LAST UPDATE: 26-april-2025
Talaat Moustafa Group Holding SAE, is one of the largest listed real estate development companies in Egypt. It was founded in 2007 as a holding company of pre-existing companies, some of which were founded in the 1970s by the late Talaat Moustafa, and publicly listed on the Egyptian Exchange in 2007.

TMG Financial Analysis

Fiscal Quarters
QuarterPeriod EndingReport DateRestatement Type
1Q FY2022Mar-31-2022May-25-2022Restated
2Q FY2022Jun-30-2022Aug-21-2022Restated
3Q FY2022Sep-30-2022Nov-21-2022Reclassified
4Q FY2022Dec-31-2022Feb-21-2023Restated
1Q FY2023Mar-31-2023Jun-27-2023Restated
2Q FY2023Jun-30-2023Aug-13-2023Restated
3Q FY2023Sep-30-2023Nov-15-2023Restated
4Q FY2023Dec-31-2023Mar-01-2024Reclassified
1Q FY2024Mar-31-2024May-27-2024Restated
2Q FY2024Jun-30-2024Aug-27-2024Restated
3Q FY2024Sep-30-2024Nov-24-2024Original
4Q FY2024Dec-31-2024Feb-24-2025Original
Current/LTMApr-26-2025Apr-26-2025Current/LTM
Key Financials
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24Current/LTM
Total Revenues3,024.3 M4,069.1 M6,822.0 M5,955.0 M4,437.5 M6,269.6 M7,707.4 M10,016.9 M6,792.1 M10,232.6 M10,933.3 M14,712.2 M42,670.3 M
YoY Growth %14.48%42.77%17.19%47.58%46.72%54.08%12.98%68.21%53.06%63.21%41.85%46.87%50.08%
Gross Profit1,086.8 M1,245.0 M2,010.1 M1,896.7 M1,562.0 M1,830.7 M2,204.8 M3,039.8 M3,337.5 M3,238.7 M3,801.0 M4,923.0 M15,300.2 M
Gross Profit Margin35.94%30.60%29.46%31.85%35.20%29.20%28.61%30.35%49.14%31.65%34.77%33.46%35.86%
EBITDA787.3 M1,038.0 M1,702.9 M1,462.9 M1,171.6 M1,522.3 M1,899.4 M2,834.3 M2,597.8 M2,939.0 M3,365.1 M3,949.0 M12,850.9 M
EBITDA Margin26.03%25.51%24.96%24.57%26.40%24.28%24.64%28.30%38.25%28.72%30.78%26.84%30.12%
Net Income565.7 M546.6 M887.4 M304.8 M747.5 M812.7 M1,123.8 M629.3 M2,390.1 M1,499.0 M2,459.9 M4,374.1 M10,723.1 M
Net Income Margin18.70%13.43%13.01%5.12%16.84%12.96%14.58%6.28%35.19%14.65%22.50%29.73%25.13%
Diluted EPS0.220.220.430.150.380.300.500.280.990.661.031.944.68
YoY Growth % (EPS)0.31%8.42%7.00%–73.89%36.14%16.27%91.04%162.96%118.98%106.00%597.45%220.83%
Price / Earnings (P/E)10.0 x10.0 x10.5 x9.8 x7.8 x7.7 x18.5 x45.9 x28.6 x23.8 x19.1 x11.0 x10.7 x
Capital Structure
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24Current/LTM
Market Capitalization15,786.3 M16,199.0 M17,602.2 M20,429.3 M18,572.1 M19,624.5 M50,577.9 M138,052.3 M120,491.4 M118,654.8 M118,790.3 M105,860.7 M103,157.5 M
Cash & Equivalents5,845.4 M7,804.9 M6,989.4 M7,752.9 M9,362.4 M12,225.5 M13,713.1 M14,574.9 M18,777.6 M30,846.7 M38,528.1 M55,895.6 M55,895.6 M
