Financials Guinness Nigeria Plc

Equities

GUINNESS

NGGUINNESS07

Brewers

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
50.55 ^NGN	+1.40%		+2.02%	-23.41%

Apr. 25	Guinness Nigeria Plc Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024	CI
Jan. 25	Guinness Nigeria Plc Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	104,372	31,761	63,521	198,230	175,231	110,724	-	-
Enterprise Value (EV) ¹	119,542	50,424	43,645	160,612	147,016	75,636	49,979	43,162
P/E ratio	19.1 x	-2.53 x	50.9 x	12.7 x	-9.65 x	48.6 x	5.36 x	4.82 x
Yield	3.19%	10.5%	-	7.89%	-	4.2%	7.45%	18.4%
Capitalization / Revenue	0.79 x	0.3 x	0.4 x	0.96 x	0.76 x	0.39 x	0.35 x	0.32 x
EV / Revenue	0.91 x	0.48 x	0.27 x	0.78 x	0.64 x	0.27 x	0.16 x	0.12 x
EV / EBITDA	6.27 x	4.33 x	2.37 x	4.88 x	4.5 x	2.13 x	1.35 x	1.06 x
EV / FCF	-49.4 x	10.3 x	1.09 x	8.64 x	6.01 x	2.04 x	1.35 x	-5.71 x
FCF Yield	-2.03%	9.68%	91.8%	11.6%	16.6%	49%	73.9%	-17.5%
Price to Book	1.17 x	0.43 x	0.86 x	2.2 x	3.11 x	2.6 x	1.74 x	1.68 x
Nbr of stocks (in thousands)	2,190,383	2,190,383	2,190,383	2,190,383	2,190,383	2,190,383	-	-
Reference price ²	47.65	14.50	29.00	90.50	80.00	50.55	50.55	50.55
Announcement Date	8/29/19	8/27/20	8/26/21	7/28/22	7/27/23	-	-	-

¹NGN in Million²NGN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	131,498	104,376	160,416	206,822	229,441	281,973	312,554	345,721
EBITDA ¹	19,060	11,653	18,402	32,910	32,706	35,529	37,098	40,593
EBIT ¹	8,966	978	9,871	23,900	23,358	26,812	28,491	30,984
Operating Margin	6.82%	0.94%	6.15%	11.56%	10.18%	9.51%	9.12%	8.96%
Earnings before Tax (EBT) ¹	7,104	-17,074	5,770	23,674	-22,139	2,601	31,444	35,270
Net income ¹	5,484	-12,579	1,255	15,651	-18,168	2,278	20,672	22,975
Net margin	4.17%	-12.05%	0.78%	7.57%	-7.92%	0.81%	6.61%	6.65%
EPS ²	2.500	-5.740	0.5700	7.150	-8.290	1.040	9.435	10.49
Free Cash Flow ¹	-2,422	4,881	40,081	18,586	24,463	37,036	36,949	-7,564
FCF margin	-1.84%	4.68%	24.99%	8.99%	10.66%	13.13%	11.82%	-2.19%
FCF Conversion (EBITDA)	-	41.89%	217.81%	56.48%	74.8%	104.24%	99.6%	-
FCF Conversion (Net income)	-	-	3,192.88%	118.75%	-	1,625.46%	178.74%	-
Dividend per Share ²	1.520	1.520	-	7.140	-	2.123	3.765	9.315
Announcement Date	8/29/19	8/27/20	8/26/21	7/28/22	7/27/23	-	-	-

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	4/28/22	7/28/22

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	35,088	60,745	67,562
Leverage (Debt/EBITDA)	0.7959 x	1.602 x	-	-	-	-	-	-
Free Cash Flow ¹	-2,422	4,881	40,081	18,586	24,463	37,036	36,949	-7,564
ROE (net income / shareholders' equity)	6.21%	-15.5%	1.7%	19.1%	-24.8%	-28%	59.9%	55.5%
ROA (Net income/ Total Assets)	3.49%	-8.25%	0.8%	8.13%	-7.94%	-5.8%	4.65%	5.65%
Assets ¹	157,024	152,469	156,780	192,533	228,704	-39,284	444,548	406,637
Book Value Per Share ²	40.70	33.30	33.90	41.10	25.80	19.40	29.10	30.10
Cash Flow per Share	6.120	6.980	-	12.80	-	-	-	-
Capex ¹	16,597	10,549	12,299	9,533	9,917	12,749	14,391	16,173
Capex / Sales	12.62%	10.11%	7.67%	4.61%	4.32%	4.52%	4.6%	4.68%
Announcement Date	8/29/19	8/27/20	8/26/21	7/28/22	7/27/23	-	-	-

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

Ratings for Guinness Nigeria Plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

50.55 NGN

Average target price

69.77 NGN

Spread / Average Target

+38.02%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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