Financials Combined Motor Holdings Limited

Equities

CMH

ZAE000088050

Auto Vehicles, Parts & Service Retailers

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
25.3 ZAR -0.78% Intraday chart for Combined Motor Holdings Limited -2.65% -6.30%

Valuation

Fiscal Period: February 2018 2019 2020 2021 2022 2023
Capitalization 1 1,952 1,571 1,376 1,159 2,094 2,145
Enterprise Value (EV) 1 2,143 1,696 1,996 1,499 2,627 3,250
P/E ratio 8.01 x 6.94 x 7.22 x 6.87 x 5.74 x 4.99 x
Yield 6.74% 8.38% 3.32% 14.5% 12% 14.2%
Capitalization / Revenue 0.18 x 0.14 x 0.12 x 0.14 x 0.19 x 0.17 x
EV / Revenue 0.2 x 0.15 x 0.18 x 0.17 x 0.24 x 0.26 x
EV / EBITDA 3.7 x 3.04 x 3.5 x 3.47 x 3.59 x 3.21 x
EV / FCF 6.08 x 5.42 x 6.15 x 7.61 x 5.52 x 8.1 x
FCF Yield 16.5% 18.5% 16.3% 13.1% 18.1% 12.3%
Price to Book 2.8 x 2 x 1.69 x 1.28 x 1.89 x 1.7 x
Nbr of stocks (in thousands) 74,802 74,802 74,802 74,802 74,802 74,802
Reference price 2 26.10 21.00 18.40 15.50 27.99 28.68
Announcement Date 5/25/18 5/3/19 6/23/20 5/5/21 5/3/22 5/3/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February 2018 2019 2020 2021 2022 2023
Net sales 1 10,573 11,155 11,156 8,580 11,168 12,434
EBITDA 1 579.1 558.9 570 431.7 731.4 1,013
EBIT 1 439.9 411.4 417.4 341.6 605.8 787
Operating Margin 4.16% 3.69% 3.74% 3.98% 5.42% 6.33%
Earnings before Tax (EBT) 1 338 312 262.8 234.3 510.4 620.4
Net income 1 247.4 228.2 190.5 168.8 374.9 443.5
Net margin 2.34% 2.05% 1.71% 1.97% 3.36% 3.57%
EPS 2 3.258 3.024 2.547 2.256 4.876 5.748
Free Cash Flow 1 352.6 313.1 324.6 197 475.7 401
FCF margin 3.34% 2.81% 2.91% 2.3% 4.26% 3.22%
FCF Conversion (EBITDA) 60.9% 56.02% 56.96% 45.64% 65.04% 39.59%
FCF Conversion (Net income) 142.56% 137.22% 170.4% 116.74% 126.88% 90.42%
Dividend per Share 2 1.760 1.760 0.6100 2.250 3.350 4.080
Announcement Date 5/25/18 5/3/19 6/23/20 5/5/21 5/3/22 5/3/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February 2022 S2
Net sales -
EBITDA -
EBIT -
Operating Margin -
Earnings before Tax (EBT) -
Net income 1 225.4
Net margin -
EPS 2 2.876
Dividend per Share -
Announcement Date 5/3/22
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: February 2018 2019 2020 2021 2022 2023
Net Debt 1 191 126 620 340 534 1,105
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.3295 x 0.2248 x 1.088 x 0.7876 x 0.7295 x 1.091 x
Free Cash Flow 1 353 313 325 197 476 401
ROE (net income / shareholders' equity) 38.9% 30.7% 24.2% 19.6% 37.1% 37.3%
ROA (Net income/ Total Assets) 9.89% 8.74% 7.2% 6.17% 10.7% 11.2%
Assets 1 2,501 2,610 2,644 2,737 3,492 3,947
Book Value Per Share 2 9.340 10.50 10.90 12.20 14.80 16.90
Cash Flow per Share 2 4.980 9.040 8.820 10.10 10.90 10.20
Capex 1 20.6 38.9 50.1 87.1 32.2 67.2
Capex / Sales 0.19% 0.35% 0.45% 1.01% 0.29% 0.54%
Announcement Date 5/25/18 5/3/19 6/23/20 5/5/21 5/3/22 5/3/23
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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