Total Debt32,215.0 M29,418.6 M28,301.0 M29,938.5 M23,203.2 M10,913.4 M10,997.6 M20,127.4 M5,896.5 M6,917.1 M8,154.4 M30,250.4 M30,250.4 M
Minority Interest1,097.7 M1,083.5 M1,075.1 M1,034.9 M987.6 M1,029.3 M1,096.3 M667.0 M56,346.5 M58,328.2 M57,896.0 M60,726.0 M60,726.0 M
Enterprise Value (EV)43,253.5 M38,896.1 M39,989.0 M43,626.7 M33,400.4 M34,452.8 M48,958.7 M135,991.6 M118,430.6 M153,053.5 M146,312.6 M140,941.6 M138,238.3 M
Cash Flow Analysis
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24Current/LTM
Cash from Operations452.6 M3,625.9 M–393.3 M1,806.2 M195.7 M3,439.3 M2,275.8 M2,317.2 M654.1 M19,699.2 M–3,320.1 M–11,674.7 M5,358.4 M
YoY Growth %–43.97%153.05%–8,490.86%–56.75%–5.15%–28.29%234.15%472.77%–––34.88%
Capital Expenditure–1,005.2 M–394.2 M–460.4 M–1,329.6 M–1,325.1 M–636.0 M–504.4 M–725.0 M–58,500.5 M–9,379.0 M8,444.9 M–13,143.0 M–72,577.6 M
YoY Growth %115.44%–16.75%–49.88%11.25%31.82%61.32%9.56%–45.47%4,314.80%1,374.75%–1,712.90%2,174.82%
Revenues
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Total Revenues3,024.3 M4,069.1 M6,822.0 M5,955.0 M4,437.5 M6,269.6 M7,707.4 M10,016.9 M6,792.1 M10,232.6 M10,933.3 M14,712.2 M42,670.3 M
YoY Growth %14.48%42.77%17.19%47.58%46.72%54.08%12.98%68.21%53.06%63.21%41.85%46.87%50.08%
Gross Profit
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Cost of Revenues1,937.5 M2,824.0 M4,811.9 M4,058.3 M2,875.4 M4,439.0 M5,502.6 M6,977.1 M3,454.6 M6,993.9 M7,132.3 M9,789.3 M27,370.1 M
Gross Profit1,086.8 M1,245.0 M2,010.1 M1,896.7 M1,562.0 M1,830.7 M2,204.8 M3,039.8 M3,337.5 M3,238.7 M3,801.0 M4,923.0 M15,300.2 M
YoY Growth %15.38%37.30%6.68%50.45%43.73%47.04%9.69%60.27%113.66%76.91%72.40%61.95%77.14%
Operating Income & Expenses
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Selling, G&A Expenses299.5 M207.0 M178.2 M388.2 M330.4 M218.3 M205.4 M1,069.3 M438.0 M361.7 M421.0 M2,079.5 M3,300.3 M
Depreciation & Amortization82.2 M81.4 M84.7 M95.5 M110.9 M128.4 M124.1 M128.4 M201.0 M178.8 M307.7 M378.9 M1,066.4 M
Other Operating Expenses––129.1 M43.6 M60.0 M90.0 M100.0 M–866.7 M286.0 M–2.4 M–1,112.9 M–824.5 M
Operating Income705.1 M956.6 M1,618.2 M1,369.4 M1,060.7 M1,393.9 M1,775.3 M2,708.8 M2,412.6 M2,698.2 M3,069.9 M3,577.5 M11,758.1 M
Net Interest & Non-Operating
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Interest Expense110.7 M147.4 M267.3 M291.7 M204.0 M308.9 M383.3 M443.4 M210.5 M194.9 M460.1 M408.7 M1,274.2 M
Interest & Investment Income195.0 M31.7 M–112.4 M287.3 M238.3 M–145.5 M760.9 M555.4 M–478.1 M1,794.4 M
