Financials Delegat Group Limited

Equities

DGL

NZDGLE0001S3

Distillers & Wineries

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
5.64 ^NZD	-0.18%		-7.54%	-13.23%

May. 02	New Zealand Shares Flat Following US Fed Interest Rate Decision; Delegat Group's Grape Harvest Declines	MT
May. 02	Delegat Group's 2024 Grape Harvest Declines 24.7%	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,188	1,300	1,517	1,052	874.8	570.4	-	-
Enterprise Value (EV) ¹	1,459	1,539	1,865	1,300	1,194	919.4	920.4	915.4
P/E ratio	25.1 x	20.3 x	24.4 x	16.7 x	13.5 x	9.54 x	11.4 x	10.6 x
Yield	1.45%	1.32%	1.33%	1.92%	2.31%	3.55%	3.01%	3.19%
Capitalization / Revenue	4.27 x	4.27 x	4.97 x	3.23 x	2.29 x	1.49 x	1.49 x	1.45 x
EV / Revenue	5.25 x	5.06 x	6.11 x	3.99 x	3.13 x	2.4 x	2.4 x	2.33 x
EV / EBITDA	14.7 x	13.2 x	15.2 x	10.6 x	9.92 x	7.19 x	7.79 x	7.39 x
EV / FCF	64,293,186 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	3.17 x	3.21 x	3.34 x	2.11 x	1.61 x	0.98 x	-	-
Nbr of stocks (in thousands)	101,130	101,130	101,130	101,130	101,130	101,130	-	-
Reference price ²	11.75	12.85	15.00	10.40	8.650	5.640	5.640	5.640
Announcement Date	8/22/19	8/27/20	8/26/21	8/25/22	9/25/23	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	278	304.2	305.4	325.6	381.4	382.3	382.8	393.6
EBITDA ¹	99.3	116.8	122.9	122.2	120.4	127.9	118.2	123.9
EBIT ¹	83.7	95.2	99.9	88.8	96.8	102	89.1	93
Operating Margin	30.11%	31.3%	32.71%	27.28%	25.38%	26.68%	23.28%	23.63%
Earnings before Tax (EBT) ¹	51.43	85.02	85.53	86.15	89.75	82.7	69.4	74.5
Net income ¹	47.36	64.12	62.17	63.01	64.82	59.7	50.1	53.8
Net margin	17.04%	21.08%	20.36%	19.36%	16.99%	15.62%	13.09%	13.67%
EPS ²	0.4683	0.6341	0.6147	0.6231	0.6410	0.5910	0.4960	0.5320
Free Cash Flow	22.69	-	-	-	-	-	-	-
FCF margin	8.16%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	22.85%	-	-	-	-	-	-	-
FCF Conversion (Net income)	47.9%	-	-	-	-	-	-	-
Dividend per Share ²	0.1700	0.1700	0.2000	0.2000	0.2000	0.2000	0.1700	0.1800
Announcement Date	8/22/19	8/27/20	8/26/21	8/25/22	9/25/23	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2022 S1	2024 S1	2024 S2
Net sales	159.1	181.9	203.1	-
EBITDA	-	70.96	74.77	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income	-	-	-	-
Net margin	-	-	-	-
EPS	0.2952	-	-	-
Dividend per Share ¹	-	-	-	0.2000
Announcement Date	2/24/20	2/25/22	2/23/24	-

¹NZD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	270	240	348	249	319	349	350	345
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.722 x	2.051 x	2.83 x	2.034 x	2.653 x	2.729 x	2.961 x	2.785 x
Free Cash Flow	22.7	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	14.3%	16%	14.4%	13.2%	11.4%	10.6%	8.3%	8.5%
ROA (Net income/ Total Assets)	7.13%	-	7.26%	6.45%	5.84%	8.97%	-	-
Assets ¹	664.4	-	856	977	1,110	665.6	-	-
Book Value Per Share ²	3.700	4.000	4.490	4.940	5.390	5.780	-	-
Cash Flow per Share	0.5500	0.8300	0.7400	0.6500	0.5900	-	-	-
Capex ¹	32.7	29.1	61.7	38.1	66.2	86.2	60.8	49.3
Capex / Sales	11.78%	9.55%	20.2%	11.7%	17.37%	22.55%	15.88%	12.53%
Announcement Date	8/22/19	8/27/20	8/26/21	8/25/22	9/25/23	-	-	-

¹NZD in Million²NZD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Delegat Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.64 NZD

Average target price

7.35 NZD

Spread / Average Target

+30.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Wineries

	1st Jan change	Capi.
DELEGAT GROUP LIMITED	-13.23%	343M
TREASURY WINE ESTATES LIMITED	+8.91%	6.29B
YANTAI CHANGYU PIONEER WINE COMPANY LIMITED	+5.59%	1.9B
THE DUCKHORN PORTFOLIO, INC.	-16.95%	1.2B
VIÑA CONCHA Y TORO S.A.	+21.38%	1.01B
CITIC NIYA WINE CO., LTD.	-27.74%	883M
C&C GROUP PLC	+12.58%	835M
LAURENT-PERRIER	-0.41%	768M
SULA VINEYARDS LIMITED	-0.35%	481M
WEILONG GRAPE WINE CO., LTD	-16.88%	419M

Wineries