Stock NEM NEM INSURANCE PLC
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Financials NEM Insurance Plc

Equities

NEM

NGNEM0000005

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
10.35 NGN 0.00% Intraday chart for NEM Insurance Plc 0.00% +64.29%
Jan. 30 NEM Insurance Plc Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Jan. 30 NEM Insurance Plc Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 8,766 14,257 12,779 17,959 22,574 22,574
Enterprise Value (EV) 1 5,437 7,781 4,677 10,655 14,818 13,732
P/E ratio 3.16 x 7 x 5.38 x 3.54 x 5.11 x 4.17 x
Yield 6.03% 4.81% - 5.03% 4.89% 6.67%
Capitalization / Revenue 0.75 x 1.16 x 0.86 x 0.93 x 1.01 x 0.88 x
EV / Revenue 0.46 x 0.63 x 0.31 x 0.55 x 0.66 x 0.54 x
EV / EBITDA 1.73 x 2.63 x 2.04 x 2.05 x 3.28 x 2.56 x
EV / FCF -19.8 x 9.21 x 0.85 x 2.08 x 3.78 x 2.01 x
FCF Yield -5.05% 10.9% 118% 48.2% 26.5% 49.8%
Price to Book 0.9 x 1.15 x 0.91 x 0.98 x 0.99 x 0.83 x
Nbr of stocks (in thousands) 5,016,478 5,016,478 5,016,478 5,016,478 5,016,478 5,016,478
Reference price 2 1.747 2.842 2.547 3.580 4.500 4.500
Announcement Date 3/29/18 4/25/19 3/31/20 3/31/21 4/3/22 3/30/23
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 11,750 12,288 14,913 19,210 22,288 25,511
EBITDA 1 3,139 2,962 2,292 5,191 4,516 5,370
EBIT 1 2,824 2,611 1,900 4,946 4,273 5,126
Operating Margin 24.04% 21.25% 12.74% 25.75% 19.17% 20.09%
Earnings before Tax (EBT) 1 3,095 2,686 1,920 5,130 4,528 5,481
Net income 1 2,775 2,037 2,395 5,085 4,432 5,440
Net margin 23.62% 16.57% 16.06% 26.47% 19.89% 21.32%
EPS 2 0.5532 0.4060 0.4737 1.010 0.8800 1.080
Free Cash Flow 1 -274.6 844.5 5,522 5,134 3,922 6,843
FCF margin -2.34% 6.87% 37.03% 26.72% 17.6% 26.82%
FCF Conversion (EBITDA) - 28.51% 240.94% 98.9% 86.86% 127.43%
FCF Conversion (Net income) - 41.46% 230.53% 100.96% 88.49% 125.79%
Dividend per Share 2 0.1053 0.1368 - 0.1800 0.2200 0.3000
Announcement Date 3/29/18 4/25/19 3/31/20 3/31/21 4/3/22 3/30/23
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 3,329 6,476 8,102 7,304 7,756 8,842
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -275 844 5,522 5,134 3,922 6,843
ROE (net income / shareholders' equity) 32.4% 18.4% 18.1% 31.3% 21.5% 21.7%
ROA (Net income/ Total Assets) 11% 8.16% 4.94% 10.9% 7.69% 7.61%
Assets 1 25,201 24,953 48,524 46,787 57,632 71,437
Book Value Per Share 2 1.940 2.480 2.810 3.660 4.570 5.420
Cash Flow per Share 2 0.6600 1.340 1.620 1.470 1.570 1.770
Capex 1 386 429 155 157 109 363
Capex / Sales 3.29% 3.49% 1.04% 0.82% 0.49% 1.42%
Announcement Date 3/29/18 4/25/19 3/31/20 3/31/21 4/3/22 3/30/23
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
1
Last Close Price
10.35 NGN
Average target price
6.17 NGN
Spread / Average Target
-40.39%
Consensus

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