Other Non-Operating Income (Exp.)156.1 M128.1 M98.0 M190.3 M265.7 M77.3 M179.0 M429.8 M307.7 M588.5 M824.6 M882.8 M954.4 M
EBT & Net Income
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
EBT Excl. Unusual Items782.1 M730.8 M1,280.0 M1,180.8 M1,045.6 M1,170.5 M1,552.6 M1,862.0 M3,828.8 M2,626.4 M3,527.6 M3,115.5 M13,098.3 M
Gain/Loss on Sale of Assets1.3 M0.1 M0.2 M2.5 M0.3 M1.6 M2.4 M2.0 M–0.5 M3.7 M–1.9 M2.7 M4.0 M
EBT incl. Unusual Items783.4 M730.9 M1,280.2 M578.4 M1,045.9 M1,172.1 M1,555.0 M1,249.4 M5,169.2 M2,630.1 M3,525.7 M6,863.2 M18,188.2 M
Income Tax Expense229.4 M198.5 M401.1 M313.8 M345.7 M313.4 M420.5 M595.5 M1,033.2 M400.5 M829.2 M1,457.8 M3,720.7 M
Net Income565.7 M546.6 M887.4 M304.8 M747.5 M812.7 M1,123.8 M629.3 M2,390.1 M1,499.0 M2,459.9 M4,374.1 M10,723.1 M
Per Share & Supplemental
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Net EPS – Diluted0.220.220.430.150.380.300.500.280.990.661.031.944.68
Normalized Diluted EPS0.240.230.390.380.440.290.430.550.320.520.820.442.15
Dividend Per Share–––0.19–––0.22–––––
Payout Ratio7.67%38.92%21.73%9.13%9.29%28.07%18.16%–0.82%33.87%15.43%9.72%12.42%
Assets
Metric1Q FY20222Q FY20223Q FY20224Q FY20221Q FY20232Q FY20233Q FY20234Q FY20231Q FY20242Q FY20243Q FY20244Q FY2024Current/LTM
Total Cash & Short-Term Investments5,845.4 M7,804.9 M6,989.4 M7,752.9 M9,362.4 M12,225.5 M13,713.1 M14,574.9 M18,777.6 M30,846.7 M38,528.1 M55,895.6 M
Cash & Equivalents4,304.9 M6,341.2 M5,185.0 M5,829.8 M5,952.4 M8,444.8 M9,548.2 M8,094.3 M5,532.5 M16,577.1 M24,997.5 M44,915.5 M
Short-Term Investments1,414.4 M1,340.9 M1,683.3 M1,680.1 M3,103.5 M3,473.0 M3,860.7 M6,171.0 M12,781.5 M13,796.0 M12,860.9 M10,462.6 M
Trading Asset Securities126.1 M122.8 M121.0 M243.0 M306.5 M307.6 M304.2 M309.6 M463.7 M473.6 M669.6 M517.4 M
Total Receivables36,653.2 M32,373.6 M31,120.8 M39,171.6 M44,269.2 M46,146.0 M50,312.4 M50,830.3 M56,591.7 M54,081.8 M44,657.0 M52,862.6 M
Accounts Receivable31,683.8 M29,591.2 M27,488.3 M34,490.1 M39,668.4 M39,349.8 M40,593.9 M39,127.7 M39,207.7 M34,230.0 M31,370.2 M29,871.2 M
Other Receivables686.4 M685.9 M810.8 M1,051.4 M1,062.1 M1,622.3 M1,921.3 M3,037.0 M3,162.9 M6,233.3 M–7,151.0 M
Inventory65,529.6 M70,624.4 M73,263.1 M74,717.5 M79,251.6 M84,594.7 M87,480.0 M91,011.8 M96,310.8 M100,219.2 M106,494.0 M107,595.6 M
Restricted Cash––––––––––––
Prepaid Expenses288.3 M217.5 M320.4 M145.7 M198.6 M667.5 M169.5 M201.4 M529.8 M766.8 M21,870.2 M2,274.4 M
Other Current Assets4,188.8 M4,278.8 M4,483.8 M5,444.8 M6,499.1 M5,942.7 M7,975.4 M7,165.1 M16,068.3 M13,177.1 M3,957.6 M15,090.2 M
