Financials Automobile Réseau Tunisien et Services S.A.

Equities

End-of-day quote Tunis Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
6.7 ^TND	0.00%		-2.90%	+3.08%

2023	Automobile RÃ©seau Tunisien et Services S.A. Reports Earnings Results for the Full Year Ended December 31, 2022	CI
2022	Automobile Réseau Tunisien et Services S.A. Reports Earnings Results for the Full Year Ended December 31, 2021	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	239.8	186.7	156.8	236.4	198.5	256.3	256.3	-
Enterprise Value (EV) ¹	123.5	68.28	33.91	82.6	-7.873	79.27	77.27	256.3
P/E ratio	9.49 x	-	3.14 x	5.91 x	-	9.31 x	8.93 x	8.48 x
Yield	9.81%	5.88%	19.5%	12.9%	19.3%	7.16%	7.76%	8.21%
Capitalization / Revenue	1.02 x	0.76 x	0.74 x	1.06 x	1.13 x	1.36 x	1.31 x	1.23 x
EV / Revenue	0.52 x	0.28 x	0.16 x	0.37 x	-0.04 x	0.42 x	0.39 x	1.23 x
EV / EBITDA	3.92 x	1.89 x	0.88 x	2.13 x	-0.23 x	2.63 x	2.42 x	-
EV / FCF	-6.55 x	1.92 x	2.45 x	1.35 x	-0.1 x	8.62 x	3.65 x	-
FCF Yield	-15.3%	52.1%	40.8%	73.9%	-1,047%	11.6%	27.4%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	38,250	38,250	38,250	38,250	38,250	38,250	38,250	-
Reference price ²	6.270	4.880	4.100	6.180	5.190	6.700	6.700	6.700
Announcement Date	5/24/19	7/24/20	7/16/21	5/31/22	6/26/23	-	-	-

¹TND in Million²TND

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	235.4	244.3	212.3	222.1	175.3	188	196	209
EBITDA ¹	31.51	36.18	38.43	38.84	33.91	30.1	31.9	-
EBIT ¹	30.07	35.14	37.32	37.77	32.14	27.9	30.3	-
Operating Margin	12.77%	14.38%	17.58%	17%	18.33%	14.84%	15.46%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	31.07	30.01	33.24	40.02	29.18	27.5	28.8	30.1
Net margin	13.2%	12.28%	15.66%	18.02%	16.64%	14.63%	14.69%	14.4%
EPS ²	0.6610	-	1.305	1.046	-	0.7200	0.7500	0.7900
Free Cash Flow ¹	-18.85	35.6	13.85	61.06	82.4	9.2	21.2	-
FCF margin	-8.01%	14.57%	6.53%	27.49%	47%	4.89%	10.82%	-
FCF Conversion (EBITDA)	-	98.41%	36.05%	157.18%	242.98%	30.56%	66.46%	-
FCF Conversion (Net income)	-	118.63%	41.68%	152.56%	282.38%	33.45%	73.61%	-
Dividend per Share ²	0.6150	0.2870	0.8000	0.8000	1.000	0.4800	0.5200	0.5500
Announcement Date	5/24/19	7/24/20	7/16/21	5/31/22	6/26/23	-	-	-

¹TND in Million²TND

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	116	118	123	154	206	177	179	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-18.8	35.6	13.9	61.1	82.4	9.2	21.2	-
ROE (net income / shareholders' equity)	18.6%	17.1%	17.4%	19.8%	13.7%	13.3%	13.9%	13.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1.22	1.05	1.61	0.65	0.18	0.35	0.36	-
Capex / Sales	0.52%	0.43%	0.76%	0.29%	0.1%	0.19%	0.18%	-
Announcement Date	5/24/19	7/24/20	7/16/21	5/31/22	6/26/23	-	-	-

¹TND in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.7 TND

Average target price

7.67 TND

Spread / Average Target

+14.48%

	1st Jan change	Capi.
AUTOMOBILE RÉSEAU TUNISIEN ET SERVICES S.A.	+3.08%	81.64M
D'IETEREN GROUP	+15.55%	11.63B
PENSKE AUTOMOTIVE GROUP, INC.	-3.20%	10.42B
HOTAI MOTOR CO.,LTD.	-12.27%	10.63B
AUTONATION, INC.	+10.15%	6.66B
ASBURY AUTOMOTIVE GROUP, INC.	-2.89%	4.41B
ZHONGSHENG GROUP HOLDINGS LIMITED	-23.02%	4.55B
RUSH ENTERPRISES, INC.	-7.91%	3.6B
TUHU CAR INC.	-18.51%	2.24B
SONIC AUTOMOTIVE, INC.	+7.40%	2.05B