Financials AVI Limited

Equities

AVI

ZAE000049433

Food Processing

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
85.73 ^ZAR	+1.72%		+1.20%	+4.46%

Mar. 04	Transcript : AVI Limited, H1 2024 Earnings Call, Mar 04, 2024
Mar. 04	South Africa's AVI half-year profit rises 17.4%	RE

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,005	23,217	23,449	21,659	22,654	28,344	-	-
Enterprise Value (EV) ¹	32,448	24,533	25,100	23,336	24,404	29,811	29,748	29,339
P/E ratio	18.8 x	12 x	14.3 x	12.4 x	12.3 x	13.7 x	12.9 x	12.1 x
Yield	4.54%	5.81%	6.12%	7.03%	7.08%	6.99%	6.61%	7.21%
Capitalization / Revenue	2.28 x	1.76 x	1.77 x	1.56 x	1.52 x	1.78 x	1.67 x	1.59 x
EV / Revenue	2.47 x	1.86 x	1.89 x	1.69 x	1.64 x	1.87 x	1.75 x	1.65 x
EV / EBITDA	10.4 x	8.38 x	8.46 x	7.54 x	7.44 x	8.22 x	7.68 x	7.19 x
EV / FCF	20.6 x	12.5 x	12.9 x	11.7 x	14.4 x	13 x	12.7 x	11.7 x
FCF Yield	4.85%	7.98%	7.74%	8.55%	6.94%	7.71%	7.86%	8.57%
Price to Book	6.61 x	4.63 x	5.32 x	4.53 x	4.4 x	5.33 x	5.52 x	5.19 x
Nbr of stocks (in thousands)	328,423	329,139	330,031	329,572	332,707	330,624	-	-
Reference price ²	91.36	70.54	71.05	65.72	68.09	85.73	85.73	85.73
Announcement Date	9/9/19	9/4/20	9/6/21	9/5/22	9/4/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,151	13,210	13,269	13,845	14,920	15,930	16,998	17,823
EBITDA ¹	3,115	2,929	2,968	3,094	3,282	3,627	3,874	4,080
EBIT ¹	2,522	2,334	2,409	2,540	2,715	3,058	3,283	3,461
Operating Margin	19.18%	17.67%	18.16%	18.35%	18.2%	19.2%	19.31%	19.42%
Earnings before Tax (EBT) ¹	2,242	2,642	2,309	2,426	2,535	2,849	3,006	3,222
Net income ¹	1,604	1,947	1,646	1,751	1,837	2,084	2,271	2,262
Net margin	12.2%	14.74%	12.4%	12.65%	12.31%	13.08%	13.36%	12.69%
EPS ²	4.867	5.898	4.974	5.288	5.538	6.239	6.670	7.113
Free Cash Flow ¹	1,572	1,957	1,944	1,995	1,693	2,300	2,338	2,515
FCF margin	11.96%	14.82%	14.65%	14.41%	11.35%	14.44%	13.75%	14.11%
FCF Conversion (EBITDA)	50.48%	66.82%	65.48%	64.47%	51.59%	63.41%	60.35%	61.63%
FCF Conversion (Net income)	98.01%	100.5%	118.11%	113.9%	92.18%	110.35%	102.96%	111.18%
Dividend per Share ²	4.150	4.100	4.350	4.620	4.820	5.989	5.664	6.178
Announcement Date	9/9/19	9/4/20	9/6/21	9/5/22	9/4/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S2	2022 S2
Net sales ¹	-	6,068	6,138	6,550
EBITDA	-	-	-	-
EBIT ¹	-	877.3	989.6	1,025
Operating Margin	-	14.46%	16.12%	15.65%
Earnings before Tax (EBT)	-	-	-	-
Net income	-	-	-	-
Net margin	-	-	-	-
EPS	4.091	-	-	-
Dividend per Share ²	-	2.500	2.750	2.920
Announcement Date	3/9/20	9/4/20	9/6/21	9/5/22

¹ZAR in Million²ZAR

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,444	1,315	1,651	1,676	1,750	1,467	1,403	995
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7845 x	0.4491 x	0.5562 x	0.5418 x	0.5331 x	0.4045 x	0.3623 x	0.2439 x
Free Cash Flow ¹	1,573	1,957	1,944	1,995	1,693	2,300	2,338	2,515
ROE (net income / shareholders' equity)	35%	32.4%	34.9%	38.1%	37.1%	39.4%	42%	40.8%
ROA (Net income/ Total Assets)	17.4%	15.8%	17.7%	-	18.8%	23.8%	24.4%	24.7%
Assets ¹	9,204	12,292	9,308	-	9,773	8,756	9,325	9,175
Book Value Per Share ²	13.80	15.20	13.30	14.50	15.50	16.10	15.50	16.50
Cash Flow per Share ²	6.200	7.070	6.830	6.770	6.580	7.820	8.620	9.210
Capex ¹	473	377	316	241	490	479	491	510
Capex / Sales	3.59%	2.85%	2.38%	1.74%	3.29%	3.01%	2.89%	2.86%
Announcement Date	9/9/19	9/4/20	9/6/21	9/5/22	9/4/23	-	-	-

¹ZAR in Million²ZAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AVI Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

85.73 ZAR

Average target price

93.2 ZAR

Spread / Average Target

+8.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
AVI LIMITED	+4.46%	1.51B
NESTLÉ S.A.	-4.93%	266B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
DANONE	-0.65%	39.95B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-6.61%	28.72B
ASSOCIATED BRITISH FOODS PLC	+11.32%	24.54B

Other Food Processing