Total Current Assets112,505.4 M115,299.3 M116,177.5 M127,232.5 M139,580.9 M149,576.4 M159,650.4 M163,783.6 M188,278.2 M199,091.6 M215,506.8 M233,718.3 M
Net Property, Plant & Equipment14,945.9 M15,260.8 M15,668.7 M16,877.1 M18,089.5 M18,607.2 M19,007.2 M19,701.0 M78,011.5 M80,010.3 M78,357.6 M87,175.5 M
Gross Property, Plant & Equipment17,085.6 M17,476.0 M17,959.0 M19,237.0 M20,526.0 M21,140.2 M21,629.5 M22,416.9 M80,940.8 M83,158.2 M81,833.3 M91,053.5 M
Accumulated Depreciation–2,139.7 M–2,215.2 M–2,290.3 M–2,359.8 M–2,436.5 M–2,533.0 M–2,622.3 M–2,715.8 M–2,929.3 M–3,147.9 M–3,475.7 M–3,878.1 M
Long-Term Investments4,894.0 M4,928.5 M4,934.3 M4,928.6 M5,036.1 M4,833.1 M4,804.2 M4,930.4 M10,627.0 M12,297.7 M8,814.8 M6,814.6 M
Goodwill12,066.1 M12,066.1 M12,066.1 M11,461.1 M11,461.1 M11,461.1 M11,461.1 M10,846.5 M10,846.5 M10,846.5 M10,846.5 M10,289.4 M
Other Intangibles3.8 M3.7 M3.5 M3.3 M3.4 M4.0 M3.5 M10.5 M4,067.3 M4,081.4 M4,078.0 M4,100.4 M
Loans Receivable Long-Term––––––––––––
Deferred Tax Assets (LT)46.0 M46.0 M46.0 M75.8 M234.9 M232.1 M230.4 M258.6 M166.6 M228.5 M407.6 M194.2 M
Deferred Charges Long-Term––––––––––––
Other Long-Term Assets1,052.2 M1,009.1 M965.9 M2,798.8 M2,728.0 M2,662.2 M2,566.7 M2,503.9 M5,513.4 M5,475.3 M5,437.1 M14,489.0 M
Total Assets145,513.5 M148,613.4 M149,862.0 M163,377.1 M177,134.0 M187,376.2 M197,723.5 M202,034.5 M297,510.5 M312,031.3 M323,448.4 M356,781.3 M
Net Income & Depreciation & Amortization
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Depreciation & Amortization, Total82.2 M81.4 M84.7 M93.5 M110.9 M128.4 M124.1 M125.6 M185.6 M241.3 M295.6 M387.9 M1,110.4 M
Depreciation & Amortization82.2 M81.4 M84.7 M93.5 M110.9 M128.4 M124.1 M125.6 M185.6 M241.3 M295.6 M387.9 M1,110.4 M
Amortization of Goodwill & Intangibles–––––––––––––
Net Income565.7 M546.6 M887.4 M304.8 M747.5 M812.7 M1,123.8 M629.3 M2,390.1 M1,499.0 M2,459.9 M4,374.1 M10,723.1 M
Cash from Operations
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Net Income565.7 M546.6 M887.4 M304.8 M747.5 M812.7 M1,123.8 M629.3 M2,390.1 M1,499.0 M2,459.9 M4,374.1 M
(Gain) Loss From Sale of Asset–1.3 M–0.1 M–0.2 M–2.5 M–0.3 M–1.6 M–2.4 M–2.0 M–0.5 M–2.8 M1.9 M–2.7 M–4.0 M
Amortization of Deferred Charges–––2.0 M–––2.8 M1.0 M1.1 M2.9 M3.9 M8.9 M
Asset Writedown & Restructuring–––605.0 M–––614.6 M–––4,367.0 M–4,367.0 M–
Other Operating Activities–114.7 M–409.1 M124.2 M–141.2 M–85.1 M–406.2 M295.9 M539.2 M–4,318.6 M4,478.5 M936.9 M5,458.6 M6,555.5 M
