Financials Chemical and Allied Products Plc

Equities

CAP

NGCAP0000009

Commodity Chemicals

End-of-day quote Nigerian S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
28.85 NGN 0.00% Intraday chart for Chemical and Allied Products Plc +20.21% +38.37%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 24,395 16,800 14,000 15,332 14,503 16,987
Enterprise Value (EV) 1 20,056 12,483 8,336 12,775 11,486 12,039
P/E ratio 12 x 9.64 x 11.4 x 13.7 x 6.1 x 6.84 x
Yield 8.32% - 10.5% 6.43% 8.71% 7.43%
Capitalization / Revenue 3.14 x 2 x 1.6 x 1.08 x 0.76 x 0.71 x
EV / Revenue 2.58 x 1.48 x 0.95 x 0.9 x 0.6 x 0.5 x
EV / EBITDA 8.42 x 5.55 x 4.9 x 8.3 x 3.33 x 3.32 x
EV / FCF 8.27 x 8.02 x 7.55 x -4.65 x 752 x 5.28 x
FCF Yield 12.1% 12.5% 13.2% -21.5% 0.13% 18.9%
Price to Book 8.68 x 6.66 x 3.74 x 3.48 x 2.2 x 2.13 x
Nbr of stocks (in thousands) 700,000 700,000 700,000 788,260 814,748 814,748
Reference price 2 34.85 24.00 20.00 19.45 17.80 20.85
Announcement Date 3/28/19 3/31/20 3/31/21 3/30/22 3/30/23 3/28/24
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 7,765 8,411 8,735 14,208 19,208 23,890
EBITDA 1 2,382 2,251 1,702 1,539 3,448 3,625
EBIT 1 2,288 2,120 1,556 1,314 3,095 3,206
Operating Margin 29.46% 25.21% 17.81% 9.25% 16.11% 13.42%
Earnings before Tax (EBT) 1 2,598 2,546 1,806 1,727 3,444 3,779
Net income 1 2,029 1,742 1,223 1,123 2,376 2,515
Net margin 26.14% 20.71% 14% 7.9% 12.37% 10.53%
EPS 2 2.899 2.489 1.747 1.424 2.916 3.050
Free Cash Flow 1 2,425 1,557 1,104 -2,747 15.27 2,281
FCF margin 31.24% 18.52% 12.64% -19.33% 0.08% 9.55%
FCF Conversion (EBITDA) 101.81% 69.19% 64.89% - 0.44% 62.92%
FCF Conversion (Net income) 119.52% 89.4% 90.27% - 0.64% 90.7%
Dividend per Share 2 2.900 - 2.100 1.250 1.550 1.550
Announcement Date 3/28/19 3/31/20 3/31/21 3/30/22 3/30/23 3/28/24
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 4,339 4,317 5,664 2,557 3,017 4,949
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 2,425 1,557 1,104 -2,747 15.3 2,281
ROE (net income / shareholders' equity) 80.4% 65.4% 39% 27.5% 43.2% 34.5%
ROA (Net income/ Total Assets) 25.2% 20.3% 12.7% 7.96% 15.2% 13.9%
Assets 1 8,037 8,594 9,613 14,105 15,678 18,057
Book Value Per Share 2 4.010 3.600 5.350 5.590 8.100 9.780
Cash Flow per Share 2 6.200 6.180 8.210 3.260 4.620 6.130
Capex 1 134 271 114 615 704 713
Capex / Sales 1.73% 3.22% 1.31% 4.33% 3.67% 2.99%
Announcement Date 3/28/19 3/31/20 3/31/21 3/30/22 3/30/23 3/28/24
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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