Financials D&L Industries, Inc.

Equities

End-of-day quote Philippines S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.14 ^PHP	0.00%		+0.99%	-2.69%

Feb. 29	D&L Industries, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 29	Transcript : D&L Industries, Inc., 2023 Earnings Call, Feb 29, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	67,857	55,000	67,500	56,429	45,071	43,857	-	-
Enterprise Value (EV) ¹	69,257	58,013	76,067	68,656	59,363	57,970	59,127	60,145
P/E ratio	25.9 x	27.5 x	25.5 x	17.2 x	19.7 x	14.4 x	12.5 x	11.2 x
Yield	3.05%	2.38%	1.49%	2.34%	-	3.81%	4.07%	4.32%
Capitalization / Revenue	3.03 x	2.53 x	2.19 x	1.3 x	1.35 x	1.11 x	1 x	0.89 x
EV / Revenue	3.09 x	2.67 x	2.47 x	1.58 x	1.77 x	1.46 x	1.35 x	1.21 x
EV / EBITDA	17.7 x	18.5 x	20.2 x	14.5 x	14.5 x	10.6 x	9.85 x	9.86 x
EV / FCF	21.3 x	-332 x	-22.4 x	-39.8 x	51.9 x	11.9 x	50 x	34.3 x
FCF Yield	4.7%	-0.3%	-4.45%	-2.51%	1.93%	8.43%	2%	2.92%
Price to Book	3.96 x	3.1 x	3.54 x	2.73 x	2.16 x	1.95 x	1.83 x	1.75 x
Nbr of stocks (in thousands)	7,142,858	7,142,858	7,142,858	7,142,858	7,142,858	7,142,858	-	-
Reference price ²	9.500	7.700	9.450	7.900	6.310	6.140	6.140	6.140
Announcement Date	3/5/20	4/27/21	3/29/22	4/18/23	2/29/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,386	21,739	30,855	43,485	33,502	39,685	43,874	49,553
EBITDA ¹	3,913	3,144	3,766	4,729	4,081	5,488	6,001	6,100
EBIT ¹	3,500	2,710	3,361	4,331	3,634	4,527	5,248	5,756
Operating Margin	15.63%	12.47%	10.89%	9.96%	10.85%	11.41%	11.96%	11.62%
Earnings before Tax (EBT) ¹	3,292	2,556	3,220	4,095	3,020	3,813	4,573	5,058
Net income ¹	2,620	2,012	2,643	3,318	2,295	2,960	3,537	3,888
Net margin	11.7%	9.25%	8.57%	7.63%	6.85%	7.46%	8.06%	7.85%
EPS ²	0.3670	0.2800	0.3700	0.4600	0.3200	0.4250	0.4900	0.5500
Free Cash Flow ¹	3,257	-174.6	-3,389	-1,724	1,143	4,886	1,182	1,756
FCF margin	14.55%	-0.8%	-10.98%	-3.96%	3.41%	12.31%	2.69%	3.54%
FCF Conversion (EBITDA)	83.24%	-	-	-	28%	89.02%	19.7%	28.79%
FCF Conversion (Net income)	124.31%	-	-	-	49.79%	165.08%	33.43%	45.16%
Dividend per Share ²	0.2900	0.1830	0.1410	0.1850	-	0.2339	0.2500	0.2650
Announcement Date	3/5/20	4/27/21	3/29/22	4/18/23	2/29/24	-	-	-

¹PHP in Million²PHP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,400	3,013	8,567	12,228	14,291	14,113	15,270	16,288
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3578 x	0.9585 x	2.275 x	2.585 x	3.502 x	2.571 x	2.545 x	2.67 x
Free Cash Flow ¹	3,257	-175	-3,389	-1,724	1,143	4,886	1,182	1,756
ROE (net income / shareholders' equity)	15%	11.3%	14.3%	16.7%	11.1%	13.7%	15.3%	15.8%
ROA (Net income/ Total Assets)	12%	7.9%	8.56%	8.61%	5.51%	6.83%	7.43%	8.15%
Assets ¹	21,833	25,464	30,863	38,543	41,693	43,310	47,580	47,711
Book Value Per Share ²	2.400	2.480	2.670	2.890	2.920	3.160	3.360	3.500
Cash Flow per Share ²	0.6700	0.3200	0.0300	0.2800	0.3700	-	0.2000	0.3000
Capex ¹	1,531	2,439	3,593	3,707	1,511	940	1,075	1,189
Capex / Sales	6.84%	11.22%	11.65%	8.53%	4.51%	2.37%	2.45%	2.4%
Announcement Date	3/5/20	4/27/21	3/29/22	4/18/23	2/29/24	-	-	-

¹PHP in Million²PHP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.14 PHP

Average target price

8.04 PHP

Spread / Average Target

+30.94%

	1st Jan change	Capi.
D&L INDUSTRIES, INC.	-2.69%	759M
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LANCASTER COLONY CORPORATION	+12.40%	5.15B
MEIHUA HOLDINGS GROUP CO.,LTD	+11.10%	4.21B
ANGEL YEAST CO., LTD	-16.49%	3.48B
TATE & LYLE PLC	-3.79%	3.14B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	+4.73%	3.11B
KEWPIE CORPORATION	+27.19%	2.79B