Financials Unilever Nigeria Plc

Equities

UNILEVER

NGUNILEVER07

Food Processing

End-of-day quote Nigerian S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
14.75 NGN +0.34% Intraday chart for Unilever Nigeria Plc +3.15% -0.34%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 126,390 79,856 83,303 66,642 85,026 84,739 - -
Enterprise Value (EV) 1 126,390 43,543 83,303 -1,535 85,026 36,015 30,076 23,390
P/E ratio -29.7 x -49.6 x - 11.2 x 9.93 x 5.57 x 4.43 x 3.94 x
Yield - - - 2.16% 5.07% 10.6% 13.7% 16.6%
Capitalization / Revenue 2.08 x 1.3 x 1.18 x 0.75 x 0.87 x 0.66 x 0.57 x 0.5 x
EV / Revenue 2.08 x 0.71 x 1.18 x -0.02 x 0.87 x 0.28 x 0.2 x 0.14 x
EV / EBITDA -18.5 x 20.4 x 14 x -0.14 x 3.93 x 1.58 x 1.05 x 0.74 x
EV / FCF -8.51 x 67.8 x - -0.14 x - 7.3 x 1.75 x 1.23 x
FCF Yield -11.8% 1.48% - -714% - 13.7% 57.2% 81.4%
Price to Book 1.81 x 1.23 x 1.26 x 0.96 x - 1.04 x 0.93 x 0.84 x
Nbr of stocks (in thousands) 5,745,005 5,745,005 5,745,005 5,745,005 5,745,005 5,745,005 - -
Reference price 2 22.00 13.90 14.50 11.60 14.80 14.75 14.75 14.75
Announcement Date 1/23/20 1/22/21 1/27/22 1/24/23 1/19/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 60,758 61,572 70,524 88,721 97,438 128,401 148,899 168,914
EBITDA 1 -6,835 2,139 5,960 10,948 21,649 22,836 28,698 31,771
EBIT 1 -9,632 -1,970 2,028 8,577 17,134 19,414 25,276 28,318
Operating Margin -15.85% -3.2% 2.88% 9.67% 17.58% 15.12% 16.98% 16.76%
Earnings before Tax (EBT) 1 -8,322 -1,799 - 9,863 17,404 22,372 28,171 31,586
Net income 1 -4,224 -1,592 - 5,993 8,544 15,213 19,156 21,479
Net margin -6.95% -2.59% - 6.75% 8.77% 11.85% 12.87% 12.72%
EPS 2 -0.7400 -0.2800 - 1.040 1.490 2.650 3.330 3.740
Free Cash Flow 1 -14,856 642.3 - 10,964 - 4,933 17,207 19,046
FCF margin -24.45% 1.04% - 12.36% - 3.84% 11.56% 11.28%
FCF Conversion (EBITDA) - 30.02% - 100.15% - 21.6% 59.96% 59.95%
FCF Conversion (Net income) - - - 182.96% - 32.43% 89.83% 88.67%
Dividend per Share 2 - - - 0.2500 0.7500 1.570 2.015 2.445
Announcement Date 1/23/20 1/22/21 1/27/22 1/24/23 1/19/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2023 Q2
Net sales 11,801 -
EBITDA - -
EBIT 1,147 -
Operating Margin 9.72% -
Earnings before Tax (EBT) - -
Net income 1 - 91.48
Net margin - -
EPS 2 - 0.0200
Dividend per Share - -
Announcement Date 1/27/22 7/24/23
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - 36,312 - 68,177 - 48,724 54,663 61,349
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -14,856 642 - 10,964 - 4,933 17,207 19,046
ROE (net income / shareholders' equity) -5.05% -2.42% 5.43% 8.88% - 18.4% 21.4% 21.8%
ROA (Net income/ Total Assets) -3.22% -1.58% 3.46% 5.19% - 11.7% 13.8% 14%
Assets 1 131,050 100,818 - 115,491 - 130,026 139,316 153,971
Book Value Per Share 2 12.20 11.30 11.50 12.00 - 14.20 15.80 17.70
Cash Flow per Share - - - - - - - -
Capex 1 5,378 1,014 - 1,494 - 2,882 3,298 3,689
Capex / Sales 8.85% 1.65% - 1.68% - 2.24% 2.21% 2.18%
Announcement Date 1/23/20 1/22/21 1/27/22 1/24/23 1/19/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
14.75 NGN
Average target price
22.52 NGN
Spread / Average Target
+52.66%
Consensus

Annual profits - Rate of surprise

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