Financials ADBRI

Equities

ABC

AU000000ABC7

Market Closed - Australian S.E. Other stock markets 11:40:52 17/06/2024 am IST			5-day change	1st Jan Change
3.19 ^AUD	-.--%		-.--%	+6.33%

01/07	Adbri Scheme of Arrangement Implemented; Company Plans for Removal from Bourse on Tuesday	MT
01/07	European Equities Close Higher in Monday Trading; Eurozone Manufacturing Contraction Widens in June	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,778	2,255	2,185	1,840	1,080	1,960
Enterprise Value (EV) ¹	3,203	2,766	2,646	2,359	1,739	2,730
P/E ratio	15 x	48.1 x	23.4 x	15.8 x	10.6 x	21.3 x
Yield	4.68%	1.45%	3.58%	4.43%	3.02%	-
Capitalization / Revenue	1.7 x	1.49 x	1.5 x	1.17 x	0.64 x	1.02 x
EV / Revenue	1.96 x	1.82 x	1.82 x	1.5 x	1.02 x	1.42 x
EV / EBITDA	10.7 x	13.7 x	11.9 x	10.9 x	9.66 x	10.7 x
EV / FCF	40.6 x	37.7 x	25.5 x	-166 x	-14.5 x	-16.3 x
FCF Yield	2.46%	2.65%	3.92%	-0.6%	-6.9%	-6.13%
Price to Book	2.23 x	1.89 x	1.79 x	1.45 x	0.83 x	1.42 x
Nbr of stocks (in thousands)	6,50,611	6,51,723	6,52,266	6,52,628	6,52,628	6,53,330
Reference price ²	4.270	3.460	3.350	2.820	1.655	3.000
Announcement Date	19/03/19	25/02/20	22/02/21	24/02/22	27/02/23	26/02/24

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,631	1,517	1,454	1,569	1,700	1,923
EBITDA ¹	298.1	202.3	222.8	217	180	255.7
EBIT ¹	212.7	118.1	138.9	130.2	70.3	130.2
Operating Margin	13.04%	7.79%	9.55%	8.3%	4.13%	6.77%
Earnings before Tax (EBT) ¹	251	63.4	127.2	155.8	136.6	127.6
Net income ¹	185.3	47.3	93.7	116.7	102.6	92.9
Net margin	11.36%	3.12%	6.44%	7.44%	6.03%	4.83%
EPS ²	0.2840	0.0720	0.1430	0.1780	0.1560	0.1410
Free Cash Flow ¹	78.94	73.41	103.7	-14.2	-120	-167.2
FCF margin	4.84%	4.84%	7.13%	-0.9%	-7.05%	-8.7%
FCF Conversion (EBITDA)	26.48%	36.29%	46.53%	-	-	-
FCF Conversion (Net income)	42.6%	155.21%	110.65%	-	-	-
Dividend per Share ²	0.2000	0.0500	0.1200	0.1250	0.0500	-
Announcement Date	19/03/19	25/02/20	22/02/21	24/02/22	27/02/23	26/02/24

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	425	511	461	519	659	770
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.425 x	2.525 x	2.068 x	2.391 x	3.662 x	3.011 x
Free Cash Flow ¹	78.9	73.4	104	-14.2	-120	-167
ROE (net income / shareholders' equity)	14.9%	3.86%	7.74%	9.37%	7.97%	6.9%
ROA (Net income/ Total Assets)	6.5%	3.49%	4.06%	3.69%	1.83%	3.16%
Assets ¹	2,851	1,356	2,308	3,159	5,614	2,938
Book Value Per Share ²	1.910	1.830	1.870	1.940	1.990	2.120
Cash Flow per Share ²	0.1400	0.1800	0.1400	0.1900	0.2100	0.1100
Capex ¹	113	91.6	136	141	255	316
Capex / Sales	6.91%	6.04%	9.38%	8.95%	15%	16.44%
Announcement Date	19/03/19	25/02/20	22/02/21	24/02/22	27/02/23	26/02/24

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for ADBRI

Trading Rating

Investor Rating

ESG Refinitiv

B

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