Financials International Breweries Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
4.5 ^NGN	0.00%		0.00%	-6.25%

30/01	International Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI
30/01	International Breweries Plc Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,62,174	81,661	1,59,829	1,32,967	1,26,252	1,20,879	1,20,879	-
Enterprise Value (EV) ¹	4,61,993	3,20,127	2,23,832	1,32,967	1,26,252	1,28,938	1,20,879	1,20,879
P/E ratio	-67.8 x	-3.2 x	-12.7 x	-7.5 x	-	-2.17 x	-0.71 x	-1.35 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	2.17 x	0.62 x	1.17 x	0.73 x	0.58 x	0.49 x	0.39 x	0.33 x
EV / Revenue	2.17 x	0.62 x	1.17 x	0.73 x	0.58 x	0.49 x	0.39 x	0.33 x
EV / EBITDA	10.5 x	7.22 x	7.73 x	4.19 x	-	-4.54 x	-38.5 x	7.71 x
EV / FCF	-26,57,678 x	-50,15,674 x	46,78,070 x	-	-	-	-	-
FCF Yield	-0%	-0%	0%	-	-	-	-	-
Price to Book	7.46 x	-	1.05 x	-	-	1.04 x	0.3 x	0.39 x
Nbr of stocks (in thousands)	85,95,862	85,95,862	2,68,62,069	2,68,62,069	2,68,62,069	2,68,62,069	2,68,62,069	-
Reference price ²	30.50	9.500	5.950	4.950	4.700	4.500	4.500	4.500
Announcement Date	01/07/19	31/01/20	22/03/21	31/03/22	31/03/23	30/01/24	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,20,611	1,32,352	1,36,791	1,82,298	2,18,650	2,64,278	3,10,388	3,64,641
EBITDA ¹	24,852	11,309	20,679	31,697	-	-28,371	-3,138	15,676
EBIT ¹	7,896	-15,065	-7,391	-7,262	-21,332	-68,238	-50,172	-28,458
Operating Margin	6.55%	-11.38%	-5.4%	-3.98%	-9.76%	-25.82%	-16.16%	-7.8%
Earnings before Tax (EBT) ¹	-8,049	-37,439	-24,873	-19,836	-26,844	-87,645	-72,642	-41,702
Net income ¹	-3,866	-25,583	-12,365	-17,657	-21,626	-59,467	-52,063	-27,478
Net margin	-3.21%	-19.33%	-9.04%	-9.69%	-9.89%	-22.5%	-16.77%	-7.54%
EPS ²	-0.4500	-2.970	-0.4700	-0.6600	-	-2.210	-6.330	-3.340
Free Cash Flow	-98,648	-16,281	34,166	-	-	-	-	-
FCF margin	-81.79%	-12.3%	24.98%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	165.22%	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	01/07/19	31/01/20	22/03/21	31/03/22	31/03/23	30/01/24	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	1,99,819	2,38,467	64,003	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.04 x	21.09 x	3.095 x	-	-	-	-	-
Free Cash Flow	-98,648	-16,281	34,166	-	-	-	-	-
ROE (net income / shareholders' equity)	-9.97%	-114%	-15.5%	-12.3%	-17.1%	-49.2%	-42%	-29%
ROA (Net income/ Total Assets)	-1.37%	-7.48%	-	-	-4.53%	-9.77%	-7%	-4%
Assets ¹	2,82,051	3,41,823	-	-	4,77,107	6,08,683	7,43,757	6,86,950
Book Value Per Share ²	4.090	-	5.650	-	-	4.640	14.90	11.60
Cash Flow per Share	-11.80	-1.760	1.980	-	-	-	-	-
Capex	69,773	56,761	18,062	-	-	-	-	-
Capex / Sales	57.85%	42.89%	13.2%	-	-	-	-	-
Announcement Date	01/07/19	31/01/20	22/03/21	31/03/22	31/03/23	30/01/24	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4.5 NGN

Average target price

5.033 NGN

Spread / Average Target

+11.85%

	1st Jan change	Capi.
INTERNATIONAL BREWERIES PLC	-6.25%	90.89M
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AMBEV S.A.	-12.53%	36.89B
HEINEKEN HOLDING N.V.	0.00%	23.13B
CARLSBERG A/S	+12.68%	19.06B
BUDWEISER BREWING COMPANY APAC LIMITED	-25.17%	18.42B
ASAHI GROUP HOLDINGS, LTD.	+3.94%	17.59B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	+6.29%	15.06B