Financials International Breweries Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4.5 ^NGN	0.00%		0.00%	-6.25%

Jan. 30	International Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Jan. 30	International Breweries Plc Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	262,174	81,661	159,829	132,967	126,252	120,879	120,879	-
Enterprise Value (EV) ¹	461,993	320,127	223,832	132,967	126,252	128,938	120,879	120,879
P/E ratio	-67.8 x	-3.2 x	-12.7 x	-7.5 x	-	-2.17 x	-0.71 x	-1.35 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	2.17 x	0.62 x	1.17 x	0.73 x	0.58 x	0.49 x	0.39 x	0.33 x
EV / Revenue	2.17 x	0.62 x	1.17 x	0.73 x	0.58 x	0.49 x	0.39 x	0.33 x
EV / EBITDA	10.5 x	7.22 x	7.73 x	4.19 x	-	-4.54 x	-38.5 x	7.71 x
EV / FCF	-2,657,678 x	-5,015,674 x	4,678,070 x	-	-	-	-	-
FCF Yield	-0%	-0%	0%	-	-	-	-	-
Price to Book	7.46 x	-	1.05 x	-	-	1.04 x	0.3 x	0.39 x
Nbr of stocks (in thousands)	8,595,862	8,595,862	26,862,069	26,862,069	26,862,069	26,862,069	26,862,069	-
Reference price ²	30.50	9.500	5.950	4.950	4.700	4.500	4.500	4.500
Announcement Date	7/1/19	1/31/20	3/22/21	3/31/22	3/31/23	1/30/24	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	120,611	132,352	136,791	182,298	218,650	264,278	310,388	364,641
EBITDA ¹	24,852	11,309	20,679	31,697	-	-28,371	-3,138	15,676
EBIT ¹	7,896	-15,065	-7,391	-7,262	-21,332	-68,238	-50,172	-28,458
Operating Margin	6.55%	-11.38%	-5.4%	-3.98%	-9.76%	-25.82%	-16.16%	-7.8%
Earnings before Tax (EBT) ¹	-8,049	-37,439	-24,873	-19,836	-26,844	-87,645	-72,642	-41,702
Net income ¹	-3,866	-25,583	-12,365	-17,657	-21,626	-59,467	-52,063	-27,478
Net margin	-3.21%	-19.33%	-9.04%	-9.69%	-9.89%	-22.5%	-16.77%	-7.54%
EPS ²	-0.4500	-2.970	-0.4700	-0.6600	-	-2.210	-6.330	-3.340
Free Cash Flow	-98,648	-16,281	34,166	-	-	-	-	-
FCF margin	-81.79%	-12.3%	24.98%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	165.22%	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	7/1/19	1/31/20	3/22/21	3/31/22	3/31/23	1/30/24	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	199,819	238,467	64,003	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.04 x	21.09 x	3.095 x	-	-	-	-	-
Free Cash Flow	-98,648	-16,281	34,166	-	-	-	-	-
ROE (net income / shareholders' equity)	-9.97%	-114%	-15.5%	-12.3%	-17.1%	-49.2%	-42%	-29%
ROA (Net income/ Total Assets)	-1.37%	-7.48%	-	-	-4.53%	-9.77%	-7%	-4%
Assets ¹	282,051	341,823	-	-	477,107	608,683	743,757	686,950
Book Value Per Share ²	4.090	-	5.650	-	-	4.640	14.90	11.60
Cash Flow per Share	-11.80	-1.760	1.980	-	-	-	-	-
Capex	69,773	56,761	18,062	-	-	-	-	-
Capex / Sales	57.85%	42.89%	13.2%	-	-	-	-	-
Announcement Date	7/1/19	1/31/20	3/22/21	3/31/22	3/31/23	1/30/24	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4.5 NGN

Average target price

5.033 NGN

Spread / Average Target

+11.85%

	1st Jan change	Capi.
INTERNATIONAL BREWERIES PLC	-6.25%	90.89M
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CONSTELLATION BRANDS, INC.	+7.57%	47.58B
AMBEV S.A.	-12.53%	36.89B
HEINEKEN HOLDING N.V.	0.00%	23.13B
CARLSBERG A/S	+12.68%	19.06B
BUDWEISER BREWING COMPANY APAC LIMITED	-25.17%	18.42B
ASAHI GROUP HOLDINGS, LTD.	+3.94%	17.59B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	+6.29%	15.06B