Financials BUA Cement Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 03:30:00 03/05/2024 am IST			5-day change	1st Jan Change
143.2 ^NGN	0.00%		0.00%	+47.63%

29/04	BUA Cement Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
21/03	Transcript : BUA Cement Plc, 2023 Earnings Call, Mar 21, 2024

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,19,408	22,70,605	33,10,241	32,84,842	48,49,376	-	-
Enterprise Value (EV) ¹	27,81,738	22,70,605	35,01,618	35,92,120	49,69,365	48,49,376	48,49,376
P/E ratio	37.2 x	24.7 x	32.8 x	47.3 x	26.4 x	-	-
Yield	2.67%	3.88%	2.86%	2.06%	2.68%	2.3%	-
Capitalization / Revenue	12.5 x	8.82 x	9.17 x	7.14 x	7.75 x	6.26 x	4.34 x
EV / Revenue	13.3 x	8.82 x	9.7 x	7.81 x	7.94 x	6.26 x	4.34 x
EV / EBITDA	28.4 x	18.9 x	23 x	35.9 x	28.4 x	16.2 x	13.4 x
EV / FCF	-29.9 x	24.1 x	-	97.9 x	20.9 x	15 x	10.6 x
FCF Yield	-3.35%	4.15%	-	1.02%	4.8%	6.64%	9.47%
Price to Book	7 x	-	8.08 x	8.53 x	10.8 x	-	-
Nbr of stocks (in thousands)	3,38,64,355	3,38,64,355	3,38,64,355	3,38,64,355	3,38,64,355	-	-
Reference price ²	77.35	67.05	97.75	97.00	143.2	143.2	143.2
Announcement Date	29/01/21	28/01/22	03/03/23	29/02/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,09,474	2,57,333	3,60,989	4,59,999	6,25,859	7,74,950	11,16,650
EBITDA ¹	97,908	1,20,045	1,52,206	1,00,095	1,74,787	2,99,107	3,61,808
EBIT ¹	82,505	1,04,769	1,29,720	74,697	1,44,710	3,18,531	4,19,622
Operating Margin	39.39%	40.71%	35.93%	16.24%	23.12%	41.1%	37.58%
Earnings before Tax (EBT) ¹	79,066	1,05,031	1,20,154	67,228	1,01,929	2,02,874	2,52,802
Net income ¹	70,518	91,743	1,01,011	69,455	91,736	1,82,586	2,27,521
Net margin	33.66%	35.65%	27.98%	15.1%	14.66%	23.56%	20.38%
EPS ²	2.080	2.710	2.980	2.050	5.430	-	-
Free Cash Flow ¹	-93,050	94,190	-	36,695	2,38,328	3,22,224	4,59,387
FCF margin	-44.42%	36.6%	-	7.98%	38.08%	41.58%	41.14%
FCF Conversion (EBITDA)	-	78.46%	-	36.66%	136.35%	107.73%	126.97%
FCF Conversion (Net income)	-	102.67%	-	52.83%	259.8%	176.48%	201.91%
Dividend per Share ²	2.067	2.600	2.800	2.000	3.840	3.290	-
Announcement Date	29/01/21	28/01/22	03/03/23	29/02/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,62,330	-	1,91,378	3,07,278	1,19,989	-	-
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.658 x	-	1.257 x	3.07 x	0.6865 x	-	-
Free Cash Flow ¹	-93,050	94,190	-	36,695	2,38,328	3,22,224	4,59,387
ROE (net income / shareholders' equity)	19.1%	23.7%	25%	17.4%	21.9%	38.5%	43.3%
ROA (Net income/ Total Assets)	-	12.3%	-	6.65%	6.6%	10.2%	10.3%
Assets ¹	-	7,47,397	-	10,44,849	13,89,939	17,90,059	22,08,942
Book Value Per Share ²	11.00	-	12.10	11.40	13.30	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	1,46,114	60,667	1,04,431	1,17,002	61,338	51,524	47,608
Capex / Sales	69.75%	23.58%	28.93%	25.44%	9.8%	6.65%	4.26%
Announcement Date	29/01/21	28/01/22	03/03/23	29/02/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

143.2 NGN

Average target price

85.32 NGN

Spread / Average Target

-40.42%

	1st Jan change	Capi.
BUA CEMENT PLC	+47.63%	3.52B
HOLCIM LTD	+18.45%	48.57B
ANHUI CONCH CEMENT COMPANY LIMITED	+4.32%	15.76B
JAMES HARDIE INDUSTRIES PLC	-5.15%	15.37B
SHREE CEMENT LIMITED	-10.14%	11.14B
EAGLE MATERIALS INC.	+28.73%	9B
DANGOTE CEMENT PLC	+105.28%	7.97B
TIANSHAN MATERIAL CO., LTD.	-3.59%	7.71B
TAIWAN CEMENT CORP.	-7.03%	7.56B
BUZZI S.P.A.	+24.84%	6.86B