Financials Balwin Properties Limited

Equities

BWN

ZAE000209532

Real Estate Development & Operations

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
1.8 ZAR +1.69% Intraday chart for Balwin Properties Limited +4.05% -17.05%

Valuation

Fiscal Period: February 2018 2019 2020 2021 2022 2023
Capitalization 1 2,650 1,137 1,637 1,990 1,591 1,464
Enterprise Value (EV) 1 3,802 2,331 2,583 3,552 3,566 3,814
P/E ratio 5.42 x 2.53 x 4.02 x 5.97 x 4.01 x 3.36 x
Yield 5.5% 6% 3.34% 8.42% 6.76% 7.62%
Capitalization / Revenue 1.08 x 0.44 x 0.56 x 0.74 x 0.51 x 0.44 x
EV / Revenue 1.55 x 0.89 x 0.89 x 1.32 x 1.14 x 1.15 x
EV / EBITDA 5.58 x 3.63 x 4.43 x 7.45 x 6.9 x 6.23 x
EV / FCF -7.88 x 266 x 12.9 x -5.63 x -9.02 x -18.6 x
FCF Yield -12.7% 0.38% 7.74% -17.8% -11.1% -5.38%
Price to Book 1.15 x 0.43 x 0.55 x 0.62 x 0.41 x 0.38 x
Nbr of stocks (in thousands) 469,915 469,915 467,632 468,231 514,852 464,669
Reference price 2 5.640 2.420 3.500 4.250 3.090 3.150
Announcement Date 6/29/18 6/28/19 5/18/20 5/17/21 5/16/22 5/22/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February 2018 2019 2020 2021 2022 2023
Net sales 1 2,455 2,614 2,914 2,701 3,125 3,327
EBITDA 1 680.9 642 583.1 476.9 517.2 612.3
EBIT 1 670.8 629.3 571.6 460.6 500.9 592.8
Operating Margin 27.33% 24.08% 19.61% 17.05% 16.03% 17.82%
Earnings before Tax (EBT) 1 682.5 628.5 575.3 467.1 518.8 597.5
Net income 1 491.3 452.4 411.6 336.2 362.6 436.3
Net margin 20.02% 17.31% 14.12% 12.45% 11.6% 13.11%
EPS 2 1.041 0.9580 0.8717 0.7119 0.7701 0.9368
Free Cash Flow 1 -482.4 8.775 200 -631 -395.3 -205.4
FCF margin -19.65% 0.34% 6.86% -23.36% -12.65% -6.17%
FCF Conversion (EBITDA) - 1.37% 34.3% - - -
FCF Conversion (Net income) - 1.94% 48.59% - - -
Dividend per Share 2 0.3100 0.1451 0.1170 0.3580 0.2090 0.2400
Announcement Date 6/29/18 6/28/19 5/18/20 5/17/21 5/16/22 5/22/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: February 2018 2019 2020 2021 2022 2023
Net Debt 1 1,152 1,194 947 1,562 1,975 2,350
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 1.691 x 1.86 x 1.624 x 3.275 x 3.82 x 3.839 x
Free Cash Flow 1 -482 8.78 200 -631 -395 -205
ROE (net income / shareholders' equity) 22.7% 18.2% 14.7% 10.9% 10.8% 11.9%
ROA (Net income/ Total Assets) 12.1% 9.8% 7.93% 5.75% 5.22% 5.33%
Assets 1 4,044 4,619 5,189 5,844 6,947 8,181
Book Value Per Share 2 4.920 5.680 6.310 6.820 7.480 8.240
Cash Flow per Share 2 0.2100 0.7000 1.020 0.7200 1.420 1.310
Capex 1 40.2 29.1 20.8 25.6 79.7 86.5
Capex / Sales 1.64% 1.11% 0.72% 0.95% 2.55% 2.6%
Announcement Date 6/29/18 6/28/19 5/18/20 5/17/21 5/16/22 5/22/23
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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