Financials Aramex

Equities

ARMX

AEA002301017

Air Freight & Logistics

Market Closed - Dubai FM Other stock markets 06:55:03 2024-04-26 am EDT			5-day change	1st Jan Change
2.59 ^AED	-0.38%		-0.38%	+13.10%

Mar. 21	Aramex Resumes Trading on Dubai Financial Market	MT
Mar. 21	UAE-based Aramex to Suspend Trading Amid General Assembly	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,227	6,413	6,003	5,154	3,353	3,792	-	-
Enterprise Value (EV) ¹	6,242	7,071	6,544	6,590	3,353	5,141	5,105	5,541
P/E ratio	10.5 x	22.5 x	27.3 x	31.2 x	26 x	21.1 x	17 x	13.8 x
Yield	4.62%	2.97%	3.17%	3.69%	-	3.75%	4.41%	5.34%
Capitalization / Revenue	1 x	1.16 x	0.99 x	0.87 x	0.59 x	0.64 x	0.6 x	0.57 x
EV / Revenue	1.19 x	1.28 x	1.08 x	1.11 x	0.59 x	0.86 x	0.81 x	0.83 x
EV / EBITDA	8.19 x	9.2 x	9.67 x	10.7 x	5.32 x	7.45 x	6.68 x	6.48 x
EV / FCF	13 x	7.3 x	34.7 x	13.5 x	-	13.5 x	12.2 x	11.9 x
FCF Yield	7.69%	13.7%	2.88%	7.39%	-	7.39%	8.21%	8.41%
Price to Book	2 x	2.38 x	2.25 x	2.05 x	-	1.49 x	1.45 x	1.4 x
Nbr of stocks (in thousands)	1,464,100	1,464,100	1,464,100	1,464,100	1,464,100	1,464,100	-	-
Reference price ²	3.570	4.380	4.100	3.520	2.290	2.590	2.590	2.590
Announcement Date	2/10/20	2/10/21	2/10/22	2/9/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,246	5,510	6,069	5,926	5,694	5,954	6,277	6,651
EBITDA ¹	762.4	768.7	676.6	616	629.7	690.3	764.2	855.4
EBIT ¹	649.8	399.5	306.7	245.3	266.7	337.7	369.2	426.6
Operating Margin	12.39%	7.25%	5.05%	4.14%	4.68%	5.67%	5.88%	6.41%
Earnings before Tax (EBT) ¹	582.7	355.4	262.2	186.7	152.4	234	280.9	354.9
Net income ¹	497.4	285	225.4	165.4	129.3	180.6	223.3	272.5
Net margin	9.48%	5.17%	3.71%	2.79%	2.27%	3.03%	3.56%	4.1%
EPS ²	0.3400	0.1950	0.1500	0.1130	0.0880	0.1230	0.1527	0.1879
Free Cash Flow ¹	479.7	968.7	188.8	487.3	-	380	419.2	466
FCF margin	9.14%	17.58%	3.11%	8.22%	-	6.38%	6.68%	7.01%
FCF Conversion (EBITDA)	62.91%	126.02%	27.9%	79.11%	-	55.05%	54.86%	54.48%
FCF Conversion (Net income)	96.44%	339.88%	83.75%	294.66%	-	210.35%	187.77%	170.99%
Dividend per Share ²	0.1650	0.1300	0.1300	0.1300	-	0.0970	0.1143	0.1383
Announcement Date	2/10/20	2/10/21	2/10/22	2/9/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,461	1,612	1,449	1,517	1,426	1,534	1,431	1,389	-	1,350	1,524	1,448	1,339	1,298	1,941
EBITDA	151.9	148.5	-	-	-	-	153.7	143.8	-	133.9	-	-	-	-	-
EBIT ¹	68.02	59.72	75.01	63.57	50.91	55.85	63	52.76	-	44.71	106.2	12.23	-7.425	-15.7	355.7
Operating Margin	4.65%	3.71%	5.18%	4.19%	3.57%	3.64%	4.4%	3.8%	-	3.31%	6.97%	0.84%	-0.55%	-1.21%	18.33%
Earnings before Tax (EBT)	-	-	-	-	-	-	35.46	24	-	15.35	-	-	-	-	-
Net income ¹	-	46.08	-	-	-	-	23.91	18.96	42.87	9.642	76.79	36	-	-	-
Net margin	-	2.86%	-	-	-	-	1.67%	1.37%	-	0.71%	5.04%	2.49%	-	-	-
EPS ²	0.0460	0.0280	0.0330	0.0300	0.0270	0.0230	0.0164	0.0130	-	0.007000	0.0520	-0.0100	-0.0200	-0.0200	0.1800
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/7/21	2/10/22	5/12/22	8/11/22	11/10/22	2/9/23	5/11/23	8/9/23	8/9/23	11/8/23	2/8/24	-	-	-	-

¹AED in Million²AED

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,015	658	541	1,436	-	1,349	1,313	1,749
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.331 x	0.8563 x	0.8001 x	2.332 x	-	1.955 x	1.718 x	2.044 x
Free Cash Flow ¹	480	969	189	487	-	380	419	466
ROE (net income / shareholders' equity)	19.8%	10.7%	8.42%	6.39%	-	7.06%	8.47%	10.1%
ROA (Net income/ Total Assets)	9.52%	4.81%	3.92%	2.88%	-	2.97%	3.33%	4.13%
Assets ¹	5,224	5,929	5,753	5,746	-	6,089	6,715	6,594
Book Value Per Share ²	1.790	1.840	1.820	1.710	-	1.740	1.780	1.850
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	160	138	129	79.1	-	161	174	179
Capex / Sales	3.04%	2.51%	2.12%	1.34%	-	2.7%	2.77%	2.69%
Announcement Date	2/10/20	2/10/21	2/10/22	2/9/23	2/8/24	-	-	-

¹AED in Million²AED

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aramex

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.59 AED

Average target price

3.012 AED

Spread / Average Target

+16.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
ARAMEX	+13.10%	1.03B
DSV A/S	-12.95%	30.83B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-3.92%	5.01B
NIPPON EXPRESS HOLDINGS INC.	+1.36%	4.54B
COMPAGNIE DU CAMBODGE	+4.62%	4.06B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+4.00%	3.58B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+63.11%	2.48B
KAMIGUMI CO., LTD.	+1.69%	2.31B
SEINO HOLDINGS CO., LTD.	+0.33%	2.29B

Integrated Logistics Operators