Financials Michael Hill International Limited

Equities

MHJ

AU000000MHJ4

Apparel & Accessories Retailers

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
0.685 ^AUD	+0.74%		+11.38%	-24.31%

Mar. 25	Michael Hill to Move Corporate Head Office from Melbourne to Brisbane	MT
Mar. 18	Michael Hill International Limited Appoints Kate Palethorpe as Company Secretary	CI

Valuation

Fiscal Period: Luglio	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	209.4	131.8	326	399.9	339.8	263.5	-	-
Enterprise Value (EV) ¹	234.2	289.3	387.4	304.1	331.5	357.1	363.8	369.8
P/E ratio	12.7 x	43 x	7.22 x	8.68 x	9.94 x	17.9 x	10.2 x	7.94 x
Yield	7.41%	4.41%	5.36%	7.28%	8.38%	3.92%	6.12%	7.54%
Capitalization / Revenue	0.37 x	0.27 x	0.59 x	0.67 x	0.54 x	0.41 x	0.38 x	0.37 x
EV / Revenue	0.42 x	0.59 x	0.7 x	0.51 x	0.53 x	0.55 x	0.53 x	0.52 x
EV / EBITDA	4.34 x	3.33 x	3.59 x	2.65 x	2.84 x	3.65 x	3.18 x	2.89 x
EV / FCF	8.3 x	3.73 x	-	-	7.24 x	9.24 x	6.69 x	6.11 x
FCF Yield	12%	26.8%	-	-	13.8%	10.8%	15%	16.4%
Price to Book	1.18 x	0.86 x	1.69 x	2.05 x	1.8 x	1.42 x	1.47 x	1.64 x
Nbr of stocks (in thousands)	387,750	387,775	388,142	388,285	379,689	384,624	-	-
Reference price ²	0.5400	0.3400	0.8400	1.030	0.8950	0.6850	0.6850	0.6850
Announcement Date	8/16/19	8/18/20	8/22/21	8/28/22	8/24/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Luglio	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	563.4	492.1	556.5	595.2	629.6	650.2	685.6	712.9
EBITDA ¹	53.97	86.85	107.9	114.8	116.6	97.92	114.4	128.1
EBIT ¹	34.61	25.69	56.59	62.87	58.89	33.9	48	56.08
Operating Margin	6.14%	5.22%	10.17%	10.56%	9.35%	5.21%	7%	7.87%
Earnings before Tax (EBT) ¹	18.81	4.485	64.81	65.7	49.75	22.08	37.17	44.61
Net income ¹	16.5	3.059	45.33	46.71	35.18	15.68	26.51	31.7
Net margin	2.93%	0.62%	8.15%	7.85%	5.59%	2.41%	3.87%	4.45%
EPS ²	0.0425	0.007900	0.1163	0.1186	0.0900	0.0382	0.0673	0.0863
Free Cash Flow ¹	28.22	77.59	-	-	45.8	38.65	54.4	60.5
FCF margin	5.01%	15.77%	-	-	7.28%	5.94%	7.93%	8.49%
FCF Conversion (EBITDA)	52.28%	89.34%	-	-	39.28%	39.47%	47.57%	47.22%
FCF Conversion (Net income)	171.03%	2,536.35%	-	-	130.18%	246.47%	205.22%	190.87%
Dividend per Share ²	0.0400	0.0150	0.0450	0.0750	0.0750	0.0268	0.0419	0.0516
Announcement Date	8/16/19	8/18/20	8/22/21	8/28/22	8/24/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2020 S1	2023 S1	2024 S1
Net sales ¹	329.5	363.4	362.7
EBITDA ¹	41.17	-	63.29
EBIT	31.6	58.78	-
Operating Margin	9.59%	16.18%	-
Earnings before Tax (EBT)	-	-	-
Net income	-	-	-
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	0.0150	-	-
Announcement Date	2/25/20	2/26/23	2/25/24

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	24.8	157	61.3	-	-	93.6	100	106
Net Cash position ¹	-	-	-	95.8	8.37	-	-	-
Leverage (Debt/EBITDA)	0.4595 x	1.813 x	0.5684 x	-	-	0.9558 x	0.8774 x	0.8302 x
Free Cash Flow ¹	28.2	77.6	-	-	45.8	38.7	54.4	60.5
ROE (net income / shareholders' equity)	9.38%	1.9%	26.1%	25.3%	18.3%	8.45%	14.4%	17.2%
ROA (Net income/ Total Assets)	4.34%	0.7%	-	-	6.65%	6.7%	8.75%	9.63%
Assets ¹	380.3	437	-	-	528.8	234.1	302.9	329.1
Book Value Per Share ²	0.4600	0.4000	0.5000	0.5000	0.5000	0.4800	0.4700	0.4200
Cash Flow per Share ²	0.1000	0.2200	0.2800	0.2300	0.2300	0.1400	0.1800	0.2600
Capex ¹	10.8	6.11	6.43	15.6	34.3	35.1	42.5	38.5
Capex / Sales	1.91%	1.24%	1.16%	2.62%	5.44%	5.39%	6.19%	5.4%
Announcement Date	8/16/19	8/18/20	8/22/21	8/28/22	8/24/23	-	-	-

¹AUD 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 Michael Hill International Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.685 AUD

Average target price

1.023 AUD

Spread / Average Target

+49.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Jewelry & Watch Retailers

	1st Jan change	Capi.
MICHAEL HILL INTERNATIONAL LIMITED	-24.31%	172M
KALYAN JEWELLERS INDIA LIMITED	+18.44%	5.18B
SHANGHAI YUYUAN TOURIST MART (GROUP) CO., LTD.	-5.80%	3.15B
LOVISA HOLDINGS LIMITED	+24.11%	2.17B
LUK FOOK HOLDINGS (INTERNATIONAL) LIMITED	-11.12%	1.4B
WATCHES OF SWITZERLAND GROUP PLC	-51.45%	1.03B
THE HOUR GLASS LIMITED	-3.61%	763M
ETHOS LIMITED	+17.80%	722M
AURORA DESIGN	-14.29%	475M
THANGAMAYIL JEWELLERY LIMITED	-11.64%	434M

Jewelry & Watch Retailers