Financials Guinness Nigeria Plc

Equities

GUINNESS

NGGUINNESS07

Brewers

End-of-day quote Nigerian S.E. 03:30:00 09/05/2024 am IST 5-day change 1st Jan Change
54 NGN 0.00% Intraday chart for Guinness Nigeria Plc 0.00% -18.18%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,04,372 31,761 63,521 1,98,230 1,75,231 1,18,281 - -
Enterprise Value (EV) 1 1,19,542 50,424 43,645 1,60,612 1,47,016 82,039 75,599 68,639
P/E ratio 19.1 x -2.53 x 50.9 x 12.7 x -9.65 x 16.1 x 5.9 x 5.22 x
Yield 3.19% 10.5% - 7.89% - 3.93% 14.5% 17%
Capitalization / Revenue 0.79 x 0.3 x 0.4 x 0.96 x 0.76 x 0.42 x 0.38 x 0.34 x
EV / Revenue 0.91 x 0.48 x 0.27 x 0.78 x 0.64 x 0.29 x 0.24 x 0.2 x
EV / EBITDA 6.27 x 4.33 x 2.37 x 4.88 x 4.5 x 2.25 x 1.96 x 1.6 x
EV / FCF -49.4 x 10.3 x 1.09 x 8.64 x 6.01 x 6.05 x 1.97 x -13.6 x
FCF Yield -2.03% 9.68% 91.8% 11.6% 16.6% 16.5% 50.8% -7.36%
Price to Book 1.17 x 0.43 x 0.86 x 2.2 x 3.11 x 2.24 x 2.16 x 2.08 x
Nbr of stocks (in thousands) 21,90,383 21,90,383 21,90,383 21,90,383 21,90,383 21,90,383 - -
Reference price 2 47.65 14.50 29.00 90.50 80.00 54.00 54.00 54.00
Announcement Date 29/08/19 27/08/20 26/08/21 28/07/22 27/07/23 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,31,498 1,04,376 1,60,416 2,06,822 2,29,441 2,78,393 3,09,530 3,44,985
EBITDA 1 19,060 11,653 18,402 32,910 32,706 36,464 38,638 42,933
EBIT 1 8,966 978 9,871 23,900 23,358 27,874 30,123 33,346
Operating Margin 6.82% 0.94% 6.15% 11.56% 10.18% 10.01% 9.73% 9.67%
Earnings before Tax (EBT) 1 7,104 -17,074 5,770 23,674 -22,139 10,520 30,492 34,747
Net income 1 5,484 -12,579 1,255 15,651 -18,168 7,360 20,060 22,640
Net margin 4.17% -12.05% 0.78% 7.57% -7.92% 2.64% 6.48% 6.56%
EPS 2 2.500 -5.740 0.5700 7.150 -8.290 3.360 9.155 10.34
Free Cash Flow 1 -2,422 4,881 40,081 18,586 24,463 13,558 38,386 -5,054
FCF margin -1.84% 4.68% 24.99% 8.99% 10.66% 4.87% 12.4% -1.46%
FCF Conversion (EBITDA) - 41.89% 217.81% 56.48% 74.8% 37.18% 99.35% -
FCF Conversion (Net income) - - 3,192.88% 118.75% - 184.21% 191.35% -
Dividend per Share 2 1.520 1.520 - 7.140 - 2.123 7.845 9.175
Announcement Date 29/08/19 27/08/20 26/08/21 28/07/22 27/07/23 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2022 Q3 2022 Q4
Net sales 1 - 47,378
EBITDA - -
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) - -
Net income 6,457 -
Net margin - -
EPS 295.0 -
Dividend per Share - -
Announcement Date 28/04/22 28/07/22
1NGN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 15,170 18,663 - - - - - -
Net Cash position 1 - - 19,876 37,617 28,214 36,242 42,682 49,642
Leverage (Debt/EBITDA) 0.7959 x 1.602 x - - - - - -
Free Cash Flow 1 -2,422 4,881 40,081 18,586 24,463 13,558 38,387 -5,054
ROE (net income / shareholders' equity) 6.21% -15.5% 1.7% 19.1% -24.8% -6.8% 58.5% 57.7%
ROA (Net income/ Total Assets) 3.49% -8.25% 0.8% 8.13% -7.94% -1.5% 4.3% 5.45%
Assets 1 1,57,024 1,52,469 1,56,780 1,92,533 2,28,704 -4,90,667 4,66,523 4,15,404
Book Value Per Share 2 40.70 33.30 33.90 41.10 25.80 24.10 25.00 26.00
Cash Flow per Share 6.120 6.980 - 12.80 - - - -
Capex 1 16,597 10,549 12,299 9,533 9,917 12,538 15,226 18,574
Capex / Sales 12.62% 10.11% 7.67% 4.61% 4.32% 4.5% 4.92% 5.38%
Announcement Date 29/08/19 27/08/20 26/08/21 28/07/22 27/07/23 - - -
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
54 NGN
Average target price
75.54 NGN
Spread / Average Target
+39.89%
Consensus

Annual profits - Rate of surprise

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