Financials UPDC Real Estate Investment Trust

Equities

UPDCREIT

NGUPDCREIT01

Diversified REITs

End-of-day quote Nigerian S.E. 06:00:00 2024-05-06 pm EDT 5-day change 1st Jan Change
4.8 NGN 0.00% Intraday chart for UPDC Real Estate Investment Trust +18.52% -25.00%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 17,611 11,340 14,675 11,874 8,005 17,077
Enterprise Value (EV) 1 14,447 7,247 9,535 7,676 4,439 13,351
P/E ratio 6.67 x -25 x 7.64 x -2.65 x 4.77 x 4.49 x
Yield 8.64% 15.5% 12.7% 7.87% 11.3% 6.41%
Capitalization / Revenue 13.8 x 4.56 x 6.84 x 9.03 x 4.97 x 9.01 x
EV / Revenue 11.3 x 2.92 x 4.44 x 5.84 x 2.76 x 7.05 x
EV / EBITDA 14.8 x 3.56 x 5.13 x 11.2 x 3.69 x 9.41 x
EV / FCF 15.5 x 6.21 x 6.67 x 15.4 x 9.35 x 19.7 x
FCF Yield 6.45% 16.1% 15% 6.49% 10.7% 5.08%
Price to Book 0.54 x 0.37 x 0.47 x 0.48 x 0.31 x 0.59 x
Nbr of stocks (in thousands) 2,668,270 2,668,270 2,668,270 2,668,270 2,668,270 2,668,270
Reference price 2 6.600 4.250 5.500 4.450 3.000 6.400
Announcement Date 10/11/19 5/4/21 5/4/21 4/5/22 3/31/23 4/2/24
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,278 2,485 2,145 1,315 1,611 1,894
EBITDA 1 974.2 2,034 1,859 683 1,202 1,419
EBIT 1 893 1,948 1,780 611.4 1,149 1,355
Operating Margin 69.9% 78.36% 82.95% 46.51% 71.34% 71.53%
Earnings before Tax (EBT) 1 2,645 -449.3 1,932 -4,480 1,677 3,803
Net income 1 2,645 -449.3 1,932 -4,480 1,677 3,803
Net margin 207.02% -18.08% 90.07% -340.81% 104.12% 200.74%
EPS 2 0.9900 -0.1700 0.7200 -1.680 0.6284 1.425
Free Cash Flow 1 932.4 1,167 1,429 498.1 474.9 677.6
FCF margin 72.99% 46.97% 66.61% 37.89% 29.49% 35.77%
FCF Conversion (EBITDA) 95.71% 57.39% 76.85% 72.93% 39.51% 47.74%
FCF Conversion (Net income) 35.26% - 73.96% - 28.32% 17.82%
Dividend per Share 2 0.5700 0.6600 0.7000 0.3500 0.3400 0.4100
Announcement Date 10/11/19 5/4/21 5/4/21 4/5/22 3/31/23 4/2/24
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 3,164 4,093 5,141 4,198 3,566 3,726
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 932 1,167 1,429 498 475 678
ROE (net income / shareholders' equity) 8.29% -1.42% 6.29% -16% 6.57% 13.8%
ROA (Net income/ Total Assets) 1.72% 3.77% 3.52% 1.32% 2.73% 3.01%
Assets 1 153,667 -11,930 54,945 -339,091 61,408 126,461
Book Value Per Share 2 12.20 11.50 11.60 9.340 9.790 10.90
Cash Flow per Share 2 0.6700 1.190 0.4900 0.9400 0.7400 1.380
Capex 1 77.5 141 32.9 55.5 67 106
Capex / Sales 6.07% 5.67% 1.53% 4.22% 4.16% 5.61%
Announcement Date 10/11/19 5/4/21 5/4/21 4/5/22 3/31/23 4/2/24
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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