Stock DANGSUGAR DANGOTE SUGAR REFINERY PLC
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Financials Dangote Sugar Refinery Plc

Equities

DANGSUGAR

NGDANSUGAR02

Food Processing

End-of-day quote Nigerian S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
48 NGN 0.00% Intraday chart for Dangote Sugar Refinery Plc 0.00% -15.79%
Mar. 02 Dangote Sugar Refinery Plc Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Feb. 05 Shell agrees to develop Nigeria gas field for Dangote fertiliser RE

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 240,000 183,000 163,200 211,200 211,356 194,957
Enterprise Value (EV) 1 200,171 147,339 137,029 169,952 266,098 240,098
P/E ratio 6.05 x 8.25 x 7.27 x 7.18 x 9.58 x 3.56 x
Yield 8.75% 7.21% 8.09% 8.52% 5.75% 9.35%
Capitalization / Revenue 1.17 x 1.22 x 1.01 x 0.99 x 0.77 x 0.48 x
EV / Revenue 0.98 x 0.98 x 0.85 x 0.79 x 0.96 x 0.6 x
EV / EBITDA 3.9 x 3.95 x 3.9 x 3.1 x 5.61 x 2.53 x
EV / FCF 17 x -34 x 22.3 x 9.11 x 18 x 24.6 x
FCF Yield 5.87% -2.94% 4.48% 11% 5.55% 4.07%
Price to Book 2.58 x 1.84 x 1.5 x 1.71 x 1.64 x 1.14 x
Nbr of stocks (in thousands) 12,000,000 12,000,000 12,000,000 12,000,000 12,146,878 12,146,878
Reference price 2 20.00 15.25 13.60 17.60 17.40 16.05
Announcement Date 3/29/18 4/2/19 5/29/20 3/1/21 3/3/22 3/2/23
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 204,422 150,373 161,086 214,298 276,055 403,246
EBITDA 1 51,375 37,276 35,138 54,880 47,447 95,038
EBIT 1 46,352 32,037 29,815 47,820 38,979 86,176
Operating Margin 22.67% 21.31% 18.51% 22.31% 14.12% 21.37%
Earnings before Tax (EBT) 1 53,599 34,601 29,820 45,622 34,021 82,303
Net income 1 39,686 22,169 22,448 29,765 22,058 54,738
Net margin 19.41% 14.74% 13.94% 13.89% 7.99% 13.57%
EPS 2 3.307 1.847 1.871 2.450 1.816 4.506
Free Cash Flow 1 11,744 -4,332 6,141 18,654 14,777 9,778
FCF margin 5.74% -2.88% 3.81% 8.7% 5.35% 2.42%
FCF Conversion (EBITDA) 22.86% - 17.48% 33.99% 31.14% 10.29%
FCF Conversion (Net income) 29.59% - 27.36% 62.67% 66.99% 17.86%
Dividend per Share 2 1.750 1.100 1.100 1.500 1.000 1.500
Announcement Date 3/29/18 4/2/19 5/29/20 3/1/21 3/3/22 3/2/23
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - 54,742 45,141
Net Cash position 1 39,829 35,661 26,171 41,248 - -
Leverage (Debt/EBITDA) - - - - 1.154 x 0.475 x
Free Cash Flow 1 11,744 -4,332 6,141 18,654 14,777 9,778
ROE (net income / shareholders' equity) 50.1% 22.9% 21.6% 25.6% 17.4% 36.5%
ROA (Net income/ Total Assets) 15.8% 10.8% 10.1% 12.7% 7.64% 12.6%
Assets 1 251,545 204,936 222,155 234,899 288,628 432,918
Book Value Per Share 2 7.740 8.280 9.050 10.30 10.60 14.10
Cash Flow per Share 2 3.450 1.800 2.050 3.690 8.480 14.40
Capex 1 9,750 10,766 21,797 26,860 51,347 26,152
Capex / Sales 4.77% 7.16% 13.53% 12.53% 18.6% 6.49%
Announcement Date 3/29/18 4/2/19 5/29/20 3/1/21 3/3/22 3/2/23
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
48 NGN
Average target price
67.11 NGN
Spread / Average Target
+39.81%
Consensus

Annual profits - Rate of surprise

Company calendar

Sector Other Food Processing

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