Financials BUA Cement Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 23:00:00 27/06/2024 BST			5-day change	1st Jan Change
143.2 ^NGN	0.00%		0.00%	+47.63%

04-29	BUA Cement Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-21	Transcript : BUA Cement Plc, 2023 Earnings Call, Mar 21, 2024

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,619,408	2,270,605	3,310,241	3,284,842	4,849,376	-	-
Enterprise Value (EV) ¹	2,781,738	2,270,605	3,501,618	3,592,120	4,989,196	4,922,636	4,864,786
P/E ratio	37.2 x	24.7 x	32.8 x	47.3 x	55.1 x	31.5 x	23.5 x
Yield	2.67%	3.88%	2.86%	2.06%	1.61%	2.36%	3.05%
Capitalization / Revenue	12.5 x	8.82 x	9.17 x	7.14 x	7.97 x	6.53 x	5.37 x
EV / Revenue	13.3 x	8.82 x	9.7 x	7.81 x	8.2 x	6.62 x	5.39 x
EV / EBITDA	28.4 x	18.9 x	23 x	35.9 x	31.3 x	19 x	15.2 x
EV / FCF	-29.9 x	24.1 x	-	97.9 x	39.7 x	32.3 x	23.4 x
FCF Yield	-3.35%	4.15%	-	1.02%	2.52%	3.1%	4.28%
Price to Book	7 x	-	8.08 x	8.53 x	12 x	10.2 x	9.14 x
Nbr of stocks (in thousands)	33,864,355	33,864,355	33,864,355	33,864,355	33,864,355	-	-
Reference price ²	77.35	67.05	97.75	97.00	143.2	143.2	143.2
Announcement Date	29/01/21	28/01/22	03/03/23	29/02/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	209,474	257,333	360,989	459,999	608,084	743,142	902,591
EBITDA ¹	97,908	120,045	152,206	100,095	159,654	259,284	320,749
EBIT ¹	82,505	104,769	129,720	74,697	129,845	226,060	283,463
Operating Margin	39.39%	40.71%	35.93%	16.24%	21.35%	30.42%	31.41%
Earnings before Tax (EBT) ¹	79,066	105,031	120,154	67,228	100,564	188,242	242,906
Net income ¹	70,518	91,743	101,011	69,455	89,868	168,303	217,116
Net margin	33.66%	35.65%	27.98%	15.1%	14.78%	22.65%	24.05%
EPS ²	2.080	2.710	2.980	2.050	2.600	4.550	6.100
Free Cash Flow ¹	-93,050	94,190	-	36,695	125,640	152,370	208,040
FCF margin	-44.42%	36.6%	-	7.98%	20.66%	20.5%	23.05%
FCF Conversion (EBITDA)	-	78.46%	-	36.66%	78.7%	58.77%	64.86%
FCF Conversion (Net income)	-	102.67%	-	52.83%	139.81%	90.53%	95.82%
Dividend per Share ²	2.067	2.600	2.800	2.000	2.300	3.385	4.370
Announcement Date	29/01/21	28/01/22	03/03/23	29/02/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	162,330	-	191,378	307,278	139,820	73,260	15,410
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.658 x	-	1.257 x	3.07 x	0.8758 x	0.2825 x	0.048 x
Free Cash Flow ¹	-93,050	94,190	-	36,695	125,640	152,370	208,040
ROE (net income / shareholders' equity)	19.1%	23.7%	25%	17.4%	19.8%	29.3%	37%
ROA (Net income/ Total Assets)	-	12.3%	-	6.65%	6.7%	10.4%	11.4%
Assets ¹	-	747,397	-	1,044,849	1,341,313	1,618,298	1,904,522
Book Value Per Share ²	11.00	-	12.10	11.40	12.00	14.00	15.70
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	146,114	60,667	104,431	117,002	50,550	51,870	53,230
Capex / Sales	69.75%	23.58%	28.93%	25.44%	8.31%	6.98%	5.9%
Announcement Date	29/01/21	28/01/22	03/03/23	29/02/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

143.2 NGN

Average target price

67.26 NGN

Spread / Average Target

-53.03%

	1st Jan change	Capi.
BUA CEMENT PLC	+47.63%	3.2B
HOLCIM LTD	+20.60%	49.78B
ANHUI CONCH CEMENT COMPANY LIMITED	+3.10%	16.01B
JAMES HARDIE INDUSTRIES PLC	-16.27%	13.61B
SHREE CEMENT LIMITED	-2.73%	12.06B
TCC GROUP HOLDINGS CO., LTD.	-1.87%	7.93B
BUZZI S.P.A.	+36.46%	7.41B
EAGLE MATERIALS INC.	+7.21%	7.36B
DANGOTE CEMENT PLC	+105.28%	7.27B
TIANSHAN MATERIAL CO., LTD.	-19.16%	6.44B