Change in Accounts Receivable–902.8 M2,154.7 M–820.5 M–1,098.3 M–866.2 M–1,372.0 M–2,454.0 M–530.9 M–6,978.8 M–10.6 M1,273.5 M–2,175.8 M–7,891.8 M
Change in Inventories–5,565.3 M–5,142.7 M–2,642.0 M–3,335.3 M–4,504.8 M–5,316.3 M–2,848.7 M–3,494.5 M–5,304.7 M–3,893.6 M–6,269.7 M–3,921.2 M–19,389.2 M
Change in Accounts Payable842.1 M–402.6 M2,048.9 M5,934.0 M–875.0 M–3,523.1 M3,675.2 M–2,003.1 M1,836.0 M3,750.5 M2,722.0 M7,486.9 M15,795.4 M
Change in Unearned Revenues4,712.8 M6,756.6 M1,464.7 M3,516.2 M3,953.1 M6,643.1 M–1,433.4 M3,298.6 M6,294.4 M12,586.8 M4,161.2 M9,029.3 M32,071.7 M
Change in Other Net Operating Assets839.6 M40.6 M–1,545.2 M–3,921.7 M1,769.8 M6,469.1 M3,790.3 M3,123.8 M6,709.5 M1,104.4 M–8,704.0 M–28,235.6 M–29,125.6 M
Cash from Operations452.6 M3,625.9 M–393.3 M1,806.2 M195.7 M3,439.3 M2,275.8 M2,317.2 M654.1 M19,699.2 M–3,320.1 M–11,674.7 M5,358.4 M
Cash from Investing
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Capital Expenditure–1,005.2 M–394.2 M–460.4 M–1,329.6 M–1,325.1 M–636.0 M–504.4 M–725.0 M–58,500.5 M–9,379.0 M8,444.9 M–13,143.0 M–72,577.6 M
Sale of PP&E1.5 M3.2 M–1.5 M8.0 M0.4 M1.9 M3.5 M3.9 M2.6 M3.9 M0.6 M5.3 M12.4 M
Investment in Market & Equity Securities837.1 M40.1 M–348.2 M41.1 M–1,530.9 M–166.6 M–353.7 M–2,376.0 M–6,489.3 M–8,215.0 M5,205.9 M4,628.1 M–4,870.3 M
Other Investing Activities109.7 M18.5 M29.2 M79.9 M117.7 M104.0 M237.6 M250.0 M305.4 M157.6 M615.1 M474.4 M1,552.5 M
Cash from Investing–56.9 M–332.5 M–781.0 M–1,200.6 M–2,737.8 M–696.7 M–617.0 M–2,847.1 M–64,681.8 M–17,432.4 M14,266.5 M–8,035.2 M–75,883.0 M
Cash from Financing
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Total Debt Issued487.9 M–487.9 M––2,465.2 M1,344.3 M106.3 M176.2 M–––36,208.2 M
Total Debt Repaid––616.4 M205.7 M–202.4 M––1,750.0 M––11.4 M–5,779.9 M1,464.5 M1,234.1 M–35.6 M
Common & Preferred Dividends Paid–43.4 M–212.7 M–192.8 M–27.8 M–69.4 M–228.1 M–204.1 M––19.5 M–507.8 M–379.6 M–425.3 M–1,332.2 M
Other Financing Activities–––––0.5 M60.7 M–977.4 M55,679.5 M1,981.7 M–432.2 M2,830.0 M60,059.0 M
Cash from Financing444.6 M–1,317.1 M12.9 M–230.2 M2,395.8 M–633.3 M–37.1 M–812.6 M49,880.1 M2,786.2 M422.3 M41,658.5 M94,747.2 M
Net Change in Cash
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
FX Rate Adjustments174.6 M16.5 M7.2 M266.6 M264.1 M–67.8 M–25.0 M–109.2 M2,197.0 M–854.3 M–1,348.6 M–4,178.8 M–4,184.7 M
Misc. Cash Flow Adjustments–––––––9,976.9 M6,841.3 M–1,598.5 M1,564.1 M16,783.9 M–
Net Change in Cash1,014.8 M1,992.9 M–1,154.2 M642.1 M117.8 M2,041.5 M1,596.7 M–1,451.7 M–1,973.7 M11,039.9 M8,421.5 M19,333.9 M36,821.7 M
