Financials Nigerian Breweries Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
25.6 ^NGN	-1.54%		-8.57%	-28.89%

Apr. 26	Nigerian Breweries Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 14	Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	471,817	447,827	403,792	421,321	369,941	263,069	-	-
Enterprise Value (EV) ¹	521,176	508,904	418,435	839,116	369,941	666,478	539,640	645,576
P/E ratio	29.4 x	60.9 x	31.8 x	25.9 x	-2.81 x	-2.72 x	-35.2 x	-63.5 x
Yield	3.41%	1.68%	3.22%	3.49%	-	6.71%	6.88%	14.6%
Capitalization / Revenue	1.46 x	1.33 x	0.92 x	0.77 x	0.62 x	0.39 x	0.35 x	0.31 x
EV / Revenue	1.61 x	1.51 x	0.96 x	1.52 x	0.62 x	0.98 x	0.72 x	0.77 x
EV / EBITDA	7.67 x	7.5 x	5.05 x	9.19 x	4.02 x	5.91 x	4.54 x	4.63 x
EV / FCF	61.6 x	11 x	13 x	-11.1 x	-	-6.59 x	27 x	29.4 x
FCF Yield	1.62%	9.05%	7.69%	-8.98%	-	-15.2%	3.7%	3.4%
Price to Book	2.81 x	2.78 x	2.35 x	2.34 x	-	-3.39 x	51.2 x	-3.16 x
Nbr of stocks (in thousands)	9,996,128	9,996,128	10,094,790	10,276,132	10,276,132	10,276,132	-	-
Reference price ²	47.20	44.80	40.00	41.00	36.00	25.60	25.60	25.60
Announcement Date	2/13/20	2/17/21	2/19/22	2/24/23	2/14/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	323,007	337,046	437,285	550,638	599,643	679,020	751,075	836,767
EBITDA ¹	67,936	67,874	82,794	91,357	91,995	112,711	118,815	139,519
EBIT ¹	35,206	29,605	41,494	51,756	43,963	53,838	63,644	76,451
Operating Margin	10.9%	8.78%	9.49%	9.4%	7.33%	7.93%	8.47%	9.14%
Earnings before Tax (EBT) ¹	23,352	11,577	23,701	17,341	-145,224	-115,078	-7,015	-4,845
Net income ¹	16,101	7,363	12,666	13,182	-106,308	-79,803	-5,380	-4,020
Net margin	4.98%	2.18%	2.9%	2.39%	-17.73%	-11.75%	-0.72%	-0.48%
EPS ²	1.608	0.7360	1.256	1.580	-12.80	-9.397	-0.7275	-0.4033
Free Cash Flow ¹	8,459	46,059	32,162	-75,333	-	-101,197	19,970	21,954
FCF margin	2.62%	13.67%	7.35%	-13.68%	-	-14.9%	2.66%	2.62%
FCF Conversion (EBITDA)	12.45%	67.86%	38.85%	-	-	-	16.81%	15.74%
FCF Conversion (Net income)	52.54%	625.55%	253.93%	-	-	-	-	-
Dividend per Share ²	1.608	0.7520	1.288	1.430	-	1.718	1.760	3.740
Announcement Date	2/13/20	2/17/21	2/19/22	2/24/23	2/14/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	49,358	61,077	14,643	417,794	-	403,409	276,572	382,507
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7265 x	0.8999 x	0.1769 x	4.573 x	-	3.579 x	2.328 x	2.742 x
Free Cash Flow ¹	8,459	46,059	32,162	-75,333	-	-101,197	19,970	21,954
ROE (net income / shareholders' equity)	9.63%	4.48%	7.61%	7.5%	-	4.4%	18%	-
ROA (Net income/ Total Assets)	4.18%	1.78%	2.72%	2.39%	-	-	-	1.2%
Assets ¹	385,526	414,317	465,685	552,704	-	-	-	-335,000
Book Value Per Share ²	16.80	16.10	17.00	17.50	-	-7.550	0.5000	-8.110
Cash Flow per Share	3.890	8.330	9.110	2.710	-	-	-	-
Capex ¹	29,916	37,215	59,407	97,861	-	76,281	91,566	91,830
Capex / Sales	9.26%	11.04%	13.59%	17.77%	-	11.23%	12.19%	10.97%
Announcement Date	2/13/20	2/17/21	2/19/22	2/24/23	2/14/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

25.6 NGN

Average target price

37.1 NGN

Spread / Average Target

+44.93%

	1st Jan change	Capi.
NIGERIAN BREWERIES PLC	-28.89%	188M
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TSINGTAO BREWERY COMPANY LIMITED	+9.73%	12.78B