Stock FTNCOCOA FTN COCOA PROCESSORS PLC
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Financials FTN Cocoa Processors Plc

Equities

FTNCOCOA

NGFTNCOCOA02

Food Processing

End-of-day quote Nigerian S.E.
Other stock markets
 23:00:00 15/05/2024 BST 		5-day change 1st Jan Change
1.39 NGN -3.47% Intraday chart for FTN Cocoa Processors Plc -15.24% -6.08%
01-31 FTN Cocoa Processors Plc Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 FTN Cocoa Processors Plc Reports Earnings Results for the Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 440 440 1,452 858 1,131 5,772
Enterprise Value (EV) 1 4,221 4,868 6,635 8,256 9,092 14,291
P/E ratio -0.77 x -0.56 x -1.74 x -0.58 x -2.64 x -0.54 x
Yield - - - - - -
Capitalization / Revenue 0.73 x 0.65 x 6.17 x 2.95 x 18.2 x -
EV / Revenue 7.01 x 7.24 x 28.2 x 28.4 x 146 x -
EV / EBITDA -40.5 x -15.7 x -27.8 x -54 x -49.1 x -39.5 x
EV / FCF -85.7 x -25 x -21.4 x -57.9 x -121 x -13.1 x
FCF Yield -1.17% -4% -4.67% -1.73% -0.83% -7.64%
Price to Book 6.49 x -0.58 x -1.05 x -1.14 x -0.73 x 1.76 x
Nbr of stocks (in thousands) 2,200,000 2,200,000 2,200,000 2,200,000 3,900,000 3,900,000
Reference price 2 0.2000 0.2000 0.6600 0.3900 0.2900 1.480
Announcement Date 30/11/19 12/11/20 31/03/21 01/04/22 31/03/23 02/04/24
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 602.1 672.2 235.2 290.8 62.19 -
EBITDA 1 -104.3 -310.8 -238.3 -152.8 -185.2 -362
EBIT 1 -306.3 -512 -445.7 -248.5 -298.1 -474.9
Operating Margin -50.87% -76.16% -189.49% -85.47% -479.24% -
Earnings before Tax (EBT) 1 -569.4 -797.2 -842.8 -1,478 -430.9 -10,650
Net income 1 -569.4 -801.3 -843.4 -1,479 -431.2 -10,650
Net margin -94.56% -119.2% -358.57% -508.5% -693.29% -
EPS 2 -0.2600 -0.3600 -0.3800 -0.6700 -0.1100 -2.730
Free Cash Flow 1 -49.22 -194.8 -309.5 -142.6 -75.21 -1,092
FCF margin -8.18% -28.98% -131.6% -49.04% -120.92% -
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share - - - - - -
Announcement Date 30/11/19 12/11/20 31/03/21 01/04/22 31/03/23 02/04/24
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 3,781 4,428 5,183 7,398 7,961 8,519
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) -36.25 x -14.25 x -21.75 x -48.42 x -42.99 x -23.53 x
Free Cash Flow 1 -49.2 -195 -310 -143 -75.2 -1,092
ROE (net income / shareholders' equity) -162% 220% 89.4% 138% 24.4% -1,232%
ROA (Net income/ Total Assets) -3.97% -6.76% -6% -2.57% -2.53% -2.89%
Assets 1 14,326 11,852 14,052 57,469 17,034 368,269
Book Value Per Share 2 0.0300 -0.3500 -0.6300 -0.3400 -0.4000 0.8400
Cash Flow per Share 2 0 0 0.0200 0.0100 0 0.2200
Capex 1 1.81 3.08 1.7 6.7 27.8 457
Capex / Sales 0.3% 0.46% 0.72% 2.31% 44.62% -
Announcement Date 30/11/19 12/11/20 31/03/21 01/04/22 31/03/23 02/04/24
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Food Processing

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