Supplemental Items
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24LTM
Free Cash Flow–552.6 M3,231.7 M–853.8 M476.6 M–1,129.4 M2,803.3 M1,771.4 M1,592.2 M–57,846.4 M10,320.2 M5,124.8 M–24,817.7 M–67,219.2 M
Free Cash Flow per Share–0.271.57–0.410.23–0.551.360.860.77–28.035.892.48–12.03–32.57
Cash Income Tax Paid (Refund)45.8 M506.4 M335.8 M198.4 M128.9 M769.5 M17.8 M253.4 M122.9 M1,865.9 M––1,014.4 M
Change in Net Working Capital5,894.9 M–4,503.6 M349.8 M–1,599.7 M1,330.1 M–10,835.0 M2,789.3 M20,972.2 M160.8 M–10,466.6 M17,397.2 M868.6 M–13,206.2 M
Net Debt Issued / Repaid487.9 M–1,104.3 M205.7 M–202.4 M2,465.2 M–405.7 M106.3 M164.7 M–5,779.9 M1,464.5 M1,234.1 M39,253.9 M36,172.6 M
Sales | Revenues Multiples
Metric1Q FY20222Q FY20223Q FY20224Q FY20221Q FY20232Q FY20233Q FY20234Q FY20231Q FY20242Q FY20243Q FY20244Q FY2024Current/LTM
EV / Sales (LTM)2.7 x2.3 x2.2 x2.2 x1.6 x1.5 x2.0 x4.8 x3.8 x4.4 x3.9 x3.3 x3.2 x
EV / Sales (NTM)2.4 x2.1 x2.2 x2.1 x1.4 x1.5 x1.7 x3.9 x2.3 x3.3 x2.9 x2.7 x2.9 x
Price / Sales (LTM)1.0 x1.0 x1.0 x1.0 x0.9 x0.8 x2.1 x4.9 x3.9 x3.4 x3.1 x2.5 x2.4 x
Price / Sales (NTM)0.9 x0.9 x1.0 x1.0 x0.8 x0.8 x1.8 x3.9 x2.3 x2.6 x2.3 x2.0 x2.2 x
Earnings Multiples
EV / EBITDA (LTM)10.4 x8.8 x8.8 x8.7 x6.2 x5.9 x8.1 x18.3 x14.4 x15.9 x13.2 x10.8 x10.6 x
EV / EBITDA (NTM)8.1 x6.9 x7.2 x7.9 x6.1 x5.9 x4.8 x10.8 x7.5 x9.5 x7.9 x7.4 x–
EV / EBIT (LTM)11.2 x9.5 x9.5 x9.4 x6.7 x6.3 x8.7 x19.6 x15.4 x17.0 x14.2 x12.0 x11.8 x
EV / EBIT (NTM)8.8 x7.4 x8.8 x8.4 x6.5 x6.2 x5.0 x11.4 x7.8 x10.0 x8.2 x8.4 x9.3 x
Price / Earnings (LTM)10.0 x10.0 x10.5 x9.8 x7.8 x7.7 x18.5 x45.9 x28.6 x23.8 x19.1 x11.0 x10.7 x
Price / Earnings (NTM)7.8 x6.4 x6.8 x6.9 x7.3 x7.0 x12.3 x24.0 x14.9 x13.7 x11.4 x10.1 x7.5 x
Book Value Multiples
Price / Book (LTM)0.5 x0.5 x0.5 x0.6 x0.5 x0.5 x1.3 x3.6 x2.0 x1.7 x1.9 x1.5 x1.5 x
Price / Tangible Book Value (LTM)0.7 x0.7 x0.7 x0.8 x0.7 x0.8 x1.9 x5.0 x2.7 x2.2 x2.4 x1.9 x1.8 x
Capital Structure
Metric1Q FY20222Q FY20223Q FY20224Q FY20221Q FY20232Q FY20233Q FY20234Q FY20231Q FY20242Q FY20243Q FY20244Q FY2024Current/LTM
Market Capitalization15,786.3 M16,199.0 M17,602.2 M20,429.3 M18,572.1 M19,624.5 M50,577.9 M138,052.3 M120,491.4 M118,654.8 M118,790.3 M105,860.7 M103,157.5 M
Cash & Short-Term Investments5,845.4 M7,804.9 M6,989.4 M7,752.9 M9,362.4 M12,225.5 M13,713.1 M14,574.9 M18,777.6 M30,846.7 M38,528.1 M55,895.6 M55,895.6 M
Total Debt32,215.0 M29,418.6 M28,301.0 M29,938.5 M23,203.2 M10,913.4 M10,997.6 M20,127.4 M5,896.5 M6,917.1 M8,154.4 M30,250.4 M30,250.4 M
