Stock ADH ADVTECH LIMITED
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Financials ADvTECH Limited

Equities

ADH

ZAE000031035

Miscellaneous Educational Service Providers

End-of-day quote Johannesburg S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
28.34 ZAR +0.50% Intraday chart for ADvTECH Limited +1.21% +15.48%
Mar. 26 Transcript : ADvTECH Limited, Q4 2023 Earnings Call, Mar 26, 2024
Mar. 25 ADvTECH Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 9,000 8,094 5,820 5,216 9,710 10,056
Enterprise Value (EV) 1 10,617 10,009 8,839 7,826 11,996 12,377
P/E ratio 24.4 x 20.2 x 12.4 x 11.2 x 14.4 x 12.4 x
Yield 2.02% 2% 1.39% 2.11% 2.84% 3.3%
Capitalization / Revenue 2.2 x 1.84 x 1.14 x 0.95 x 1.64 x 1.44 x
EV / Revenue 2.6 x 2.28 x 1.73 x 1.42 x 2.03 x 1.78 x
EV / EBITDA 13.6 x 10.8 x 8.4 x 7.06 x 9.39 x 8.31 x
EV / FCF -102 x -428 x -127 x 12.6 x 16.1 x 28.5 x
FCF Yield -0.98% -0.23% -0.79% 7.91% 6.22% 3.51%
Price to Book 3.18 x 2.59 x 1.73 x 1.36 x 2.22 x 2.05 x
Nbr of stocks (in thousands) 534,100 539,589 538,900 549,051 552,308 553,109
Reference price 2 16.85 15.00 10.80 9.500 17.58 18.18
Announcement Date 3/16/18 3/18/19 3/26/20 3/24/21 3/25/22 3/27/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 4,087 4,389 5,108 5,499 5,917 6,961
EBITDA 1 782 925.8 1,052 1,108 1,277 1,489
EBIT 1 640.1 762.7 869.1 909.1 1,092 1,298
Operating Margin 15.66% 17.38% 17.01% 16.53% 18.45% 18.65%
Earnings before Tax (EBT) 1 541 592.5 660.8 674.5 959.1 1,174
Net income 1 369.3 397.4 469.4 461.1 664.9 805.4
Net margin 9.04% 9.05% 9.19% 8.38% 11.24% 11.57%
EPS 2 0.6900 0.7410 0.8709 0.8510 1.218 1.471
Free Cash Flow 1 -103.9 -23.36 -69.86 619.3 746.5 434.5
FCF margin -2.54% -0.53% -1.37% 11.26% 12.62% 6.24%
FCF Conversion (EBITDA) - - - 55.88% 58.45% 29.18%
FCF Conversion (Net income) - - - 134.3% 112.28% 53.95%
Dividend per Share 2 0.3400 0.3000 0.1500 0.2000 0.5000 0.6000
Announcement Date 3/16/18 3/18/19 3/26/20 3/24/21 3/25/22 3/27/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 1,617 1,915 3,019 2,610 2,287 2,321
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.068 x 2.069 x 2.869 x 2.355 x 1.79 x 1.559 x
Free Cash Flow 1 -104 -23.4 -69.9 619 747 435
ROE (net income / shareholders' equity) 13.7% 13.5% 14.3% 12.8% 16.4% 18%
ROA (Net income/ Total Assets) 7.84% 8.05% 7.56% 7.43% 8.69% 9.55%
Assets 1 4,710 4,934 6,209 6,202 7,653 8,434
Book Value Per Share 2 5.300 5.790 6.230 6.980 7.910 8.860
Cash Flow per Share 2 0.2000 0.4200 0.3100 0.3300 0.4400 0.6400
Capex 1 686 529 657 265 330 704
Capex / Sales 16.8% 12.06% 12.86% 4.82% 5.57% 10.12%
Announcement Date 3/16/18 3/18/19 3/26/20 3/24/21 3/25/22 3/27/23
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Miscellaneous Educational Service Providers

1st Jan change Capi.
ADVTECH LIMITED Stock ADvTECH Limited
+15.48% 825M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. Stock New Oriental Education & Technology Group Inc.
+13.62% 13.78B
TAL EDUCATION GROUP Stock TAL Education Group
+6.18% 8.56B
GRAND CANYON EDUCATION, INC. Stock Grand Canyon Education, Inc.
-0.05% 3.9B
STRATEGIC EDUCATION, INC. Stock Strategic Education, Inc.
+31.06% 2.95B
STRIDE, INC. Stock Stride, Inc.
+12.99% 2.85B
LAUREATE EDUCATION, INC. Stock Laureate Education, Inc.
+7.95% 2.33B
ADTALEM GLOBAL EDUCATION INC. Stock Adtalem Global Education Inc.
-15.73% 1.95B
GAOTU TECHEDU INC. Stock Gaotu Techedu Inc.
+85.08% 1.73B
BENESSE HOLDINGS, INC. Stock Benesse Holdings, Inc.
-0.63% 1.59B
Miscellaneous Educational Service Providers
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