Stock MBENEFIT MUTUAL BENEFITS ASSURANCE PLC
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Financials Mutual Benefits Assurance Plc

Equities

MBENEFIT

NGMBENEFT000

Property & Casualty Insurance

End-of-day quote Nigerian S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
0.56 NGN 0.00% Intraday chart for Mutual Benefits Assurance Plc 0.00% +5.66%
Feb. 02 Mutual Benefits Assurance Plc Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023 CI
2023 Mutual Benefits Assurance Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 4,000 1,680 2,223 3,017 6,620 5,417
Enterprise Value (EV) 1 2,153 2,868 2,155 -4,514 -5,206 -12,933
P/E ratio 3.86 x 1.5 x 0.56 x 0.59 x -0.92 x 1.8 x
Yield 4% - - - - -
Capitalization / Revenue 0.27 x 0.09 x 0.11 x 0.13 x 0.34 x 0.16 x
EV / Revenue 0.14 x 0.16 x 0.1 x -0.19 x -0.26 x -0.38 x
EV / EBITDA 1.09 x 1.35 x 0.5 x -1.12 x 1.2 x -1.9 x
EV / FCF 0.32 x -0.4 x 0.09 x -0.27 x 0.71 x -1.17 x
FCF Yield 313% -252% 1,139% -371% 140% -85.7%
Price to Book 0.49 x 0.19 x 0.17 x 0.13 x 0.36 x 0.25 x
Nbr of stocks (in thousands) 8,000,000 7,999,500 11,117,438 11,172,234 20,061,122 20,061,122
Reference price 2 0.5000 0.2100 0.2000 0.2700 0.3300 0.2700
Announcement Date 5/11/18 6/22/19 6/8/20 6/17/21 8/12/22 5/23/23
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 14,900 18,039 20,614 23,187 19,699 34,143
EBITDA 1 1,973 2,129 4,346 4,047 -4,343 6,798
EBIT 1 1,273 1,431 3,832 3,688 -4,667 6,447
Operating Margin 8.54% 7.93% 18.59% 15.91% -23.69% 18.88%
Earnings before Tax (EBT) 1 1,335 1,381 3,754 5,042 -5,590 3,821
Net income 1 1,036 1,128 3,643 5,132 -5,575 3,010
Net margin 6.96% 6.25% 17.67% 22.13% -28.3% 8.82%
EPS 2 0.1296 0.1400 0.3600 0.4593 -0.3590 0.1500
Free Cash Flow 1 6,732 -7,239 24,559 16,743 -7,307 11,080
FCF margin 45.18% -40.13% 119.14% 72.21% -37.09% 32.45%
FCF Conversion (EBITDA) 341.26% - 565.04% 413.7% - 162.99%
FCF Conversion (Net income) 649.49% - 674.2% 326.25% - 368.09%
Dividend per Share 2 0.0200 - - - - -
Announcement Date 5/11/18 6/22/19 6/8/20 6/17/21 8/12/22 5/23/23
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - 1,188 - - - -
Net Cash position 1 1,847 - 68.2 7,530 11,826 18,350
Leverage (Debt/EBITDA) - 0.5583 x - - - -
Free Cash Flow 1 6,732 -7,239 24,559 16,743 -7,307 11,080
ROE (net income / shareholders' equity) 13.4% 13.2% 30.6% 26.1% -24.3% 14.9%
ROA (Net income/ Total Assets) 1.46% 1.53% 3.77% 3.06% -3.5% 4.56%
Assets 1 71,109 73,758 96,733 167,695 159,287 66,015
Book Value Per Share 2 1.010 1.110 1.200 2.090 0.9200 1.070
Cash Flow per Share 2 1.040 0.6900 0.6100 1.020 0.7100 0.9300
Capex 1 303 493 124 191 240 261
Capex / Sales 2.04% 2.73% 0.6% 0.82% 1.22% 0.76%
Announcement Date 5/11/18 6/22/19 6/8/20 6/17/21 8/12/22 5/23/23
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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