Stock VAM VELGRAF ASSET MANAGEMENT AD
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Financials Velgraf Asset Management AD

Equities

VAM

BG1100010104

Real Estate Development & Operations

End-of-day quote Bulgaria S.E.
Other stock markets
 06:00:00 2024-04-23 pm EDT 		5-day change 1st Jan Change
4.68 BGN -.--% Intraday chart for Velgraf Asset Management AD -.--% +0.86%
Jan. 15 Velgraf Asset Management AD Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Velgraf Asset Management AD Reports Earnings Results for the Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 255.2 262.1 270.4 282.8 296.6 311.8
Enterprise Value (EV) 1 292.7 285.7 297 342.1 386 422.3
P/E ratio 196 x 80.3 x 195 x 1,735 x -2,230 x -1,134 x
Yield - - - - - -
Capitalization / Revenue 28.7 x 32 x 34.5 x 39 x 42.5 x 44 x
EV / Revenue 32.9 x 34.8 x 37.8 x 47.1 x 55.3 x 59.6 x
EV / EBITDA 46.5 x 74.5 x 70.3 x 87.7 x 124 x 124 x
EV / FCF -22.5 x -113 x 26.3 x -18.6 x -15.9 x -16.9 x
FCF Yield -4.45% -0.88% 3.8% -5.38% -6.31% -5.92%
Price to Book 2.25 x 2.28 x 2.32 x 2.43 x 2.54 x 2.68 x
Nbr of stocks (in thousands) 68,980 68,980 68,980 68,980 68,980 68,980
Reference price 2 3.700 3.800 3.920 4.100 4.300 4.520
Announcement Date 4/30/18 4/22/19 7/31/20 4/29/21 4/29/22 5/3/23
1BGN in Million2BGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 8.896 8.203 7.848 7.258 6.977 7.085
EBITDA 1 6.294 3.837 4.228 3.899 3.103 3.404
EBIT 1 3.463 1.023 3.478 3.208 2.388 2.362
Operating Margin 38.93% 12.47% 44.32% 44.2% 34.23% 33.34%
Earnings before Tax (EBT) 1 1.173 3.639 0.924 1.122 -0.101 -0.29
Net income 1 1.213 3.266 1.39 0.163 -0.133 -0.275
Net margin 13.64% 39.81% 17.71% 2.25% -1.91% -3.88%
EPS 2 0.0189 0.0473 0.0202 0.002363 -0.001928 -0.003986
Free Cash Flow 1 -13.03 -2.517 11.28 -18.39 -24.35 -24.98
FCF margin -146.47% -30.69% 143.69% -253.43% -348.99% -352.61%
FCF Conversion (EBITDA) - - 266.72% - - -
FCF Conversion (Net income) - - 811.29% - - -
Dividend per Share - - - - - -
Announcement Date 4/30/18 4/22/19 7/31/20 4/29/21 4/29/22 5/3/23
1BGN in Million2BGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 37.5 23.6 26.6 59.3 89.4 110
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 5.961 x 6.145 x 6.298 x 15.2 x 28.8 x 32.45 x
Free Cash Flow 1 -13 -2.52 11.3 -18.4 -24.3 -25
ROE (net income / shareholders' equity) 1.41% 2.86% 1.2% 0.14% -0.11% -0.25%
ROA (Net income/ Total Assets) 1.34% 0.36% 1.33% 1.1% 0.68% 0.61%
Assets 1 90.71 895 104.2 14.83 -19.58 -44.99
Book Value Per Share 2 1.640 1.670 1.690 1.690 1.690 1.690
Cash Flow per Share 2 0 0.0200 0.0300 0.0100 0.0100 0.0100
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 4/30/18 4/22/19 7/31/20 4/29/21 4/29/22 5/3/23
1BGN in Million2BGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
VELGRAF ASSET MANAGEMENT AD Stock Velgraf Asset Management AD
+0.86% 176M
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
+40.41% 29.49B
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
-11.60% 27.43B
DLF LIMITED Stock DLF Limited
+20.90% 26.59B
CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
+7.86% 27.14B
MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+49.25% 23.87B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+13.23% 21.03B
EMAAR PROPERTIES Stock Emaar Properties
-1.52% 19.01B
SUMITOMO REALTY & DEVELOPMENT CO., LTD. Stock Sumitomo Realty & Development Co., Ltd.
+28.90% 16.66B
CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
-13.27% 15.27B
Other Real Estate Development & Operations
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