CURRO HOLDINGS LIMITED |
End-of-day quote
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|
5-day change | 1st Jan Change | ||
| 10.58 ZAR | +1.05% |
|
+2.12% | -9.18% |
| Apr. 23 | Curro Holdings Announces Board Changes | CI |
| Mar. 04 | Curro Holdings Limited Approves Final Gross Dividend for the Year Ended December 31, 2023, Payable on April 15, 2024 | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 10,512 | 7,294 | 5,669 | 7,445 | 5,382 | 6,855 |
| Enterprise Value (EV) 1 | 13,227 | 11,170 | 8,515 | 10,446 | 8,880 | 10,497 |
| P/E ratio | 42.7 x | 36.1 x | -144 x | 28.8 x | 22.6 x | 166 x |
| Yield | 0.47% | 0.58% | - | 0.66% | 1.23% | 1.26% |
| Capitalization / Revenue | 4.21 x | 2.48 x | 1.83 x | 2.1 x | 1.29 x | 1.45 x |
| EV / Revenue | 5.3 x | 3.79 x | 2.75 x | 2.95 x | 2.14 x | 2.22 x |
| EV / EBITDA | 21.6 x | 16.9 x | 13.2 x | 14 x | 10.2 x | 9.71 x |
| EV / FCF | -19.1 x | -12.3 x | -33 x | -26.8 x | -20.9 x | -166 x |
| FCF Yield | -5.24% | -8.13% | -3.03% | -3.73% | -4.79% | -0.6% |
| Price to Book | 2.01 x | 1.35 x | 0.84 x | 1.05 x | 0.74 x | 0.96 x |
| Nbr of stocks (in thousands) | 412,088 | 412,088 | 597,962 | 597,962 | 597,962 | 588,404 |
| Reference price 2 | 25.51 | 17.70 | 9.480 | 12.45 | 9.000 | 11.65 |
| Announcement Date | 2/14/19 | 2/25/20 | 3/17/21 | 2/24/22 | 3/2/23 | 2/29/24 |
1ZAR in Million2ZAR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 2,496 | 2,944 | 3,094 | 3,543 | 4,156 | 4,719 |
| EBITDA 1 | 612 | 662 | 647 | 745 | 872 | 1,081 |
| EBIT 1 | 473 | 506 | 455 | 508 | 645 | 830 |
| Operating Margin | 18.95% | 17.19% | 14.71% | 14.34% | 15.52% | 17.59% |
| Earnings before Tax (EBT) 1 | 333 | 188 | -33 | 352 | 289 | 98 |
| Net income 1 | 248 | 202 | -31 | 259 | 239 | 41 |
| Net margin | 9.94% | 6.86% | -1% | 7.31% | 5.75% | 0.87% |
| EPS 2 | 0.5980 | 0.4900 | -0.0658 | 0.4330 | 0.3990 | 0.0700 |
| Free Cash Flow 1 | -693 | -908.1 | -258 | -389.8 | -425.1 | -63.25 |
| FCF margin | -27.76% | -30.85% | -8.34% | -11% | -10.23% | -1.34% |
| FCF Conversion (EBITDA) | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - |
| Dividend per Share 2 | 0.1200 | 0.1020 | - | 0.0820 | 0.1108 | 0.1464 |
| Announcement Date | 2/14/19 | 2/25/20 | 3/17/21 | 2/24/22 | 3/2/23 | 2/29/24 |
1ZAR in Million2ZAR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 2,715 | 3,876 | 2,846 | 3,001 | 3,498 | 3,642 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.436 x | 5.855 x | 4.399 x | 4.028 x | 4.011 x | 3.369 x |
| Free Cash Flow 1 | -693 | -908 | -258 | -390 | -425 | -63.3 |
| ROE (net income / shareholders' equity) | 4.71% | 3.5% | -0.71% | 3.62% | 3.27% | 0.44% |
| ROA (Net income/ Total Assets) | 3.43% | 3.22% | 2.63% | 2.8% | 3.39% | 4.22% |
| Assets 1 | 7,236 | 6,276 | -1,177 | 9,245 | 7,060 | 971.1 |
| Book Value Per Share 2 | 12.70 | 13.10 | 11.30 | 11.90 | 12.20 | 12.20 |
| Cash Flow per Share 2 | 0.4100 | 0.2800 | 0.1700 | 0.1500 | 0.1100 | 0.1100 |
| Capex 1 | 1,091 | 1,069 | 632 | 859 | 901 | 649 |
| Capex / Sales | 43.71% | 36.31% | 20.43% | 24.24% | 21.68% | 13.75% |
| Announcement Date | 2/14/19 | 2/25/20 | 3/17/21 | 2/24/22 | 3/2/23 | 2/29/24 |
1ZAR in Million2ZAR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -9.18% | 330M | |
| -1.80% | 1.03B |
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