Financials Tanzania Breweries Public Limited Company

Equities

End-of-day quote Tanzania S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
10,900 ^TZS	-.--%		-.--%	-.--%

Mar. 27	Tanzania Breweries Public Limited Company Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI
2023	Tanzania Breweries Public Limited Company Reports Earnings Results for the Third Quarter Ended September 30, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,806,223	3,151,816	3,151,816	3,151,816	3,151,816	3,151,816	3,151,816	-
Enterprise Value (EV) ¹	3,745,521	3,078,167	2,995,891	2,935,926	2,801,157	3,151,816	2,688,816	2,674,816
P/E ratio	30.1 x	22.4 x	40.4 x	24.9 x	22.4 x	23.9 x	21.2 x	18.8 x
Yield	5.43%	4.59%	1.47%	2.34%	2.66%	2.94%	3.3%	4.26%
Capitalization / Revenue	3.53 x	3.07 x	3.28 x	3.1 x	2.77 x	2.48 x	3.31 x	3.02 x
EV / Revenue	3.47 x	3 x	3.11 x	2.89 x	2.46 x	2.48 x	2.83 x	2.56 x
EV / EBITDA	13.1 x	10.7 x	12.5 x	10.6 x	9.03 x	8.31 x	8.17 x	7.45 x
EV / FCF	33 x	18.6 x	-	19.5 x	13.5 x	16.5 x	18.5 x	16.3 x
FCF Yield	3.03%	5.38%	-	5.12%	7.39%	6.08%	5.39%	6.13%
Price to Book	6.85 x	-	-	-	4.62 x	4.3 x	4.06 x	3.89 x
Nbr of stocks (in thousands)	295,056	289,157	289,157	289,157	289,157	289,157	289,157	-
Reference price ²	12,900	10,900	10,900	10,900	10,900	10,900	10,900	10,900
Announcement Date	6/25/19	4/2/20	5/7/21	8/12/22	3/9/23	3/26/24	-	-

¹TZS in Million²TZS

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,078,770	1,025,960	961,886	1,015,447	1,139,448	1,271,851	951,000	1,043,000
EBITDA ¹	286,630	288,688	238,906	278,082	310,229	327,000	329,000	359,000
EBIT ¹	210,336	220,070	163,391	179,174	217,538	242,533	231,000	260,000
Operating Margin	19.5%	21.45%	16.99%	17.64%	19.09%	19.07%	24.29%	24.93%
Earnings before Tax (EBT) ¹	210,935	221,498	164,825	174,260	214,514	231,412	235,000	264,000
Net income ¹	126,446	143,660	79,806	129,085	143,605	135,406	152,000	171,000
Net margin	11.72%	14%	8.3%	12.71%	12.6%	10.65%	15.98%	16.4%
EPS ²	428.0	487.0	270.0	437.0	486.0	457.0	514.0	580.0
Free Cash Flow ¹	113,564	165,699	-	150,256	207,131	165,000	145,000	164,000
FCF margin	10.53%	16.15%	-	14.8%	18.18%	18.29%	15.25%	15.72%
FCF Conversion (EBITDA)	39.62%	57.4%	-	54.03%	66.77%	50.46%	44.07%	45.68%
FCF Conversion (Net income)	89.81%	115.34%	-	116.4%	144.24%	113.79%	95.39%	95.91%
Dividend per Share ²	700.0	500.0	160.0	255.0	290.0	320.0	360.0	464.0
Announcement Date	6/25/19	4/2/20	5/7/21	8/12/22	3/9/23	3/26/24	-	-

¹TZS in Million²TZS

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	60,702	73,649	155,925	215,890	350,659	436,000	463,000	477,000
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	113,564	165,699	-	150,256	207,131	165,000	145,000	164,000
ROE (net income / shareholders' equity)	21.2%	25.9%	14%	-	21.5%	20.1%	19.7%	21.2%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	1,883	-	-	-	2,359	2,532	2,686	2,802
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	111,966	64,178	39,717	53,729	82,350	102,000	117,000	125,000
Capex / Sales	10.38%	6.26%	4.13%	5.29%	7.23%	11.31%	12.3%	11.98%
Announcement Date	6/25/19	4/2/20	5/7/21	8/12/22	3/9/23	3/26/24	-	-

¹TZS in Million²TZS

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

10,900 TZS

Average target price

11,500 TZS

Spread / Average Target

+5.50%

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