Stock NESTLE NESTLÉ NIGERIA PLC
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Financials Nestlé Nigeria Plc

Equities

NESTLE

NGNESTLE0006

Food Processing

End-of-day quote Nigerian S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
795.3 NGN -3.01% Intraday chart for Nestlé Nigeria Plc -11.63% -27.70%
Feb. 28 Nestlé Nigeria Plc Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Nestlé Nigeria Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,165,125 1,192,948 1,233,769 871,922 871,922 630,400 - -
Enterprise Value (EV) 1 1,171,359 1,174,459 1,210,118 909,471 871,922 812,400 747,400 630,400
P/E ratio 25.5 x 30.4 x 30.8 x 17.8 x -11 x 10.9 x 8.9 x 6.33 x
Yield 4.76% 4.02% 3.24% 4.68% - 8.83% - 2.42%
Capitalization / Revenue 4.1 x 4.16 x 3.51 x 1.95 x 1.59 x 0.97 x 0.92 x 0.71 x
EV / Revenue 4.12 x 4.09 x 3.44 x 2.04 x 1.59 x 1.25 x 1.09 x 0.71 x
EV / EBITDA 14.7 x 16.3 x 15.1 x 9.41 x 6.44 x 5.28 x 3.95 x 2 x
EV / FCF 32.4 x 14.6 x 27.9 x -28.3 x - 102 x 12.5 x -
FCF Yield 3.09% 6.87% 3.58% -3.54% - 0.98% 8.03% -
Price to Book 25.6 x 40.7 x 57.7 x 28.8 x - -27.6 x 22.3 x -7.38 x
Nbr of stocks (in thousands) 792,656 792,656 792,656 792,656 792,656 792,656 - -
Reference price 2 1,470 1,505 1,556 1,100 1,100 795.3 795.3 795.3
Announcement Date 2/28/20 2/26/21 3/1/22 2/28/23 2/27/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 284,035 287,084 351,822 446,819 547,119 648,446 683,584 886,004
EBITDA 1 79,513 72,170 80,375 96,619 135,461 153,850 189,044 315,455
EBIT 1 72,062 64,419 71,966 86,866 123,788 140,082 173,064 293,580
Operating Margin 25.37% 22.44% 20.46% 19.44% 22.63% 21.6% 25.32% 33.14%
Earnings before Tax (EBT) 1 71,124 60,638 61,875 71,109 -104,025 83,329 101,670 132,990
Net income 1 45,683 39,212 40,037 48,965 -79,474 57,692 70,885 99,521
Net margin 16.08% 13.66% 11.38% 10.96% -14.53% 8.9% 10.37% 11.23%
EPS 2 57.63 49.47 50.51 61.77 -100.3 72.77 89.32 125.6
Free Cash Flow 1 36,182 80,694 43,359 -32,157 - 8,000 60,000 -
FCF margin 12.74% 28.11% 12.32% -7.2% - 1.23% 8.78% -
FCF Conversion (EBITDA) 45.5% 111.81% 53.95% - - 5.2% 31.74% -
FCF Conversion (Net income) 79.2% 205.79% 108.3% - - 13.87% 84.64% -
Dividend per Share 2 70.00 60.50 50.50 51.50 - 70.20 - 19.25
Announcement Date 2/28/20 2/26/21 3/1/22 2/28/23 2/27/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2023 Q3 2023 Q4
Net sales 90,231 - -
EBITDA - - -
EBIT 1 15,844 - 32,201
Operating Margin 17.56% - -
Earnings before Tax (EBT) 10,291 - -
Net income 1 6,453 6,913 -36,406
Net margin 7.15% - -
EPS 8.140 8.720 -
Dividend per Share - - -
Announcement Date 3/1/22 10/27/23 2/27/24
1NGN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,233 - - 37,549 - 182,000 117,000 -
Net Cash position 1 - 18,489 23,651 - - - - -
Leverage (Debt/EBITDA) 0.0784 x - - 0.3886 x - 1.183 x 0.6189 x -
Free Cash Flow 1 36,182 80,694 43,359 -32,157 - 8,000 60,000 -
ROE (net income / shareholders' equity) 95.4% 105% 158% 190% - 187% 384% 401%
ROA (Net income/ Total Assets) 25.7% 17.8% 14.4% 13.5% - 11.5% 10.5% 8.8%
Assets 1 177,854 219,780 278,212 362,640 - 501,670 675,095 1,130,920
Book Value Per Share 2 57.50 37.00 27.00 38.20 - -28.80 35.70 -108.0
Cash Flow per Share - 123.0 - - - - - -
Capex 1 13,763 16,502 21,077 27,724 - 69,859 60,403 97,053
Capex / Sales 4.85% 5.75% 5.99% 6.2% - 10.77% 8.84% 10.95%
Announcement Date 2/28/20 2/26/21 3/1/22 2/28/23 2/27/24 - - -
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nestlé Nigeria Plc

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
795.3 NGN
Average target price
1,456 NGN
Spread / Average Target
+83.10%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Food Processing

1st Jan change Capi.
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