Financials Bumi Armada

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 23:00:00 09/05/2024 BST			5-day change	1st Jan Change
0.575 ^MYR	0.00%		0.00%	+16.16%

02-29	Bumi Armada Swings to Loss in Q4; Shares Slump 8%	MT
02-28	Bumi Armada Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,115	2,060	2,776	2,841	2,932	3,409	-	-
Enterprise Value (EV) ¹	11,511	9,472	8,900	7,507	6,582	6,139	5,341	4,713
P/E ratio	53 x	16.4 x	4.83 x	3.88 x	8.82 x	4.21 x	5.13 x	6.42 x
Yield	-	-	-	-	-	6.09%	3.01%	6.78%
Capitalization / Revenue	1.5 x	0.88 x	1.28 x	1.18 x	1.37 x	1.46 x	1.61 x	1.91 x
EV / Revenue	5.56 x	4.05 x	4.12 x	3.12 x	3.09 x	2.64 x	2.52 x	2.64 x
EV / EBITDA	11.8 x	6.46 x	6.17 x	5.48 x	7.27 x	4.66 x	4.55 x	5.01 x
EV / FCF	18.3 x	11.1 x	6.6 x	5.57 x	5.77 x	5.2 x	7.27 x	7.25 x
FCF Yield	5.47%	9.01%	15.1%	18%	17.3%	19.2%	13.8%	13.8%
Price to Book	0.96 x	0.66 x	0.71 x	0.56 x	0.53 x	0.53 x	0.48 x	0.44 x
Nbr of stocks (in thousands)	5,876,525	5,885,896	5,907,045	5,918,047	5,922,666	5,927,875	-	-
Reference price ²	0.5300	0.3500	0.4700	0.4800	0.4950	0.5750	0.5750	0.5750
Announcement Date	27/02/20	26/02/21	25/02/22	24/02/23	28/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,071	2,340	2,163	2,406	2,133	2,329	2,119	1,786
EBITDA ¹	974.3	1,467	1,443	1,369	905.2	1,316	1,173	940.4
EBIT ¹	533.8	925.2	977.4	1,027	571.7	958.5	817.9	637.5
Operating Margin	25.78%	39.54%	45.2%	42.67%	26.8%	41.16%	38.6%	35.69%
Earnings before Tax (EBT) ¹	82.19	127.6	667.9	709	296.1	835.4	755.3	655.4
Net income ¹	58.6	125.6	574.1	732.4	332.1	790.5	710.2	626.3
Net margin	2.83%	5.37%	26.55%	30.45%	15.57%	33.95%	33.52%	35.07%
EPS ²	0.0100	0.0213	0.0974	0.1238	0.0561	0.1364	0.1121	0.0895
Free Cash Flow ¹	629.7	853.1	1,347	1,349	1,140	1,181	734.9	650
FCF margin	30.41%	36.46%	62.31%	56.07%	53.44%	50.73%	34.68%	36.4%
FCF Conversion (EBITDA)	64.63%	58.16%	93.36%	98.51%	125.94%	89.75%	62.65%	69.12%
FCF Conversion (Net income)	1,074.63%	679.39%	234.72%	184.17%	343.3%	149.44%	103.48%	103.8%
Dividend per Share ²	-	-	-	-	-	0.0350	0.0173	0.0390
Announcement Date	27/02/20	26/02/21	25/02/22	24/02/23	28/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,396	7,412	6,123	4,666	3,650	2,730	1,932	1,304
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.618 x	5.053 x	4.243 x	3.408 x	4.032 x	2.074 x	1.647 x	1.387 x
Free Cash Flow ¹	630	853	1,347	1,349	1,140	1,181	735	650
ROE (net income / shareholders' equity)	2.39%	3.94%	16.1%	16.1%	6.14%	12.8%	9.51%	7.13%
ROA (Net income/ Total Assets)	0.53%	3.3%	4.79%	6.16%	2.91%	7.58%	7.03%	4.95%
Assets ¹	10,964	3,801	11,975	11,898	11,421	10,436	10,109	12,652
Book Value Per Share ²	0.5500	0.5300	0.6600	0.8600	0.9400	1.090	1.200	1.300
Cash Flow per Share	0.1300	0.1500	-	0.2300	-	-	-	-
Capex ¹	105	49.8	13	1.49	1.24	92.4	95.4	99.1
Capex / Sales	5.05%	2.13%	0.6%	0.06%	0.06%	3.97%	4.5%	5.55%
Announcement Date	27/02/20	26/02/21	25/02/22	24/02/23	28/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.575 MYR

Average target price

0.6575 MYR

Spread / Average Target

+14.35%

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