Financials D&L Industries, Inc.

Equities

End-of-day quote Philippines S.E. Other stock markets 23:00:00 23/06/2024 BST			5-day change	1st Jan Change
6 ^PHP	-1.32%		-3.38%	-4.91%

06-04	D&L Industries Declares Dividends	MT
06-04	D&L Industries Shareholders OK Renewal of Management Deals	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	67,857	55,000	67,500	56,429	45,071	42,929	-	-
Enterprise Value (EV) ¹	69,257	58,013	76,067	68,656	59,363	56,881	57,874	58,556
P/E ratio	25.9 x	27.5 x	25.5 x	17.2 x	19.7 x	14.2 x	12 x	10.8 x
Yield	3.05%	2.38%	1.49%	2.34%	-	3.89%	4.4%	4.88%
Capitalization / Revenue	3.03 x	2.53 x	2.19 x	1.3 x	1.35 x	1.08 x	0.98 x	0.88 x
EV / Revenue	3.09 x	2.67 x	2.47 x	1.58 x	1.77 x	1.43 x	1.32 x	1.2 x
EV / EBITDA	17.7 x	18.5 x	20.2 x	14.5 x	14.5 x	10.2 x	9.38 x	9.28 x
EV / FCF	21.3 x	-332 x	-22.4 x	-39.8 x	51.9 x	11.6 x	52.1 x	33.6 x
FCF Yield	4.7%	-0.3%	-4.45%	-2.51%	1.93%	8.59%	1.92%	2.98%
Price to Book	3.96 x	3.1 x	3.54 x	2.73 x	2.16 x	1.9 x	1.79 x	1.68 x
Nbr of stocks (in thousands)	7,142,858	7,142,858	7,142,858	7,142,858	7,142,858	7,142,858	-	-
Reference price ²	9.500	7.700	9.450	7.900	6.310	6.010	6.010	6.010
Announcement Date	05/03/20	27/04/21	29/03/22	18/04/23	29/02/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,386	21,739	30,855	43,485	33,502	39,698	43,782	48,827
EBITDA ¹	3,913	3,144	3,766	4,729	4,081	5,582	6,169	6,311
EBIT ¹	3,500	2,710	3,361	4,331	3,634	4,615	5,326	5,861
Operating Margin	15.63%	12.47%	10.89%	9.96%	10.85%	11.63%	12.16%	12%
Earnings before Tax (EBT) ¹	3,292	2,556	3,220	4,095	3,020	3,902	4,655	5,181
Net income ¹	2,620	2,012	2,643	3,318	2,295	3,028	3,600	3,985
Net margin	11.7%	9.25%	8.57%	7.63%	6.85%	7.63%	8.22%	8.16%
EPS ²	0.3670	0.2800	0.3700	0.4600	0.3200	0.4232	0.5016	0.5555
Free Cash Flow ¹	3,257	-174.6	-3,389	-1,724	1,143	4,886	1,111	1,742
FCF margin	14.55%	-0.8%	-10.98%	-3.96%	3.41%	12.31%	2.54%	3.57%
FCF Conversion (EBITDA)	83.24%	-	-	-	28%	87.53%	18.01%	27.61%
FCF Conversion (Net income)	124.31%	-	-	-	49.79%	161.33%	30.86%	43.72%
Dividend per Share ²	0.2900	0.1830	0.1410	0.1850	-	0.2335	0.2643	0.2931
Announcement Date	05/03/20	27/04/21	29/03/22	18/04/23	29/02/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,400	3,013	8,567	12,228	14,291	13,953	14,945	15,627
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3578 x	0.9585 x	2.275 x	2.585 x	3.502 x	2.5 x	2.423 x	2.476 x
Free Cash Flow ¹	3,257	-175	-3,389	-1,724	1,143	4,886	1,111	1,742
ROE (net income / shareholders' equity)	15%	11.3%	14.3%	16.7%	11.1%	14%	15.5%	16.1%
ROA (Net income/ Total Assets)	12%	7.9%	8.56%	8.61%	5.51%	7.04%	7.63%	8.38%
Assets ¹	21,833	25,464	30,863	38,543	41,693	42,998	47,200	47,531
Book Value Per Share ²	2.400	2.480	2.670	2.890	2.920	3.160	3.360	3.570
Cash Flow per Share ²	0.6700	0.3200	0.0300	0.2800	0.3700	0.0700	0.2700	0.3800
Capex ¹	1,531	2,439	3,593	3,707	1,511	940	1,075	1,189
Capex / Sales	6.84%	11.22%	11.65%	8.53%	4.51%	2.37%	2.45%	2.44%
Announcement Date	05/03/20	27/04/21	29/03/22	18/04/23	29/02/24	-	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.01 PHP

Average target price

8.148 PHP

Spread / Average Target

+35.57%

	1st Jan change	Capi.
D&L INDUSTRIES, INC.	-4.91%	731M
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	-7.09%	26.97B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+18.44%	24.49B
KIKKOMAN CORPORATION	+11.07%	11.31B
MEIHUA HOLDINGS GROUP CO.,LTD	+6.91%	4.01B
ANGEL YEAST CO., LTD	-18.99%	3.37B
TATE & LYLE PLC	-5.46%	3.12B
KEWPIE CORPORATION	+29.20%	2.8B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	-16.19%	2.49B
QIANHE CONDIMENT AND FOOD CO., LTD.	-14.66%	1.95B