NOVOROSSYISK GRAIN PLANT

Financials Novorossyisk Grain Plant

Equities

NKHP

RU000A0BLWD7

Marine Port Services

End-of-day quote Moscow Micex - RTS Other stock markets 06:00:00 2022-07-07 pm EDT			5-day change	1st Jan Change
306 ^RUB	+0.33%		-.--%	-.--%

Mar. 20	Public Joint Stock Company Novorossyisk Grain Plant Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Public Joint Stock Company Novorossyisk Grain Plant Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	15,480	16,798	22,375	19,603	20,685	20,685
Enterprise Value (EV) ¹	18,552	20,593	22,543	19,922	19,686	16,760
P/E ratio	4.63 x	17.1 x	9.69 x	8.23 x	10.6 x	4.23 x
Yield	10.8%	-	1.89%	6.12%	4.78%	-
Capitalization / Revenue	0.79 x	0.91 x	2.92 x	3.07 x	4.17 x	2.24 x
EV / Revenue	0.95 x	1.11 x	2.95 x	3.12 x	3.97 x	1.81 x
EV / EBITDA	4.39 x	10.2 x	6.98 x	6.08 x	7.02 x	2.71 x
EV / FCF	-308 x	-432 x	5.83 x	42.1 x	27.8 x	3.56 x
FCF Yield	-0.32%	-0.23%	17.2%	2.38%	3.6%	28.1%
Price to Book	2.52 x	2.63 x	2.84 x	2.13 x	1.85 x	1.58 x
Nbr of stocks (in thousands)	67,597	67,597	67,597	67,597	67,597	67,597
Reference price ²	229.0	248.5	331.0	290.0	306.0	306.0
Announcement Date	3/21/19	3/31/20	3/26/21	3/25/22	3/21/23	3/20/24

¹RUB in Million²RUB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	19,593	18,544	7,652	6,376	4,963	9,243
EBITDA ¹	4,223	2,016	3,230	3,278	2,803	6,195
EBIT ¹	4,052	1,730	2,948	2,973	2,503	5,867
Operating Margin	20.68%	9.33%	38.53%	46.63%	50.44%	63.47%
Earnings before Tax (EBT) ¹	4,216	1,281	2,914	2,995	2,457	6,142
Net income ¹	3,340	981.9	2,310	2,383	1,958	4,887
Net margin	17.05%	5.3%	30.18%	37.37%	39.45%	52.87%
EPS ²	49.41	14.53	34.17	35.25	28.97	72.30
Free Cash Flow ¹	-60.22	-47.67	3,867	473.5	709.1	4,710
FCF margin	-0.31%	-0.26%	50.54%	7.43%	14.29%	50.96%
FCF Conversion (EBITDA)	-	-	119.71%	14.44%	25.29%	76.03%
FCF Conversion (Net income)	-	-	167.43%	19.87%	36.21%	96.37%
Dividend per Share ²	24.75	-	6.270	17.74	14.62	-
Announcement Date	3/21/19	3/31/20	3/26/21	3/25/22	3/21/23	3/20/24

¹RUB in Million²RUB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	3,072	3,795	168	319	-	-
Net Cash position ¹	-	-	-	-	999	3,925
Leverage (Debt/EBITDA)	0.7274 x	1.882 x	0.0521 x	0.0972 x	-	-
Free Cash Flow ¹	-60.2	-47.7	3,867	473	709	4,710
ROE (net income / shareholders' equity)	63.5%	15.5%	32.4%	27.9%	19.2%	40.3%
ROA (Net income/ Total Assets)	24.3%	8.1%	13.5%	15.5%	13.1%	24.9%
Assets ¹	13,756	12,123	17,069	15,413	14,945	19,616
Book Value Per Share ²	90.80	94.30	117.0	136.0	165.0	194.0
Cash Flow per Share ²	20.10	12.10	44.60	13.30	20.10	68.00
Capex ¹	1,723	953	766	760	1,131	1,288
Capex / Sales	8.79%	5.14%	10.01%	11.91%	22.8%	13.94%
Announcement Date	3/21/19	3/31/20	3/26/21	3/25/22	3/21/23	3/20/24

¹RUB in Million²RUB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Marine Cargo Handling Services

	1st Jan change	Capi.
NOVOROSSYISK GRAIN PLANT	-.--%	223M
NINGBO ZHOUSHAN PORT COMPANY LIMITED	+3.37%	9.92B
TANGSHAN PORT GROUP CO.,LTD	+25.71%	3.61B
SHENZHEN YAN TIAN PORT HOLDINGS CO.,LTD.	+2.87%	2.98B
HUAIHE ENERGY (GROUP) CO.,LTD	+34.02%	1.72B
NOVOROSSIYSK COMMERCIAL SEA PORT	-.--%	1.11B
JIANGSU LIANYUNGANG PORT CO., LTD.	+0.25%	698M
JINZHOU PORT CO., LTD.	-9.72%	681M
TIANJIN PORT DEVELOPMENT HOLDINGS LIMITED	+39.78%	496M
NANJING PORT CO., LTD.	-9.96%	436M

Marine Cargo Handling Services

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NKHP Stock
Financials Novorossyisk Grain Plant

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