Financials BUA Cement Plc

Equities

End-of-day quote Nigerian Stock Exchange Other stock markets 06:00:00 2023-11-30 pm EST			5-day change	1st Jan Change
104.00 ^NGN	0.00%		0.00%	+6.39%

Nov. 07	Transcript : BUA Cement Plc, Nine Months 2023 Earnings Call, Nov 07, 2023	CI
Oct. 30	BUA Cement Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Fiscal Period : December	2020	2021	2022	2023	2024	2025
Capitalization ¹	2 619 408	2 270 605	3 310 241	3 521 893	-	-
Enterprise Value (EV) ¹	2 781 738	2 270 605	3 501 618	3 637 804	3 641 882	3 521 893
P/E ratio	37,2x	24,7x	32,8x	27,8x	19,2x	-
Yield	2,67%	3,88%	2,86%	3,03%	3,84%	3,51%
Capitalization / Revenue	12,5x	8,82x	9,17x	7,54x	5,97x	4,95x
EV / Revenue	13,3x	8,82x	9,70x	7,79x	6,18x	4,95x
EV / EBITDA	28,4x	18,9x	23,0x	18,3x	17,6x	15,3x
EV / FCF	-29,9x	24,1x	-	33,2x	15,3x	10,9x
FCF Yield	-3,35%	4,15%	-	3,02%	6,54%	9,15%
Price to Book	7,00x	-	8,08x	8,24x	7,81x	-
Nbr of stocks (in thousands)	33 864 355	33 864 355	33 864 355	33 864 355	-	-
Reference price ²	77,4	67,1	97,8	104	104	104
Announcement Date	01/29/21	01/28/22	03/03/23	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period : December	2020	2021	2022	2023	2024	2025
Net sales ¹	209 474	257 333	360 989	466 935	589 504	711 561
EBITDA ¹	97 908	120 045	152 206	198 775	207 323	229 523
EBIT ¹	82 505	104 769	129 720	174 836	226 324	287 920
Operating Margin	39,4%	40,7%	35,9%	37,4%	38,4%	40,5%
Earnings before Tax (EBT) ¹	79 066	105 031	120 154	147 739	190 588	174 706
Net income ¹	70 518	91 743	101 011	127 630	162 552	157 235
Net margin	33,7%	35,7%	28,0%	27,3%	27,6%	22,1%
EPS ²	2,08	2,71	2,98	3,74	5,43	-
Free Cash Flow ¹	-93 050	94 190	-	109 713	238 328	322 224
FCF margin	-44,4%	36,6%	-	23,5%	40,4%	45,3%
FCF Conversion (EBITDA)	-	78,5%	-	55,2%	115%	140%
FCF Conversion (Net income)	-	103%	-	86,0%	147%	205%
Dividend per Share ²	2,07	2,60	2,80	3,16	4,00	3,65
Announcement Date	01/29/21	01/28/22	03/03/23	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period : December	2020	2021	2022	2023	2024	2025
Net Debt ¹	162 330	-	191 378	115 911	119 989	-
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,66x	-	1,26x	0,58x	0,58x	-
Free Cash Flow ¹	-93 050	94 190	-	109 713	238 328	322 224
ROE (net income / shareholders' equity)	19,1%	23,7%	25,0%	29,7%	35,3%	30,8%
Shareholders' equity ¹	368 820	386 889	404 615	430 454	460 486	510 503
ROA (Net income/ Total Assets)	-	12,3%	-	11,8%	12,4%	13,1%
Assets ¹	-	747 397	-	1 086 209	1 310 899	1 200 267
Book Value Per Share ²	11,0	-	12,1	12,6	13,3	-
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	146 114	60 667	104 431	84 177	61 338	51 524
Capex / Sales	69,8%	23,6%	28,9%	18,0%	10,4%	7,24%
Announcement Date	01/29/21	01/28/22	03/03/23	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating :

Investor Rating :

ESG Refinitiv :

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

104.00NGN

Average target price

80.24NGN

Spread / Average Target

-22.85%

	1st Jan change	Capi.
BUA CEMENT PLC	+6.39%	4 467 M $
HOLCIM LTD	+35.88%	43 285 M $
ANHUI CONCH CEMENT COMPANY LIMITED	-33.55%	15 804 M $
JAMES HARDIE INDUSTRIES PLC	+84.05%	14 123 M $
SHREE CEMENT LIMITED	+16.05%	11 709 M $
XINJIANGTIANSHAN CEMENT CO.,LTD	-17.84%	8 495 M $
TAIWAN CEMENT CORP.	+2.23%	8 466 M $
DANGOTE CEMENT PLC	+22.61%	6 799 M $
EAGLE MATERIALS INC.	+39.35%	6 459 M $
BUZZI S.P.A.	+49.44%	5 409 M $