Financials UH Real Estate Investment Trust

Equities

UHOMREIT

NGUHOMREIT06

Diversified REITs

End-of-day quote Nigerian S.E. 03:30:00 31/05/2024 am IST 5-day change 1st Jan Change
36.6 NGN -.--% Intraday chart for UH Real Estate Investment Trust -.--% -.--%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 11,301 7,657 7,647 6,885 6,885 6,885
Enterprise Value (EV) 1 11,220 7,005 7,499 6,147 6,350 5,523
P/E ratio 23.4 x 21.9 x 19.6 x 17.3 x 16 x 10.5 x
Yield 3.87% 4.3% 4.58% 5.22% - -
Capitalization / Revenue 20.1 x 13.8 x 13.4 x 11.9 x 10.4 x 7.79 x
EV / Revenue 20 x 12.7 x 13.1 x 10.6 x 9.62 x 6.25 x
EV / EBITDA 27.2 x 17.7 x 17.6 x 14.3 x 13.4 x 7.91 x
EV / FCF 12 x 18.7 x 32.6 x 11.9 x 20.1 x 8.08 x
FCF Yield 8.35% 5.35% 3.06% 8.37% 4.99% 12.4%
Price to Book 0.87 x 0.78 x 0.77 x 0.7 x 0.69 x 0.67 x
Nbr of stocks (in thousands) 2,50,020 1,88,127 1,88,127 1,88,127 1,88,127 1,88,127
Reference price 2 45.20 40.70 40.65 36.60 36.60 36.60
Announcement Date 10/04/19 29/05/20 19/03/21 25/03/22 28/03/23 02/04/24
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 561.6 552.9 570.8 580.7 659.9 884.3
EBITDA 1 411.9 396.6 424.9 429.7 472.2 698.6
EBIT 1 397.3 379.2 404.7 415.5 452.5 676.8
Operating Margin 70.75% 68.59% 70.91% 71.54% 68.57% 76.54%
Earnings before Tax (EBT) 1 384.2 366.1 391.7 402.5 439.7 676.8
Net income 1 363.6 350.6 389.7 397.7 430.8 656.1
Net margin 64.75% 63.41% 68.27% 68.49% 65.29% 74.2%
EPS 2 1.930 1.860 2.070 2.110 2.290 3.490
Free Cash Flow 1 937.3 374.5 229.7 514.4 316.7 683.1
FCF margin 166.9% 67.73% 40.24% 88.59% 47.99% 77.25%
FCF Conversion (EBITDA) 227.58% 94.42% 54.05% 119.71% 67.06% 97.79%
FCF Conversion (Net income) 257.76% 106.82% 58.94% 129.35% 73.5% 104.12%
Dividend per Share 2 1.750 1.750 1.860 1.910 - -
Announcement Date 10/04/19 29/05/20 19/03/21 25/03/22 28/03/23 02/04/24
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 80.4 652 149 738 536 1,363
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 937 374 230 514 317 683
ROE (net income / shareholders' equity) 3.23% 3.58% 3.96% 4.02% 4.34% 6.49%
ROA (Net income/ Total Assets) 2.05% 2.15% 2.3% 2.32% 2.47% 3.6%
Assets 1 17,775 16,274 16,973 17,124 17,415 18,209
Book Value Per Share 2 52.00 52.20 52.50 52.70 53.00 54.40
Cash Flow per Share 2 0.4300 3.460 0.7900 3.920 2.850 7.250
Capex 1 6.48 38.1 1.59 29.7 29.8 -
Capex / Sales 1.15% 6.9% 0.28% 5.12% 4.51% -
Announcement Date 10/04/19 29/05/20 19/03/21 25/03/22 28/03/23 02/04/24
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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