Financials Umeme Limited

Equities

End-of-day quote UGANDA SECURITIES EXCHANGE Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
460 ^UGX	0.00%		+2.22%	+15.00%

Mar. 25	Umeme Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Umeme Limited Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	378,364	355,759	306,913	446,566	649,551	746,984	-
Enterprise Value (EV) ¹	882,442	924,856	688,396	704,966	649,551	410,984	333,984
P/E ratio	2.71 x	8.11 x	2.21 x	3.01 x	56.3 x	-63.9 x	-39.7 x
Yield	17.7%	5.57%	28.6%	23.2%	-	16.3%	26.5%
Capitalization / Revenue	0.21 x	0.21 x	0.16 x	0.24 x	0.3 x	0.34 x	1.25 x
EV / Revenue	0.5 x	0.56 x	0.37 x	0.37 x	0.3 x	0.19 x	0.56 x
EV / EBITDA	2.39 x	3.76 x	1.71 x	1.83 x	1.34 x	0.8 x	2.46 x
EV / FCF	9.87 x	-577 x	3.58 x	2.95 x	-	0.85 x	1.69 x
FCF Yield	10.1%	-0.17%	28%	34%	-	118%	59.3%
Price to Book	0.45 x	0.44 x	0.34 x	0.44 x	-	0.92 x	1.11 x
Nbr of stocks (in thousands)	1,623,878	1,623,878	1,623,878	1,623,878	1,623,878	1,623,878	-
Reference price ²	233.0	219.1	189.0	275.0	400.0	460.0	460.0
Announcement Date	3/23/20	3/23/21	3/30/22	3/28/23	3/25/24	-	-

¹UGX in Million²UGX

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,777	1,661	1,885	1,887	2,196	2,208	597
EBITDA ²	368,565	245,686	402,345	384,800	484,328	515,000	136,000
EBIT ²	245,571	92,998	213,516	238,805	42,206	-23,000	-29,000
Operating Margin	13,822.55%	5,599.45%	11,327%	12,653.09%	1,921.63%	-1,041.67%	-4,857.62%
Earnings before Tax (EBT) ²	204,357	62,961	193,977	214,900	15,384	-17,000	-27,000
Net income ²	139,152	43,081	139,141	148,200	11,470	-12,000	-19,000
Net margin	7,832.5%	2,593.93%	7,381.41%	7,852.38%	522.23%	-543.48%	-3,182.58%
EPS ³	86.00	27.00	85.70	91.30	7.100	-7.200	-11.60
Free Cash Flow ²	89,388	-1,603	192,541	239,357	-	486,000	198,000
FCF margin	5,031.42%	-96.52%	10,214.28%	12,682.33%	-	22,010.87%	33,165.83%
FCF Conversion (EBITDA)	24.25%	-	47.85%	62.2%	-	94.37%	145.59%
FCF Conversion (Net income)	64.24%	-	138.38%	161.51%	-	-	-
Dividend per Share ³	41.34	12.20	54.10	63.90	-	74.80	122.0
Announcement Date	3/23/20	3/23/21	3/30/22	3/28/23	3/25/24	-	-

¹UGX in Billions²UGX in Million³UGX

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	504,078	569,097	381,483	258,400	-	-	-
Net Cash position ¹	-	-	-	-	-	336,000	413,000
Leverage (Debt/EBITDA)	1.368 x	2.316 x	0.9481 x	0.6715 x	-	-	-
Free Cash Flow ¹	89,388	-1,603	192,541	239,357	-	486,000	198,000
ROE (net income / shareholders' equity)	17.3%	5.26%	16.4%	15.6%	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	515.0	495.0	550.0	622.0	-	500.0	413.0
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	104,817	278,744	122,502	110,656	-	75,000	-
Capex / Sales	5,899.87%	16,783.3%	6,498.72%	5,863.11%	-	3,396.74%	-
Announcement Date	3/23/20	3/23/21	3/30/22	3/28/23	3/25/24	-	-

¹UGX in Million²UGX

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

460 UGX

Average target price

589.6 UGX

Spread / Average Target

+28.18%

	1st Jan change	Capi.
UMEME LIMITED	+15.00%	196M
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IBERDROLA, S.A.	-2.19%	77.98B
DUKE ENERGY CORPORATION	+0.69%	75.38B
ENEL S.P.A.	-8.92%	66.47B
CONSTELLATION ENERGY CORPORATION	+61.15%	59.36B
AMERICAN ELECTRIC POWER COMPANY, INC.	+4.97%	44.9B
DOMINION ENERGY, INC.	+7.34%	42.26B
GE VERNOVA INC.	0.00%	41.65B