Financials Bid Corporation Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
425.6 ^ZAR	+0.86%		+2.44%	-0.24%

Mar. 14	How companies are responding to attacks on ships in the Red Sea	RE
Mar. 04	South Africa's AVI half-year profit rises 17.4%	RE

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	102,262	94,599	103,487	102,497	138,025	142,755	-	-
Enterprise Value (EV) ¹	106,987	106,421	109,483	110,291	147,615	150,149	148,122	144,768
P/E ratio	25 x	78 x	33.5 x	21.3 x	20.1 x	18.1 x	16.2 x	14.7 x
Yield	2.08%	1.16%	1.29%	2.28%	2.27%	2.52%	2.83%	3.12%
Capitalization / Revenue	0.79 x	0.78 x	0.9 x	0.7 x	0.7 x	0.62 x	0.58 x	0.55 x
EV / Revenue	0.83 x	0.88 x	0.95 x	0.75 x	0.75 x	0.65 x	0.6 x	0.55 x
EV / EBITDA	13.5 x	16.5 x	15.6 x	12.2 x	11.1 x	10.1 x	9.13 x	8.21 x
EV / FCF	29.5 x	88.4 x	27.4 x	21.9 x	16.5 x	36.8 x	24 x	20.2 x
FCF Yield	3.39%	1.13%	3.65%	4.56%	6.05%	2.72%	4.17%	4.95%
Price to Book	3.61 x	3.44 x	3.7 x	3.34 x	3.47 x	3.32 x	2.99 x	2.7 x
Nbr of stocks (in thousands)	333,113	333,684	334,250	334,072	333,966	335,404	-	-
Reference price ²	307.0	283.5	309.6	306.8	413.3	425.6	425.6	425.6
Announcement Date	8/28/19	8/26/20	9/30/21	8/24/22	8/29/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	129,300	121,117	114,803	147,138	196,341	229,407	245,288	261,788
EBITDA ¹	7,899	6,468	7,037	9,052	13,248	14,879	16,225	17,629
EBIT ¹	6,568	3,136	4,917	7,591	10,509	11,946	13,113	14,351
Operating Margin	5.08%	2.59%	4.28%	5.16%	5.35%	5.21%	5.35%	5.48%
Earnings before Tax (EBT) ¹	6,342	2,432	4,253	6,499	9,345	10,806	12,053	13,337
Net income ¹	4,104	1,217	3,089	4,825	6,886	7,883	8,800	9,745
Net margin	3.17%	1%	2.69%	3.28%	3.51%	3.44%	3.59%	3.72%
EPS ²	12.29	3.635	9.232	14.40	20.56	23.56	26.24	28.91
Free Cash Flow ¹	3,623	1,204	3,992	5,027	8,927	4,085	6,179	7,166
FCF margin	2.8%	0.99%	3.48%	3.42%	4.55%	1.78%	2.52%	2.74%
FCF Conversion (EBITDA)	45.87%	18.61%	56.72%	55.53%	67.39%	27.46%	38.08%	40.65%
FCF Conversion (Net income)	88.28%	98.93%	129.23%	104.18%	129.64%	51.82%	70.22%	73.53%
Dividend per Share ²	6.400	3.300	4.000	7.000	9.400	10.73	12.06	13.27
Announcement Date	8/28/19	8/26/20	9/30/21	8/24/22	8/29/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,725	11,822	5,995	7,795	9,590	7,394	5,367	2,013
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5982 x	1.828 x	0.8519 x	0.8611 x	0.7239 x	0.4969 x	0.3308 x	0.1142 x
Free Cash Flow ¹	3,623	1,204	3,992	5,027	8,927	4,085	6,179	7,166
ROE (net income / shareholders' equity)	14.9%	8.82%	10.5%	16.4%	19.5%	19.4%	19.4%	19.5%
ROA (Net income/ Total Assets)	6.47%	3.63%	4.14%	-	7.4%	5.33%	5.63%	5.8%
Assets ¹	63,432	33,547	74,610	-	93,104	147,812	156,207	168,018
Book Value Per Share ²	85.00	82.50	83.70	92.00	119.0	128.0	142.0	158.0
Cash Flow per Share ²	19.70	11.70	17.40	23.80	39.40	30.80	35.80	40.20
Capex ¹	2,958	2,725	1,831	2,930	4,285	4,478	4,650	4,921
Capex / Sales	2.29%	2.25%	1.6%	1.99%	2.18%	1.95%	1.9%	1.88%
Announcement Date	8/28/19	8/26/20	9/30/21	8/24/22	8/29/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

425.6 ZAR

Average target price

488 ZAR

Spread / Average Target

+14.66%

	1st Jan change	Capi.
BID CORPORATION LIMITED	-0.24%	7.58B
SICHUAN BAICHA BAIDAO INDUSTRIAL CO., LTD.	0.00%	2.23B
ALMUNAJEM FOODS COMPANY	+55.77%	1.84B
THE CHEFS' WAREHOUSE, INC.	+14.03%	1.34B
VITAL FARMS, INC.	+72.08%	1.13B
KATO SANGYO CO., LTD.	-1.52%	967M
MARR S.P.A.	+5.92%	851M
SLIGRO FOOD GROUP N.V.	-10.59%	669M
ITOCHU-SHOKUHIN CO., LTD.	-12.14%	560M
NISHIMOTO CO., LTD.	-1.36%	523M