Financials Embark Early Education Limited

Equities

EVO

AU0000289134

Personal Services

Market Closed - Australian S.E. Other stock markets 01:43:29 2024-05-10 am EDT			5-day change	1st Jan Change
0.685 ^AUD	+2.24%		+2.24%	+10.48%

May. 06	Embark Early Education Limited Declares Fully Franked Quarterly Dividend as a Final Dividend for the Fiscal Year 2023, Payable on 3 June 2024	CI
Feb. 26	Embark Early Education Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	204.2	191.6	145.6	92.41	106.6	120	-
Enterprise Value (EV) ²	246.9	376.8	134.2	92.41	106.6	107.7	108.1
P/E ratio	-	-	-	-	12.4 x	9.26 x	7.45 x
Yield	-	-	-	-	-	6.57%	7.01%
Capitalization / Revenue	1.49 x	1.4 x	0.92 x	0.64 x	1.59 x	1.32 x	1.03 x
EV / Revenue	1.8 x	2.75 x	0.85 x	0.64 x	1.59 x	1.19 x	0.93 x
EV / EBITDA	18.6 x	20.8 x	10.7 x	10.8 x	6.23 x	4.93 x	3.97 x
EV / FCF	-	-	-40.7 x	-	-	328 x	5.96 x
FCF Yield	-	-	-2.46%	-	-	0.3%	16.8%
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	139,825	139,825	159,549	159,549	159,549	159,549	-
Reference price ³	1.400	1.280	0.8600	0.5400	0.6200	0.6850	0.6850
Announcement Date	5/26/19	2/25/21	2/27/22	2/28/23	2/26/24	-	-

¹AUD in Million²NZD in Million³AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	137.2	136.8	158	143.8	66.87	90.73	116.5
EBITDA ¹	13.3	18.1	12.6	8.585	17.1	21.84	27.19
EBIT ¹	10.1	12.05	21.69	-3.699	-	27.19	33.08
Operating Margin	7.36%	8.81%	13.73%	-2.57%	-	29.96%	28.4%
Earnings before Tax (EBT) ¹	-	13.82	1.472	-1.87	11.66	18.23	22.49
Net income ¹	-101.6	10.09	0.741	-44	8.766	12.88	15.94
Net margin	-74.03%	7.38%	0.47%	-30.6%	13.11%	14.2%	13.68%
EPS ²	-	-	-	-	0.0500	0.0740	0.0920
Free Cash Flow ¹	-	-	-3.297	-	-	0.328	18.12
FCF margin	-	-	-2.09%	-	-	0.36%	15.56%
FCF Conversion (EBITDA)	-	-	-	-	-	1.5%	66.66%
FCF Conversion (Net income)	-	-	-	-	-	2.55%	113.69%
Dividend per Share ²	-	-	-	-	-	0.0450	0.0480
Announcement Date	5/26/19	2/25/21	2/27/22	2/28/23	2/26/24	-	-

¹NZD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1
Net sales	71.42	74.89	83.07	-	62.92	-
EBITDA	-	5.464	7.132	-	4.578	-
EBIT	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	4.039
Net income ¹	-	-	-	-2.233	-	2.595
Net margin	-	-	-	-	-	-
EPS	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	2/25/21	8/25/21	2/27/22	8/28/22	2/28/23	8/31/23

¹NZD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	42.7	185	-	-	-	-	-
Net Cash position ¹	-	-	11.4	-	-	12.2	11.9
Leverage (Debt/EBITDA)	3.211 x	10.23 x	-	-	-	-	-
Free Cash Flow ¹	-	-	-3.3	-	-	0.33	18.1
ROE (net income / shareholders' equity)	5.28%	7.41%	1.53%	-	-	14%	16%
ROA (Net income/ Total Assets)	-	2.1%	0.46%	-	-	14%	16%
Assets ¹	-	480.5	160.6	-	-	92.03	99.63
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share ²	-	-	-	-	-	0.1500	0.1800
Capex ¹	3.57	3.08	3.27	3.97	-	2.51	3.17
Capex / Sales	2.6%	2.25%	2.07%	2.76%	-	2.77%	2.72%
Announcement Date	5/26/19	2/25/21	2/27/22	2/28/23	2/26/24	-	-

¹NZD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Embark Early Education Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.685 AUD

Average target price

0.96 AUD

Spread / Average Target

+40.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Child Care & Family Services

	1st Jan change	Capi.
EMBARK EARLY EDUCATION LIMITED	+10.48%	72.16M
BRIGHT HORIZONS FAMILY SOLUTIONS INC.	+19.59%	6.54B
G8 EDUCATION LIMITED	+1.69%	641M
JP-HOLDINGS,INC.	-4.68%	234M
LIKE CO., LTD.	+15.73%	208M
NIDO EDUCATION LIMITED	-9.50%	135M
POPPINS CORPORATION	+11.59%	81.04M

Child Care & Family Services