Financials Cobram Estate Olives Limited

Equities

CBO

AU0000167066

Food Processing

Market Closed - Australian S.E. Other stock markets 02:10:46 2024-05-10 am EDT			5-day change	1st Jan Change
1.84 ^AUD	+1.10%		+2.22%	+6.05%

Mar. 19	Cobram Estate Olives' Joint CEOs Sell Company Shares; Shares Climb 4%	MT
Feb. 21	Transcript : Cobram Estate Olives Limited, H1 2024 Earnings Call, Feb 21, 2024

Valuation

Fiscal Period: June	2022	2023	2024	2025	2026
Capitalization ¹	605.2	513.5	768.1	-	-
Enterprise Value (EV) ¹	745.8	691.3	964.3	951.3	936.8
P/E ratio	-859 x	69.4 x	58.8 x	14.9 x	36.8 x
Yield	2.26%	2.67%	1.89%	1.89%	1.89%
Capitalization / Revenue	3.66 x	2.37 x	2.89 x	2.24 x	2.35 x
EV / Revenue	4.51 x	3.2 x	3.63 x	2.77 x	2.86 x
EV / EBITDA	29.7 x	16.9 x	18.3 x	8.69 x	14.6 x
EV / FCF	-80 x	-40.6 x	162 x	34.5 x	21 x
FCF Yield	-1.25%	-2.46%	0.62%	2.9%	4.77%
Price to Book	-	1.78 x	2.7 x	2.39 x	2.38 x
Nbr of stocks (in thousands)	414,501	415,773	417,420	-	-
Reference price ²	1.460	1.235	1.840	1.840	1.840
Announcement Date	8/25/22	8/24/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2021	2022	2023	2024	2025	2026
Net sales ¹	-	165.5	216.3	265.4	343.4	327.4
EBITDA ¹	-	25.1	40.8	52.77	109.5	63.96
EBIT ¹	-	7.418	22.72	32.13	87.48	40.87
Operating Margin	-	4.48%	10.5%	12.11%	25.47%	12.48%
Earnings before Tax (EBT) ¹	-	2.523	14.31	20.66	76.31	30.55
Net income ¹	32.65	-0.696	7.719	13.61	53.29	21.13
Net margin	-	-0.42%	3.57%	5.13%	15.52%	6.45%
EPS ²	0.0800	-0.001700	0.0178	0.0313	0.1233	0.0500
Free Cash Flow ¹	-	-9.326	-17.02	5.97	27.6	44.68
FCF margin	-	-5.63%	-7.87%	2.25%	8.04%	13.65%
FCF Conversion (EBITDA)	-	-	-	11.31%	25.21%	69.86%
FCF Conversion (Net income)	-	-	-	43.86%	51.79%	211.53%
Dividend per Share ²	-	0.0330	0.0330	0.0348	0.0348	0.0348
Announcement Date	8/26/21	8/25/22	8/24/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2023 S1	2024 S1	2024 S2
Net sales ¹	75.95	116.3	160
EBITDA ¹	0.726	8.2	48.6
EBIT ¹	-	-	37.1
Operating Margin	-	-	23.19%
Earnings before Tax (EBT)	-	-	-
Net income ¹	-9.895	-7.2	22.9
Net margin	-13.03%	-6.19%	14.31%
EPS	-0.0200	-0.0200	-
Dividend per Share	-	-	-
Announcement Date	2/23/23	2/20/24	-

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	141	178	196	183	169
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	5.603 x	4.359 x	3.72 x	1.674 x	2.639 x
Free Cash Flow ¹	-	-9.33	-17	5.97	27.6	44.7
ROE (net income / shareholders' equity)	-	-0.29%	2.69%	4.72%	16.3%	6.28%
ROA (Net income/ Total Assets)	-	-0.14%	1.33%	2.56%	7.75%	3.06%
Assets ¹	-	500.9	580.4	532.1	687.7	691
Book Value Per Share ²	-	-	0.6900	0.6800	0.7700	0.7700
Cash Flow per Share ²	-	-	0.0900	0.1100	0.1100	0.1400
Capex ¹	-	36.7	56	58.9	30.5	37.6
Capex / Sales	-	22.18%	25.9%	22.18%	8.89%	11.48%
Announcement Date	8/26/21	8/25/22	8/24/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cobram Estate Olives Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.84 AUD

Average target price

1.928 AUD

Spread / Average Target

+4.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Starch, Vegetable Fat & Oil Manufacturing

	1st Jan change	Capi.
COBRAM ESTATE OLIVES LIMITED	+6.05%	507M
AAK AB	+30.16%	7.01B
SIME DARBY PLANTATION	+1.35%	6.6B
IOI CORPORATION	+2.80%	5.29B
GOLDEN AGRI-RESOURCES LTD	+1.92%	2.48B
UNITED PLANTATIONS	+42.70%	2.22B
FIRST RESOURCES LIMITED	-3.50%	1.58B
THE NISSHIN OILLIO GROUP,LTD.	+18.18%	1.05B
BUMITAMA AGRI LTD.	+12.40%	871M
PT TRIPUTRA AGRO PERSADA TBK	+19.27%	803M

Starch, Vegetable Fat & Oil Manufacturing