Financials Societe Tunisienne de Verreries

Equities

End-of-day quote Tunis Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
12.69 ^TND	+0.08%		-0.24%	+5.75%

2023	Societe Tunisienne de Verreries Reports Earnings Results for the Full Year Ended December 31, 2022	CI
2022	Societe Tunisienne de Verreries Reports Earnings Results for the Half Year Ended June 30, 2022	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	221.6	212.7	231.8	243.1	341.5	498.1	498.1	-
Enterprise Value (EV) ¹	253.6	252.3	267.3	243.1	450.5	627.1	626.1	498.1
P/E ratio	13.7 x	18.9 x	19.6 x	12.2 x	9.35 x	17.1 x	14.1 x	-
Yield	2.99%	-	4.87%	-	-	4.33%	4.33%	4.33%
Capitalization / Revenue	2.32 x	2.16 x	2.51 x	-	2.19 x	3.06 x	2.8 x	2.58 x
EV / Revenue	2.65 x	2.56 x	2.89 x	-	2.88 x	3.85 x	3.52 x	2.58 x
EV / EBITDA	8.33 x	9.55 x	9.64 x	-	9.05 x	12.2 x	10.7 x	-
EV / FCF	16.9 x	-121 x	21 x	-	-9.66 x	-293 x	27 x	-
FCF Yield	5.93%	-0.82%	4.76%	-	-10.4%	-0.34%	3.71%	-
Price to Book	3.62 x	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	36,695	36,695	39,255	39,255	39,255	39,254	39,254	-
Reference price ²	6.040	5.797	5.906	6.194	8.700	12.69	12.69	12.69
Announcement Date	5/2/19	5/20/20	6/17/21	6/14/22	5/25/23	-	-	-

¹TND in Million²TND

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	95.62	98.42	92.43	-	156.2	163	178	193
EBITDA ¹	30.44	26.42	27.71	-	49.8	51.6	58.3	-
EBIT ¹	21.11	16.82	16.43	-	38.92	38.7	45.1	-
Operating Margin	22.07%	17.09%	17.77%	-	24.92%	23.74%	25.34%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	17.31	12.05	10.65	19.99	30.88	29.2	35.5	-
Net margin	18.1%	12.24%	11.52%	-	19.77%	17.91%	19.94%	-
EPS ²	0.4409	0.3069	0.3012	0.5094	0.9300	0.7400	0.9000	-
Free Cash Flow ¹	15.03	-2.078	12.71	-	-46.65	-2.14	23.2	-
FCF margin	15.71%	-2.11%	13.75%	-	-29.87%	-1.31%	13.03%	-
FCF Conversion (EBITDA)	49.37%	-	45.86%	-	-	-	39.79%	-
FCF Conversion (Net income)	86.81%	-	119.31%	-	-	-	65.35%	-
Dividend per Share ²	0.1805	-	0.2877	-	-	0.5500	0.5500	0.5500
Announcement Date	5/2/19	5/20/20	6/17/21	6/14/22	5/25/23	-	-	-

¹TND in Million²TND

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	31.9	39.6	35.4	-	109	129	128	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.049 x	1.5 x	1.278 x	-	2.188 x	2.5 x	2.196 x	-
Free Cash Flow ¹	15	-2.08	12.7	-	-46.7	-2.14	23.2	-
ROE (net income / shareholders' equity)	28.7%	17.9%	14.8%	-	31.9%	27.2%	29.6%	30.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	1.670	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	2.47	23.3	20.5	-	64.8	41.7	27.6	-
Capex / Sales	2.58%	23.68%	22.2%	-	41.47%	25.58%	15.51%	-
Announcement Date	5/2/19	5/20/20	6/17/21	6/14/22	5/25/23	-	-	-

¹TND in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

12.69 TND

Average target price

12.9 TND

Spread / Average Target

+1.65%

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