Company Valuation: Jadranski naftovod d.d.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 635.8 573.9 683.4 788.4 836.4 831.3
Change - -9.74% 19.08% 15.36% 6.08% -0.6%
Enterprise Value (EV) 1 262.2 295.9 171.4 685.6 694.3 694
Change - 12.86% -42.07% 299.94% 1.27% -0.04%
P/E ratio 2.43x 1.99x 2.57x 19.4x 16.1x 17.2x
PBR 0.15x 0.13x 0.14x 1.19x 1.19x 1.16x
PEG - 0.2x -0.33x -0.2x 0.6x -2.49x
Capitalization / Revenue 0.95x 0.75x 0.89x 6.79x 5.69x 6.58x
EV / Revenue 0.39x 0.39x 0.22x 5.91x 4.73x 5.49x
EV / EBITDA 0.58x 0.55x 0.32x 8.39x 6.85x 8.71x
EV / EBIT 0.86x 0.83x 0.54x 13.4x 9.65x 13.6x
EV / FCF -1.95x -4.03x 0.75x 15x 12.9x 36.2x
FCF Yield -51.4% -24.8% 134% 6.66% 7.77% 2.76%
Dividend per Share 3 74.08 81.49 75.36 - 30.95 28.81
Rate of return 11.7% 14.3% 11.1% - 3.73% 3.49%
EPS 3 260 285.9 264 40.42 51.58 48.01
Distribution rate 28.5% 28.5% 28.5% - 60% 60%
Net sales 1 668.7 765.6 770.9 116.1 146.9 126.3
EBITDA 1 450.7 533.9 534.3 81.76 101.4 79.64
EBIT 1 305.8 358.5 320.4 51.05 71.95 51.13
Net income 1 262 288.1 266 40.73 51.97 48.38
Net Debt 1 -373.6 -278 -512 -102.8 -142.1 -137.3
Reference price 3 630.97 569.54 678.23 782.43 830.00 825.00
Nbr of stocks (in thousands) 1,008 1,008 1,008 1,008 1,008 1,008
Announcement Date 4/2/20 3/15/21 3/29/22 4/24/24 4/24/24 4/4/25
1EUR in Million2HRK in Million3EUR
Estimates

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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