Financials Transnational Corporation of Nigeria Plc

Equities

TRANSCORP

NGTRANSCORP7

Electric Utilities

End-of-day quote Nigerian S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
14 NGN 0.00% Intraday chart for Transnational Corporation of Nigeria Plc 0.00% +61.66%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024
Capitalization 1 53,655 40,242 36,583 39,022 45,932 569,072 569,072
Enterprise Value (EV) 1 53,655 137,987 151,934 131,173 45,932 428,618 620,198
P/E ratio - 16.7 x 9.65 x 2.82 x 5.95 x 15.5 x 40 x
Yield - 1.01% 1.11% 2.08% - 0.36% 0.36%
Capitalization / Revenue 0.52 x 0.53 x 0.49 x 0.35 x - 1.81 x 3.04 x
EV / Revenue 0.52 x 1.81 x 2.02 x 1.18 x - 2.21 x 3.31 x
EV / EBITDA - 5,159,251 x 7,222,194 x 3,082,635 x - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book - - - - - 1.84 x 2.81 x
Nbr of stocks (in thousands) 40,647,990 40,647,990 40,647,990 40,647,990 40,647,990 40,647,990 40,647,990
Reference price 2 1.320 0.9900 0.9000 0.9600 1.130 14.00 14.00
Announcement Date 2/15/19 1/30/20 3/31/21 3/25/22 3/30/23 1/31/24 -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024
Net sales 1 104,163 76,347 75,271 111,219 - 193,975 187,254
EBITDA - 26,746 21,037 42,552 - - -
EBIT 1 - 22,250 17,987 38,536 - 80,149 59,154
Operating Margin - 29.14% 23.9% 34.65% - 41.32% 31.59%
Earnings before Tax (EBT) 1 22,402 7,997 1,609 27,999 - 55,873 43,018
Net income 1 20,627 7,065 3,792 23,831 7,788 22,929 14,310
Net margin 19.8% 9.25% 5.04% 21.43% - 11.82% 7.64%
EPS 2 - 0.0593 0.0933 0.3400 0.1900 0.5600 0.3500
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 - 0.0100 0.0100 0.0200 - 0.0500 0.0500
Announcement Date 2/15/19 1/30/20 3/31/21 3/25/22 3/30/23 1/31/24 -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2022 Q1
Net sales 1 34,956 28,825 53,260 32,327 25,632 31,389
EBITDA 1 12,353 10,933 19,265 12,549 12,981 11,350
EBIT - - - - - -
Operating Margin - - - - - -
Earnings before Tax (EBT) - - - - - -
Net income 1 778.2 4,462 - - - 5,035
Net margin 2.23% 15.48% - - - 16.04%
EPS - - - - - -
Dividend per Share - - - - - -
Announcement Date 7/29/20 7/29/21 7/29/21 10/27/21 3/25/22 4/29/22
1NGN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024
Net Debt 1 - 97,745 115,351 92,151 - 76,606 51,127
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - 3.655 x 5.483 x 2.166 x - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) 32% - - 17.7% - 13.2% 14.7%
ROA (Net income/ Total Assets) 7.08% - - 3.8% - 4.75% 5.4%
Assets 1 291,333 - - 627,143 - 482,964 265,005
Book Value Per Share 2 - - - - - 4.720 4.990
Cash Flow per Share - - - - - - -
Capex 1 - - - - - 16,395 23,407
Capex / Sales - - - - - 8.45% 12.5%
Announcement Date 2/15/19 1/30/20 3/31/21 3/25/22 3/30/23 1/31/24 -
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
14 NGN
Average target price
7.75 NGN
Spread / Average Target
-44.64%
Consensus

Quarterly revenue - Rate of surprise

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