Preferred Equity–––––––––––––
Minority Interest1,097.7 M1,083.5 M1,075.1 M1,034.9 M987.6 M1,029.3 M1,096.3 M667.0 M56,346.5 M58,328.2 M57,896.0 M60,726.0 M60,726.0 M
Enterprise Value (EV)43,253.5 M38,896.1 M39,989.0 M43,626.7 M33,400.4 M34,452.8 M48,958.7 M135,991.6 M118,430.6 M153,053.5 M146,312.6 M140,941.6 M138,238.3 M
Enterprise Value Multiples
EV / Sales (LTM)2.7 x2.3 x2.2 x2.2 x1.6 x1.5 x2.0 x4.8 x3.8 x4.4 x3.9 x3.3 x3.2 x
EV / EBITDA (LTM)10.4 x8.8 x8.8 x8.7 x6.2 x5.9 x8.1 x18.3 x14.4 x15.9 x13.2 x10.8 x10.6 x
EV / EBIT (LTM)11.2 x9.5 x9.5 x9.4 x6.7 x6.3 x8.7 x19.6 x15.4 x17.0 x14.2 x12.0 x11.8 x
Capitalization Components
Total Capital67,431.3 M65,158.5 M64,917.3 M66,866.8 M60,489.2 M49,052.8 M50,319.7 M59,143.2 M122,323.9 M126,140.2 M130,161.6 M161,732.7 M161,732.7 M
Total Common Equity34,118.6 M34,656.4 M35,541.1 M35,893.4 M36,298.4 M37,110.2 M38,225.8 M38,348.8 M60,080.9 M60,894.9 M64,111.2 M70,756.3 M70,756.3 M
Total Preferred Equity–––––––––––––
Total Debt32,215.0 M29,418.6 M28,301.0 M29,938.5 M23,203.2 M10,913.4 M10,997.6 M20,127.4 M5,896.5 M6,917.1 M8,154.4 M30,250.4 M30,250.4 M
Minority Interest1,097.7 M1,083.5 M1,075.1 M1,034.9 M987.6 M1,029.3 M1,096.3 M667.0 M56,346.5 M58,328.2 M57,896.0 M60,726.0 M60,726.0 M
Leverage & Returns
Return on Total Capital2.75%3.61%6.22%5.20%4.16%6.36%8.93%12.37%6.99%5.43%5.99%6.13%6.65%
Total Debt / Total Capital47.8%45.1%43.6%44.8%38.4%22.2%21.9%34.0%4.8%5.5%6.3%18.7%18.7%
Total Debt / Equity91.5%82.3%77.3%81.1%62.2%28.6%28.0%51.6%5.1%5.8%6.7%23.0%23.0%
Total Debt / EBITDA10.2 x7.1 x4.2 x5.1 x5.0 x1.8 x1.4 x1.8 x0.6 x0.6 x0.6 x1.9 x2.4 x
Long-Term Debt / Total Capital33.5%33.2%30.6%23.2%15.0%19.3%18.7%16.3%3.1%3.4%4.2%4.3%4.3%
Returns
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24Current/LTM
Return on Assets1.24%1.63%2.71%2.19%1.56%1.91%2.30%3.39%2.41%2.21%2.42%2.63%2.63%
Return on Equity6.31%6.00%9.72%2.88%7.55%9.11%11.72%6.68%21.29%7.57%8.94%17.06%16.97%
Return on Total Capital2.75%3.61%6.22%5.20%4.16%6.36%8.93%12.37%6.99%5.43%5.99%6.13%6.65%
Return on Common Equity5.27%5.33%10.11%3.36%6.65%7.75%11.93%5.98%16.51%7.67%15.74%23.68%17.68%
Margins
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24Current/LTM
EBITDA Margin26.03%25.51%24.96%24.57%26.40%24.28%24.64%28.30%38.25%28.72%30.78%26.84%30.12%
EBITA Margin23.32%23.51%23.72%23.00%23.90%22.23%23.03%27.04%35.52%26.37%28.08%24.32%27.56%
EBIT Margin23.32%23.51%23.72%23.00%23.90%22.23%23.03%27.04%35.52%26.37%28.08%24.32%27.56%
EBT Margin–––––––––––––
EBT excl. Non-Recurring Items Margin–––––––––––––
