Financials Bahrain Telecommunications Company BSC

Equities

BEYON

BH0060713458

Integrated Telecommunications Services

End-of-day quote Bahrain Bourse 23:00:00 24/04/2024 BST 5-day change 1st Jan Change
0.506 BHD 0.00% Intraday chart for Bahrain Telecommunications Company BSC +0.20% +2.22%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 465.7 643.7 994 965 793.1 817.6
Enterprise Value (EV) 1 546.9 723 1,073 1,021 825.1 890.9
P/E ratio 9.29 x 12.4 x 17.5 x 14.6 x 11.3 x 11.4 x
Yield 9.82% 7.11% 5% 5.15% 6.77% 6.57%
Capitalization / Revenue 1.15 x 1.6 x 2.57 x 2.41 x 1.97 x 1.92 x
EV / Revenue 1.35 x 1.8 x 2.77 x 2.56 x 2.05 x 2.1 x
EV / EBITDA 3.83 x 5.01 x 7.53 x 6.55 x 5.27 x 5.49 x
EV / FCF 21.6 x 12.9 x 20.6 x 14.4 x 11.9 x -256 x
FCF Yield 4.63% 7.74% 4.85% 6.93% 8.4% -0.39%
Price to Book 1 x 1.36 x 2.1 x 1.97 x 1.6 x 1.54 x
Nbr of stocks (in thousands) 1,663,200 1,663,200 1,656,650 1,655,296 1,652,337 1,651,762
Reference price 2 0.2800 0.3870 0.6000 0.5830 0.4800 0.4950
Announcement Date 21/02/19 20/02/20 21/02/21 24/02/22 21/02/23 28/02/24
1BHD in Million2BHD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 405.9 401.5 387.3 399.6 402.8 424.9
EBITDA 1 142.8 144.3 142.4 155.9 156.6 162.3
EBIT 1 74.04 86.55 77.53 91.28 93.63 104
Operating Margin 18.24% 21.56% 20.02% 22.84% 23.24% 24.47%
Earnings before Tax (EBT) 1 61.98 67.74 68.79 82.26 88.07 90.97
Net income 1 50.11 51.64 56.74 65.89 70.32 72.05
Net margin 12.35% 12.86% 14.65% 16.49% 17.46% 16.96%
EPS 2 0.0301 0.0312 0.0342 0.0398 0.0425 0.0436
Free Cash Flow 1 25.32 55.92 51.98 70.73 69.28 -3.474
FCF margin 6.24% 13.93% 13.42% 17.7% 17.2% -0.82%
FCF Conversion (EBITDA) 17.73% 38.75% 36.51% 45.35% 44.25% -
FCF Conversion (Net income) 50.53% 108.29% 91.62% 107.34% 98.52% -
Dividend per Share 2 0.0275 0.0275 0.0300 0.0300 0.0325 0.0325
Announcement Date 21/02/19 20/02/20 21/02/21 24/02/22 21/02/23 28/02/24
1BHD in Million2BHD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 - 98.2 103.3 98.47 99.19 100.6 104.6 103.5 105.4 106.5 109.5
EBITDA 1 - 41.38 40.06 41.38 - 40.1 41.8 43.82 - 43.2 40.4
EBIT - - - - - - - - - - -
Operating Margin - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - -
Net income 35.87 - - - - - - - 19.89 - -
Net margin - - - - - - - - 18.87% - -
EPS 0.0217 - - - - - - - - - -
Dividend per Share - - - - - - - - - - -
Announcement Date 27/07/20 31/10/21 27/02/22 28/04/22 25/07/22 31/10/22 21/02/23 09/05/23 26/07/23 31/10/23 28/02/24
1BHD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 81.2 79.3 78.9 56.1 32 73.2
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.5683 x 0.5496 x 0.5539 x 0.3597 x 0.2044 x 0.4514 x
Free Cash Flow 1 25.3 55.9 52 70.7 69.3 -3.47
ROE (net income / shareholders' equity) 12% 12.2% 12.5% 14.3% 15% 14.6%
ROA (Net income/ Total Assets) 5.02% 5.68% 4.88% 5.64% 5.49% 5.73%
Assets 1 998.8 909.5 1,162 1,168 1,281 1,257
Book Value Per Share 2 0.2800 0.2900 0.2900 0.3000 0.3000 0.3200
Cash Flow per Share 2 0.0900 0.1100 0.1200 0.1300 0.1500 0.1400
Capex 1 48.3 79.4 61.8 68.7 64.8 125
Capex / Sales 11.9% 19.78% 15.95% 17.18% 16.08% 29.44%
Announcement Date 21/02/19 20/02/20 21/02/21 24/02/22 21/02/23 28/02/24
1BHD in Million2BHD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
0.506
Average target price
-
Consensus

Quarterly revenue - Rate of surprise

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