Stock TIP THE INITIATES PLC
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Financials The Initiates Plc

Equities

TIP

NGINITSPLC05

End-of-day quote Nigerian S.E.
Other stock markets
 06:00:00 2024-05-16 pm EDT 		5-day change 1st Jan Change
1.95 NGN -3.94% Intraday chart for The Initiates Plc -15.22% +69.57%
Apr. 25 The Initiates Plc Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Jan. 30 The Initiates Plc Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 596.3 623 462.8 329.3 427.2 1,023
Enterprise Value (EV) 1 637.2 609.6 471.1 371.1 968.2 1,644
P/E ratio 6.09 x 14.7 x -5.52 x -4.11 x -7.95 x 2.95 x
Yield 7.46% - - - - 5.22%
Capitalization / Revenue 0.85 x 1.13 x 0.99 x 0.99 x 0.51 x 0.55 x
EV / Revenue 0.91 x 1.11 x 1 x 1.11 x 1.15 x 0.89 x
EV / EBITDA 3.08 x 4.4 x 11.2 x 36.1 x 24.7 x 3.24 x
EV / FCF 6.93 x 9.45 x 9.09 x 25.2 x -2.96 x -4.73 x
FCF Yield 14.4% 10.6% 11% 3.97% -33.8% -21.1%
Price to Book 0.84 x 0.67 x 0.55 x 0.43 x 0.6 x 0.87 x
Nbr of stocks (in thousands) 889,982 889,982 889,982 889,982 889,982 889,982
Reference price 2 0.6700 0.7000 0.5200 0.3700 0.4800 1.150
Announcement Date 3/29/19 5/9/20 3/30/21 3/28/22 3/29/23 3/21/24
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 700.8 550.2 469.4 333.9 841.5 1,849
EBITDA 1 206.6 138.5 42.19 10.29 39.15 506.7
EBIT 1 173.9 97.4 -0.788 -33.97 -4.766 459.5
Operating Margin 24.81% 17.7% -0.17% -10.17% -0.57% 24.84%
Earnings before Tax (EBT) 1 146.1 95.82 -5.683 -62.24 -43.37 519.8
Net income 1 102.2 42.27 -83.82 -77.24 -53.7 348.2
Net margin 14.59% 7.68% -17.86% -23.13% -6.38% 18.83%
EPS 2 0.1100 0.0475 -0.0942 -0.0900 -0.0603 0.3900
Free Cash Flow 1 91.94 64.53 51.8 14.74 -327.1 -347.6
FCF margin 13.12% 11.73% 11.04% 4.41% -38.88% -18.8%
FCF Conversion (EBITDA) 44.51% 46.59% 122.8% 143.17% - -
FCF Conversion (Net income) 89.93% 152.66% - - - -
Dividend per Share 2 0.0500 - - - - 0.0600
Announcement Date 3/29/19 5/9/20 3/30/21 3/28/22 3/29/23 3/21/24
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 40.9 - 8.36 41.8 541 620
Net Cash position 1 - 13.4 - - - -
Leverage (Debt/EBITDA) 0.1982 x - 0.1981 x 4.063 x 13.82 x 1.224 x
Free Cash Flow 1 91.9 64.5 51.8 14.7 -327 -348
ROE (net income / shareholders' equity) 14.4% 5.17% -9.46% -9.59% -7.26% 36.8%
ROA (Net income/ Total Assets) 9.56% 5.34% -0.04% -1.44% -0.15% 12.4%
Assets 1 1,069 791.1 195,395 5,347 35,031 2,819
Book Value Per Share 2 0.8000 1.040 0.9500 0.8600 0.8000 1.320
Cash Flow per Share 2 0.0900 0.0200 0.0100 0.7400 0.1800 0.2200
Capex 1 20 27.8 36.3 23 634 294
Capex / Sales 2.85% 5.05% 7.74% 6.88% 75.31% 15.88%
Announcement Date 3/29/19 5/9/20 3/30/21 3/28/22 3/29/23 3/21/24
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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