Financials Lafarge Africa Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
33.8 ^NGN	-.--%		-3.43%	+7.30%

Apr. 29	Lafarge Africa Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 29	Lafarge Africa Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	246,449	339,069	385,782	386,587	507,396	544,443	-	-
Enterprise Value (EV) ¹	246,449	335,479	359,012	386,587	507,396	410,193	388,483	367,143
P/E ratio	2.14 x	11 x	7.56 x	7.21 x	9.94 x	9.42 x	7.2 x	5.61 x
Yield	6.54%	4.75%	8.35%	8.33%	6.35%	6.36%	8.72%	10.7%
Capitalization / Revenue	1.16 x	1.47 x	1.32 x	1.04 x	1.25 x	1.12 x	1.08 x	0.9 x
EV / Revenue	1.16 x	1.45 x	1.22 x	1.04 x	1.25 x	0.85 x	0.77 x	0.61 x
EV / EBITDA	3.79 x	4.45 x	3.67 x	3.53 x	3.92 x	2.63 x	2.38 x	2.01 x
EV / FCF	-	6.06 x	7.01 x	4.99 x	-	16.2 x	6.9 x	5.19 x
FCF Yield	-	16.5%	14.3%	20%	-	6.16%	14.5%	19.3%
Price to Book	-	0.94 x	1.02 x	-	-	1.18 x	1.07 x	0.98 x
Nbr of stocks (in thousands)	16,107,795	16,107,796	16,107,796	16,107,796	16,107,796	16,107,796	-	-
Reference price ²	15.30	21.05	23.95	24.00	31.50	33.80	33.80	33.80
Announcement Date	4/6/20	3/24/21	3/1/22	2/28/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	212,999	230,573	293,086	373,245	405,503	484,881	503,311	603,635
EBITDA ¹	65,080	75,462	97,764	109,601	129,317	155,824	163,145	182,220
EBIT ¹	34,910	45,673	65,107	84,194	102,023	122,697	129,411	143,915
Operating Margin	16.39%	19.81%	22.21%	22.56%	25.16%	25.3%	25.71%	23.84%
Earnings before Tax (EBT) ¹	17,892	37,572	62,254	69,745	80,695	95,688	114,534	125,367
Net income ¹	115,104	30,842	51,004	53,647	51,141	59,788	72,632	78,335
Net margin	54.04%	13.38%	17.4%	14.37%	12.61%	12.33%	14.43%	12.98%
EPS ²	7.150	1.910	3.170	3.330	3.170	3.590	4.693	6.020
Free Cash Flow ¹	-	55,356	51,192	77,461	-	25,250	56,310	70,770
FCF margin	-	24.01%	17.47%	20.75%	-	5.21%	11.19%	11.72%
FCF Conversion (EBITDA)	-	73.36%	52.36%	70.68%	-	16.2%	34.52%	38.84%
FCF Conversion (Net income)	-	179.48%	100.37%	144.39%	-	42.23%	77.53%	90.34%
Dividend per Share ²	1.000	1.000	2.000	2.000	2.000	2.150	2.947	3.600
Announcement Date	4/6/20	3/24/21	3/1/22	2/28/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	3,590	26,770	-	-	134,250	155,960	177,300
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	55,356	51,192	77,461	-	25,250	56,310	70,770
ROE (net income / shareholders' equity)	48%	8.76%	13.8%	13.5%	12%	13.3%	14.4%	16.2%
ROA (Net income/ Total Assets)	22.2%	6.14%	9.86%	9.52%	7.98%	8.65%	10.1%	10%
Assets ¹	518,944	502,184	517,026	563,772	641,041	691,188	716,761	783,350
Book Value Per Share ²	-	22.30	23.50	-	-	28.70	31.70	34.60
Cash Flow per Share ²	4.980	-	-	6.250	9.000	2.420	1.780	-
Capex ¹	22,307	9,936	22,576	23,254	41,489	36,860	30,529	38,850
Capex / Sales	10.47%	4.31%	7.7%	6.23%	10.23%	7.6%	6.07%	6.44%
Announcement Date	4/6/20	3/24/21	3/1/22	2/28/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

33.8 NGN

Average target price

39.4 NGN

Spread / Average Target

+16.58%

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