Financials Beximco Pharmaceuticals Limited

Equities

End-of-day quote Dhaka S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
121.9 ^BDT	-2.17%		+2.44%	-16.62%

Apr. 30	EARNINGS AND TRADING: Software Circle & Beximco report higher revenue	AN
Apr. 30	Beximco Pharmaceuticals Limited Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024	CI

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	33,864	28,065	79,096	68,969	65,222	54,381	-	-
Enterprise Value (EV) ¹	33,864	37,934	86,052	80,148	65,222	60,337	55,259	49,921
P/E ratio	11.2 x	7.98 x	15.4 x	13.5 x	14.1 x	9.91 x	8.08 x	6.58 x
Yield	1.8%	2.17%	1.97%	2.26%	-	3.41%	4.31%	5.24%
Capitalization / Revenue	1.48 x	1.1 x	2.68 x	1.99 x	1.66 x	1.22 x	1.08 x	0.95 x
EV / Revenue	1.48 x	1.48 x	2.92 x	2.31 x	1.66 x	1.36 x	1.1 x	0.87 x
EV / EBITDA	5.64 x	5.64 x	11.1 x	9.38 x	-	6.05 x	4.87 x	3.83 x
EV / FCF	-23.2 x	11.5 x	24.6 x	34.9 x	-	12.3 x	9.66 x	7.27 x
FCF Yield	-4.3%	8.7%	4.06%	2.87%	-	8.11%	10.3%	13.8%
Price to Book	1.14 x	0.86 x	2.14 x	1.7 x	-	1.1 x	1 x	0.91 x
Nbr of stocks (in thousands)	446,112	446,112	446,112	446,112	446,112	446,112	-	-
Reference price ²	75.91	62.91	177.3	154.6	146.2	121.9	121.9	121.9
Announcement Date	11/11/19	11/11/20	11/2/21	11/8/22	11/1/23	-	-	-

¹BDT in Million²BDT

Estimates

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,817	25,612	29,494	34,669	39,267	44,506	50,423	57,171
EBITDA ¹	6,009	6,723	7,765	8,543	-	9,974	11,358	13,037
EBIT ¹	5,066	5,609	6,651	6,901	7,216	7,955	9,111	10,469
Operating Margin	22.2%	21.9%	22.55%	19.91%	18.38%	17.87%	18.07%	18.31%
Earnings before Tax (EBT) ¹	3,946	4,653	6,378	6,687	6,069	7,122	8,499	10,153
Net income ¹	3,033	3,515	5,141	5,123	4,612	5,251	6,244	7,464
Net margin	13.29%	13.72%	17.43%	14.78%	11.74%	11.8%	12.38%	13.06%
EPS ²	6.800	7.882	11.49	11.48	10.34	12.30	15.10	18.53
Free Cash Flow ¹	-1,457	3,299	3,498	2,299	-	4,894	5,719	6,868
FCF margin	-6.38%	12.88%	11.86%	6.63%	-	11%	11.34%	12.01%
FCF Conversion (EBITDA)	-	49.07%	45.04%	26.91%	-	49.07%	50.35%	52.68%
FCF Conversion (Net income)	-	93.86%	68.04%	44.87%	-	93.21%	91.59%	92.02%
Dividend per Share ²	1.364	1.364	3.500	3.500	-	4.155	5.255	6.385
Announcement Date	11/11/19	11/11/20	11/2/21	11/8/22	11/1/23	-	-	-

¹BDT in Million²BDT

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	9,869	6,956	11,179	-	5,956	878	-
Net Cash position ¹	-	-	-	-	-	-	-	4,460
Leverage (Debt/EBITDA)	-	1.468 x	0.8958 x	1.309 x	-	0.5972 x	0.0773 x	-
Free Cash Flow ¹	-1,457	3,299	3,498	2,299	-	4,894	5,719	6,868
ROE (net income / shareholders' equity)	10.6%	11.2%	14.8%	13.2%	-	11.4%	12.7%	14.1%
ROA (Net income/ Total Assets)	6.53%	7.08%	10%	-	-	7.7%	9.1%	10.7%
Assets ¹	46,476	49,642	51,182	-	-	68,190	68,615	69,760
Book Value Per Share ²	66.30	72.80	83.00	91.00	-	111.0	122.0	135.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	2,244	2,526	2,915	-	2,090	1,000	1,000
Capex / Sales	-	8.76%	8.56%	8.41%	-	4.7%	1.98%	1.75%
Announcement Date	11/11/19	11/11/20	11/2/21	11/8/22	11/1/23	-	-	-

¹BDT in Million²BDT

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

121.9 BDT

Average target price

168.3 BDT

Spread / Average Target

+38.09%

	1st Jan change	Capi.
BEXIMCO PHARMACEUTICALS LIMITED	-16.62%	506M
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