Financials May & Baker Nigeria plc

Equities

MAYBAKER

NGMAYBAKER01

Pharmaceuticals

End-of-day quote Nigerian S.E. 23:00:00 13/05/2024 BST 5-day change 1st Jan Change
7 NGN 0.00% Intraday chart for May & Baker Nigeria plc +6.06% +33.33%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,401 3,330 6,056 6,935 7,419 9,057
Enterprise Value (EV) 1 3,932 3,282 6,236 10,592 10,070 12,386
P/E ratio 4.1 x 4.65 x 6.28 x 6.61 x 4.98 x 8.36 x
Yield 8.16% 13% 8.55% 7.46% 6.98% -
Capitalization / Revenue 0.28 x 0.41 x 0.64 x 0.58 x 0.52 x 0.46 x
EV / Revenue 0.46 x 0.41 x 0.66 x 0.89 x 0.7 x 0.63 x
EV / EBITDA 2.74 x 2.3 x 3.2 x 4.71 x 9.55 x 6.52 x
EV / FCF 18.3 x -6.51 x -19.3 x -3.12 x 117 x -20.1 x
FCF Yield 5.48% -15.4% -5.18% -32.1% 0.85% -4.97%
Price to Book 0.66 x 0.57 x 0.9 x 0.95 x 0.9 x 1.03 x
Nbr of stocks (in thousands) 980,000 1,725,235 1,725,235 1,725,235 1,725,235 1,725,235
Reference price 2 2.450 1.930 3.510 4.020 4.300 5.250
Announcement Date 01/04/19 12/05/20 29/03/21 29/03/22 29/03/23 02/04/24
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 8,552 8,080 9,390 11,902 14,328 19,695
EBITDA 1 1,435 1,427 1,950 2,250 1,054 1,900
EBIT 1 1,007 959.7 1,393 1,687 497.9 1,308
Operating Margin 11.78% 11.88% 14.84% 14.17% 3.48% 6.64%
Earnings before Tax (EBT) 1 817.9 900.9 1,248 1,460 2,084 1,520
Net income 1 585.2 716.4 964.6 1,050 1,491 1,083
Net margin 6.84% 8.87% 10.27% 8.82% 10.4% 5.5%
EPS 2 0.5971 0.4153 0.5591 0.6084 0.8640 0.6278
Free Cash Flow 1 215.4 -504 -322.9 -3,399 85.71 -615.5
FCF margin 2.52% -6.24% -3.44% -28.56% 0.6% -3.13%
FCF Conversion (EBITDA) 15.01% - - - 8.13% -
FCF Conversion (Net income) 36.81% - - - 5.75% -
Dividend per Share 2 0.2000 0.2500 0.3000 0.3000 0.3000 -
Announcement Date 01/04/19 12/05/20 29/03/21 29/03/22 29/03/23 02/04/24
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,531 - 180 3,656 2,652 3,328
Net Cash position 1 - 48.1 - - - -
Leverage (Debt/EBITDA) 1.067 x - 0.0923 x 1.625 x 2.515 x 1.752 x
Free Cash Flow 1 215 -504 -323 -3,399 85.7 -615
ROE (net income / shareholders' equity) 9.92% 15.1% 14.9% 15% 19.2% 12.7%
ROA (Net income/ Total Assets) 7.63% 6.82% 7.3% 6.59% 1.75% 4.26%
Assets 1 7,669 10,509 13,207 15,920 85,217 25,404
Book Value Per Share 2 3.690 3.400 3.910 4.210 4.780 5.090
Cash Flow per Share 2 0.2700 0.3100 2.300 1.670 1.680 1.960
Capex 1 556 1,125 324 539 1,742 1,042
Capex / Sales 6.51% 13.93% 3.45% 4.53% 12.16% 5.29%
Announcement Date 01/04/19 12/05/20 29/03/21 29/03/22 29/03/23 02/04/24
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
7 NGN
Average target price
6.92 NGN
Spread / Average Target
-1.14%
Consensus
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