0.7000 0.7600
Capex 1 170 245 12.1 128 57.9 91.2
Capex / Sales 3.75% 4.23% 0.17% 1.58% 0.67% 1.12%
Announcement Date 4/23/18 3/29/19 6/15/20 3/30/21 3/29/22 3/31/23
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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