Stock HVAR HOLDING VARNA AD
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Financials Holding Varna AD

Equities

HVAR

BG1100036984

Investment Holding Companies

End-of-day quote Bulgaria S.E.
Other stock markets
 06:00:00 2024-04-18 pm EDT 		5-day change 1st Jan Change
45.2 BGN -.--% Intraday chart for Holding Varna AD -.--% +3.20%
2023 Holding Varna AD Reports Earnings Results for the Nine Months Ended September 30, 2023 CI
2023 Holding Varna AD Reports Earnings Results for the Half Year Ended June 30, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 182.9 221 260.7 256.8 271.1 281.5
Enterprise Value (EV) 1 358.4 397.2 422.5 405 415.6 428.1
P/E ratio 153 x -195 x 103 x -44.6 x 151 x 115 x
Yield - - - - - -
Capitalization / Revenue 2.99 x 3.24 x 3.59 x 5.36 x 4.33 x 3.89 x
EV / Revenue 5.85 x 5.83 x 5.81 x 8.46 x 6.63 x 5.92 x
EV / EBITDA 55.8 x 153 x 86.4 x -161 x 44.3 x 57.8 x
EV / FCF -12.5 x -17.2 x -14.2 x -14.9 x -419 x 78.8 x
FCF Yield -8% -5.82% -7.03% -6.69% -0.24% 1.27%
Price to Book 1.14 x 1.51 x 1.37 x 1.4 x 1.47 x 1.5 x
Nbr of stocks (in thousands) 5,236 5,236 6,486 6,486 6,486 6,486
Reference price 2 34.93 42.20 40.20 39.60 41.80 43.40
Announcement Date 4/30/18 2/28/20 2/28/20 5/5/21 3/31/22 5/2/23
1BGN in Million2BGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 61.25 68.12 72.67 47.9 62.67 72.28
EBITDA 1 6.427 2.601 4.892 -2.515 9.387 7.411
EBIT 1 0.59 -3.083 -1.199 -8.017 4.178 2.314
Operating Margin 0.96% -4.53% -1.65% -16.74% 6.67% 3.2%
Earnings before Tax (EBT) 1 2.236 -4.109 0.123 -10.57 2.891 1.563
Net income 1 1.254 -1.131 2.454 -5.761 1.79 2.441
Net margin 2.05% -1.66% 3.38% -12.03% 2.86% 3.38%
EPS 2 0.2290 -0.2160 0.3888 -0.8882 0.2760 0.3764
Free Cash Flow 1 -28.68 -23.12 -29.69 -27.09 -0.9926 5.432
FCF margin -46.83% -33.94% -40.86% -56.57% -1.58% 7.52%
FCF Conversion (EBITDA) - - - - - 73.3%
FCF Conversion (Net income) - - - - - 222.55%
Dividend per Share - - - - - -
Announcement Date 4/30/18 2/28/20 2/28/20 5/5/21 3/31/22 5/2/23
1BGN in Million2BGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 175 176 162 148 145 147
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 27.3 x 67.74 x 33.07 x -58.89 x 15.4 x 19.79 x
Free Cash Flow 1 -28.7 -23.1 -29.7 -27.1 -0.99 5.43
ROE (net income / shareholders' equity) 0.47% -2.53% -0.18% -4.46% 1.09% 0.56%
ROA (Net income/ Total Assets) 0.09% -0.45% -0.17% -1.07% 0.56% 0.31%
Assets 1 1,403 251.4 -1,467 539 319.7 779.9
Book Value Per Share 2 30.60 27.90 29.40 28.20 28.50 28.90
Cash Flow per Share 2 1.960 1.200 0.8800 1.270 1.870 2.000
Capex 1 18.8 36.1 23.4 7.29 9.38 4.56
Capex / Sales 30.77% 53.06% 32.14% 15.22% 14.97% 6.3%
Announcement Date 4/30/18 2/28/20 2/28/20 5/5/21 3/31/22 5/2/23
1BGN in Million2BGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Holding Companies

1st Jan change Capi.
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-1.92% 9.75B
Other Holding Companies
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