GOLDEN WHEAT MILLS P.L.C

Financials Golden Wheat Mills P.L.C

Equities

GMC

PS2009111951

Food Processing

End-of-day quote Palestine Exchange Other stock markets 06:00:00 2024-04-23 pm EDT			5-day change	1st Jan Change
0.8 ^JOD	-1.23%		-.--%	-10.11%

Apr. 17	Golden Wheat Mills P.L.C Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Golden Wheat Mills P.L.C Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	9.3	11.1	10.95	12.6	12.75	13.35
Enterprise Value (EV) ¹	12.13	11.71	10.74	19.03	20.89	19
P/E ratio	126 x	13.6 x	168 x	-17.2 x	7.78 x	4,083 x
Yield	-	8.11%	-	7.14%	7.06%	-
Capitalization / Revenue	1.04 x	1.33 x	1.77 x	0.88 x	0.58 x	0.74 x
EV / Revenue	1.36 x	1.4 x	1.74 x	1.33 x	0.96 x	1.06 x
EV / EBITDA	11.1 x	14.6 x	23.7 x	-58 x	6.08 x	19.4 x
EV / FCF	8.1 x	7.3 x	3.34 x	-3.1 x	-9.86 x	5.69 x
FCF Yield	12.4%	13.7%	30%	-32.3%	-10.1%	17.6%
Price to Book	0.58 x	0.66 x	0.69 x	0.82 x	0.75 x	0.83 x
Nbr of stocks (in thousands)	15,000	15,000	15,000	15,000	15,000	15,000
Reference price ²	0.6200	0.7400	0.7300	0.8400	0.8500	0.8900
Announcement Date	4/1/19	4/9/20	4/29/21	4/3/22	3/31/23	4/17/24

¹JOD in Million²JOD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	8.911	8.376	6.183	14.27	21.86	17.94
EBITDA ¹	1.092	0.7998	0.4535	-0.3283	3.436	0.9788
EBIT ¹	0.76	0.4709	0.1295	-0.6478	3.099	0.6427
Operating Margin	8.53%	5.62%	2.09%	-4.54%	14.17%	3.58%
Earnings before Tax (EBT) ¹	0.0341	0.8519	0.0996	-0.5539	2.225	0.0766
Net income ¹	0.0737	0.8152	0.0651	-0.7341	1.638	0.003274
Net margin	0.83%	9.73%	1.05%	-5.14%	7.49%	0.02%
EPS ²	0.004913	0.0543	0.004337	-0.0489	0.1092	0.000218
Free Cash Flow ¹	1.499	1.605	3.219	-6.15	-2.119	3.338
FCF margin	16.82%	19.16%	52.07%	-43.09%	-9.69%	18.61%
FCF Conversion (EBITDA)	137.32%	200.63%	709.8%	-	-	341.03%
FCF Conversion (Net income)	2,033.75%	196.84%	4,947.17%	-	-	101,957.64%
Dividend per Share	-	0.0600	-	0.0600	0.0600	-
Announcement Date	4/1/19	4/9/20	4/29/21	4/3/22	3/31/23	4/17/24

¹JOD in Million²JOD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	2.83	0.61	-	6.43	8.14	5.65
Net Cash position ¹	-	-	0.21	-	-	-
Leverage (Debt/EBITDA)	2.597 x	0.7609 x	-	-19.6 x	2.37 x	5.776 x
Free Cash Flow ¹	1.5	1.6	3.22	-6.15	-2.12	3.34
ROE (net income / shareholders' equity)	0.46%	4.97%	0.4%	-4.7%	10.1%	0.02%
ROA (Net income/ Total Assets)	2.21%	1.46%	0.43%	-1.93%	7.39%	1.5%
Assets ¹	3.333	55.73	15.17	38.09	22.17	0.2179
Book Value Per Share ²	1.070	1.120	1.060	1.020	1.140	1.080
Cash Flow per Share ²	0.0400	0.0500	0.0700	0.0300	0.0500	0.0500
Capex ¹	0	0.12	0	0.13	0.35	0.2
Capex / Sales	0.06%	1.42%	0.07%	0.88%	1.62%	1.13%
Announcement Date	4/1/19	4/9/20	4/29/21	4/3/22	3/31/23	4/17/24

¹JOD in Million²JOD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Flour Milling

	1st Jan change	Capi.
GOLDEN WHEAT MILLS P.L.C	-10.11%	16.93M
LIEN HWA INDUSTRIAL HOLDINGS CORPORATION	+1.20%	3.28B
NIPPN CORPORATION	+2.79%	1.18B
MODERN MILLS COMPANY	0.00%	1.11B
SHOWA SANGYO CO., LTD.	+2.53%	703M
NITTO FUJI FLOUR MILLING CO.,LTD.	+9.75%	311M
SÖKE DEGIRMENCILIK SANAYI VE TICARET	+3.29%	198M
MALAYAN FLOUR MILLS	+14.84%	194M
OMAN FLOUR MILLS COMPANY SAOG	-11.76%	193M
ULUSOY UN SANAYI VE TICARET	+16.74%	176M

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