Financials Magnit

Equities

MGNT

RU000A0JKQU8

Food Retail & Distribution

End-of-day quote Moscow Micex - RTS Other stock markets 06:00:00 2022-07-07 pm EDT			5-day change	1st Jan Change
4,439 ^RUB	+0.43%		-.--%	-.--%

May. 27	Russian mobile operator MTS extends buyback deadline until June 18	RE
May. 15	Public Joint Stock Company Magnit Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,392	7,446	7,137	6,912	6,912	4,780	-	-
Enterprise Value (EV) ¹	12,545	14,005	15,716	6,912	6,912	4,780	4,780	4,780
P/E ratio	42 x	16.6 x	18.2 x	20.9 x	9.71 x	9.89 x	8.76 x	-
Yield	8.69%	8.82%	3.3%	-	-	-	-	-
Capitalization / Revenue	0.25 x	0.36 x	0.29 x	-	0.25 x	0.15 x	0.14 x	-
EV / Revenue	0.25 x	0.36 x	0.29 x	-	0.25 x	0.15 x	0.14 x	-
EV / EBITDA	2.7 x	3.18 x	2.54 x	-	2.33 x	1.45 x	1.31 x	-
EV / FCF	11.7 x	4.47 x	7.48 x	-	-	5.16 x	4.63 x	4.28 x
FCF Yield	8.56%	22.4%	13.4%	-	-	19.4%	21.6%	23.4%
Price to Book	2.13 x	2.97 x	4.87 x	-	-	-	-	-
Nbr of stocks (in thousands)	97,550	97,665	97,928	98,094	98,094	67,871	-	-
Reference price ²	55.27	76.24	72.88	70.46	70.46	70.43	70.43	70.43
Announcement Date	2/6/20	2/4/21	2/4/22	6/17/23	5/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,622	20,437	24,336	-	27,940	31,065	33,970	-
EBITDA ¹	1,996	2,344	2,813	-	2,960	3,289	3,659	-
EBIT ¹	811.6	1,163	1,430	-	1,488	1,720	1,974	-
Operating Margin	3.75%	5.69%	5.88%	-	5.33%	5.54%	5.81%	-
Earnings before Tax (EBT) ¹	169.1	561.7	820.8	-	908.4	1,072	1,208	-
Net income ¹	128.6	434	677.8	332.6	644.3	698.4	787.4	-
Net margin	0.59%	2.12%	2.79%	-	2.31%	2.25%	2.32%	-
EPS ²	1.317	4.606	3.998	3.372	7.258	7.121	8.037	-
Free Cash Flow ¹	461.4	1,665	954.5	-	-	927	1,031	1,117
FCF margin	2.13%	8.15%	3.92%	-	-	2.98%	3.04%	-
FCF Conversion (EBITDA)	23.12%	71.03%	33.93%	-	-	28.19%	28.19%	-
FCF Conversion (Net income)	358.81%	383.62%	140.83%	-	-	132.74%	130.99%	-
Dividend per Share	4.805	6.724	2.408	-	-	-	-	-
Announcement Date	2/6/20	2/4/21	2/4/22	6/17/23	5/15/24	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	7,153	6,559	8,579	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.583 x	2.799 x	3.05 x	-	-	-	-	-
Free Cash Flow ¹	461	1,665	955	-	-	927	1,031	1,117
ROE (net income / shareholders' equity)	4.77%	17.8%	26.6%	-	-	22.2%	24.3%	-
ROA (Net income/ Total Assets)	1.04%	3.48%	4.47%	-	-	4%	4.3%	-
Assets ¹	12,316	12,456	15,180	-	-	17,459	18,311	-
Book Value Per Share	26.00	25.70	15.00	-	-	-	-	-
Cash Flow per Share	12.20	20.90	14.10	-	-	-	-	-
Capex ¹	725	386	432	-	-	713	740	814
Capex / Sales	3.35%	1.89%	1.77%	-	-	2.29%	2.18%	-
Announcement Date	2/6/20	2/4/21	2/4/22	6/17/23	5/15/24	-	-	-

¹USD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Magnit

Trading Rating

Investor Rating

ESG Refinitiv

B

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

BUY

Number of Analysts

1

Last Close Price

70.43 USD

Average target price

91.07 USD

Spread / Average Target

+29.30%

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
MAGNIT	-.--%	3.41B
WALMART INC.	+23.77%	524B
KROGER CO. (THE)	+14.44%	37.75B
SYSCO CORPORATION	-0.90%	36.09B
LOBLAW COMPANIES LIMITED	+20.05%	34.47B
AHOLD DELHAIZE N.V.	+10.36%	29.6B
TESCO PLC	+6.85%	27.55B
WOOLWORTHS GROUP LIMITED	-16.32%	25.65B
GEORGE WESTON LIMITED	+15.11%	18.46B
AEON CO., LTD.	+4.32%	18.11B

Other Food Retail & Distribution

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