DEVELOPMENT WORKS FOOD COMPANY |
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|
5-day change | 1st Jan Change | ||
| 130.6 SAR | +1.24% |
|
+0.15% | -3.97% |
| 05-07 | Development Works Food Company Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| 05-06 | Saudi's Development Works Food Posts Wider FY23 Net Loss; Revenue Down | MT |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 82.5 | 197.2 | 471.5 | 847.2 | 461.4 | 408 |
| Enterprise Value (EV) 1 | 112.6 | 282 | 530.3 | 896.1 | 494 | 444 |
| P/E ratio | 10.7 x | 23.8 x | -56.5 x | 361 x | -143 x | -93.8 x |
| Yield | - | - | - | - | - | - |
| Capitalization / Revenue | 0.76 x | 1.42 x | 4.99 x | 8.4 x | 4.68 x | 4.56 x |
| EV / Revenue | 1.04 x | 2.04 x | 5.61 x | 8.88 x | 5.01 x | 4.96 x |
| EV / EBITDA | 9.38 x | 18.7 x | 94.8 x | 92.5 x | 164 x | -1,693 x |
| EV / FCF | -5.54 x | 52.7 x | 30 x | 106 x | 32.7 x | 26 x |
| FCF Yield | -18% | 1.9% | 3.34% | 0.94% | 3.06% | 3.84% |
| Price to Book | 2.72 x | 5.08 x | 15.4 x | 26 x | 15.8 x | 16.5 x |
| Nbr of stocks (in thousands) | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
| Reference price 2 | 27.50 | 65.75 | 157.2 | 282.4 | 153.8 | 136.0 |
| Announcement Date | 4/29/19 | 4/1/20 | 5/2/21 | 3/30/22 | 3/31/23 | 5/7/24 |
1SAR in Million2SAR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 108.7 | 138.4 | 94.5 | 100.9 | 98.65 | 89.45 |
| EBITDA 1 | 12 | 15.09 | 5.594 | 9.689 | 3.021 | -0.2623 |
| EBIT 1 | 5.752 | 6.96 | -5.175 | -0.0144 | -6.755 | -6.604 |
| Operating Margin | 5.29% | 5.03% | -5.48% | -0.01% | -6.85% | -7.38% |
| Earnings before Tax (EBT) 1 | 7.951 | 8.572 | -2.725 | 3.026 | -2.766 | -4.018 |
| Net income 1 | 7.742 | 8.304 | -8.346 | 2.349 | -3.223 | -4.363 |
| Net margin | 7.13% | 6% | -8.83% | 2.33% | -3.27% | -4.88% |
| EPS 2 | 2.579 | 2.767 | -2.782 | 0.7829 | -1.074 | -1.450 |
| Free Cash Flow 1 | -20.31 | 5.351 | 17.7 | 8.439 | 15.11 | 17.07 |
| FCF margin | -18.69% | 3.87% | 18.72% | 8.37% | 15.31% | 19.08% |
| FCF Conversion (EBITDA) | - | 35.46% | 316.35% | 87.09% | 500.11% | - |
| FCF Conversion (Net income) | - | 64.43% | - | 359.29% | - | - |
| Dividend per Share | - | - | - | - | - | - |
| Announcement Date | 4/29/19 | 4/1/20 | 5/2/21 | 3/30/22 | 3/31/23 | 5/7/24 |
1SAR in Million2SAR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 30.1 | 84.8 | 58.8 | 48.9 | 32.6 | 36 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.504 x | 5.616 x | 10.51 x | 5.049 x | 10.78 x | -137.4 x |
| Free Cash Flow 1 | -20.3 | 5.35 | 17.7 | 8.44 | 15.1 | 17.1 |
| ROE (net income / shareholders' equity) | 29.9% | 24.1% | -8.38% | 8.37% | -9.79% | -15.8% |
| ROA (Net income/ Total Assets) | 5.89% | 4.04% | -2.65% | -0.01% | -4.78% | -5.2% |
| Assets 1 | 131.5 | 205.7 | 315.5 | -27,631 | 67.45 | 83.87 |
| Book Value Per Share 2 | 10.10 | 12.90 | 10.20 | 10.90 | 9.760 | 8.220 |
| Cash Flow per Share 2 | 1.100 | 0.7000 | 3.330 | 2.350 | 0.9200 | 0.9000 |
| Capex 1 | 24.2 | 24.6 | 7.21 | 4.84 | 5.17 | 4.14 |
| Capex / Sales | 22.27% | 17.76% | 7.63% | 4.8% | 5.24% | 4.63% |
| Announcement Date | 4/29/19 | 4/1/20 | 5/2/21 | 3/30/22 | 3/31/23 | 5/7/24 |
1SAR in Million2SAR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -3.97% | 103M | |
| -7.64% | 195B | |
| +5.88% | 38.72B | |
| -4.50% | 24.25B | |
| -8.58% | 22.7B | |
| +25.58% | 17.79B | |
| -8.48% | 15.28B | |
| +51.68% | 11.37B | |
| +3.51% | 7.22B | |
| +8.02% | 5.77B |
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