Financials BOUBYAN PETROCHEMICAL CO. Kuwait S.E.

Equities

BPCC

KW0EQ0500979

Commodity Chemicals

End-of-day quote Kuwait S.E. Other stock markets 06:00:00 2020-02-19 pm EST			5-day change	1st Jan Change
632 ^KWF	-0.32%		-0.47%	-4.68%

Mar. 11	Boubyan Petrochemical Company K.S.C.P. Reports Earnings Results for the Third Quarter and Nine Months Ended January 31, 2024	CI
2023	Boubyan Petrochemical Company K.S.C.P. Reports Earnings Results for the Second Quarter and Six Months Ended October 31, 2023	CI

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	479.2	254.3	466.5	529.8	433.7	363.9	-	-
Enterprise Value (EV) ¹	479.2	254.3	466.5	529.8	433.7	363.9	363.9	363.9
P/E ratio	45.3 x	21.8 x	25.2 x	13.6 x	12.2 x	25.3 x	12.9 x	10.2 x
Yield	5.43%	6.94%	5.95%	5.91%	7.36%	8.8%	7.33%	8.35%
Capitalization / Revenue	8.75 x	3.37 x	6.98 x	7.36 x	5.48 x	5.05 x	4.76 x	4.83 x
EV / Revenue	8.75 x	3.37 x	6.98 x	7.36 x	5.48 x	5.05 x	4.76 x	4.83 x
EV / EBITDA	9.93 x	5.99 x	14.8 x	9.92 x	8.28 x	10.5 x	7.84 x	6.9 x
EV / FCF	55.5 x	21.6 x	24.1 x	38 x	42.1 x	-10.8 x	3.79 x	7.35 x
FCF Yield	1.8%	4.63%	4.15%	2.63%	2.37%	-9.23%	26.4%	13.6%
Price to Book	1.69 x	1.15 x	1.99 x	1.91 x	1.56 x	1.4 x	1.42 x	1.37 x
Nbr of stocks (in thousands)	520,899	504,525	504,360	521,447	532,124	533,629	-	-
Reference price ²	0.9200	0.5040	0.9250	1.016	0.8150	0.6820	0.6820	0.6820
Announcement Date	5/13/19	6/18/20	5/17/21	5/12/22	5/16/23	-	-	-

¹KWD in Million²KWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	54.76	75.49	66.87	72.02	79.13	72.06	76.43	75.31
EBITDA ¹	48.25	42.42	31.45	53.4	52.39	34.68	46.42	52.73
EBIT ¹	44.62	35.44	25.21	47.87	45.97	27.86	39.36	45.48
Operating Margin	81.48%	46.95%	37.7%	66.47%	58.09%	38.66%	51.5%	60.39%
Earnings before Tax (EBT) ¹	15.33	17.58	22.7	45.4	42.86	19.85	33.67	42.69
Net income ¹	10.55	11.82	18.53	38.76	35.04	14.06	27.55	34.95
Net margin	19.26%	15.66%	27.7%	53.82%	44.28%	19.51%	36.04%	46.41%
EPS ²	0.0203	0.0231	0.0367	0.0746	0.0670	0.0270	0.0528	0.0670
Free Cash Flow ¹	8.633	11.78	19.37	13.93	10.29	-33.61	96.13	49.54
FCF margin	15.77%	15.61%	28.97%	19.34%	13.01%	-46.64%	125.77%	65.78%
FCF Conversion (EBITDA)	17.89%	27.78%	61.59%	26.08%	19.64%	-	207.1%	93.95%
FCF Conversion (Net income)	81.84%	99.67%	104.56%	35.94%	29.37%	-	348.93%	141.73%
Dividend per Share ²	0.0500	0.0350	0.0550	0.0600	0.0600	0.0600	0.0500	0.0570
Announcement Date	5/13/19	6/18/20	5/17/21	5/12/22	5/16/23	-	-	-

¹KWD in Million²KWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	2022 Q2	2022 Q3	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales	16.33	19.03	-	18.68	-	18.91	18.03	16.05	-
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	3.695	4.681	-	9.095	6.856	16.48	6.096	5.825	9.232
Operating Margin	22.62%	24.6%	-	48.68%	-	87.15%	33.8%	36.3%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income ¹	2.825	-	10.14	6.549	3.997	14.35	3.151	2.937	4.822
Net margin	17.29%	-	-	35.06%	-	75.91%	17.47%	18.3%	-
EPS	-	-	0.0194	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	11/29/21	2/22/22	8/22/22	11/22/22	3/14/23	5/16/23	9/14/23	12/12/23	3/11/24

¹KWD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8.63	11.8	19.4	13.9	10.3	-33.6	96.1	49.5
ROE (net income / shareholders' equity)	14.7%	8.27%	8.1%	15.2%	12.6%	5.2%	10.6%	13.4%
ROA (Net income/ Total Assets)	8.13%	3.75%	3.3%	6.59%	5.72%	2.3%	4.7%	6.1%
Assets ¹	129.8	314.9	561.5	588	612.2	611.3	586.1	573
Book Value Per Share ²	0.5500	0.4400	0.4600	0.5300	0.5200	0.4900	0.4800	0.5000
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1.36	5.5	1.83	4.7	7.6	3.6	3.06	3.01
Capex / Sales	2.49%	7.28%	2.74%	6.52%	9.6%	5%	4%	4%
Announcement Date	5/13/19	6/18/20	5/17/21	5/12/22	5/16/23	-	-	-

¹KWD in Million²KWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BOUBYAN PETROCHEMICAL CO.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.682 KWD

Average target price

0.81 KWD

Spread / Average Target

+18.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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