Financials MultiChoice Group Börse Stuttgart

Equities

30R

ZAE000265971

Broadcasting

Market Closed - Börse Stuttgart Other stock markets 07:27:59 14/06/2024 pm IST			5-day change	1st Jan Change
5.35 ^EUR	+0.94%		+4.90%	+37.18%

13/06	Transcript : MultiChoice Group Limited, 2024 Earnings Call, Jun 13, 2024
12/06	S.African pay TV firm MultiChoice reports 30% fall in FY operating profit	RE

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	36,612	55,044	56,380	52,675	48,166	44,486	-	-
Enterprise Value (EV) ¹	46,496	62,130	66,724	66,657	48,166	58,870	56,350	55,860
P/E ratio	74.6 x	25.9 x	-	-15.1 x	-12.1 x	43.8 x	17.8 x	11.5 x
Yield	6.59%	4.38%	4.29%	-	-	-	4.99%	5.39%
Capitalization / Revenue	0.71 x	1.03 x	1.02 x	0.89 x	0.86 x	0.81 x	0.76 x	0.7 x
EV / Revenue	0.9 x	1.16 x	1.21 x	1.13 x	0.86 x	1.07 x	0.96 x	0.87 x
EV / EBITDA	4.17 x	4.52 x	5.14 x	5.15 x	4.86 x	5.85 x	4.47 x	4.57 x
EV / FCF	6.71 x	8.43 x	-	23.3 x	-	143 x	20.7 x	34.6 x
FCF Yield	14.9%	11.9%	-	4.29%	-	0.7%	4.83%	2.89%
Price to Book	2.92 x	4.43 x	5.12 x	5.43 x	-	-38.1 x	211 x	84.5 x
Nbr of stocks (in thousands)	4,26,863	4,26,863	4,28,000	4,27,000	4,24,000	4,24,000	-	-
Reference price ²	85.77	129.0	131.7	123.4	113.6	104.9	104.9	104.9
Announcement Date	10/06/20	10/06/21	09/06/22	13/06/23	12/06/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	51,387	53,338	55,240	59,141	55,968	54,792	58,468	63,879
EBITDA ¹	11,151	13,756	12,987	12,938	9,907	10,055	12,610	12,212
EBIT ¹	8,267	10,458	10,296	10,157	7,080	7,780	10,650	10,694
Operating Margin	16.09%	19.61%	18.64%	17.17%	12.65%	14.2%	18.21%	16.74%
Earnings before Tax (EBT) ¹	5,314	8,904	-	921	-706	5,437	9,679	-
Net income ¹	507	2,161	-	-3,478	-3,974	421	3,675	3,047
Net margin	0.99%	4.05%	-	-5.88%	-7.1%	0.77%	6.29%	4.77%
EPS ²	1.150	4.970	-	-8.150	-9.350	2.394	5.891	9.100
Free Cash Flow ¹	6,927	7,373	-	2,861	-	411	2,722	1,614
FCF margin	13.48%	13.82%	-	4.84%	-	0.75%	4.66%	2.53%
FCF Conversion (EBITDA)	62.12%	53.6%	-	22.11%	-	4.09%	21.59%	13.22%
FCF Conversion (Net income)	1,366.27%	341.18%	-	-	-	97.62%	74.08%	52.97%
Dividend per Share ²	5.650	5.650	5.650	-	-	-	5.240	5.650
Announcement Date	10/06/20	10/06/21	09/06/22	13/06/23	12/06/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	25,655	26,055	28,654	30,487	-	27,634
EBITDA	-	7,154	-	-	-	-
EBIT ¹	-	5,699	-	-	-	2,246
Operating Margin	-	21.87%	-	-	-	8.13%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	-	-	-	-	-1,321	-
Net margin	-	-	-	-	-	-
EPS	-	-	-	-	-310.0	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	11/11/19	12/11/20	10/11/22	13/06/23	15/11/23	12/06/24

¹ZAR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,884	7,086	10,344	13,982	-	14,384	11,864	11,374
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8864 x	0.5151 x	0.7965 x	1.081 x	-	1.431 x	0.9408 x	0.9314 x
Free Cash Flow ¹	6,927	7,373	-	2,861	-	411	2,723	1,614
ROE (net income / shareholders' equity)	20%	16.8%	13.9%	34.2%	-	36.2%	52.5%	76.4%
ROA (Net income/ Total Assets)	5.68%	4.78%	-	7.81%	-	5.2%	12.3%	-
Assets ¹	8,930	45,190	-	-44,509	-	8,096	29,878	-
Book Value Per Share ²	29.40	29.10	25.70	22.70	-	-2.750	0.5000	1.240
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	830	1,613	626	1,235	-	1,167	1,200	-
Capex / Sales	1.62%	3.02%	1.13%	2.09%	-	2.13%	2.05%	-
Announcement Date	10/06/20	10/06/21	09/06/22	13/06/23	12/06/24	-	-	-

¹ZAR in Million²ZAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MultiChoice Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

104.9 ZAR

Average target price

121.5 ZAR

Spread / Average Target

+15.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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