Financials Lafarge Africa 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
36 ^NGN	0.00%		+9.09%	+14.29%

Feb. 29	Lafarge Africa Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Lafarge Africa Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	246,449	339,069	385,782	386,587	507,396	579,881	-	-
Enterprise Value (EV) ¹	246,449	335,479	359,012	386,587	507,396	579,881	579,881	579,881
P/E ratio	2.14 x	11 x	7.56 x	7.21 x	9.94 x	9.39 x	8.04 x	-
Yield	6.54%	4.75%	8.35%	8.33%	6.35%	6.21%	8.01%	-
Capitalization / Revenue	1.16 x	1.47 x	1.32 x	1.04 x	1.25 x	1.35 x	1.26 x	1.11 x
EV / Revenue	1.16 x	1.47 x	1.32 x	1.04 x	1.25 x	1.35 x	1.26 x	1.11 x
EV / EBITDA	3.79 x	4.49 x	3.95 x	3.53 x	3.92 x	3.22 x	3.82 x	3.45 x
EV / FCF	-	6,125,248 x	7,535,994 x	4,990,743 x	-	-	-	-
FCF Yield	-	0%	0%	0%	-	-	-	-
Price to Book	-	0.94 x	1.02 x	-	-	-	-	-
Nbr of stocks (in thousands)	16,107,795	16,107,796	16,107,796	16,107,796	16,107,796	16,107,796	-	-
Reference price ²	15.30	21.05	23.95	24.00	31.50	36.00	36.00	36.00
Announcement Date	4/6/20	3/24/21	3/1/22	2/28/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	212,999	230,573	293,086	373,245	405,503	430,404	458,454	522,586
EBITDA ¹	65,080	75,462	97,764	109,601	129,317	180,006	151,942	167,958
EBIT ¹	34,910	45,673	65,107	84,194	102,023	110,326	121,328	132,967
Operating Margin	16.39%	19.81%	22.21%	22.56%	25.16%	25.63%	26.46%	25.44%
Earnings before Tax (EBT) ¹	17,892	37,572	62,254	69,745	80,695	104,057	116,557	129,894
Net income ¹	115,104	30,842	51,004	53,647	51,141	76,022	85,896	103,915
Net margin	54.04%	13.38%	17.4%	14.37%	12.61%	17.66%	18.74%	19.88%
EPS ²	7.150	1.910	3.170	3.330	3.170	3.835	4.475	-
Free Cash Flow	-	55,356	51,192	77,461	-	-	-	-
FCF margin	-	24.01%	17.47%	20.75%	-	-	-	-
FCF Conversion (EBITDA)	-	73.36%	52.36%	70.68%	-	-	-	-
FCF Conversion (Net income)	-	179.48%	100.37%	144.39%	-	-	-	-
Dividend per Share ²	1.000	1.000	2.000	2.000	2.000	2.235	2.885	-
Announcement Date	4/6/20	3/24/21	3/1/22	2/28/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	3,590	26,770	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	55,356	51,192	77,461	-	-	-	-
ROE (net income / shareholders' equity)	48%	8.76%	13.8%	13.5%	12%	18.7%	18.5%	18.6%
ROA (Net income/ Total Assets)	22.2%	6.14%	9.86%	9.52%	7.98%	13.5%	14.1%	18.8%
Assets ¹	518,944	502,184	517,026	563,772	641,041	563,126	609,188	552,739
Book Value Per Share	-	22.30	23.50	-	-	-	-	-
Cash Flow per Share ²	4.980	-	-	6.250	9.000	2.420	1.780	-
Capex ¹	22,307	9,936	22,576	23,254	41,489	30,225	23,088	-
Capex / Sales	10.47%	4.31%	7.7%	6.23%	10.23%	7.02%	5.04%	-
Announcement Date	4/6/20	3/24/21	3/1/22	2/28/23	2/29/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

36 NGN

Average target price

36.85 NGN

Spread / Average Target

+2.37%

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