Stock CORNERST CORNERSTONE INSURANCE PLC
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Financials Cornerstone Insurance Plc

Equities

CORNERST

NGCORNERST03

Multiline Insurance & Brokers

End-of-day quote Nigerian S.E.
Other stock markets
 23:00:00 19/05/2024 BST 		5-day change 1st Jan Change
2.1 NGN +5.00% Intraday chart for Cornerstone Insurance Plc +6.06% +50.00%
01-31 Cornerstone Insurance Plc Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023 CI
2023 Cornerstone Insurance Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 7,317 2,927 6,585 10,648 8,304 10,823
Enterprise Value (EV) 1 3,706 -1,300 -6,064 -1,015 -6,098 -62.41
P/E ratio -2.19 x 0.99 x 1.62 x 4.88 x 2.36 x 4.28 x
Yield - - - - 10.9% 10%
Capitalization / Revenue 1.01 x 0.4 x 0.62 x 1.11 x 0.71 x 0.78 x
EV / Revenue 0.51 x -0.18 x -0.57 x -0.11 x -0.52 x -0 x
EV / EBITDA -0.95 x -2.59 x -2.56 x -2.27 x -2.49 x -0.03 x
EV / FCF 4.46 x -8.08 x -1.91 x 0.2 x -4.29 x -0.02 x
FCF Yield 22.4% -12.4% -52.4% 494% -23.3% -5,311%
Price to Book 1.02 x 0.29 x 0.45 x 0.61 x 0.41 x 0.5 x
Nbr of stocks (in thousands) 18,047,580 18,047,580 18,047,579 18,047,579 18,052,889 18,038,809
Reference price 2 0.4054 0.1622 0.3649 0.5900 0.4600 0.6000
Announcement Date 09/08/18 24/06/19 28/05/20 15/05/21 25/03/22 30/03/23
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 7,225 7,278 10,582 9,629 11,720 13,907
EBITDA 1 -3,902 501.8 2,369 446.6 2,450 2,312
EBIT 1 -4,159 282.6 2,185 273.5 2,237 2,105
Operating Margin -57.56% 3.88% 20.65% 2.84% 19.09% 15.14%
Earnings before Tax (EBT) 1 -3,427 3,285 4,014 1,767 3,741 2,919
Net income 1 -3,340 2,968 4,069 2,181 3,511 2,531
Net margin -46.23% 40.79% 38.45% 22.65% 29.96% 18.2%
EPS 2 -0.1851 0.1645 0.2254 0.1208 0.1947 0.1403
Free Cash Flow 1 830.5 160.9 3,175 -5,008 1,422 3,314
FCF margin 11.49% 2.21% 30.01% -52.01% 12.13% 23.83%
FCF Conversion (EBITDA) - 32.05% 134.06% - 58.04% 143.35%
FCF Conversion (Net income) - 5.42% 78.04% - 40.49% 130.97%
Dividend per Share - - - - 0.0500 0.0600
Announcement Date 09/08/18 24/06/19 28/05/20 15/05/21 25/03/22 30/03/23
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 3,610 4,227 12,649 11,663 14,402 10,886
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 830 161 3,175 -5,008 1,422 3,314
ROE (net income / shareholders' equity) -38.3% 34% 32.5% 13.5% 18.5% 12%
ROA (Net income/ Total Assets) -11.4% 0.67% 4.28% 0.43% 3% 2.64%
Assets 1 29,193 443,688 95,148 503,945 116,928 95,893
Book Value Per Share 2 0.4000 0.5700 0.8100 0.9700 1.120 1.200
Cash Flow per Share 2 0.2000 0.2300 0.7000 0.6500 0.8000 0.6000
Capex 1 146 72.4 202 147 283 270
Capex / Sales 2.02% 1% 1.91% 1.53% 2.42% 1.94%
Announcement Date 09/08/18 24/06/19 28/05/20 15/05/21 25/03/22 30/03/23
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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