Gross Profit Margin35.94%30.60%29.46%31.85%35.20%29.20%28.61%30.35%49.14%31.65%34.77%33.46%35.86%
SG&A Margin9.64%5.13%2.57%6.58%7.23%3.38%2.58%5.12%6.54%3.82%3.90%10.14%6.45%
Net Income Margin18.70%13.43%13.01%5.12%16.84%12.96%14.58%6.28%35.19%14.65%22.50%29.73%25.13%
Net Avail. for Common Margin14.83%11.25%13.01%5.03%13.52%11.35%14.58%5.72%29.91%11.33%22.50%27.13%22.60%
Normalized Net Income Margin16.55%11.57%11.85%13.07%15.79%10.93%12.45%11.37%9.53%8.90%18.00%6.22%10.41%
Asset Turnovers
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24Current/LTM
Receivables Turnover (Avg)0.4 x0.5 x1.0 x0.8 x0.5 x0.6 x0.8 x1.0 x0.7 x1.1 x1.3 x1.9 x1.2 x
Fixed Assets Turnover0.8 x1.1 x1.8 x1.5 x1.0 x1.4 x1.6 x2.1 x0.6 x0.5 x0.6 x0.7 x0.8 x
Inventory Turnover0.1 x0.2 x0.3 x0.2 x0.1 x0.2 x0.3 x0.3 x0.1 x0.3 x0.3 x0.4 x0.3 x
Asset Turnover0.1 x0.1 x0.2 x0.2 x0.1 x0.1 x0.2 x0.2 x0.1 x0.1 x0.1 x0.2 x0.2 x
Days Outstanding Inventory (Avg)–––––––––––––
Short-term Liquidity
Metric1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q24Current/LTM
Current Ratio1.4 x1.4 x1.3 x1.2 x1.2 x1.3 x1.3 x1.4 x1.3 x1.3 x1.4 x1.4 x1.4 x
Quick Ratio0.5 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.5 x0.4 x0.4 x0.5 x0.5 x0.5 x
Days Sales Outstanding––384.9478.8–573.5477.1366.1524.8326.5276.0191.5295.9
Days Payable Outstanding60.128.241.166.945.171.7151.889.8153.0148.5144.9130.355.0
Cash Conversion Cycle3,797.82,850.61,719.32,089.13,116.52,181.21,763.81,453.12,838.71,456.61,464.31,067.21,568.8
Operating Cash Flow to Current Liabilities0.0%0.2%–0.0%0.1%0.0%0.1%0.1%0.1%0.0%0.5%–0.1%–0.3%0.0%
Return on Invested Capital (ROIC) = NOPAT / Average Invested Capital
Metric1Q FY20222Q FY20223Q FY20224Q FY20221Q FY20232Q FY20233Q FY20234Q FY20231Q FY20242Q FY20243Q FY20244Q FY2024Current/LTM
Net Operating Profit After Tax (NOPAT)475.8 M758.1 M1,217.1 M1,055.6 M714.9 M1,080.6 M1,354.8 M2,113.3 M1,379.4 M2,297.6 M2,240.7 M2,119.7 M8,037.5 M
Invested Capital, Average–66,294.9 M65,037.9 M65,892.1 M63,678.0 M54,771.0 M49,686.3 M54,731.5 M90,733.5 M124,232.0 M128,150.9 M145,947.1 M161,732.7 M
Return on Invested Capital (ROIC)–1.14%1.87%1.60%1.12%1.97%2.73%3.86%1.52%1.85%1.75%1.45%4.97%
Debt Analysis
Metric1Q FY20222Q FY20223Q FY20224Q FY20221Q FY20232Q FY20233Q FY20234Q FY20231Q FY20242Q FY20243Q FY20244Q FY2024Current/LTM
Total Debt / Equity91.5%82.3%77.3%81.1%62.2%28.6%28.0%51.6%5.1%5.8%6.7%23.0%23.0%
Total Debt / Capital47.8%45.1%43.6%44.8%38.4%22.2%21.9%34.0%4.8%5.5%6.3%18.7%18.7%
Long-Term Debt / Equity64.1%60.6%54.2%42.0%24.3%24.8%23.9%24.7%3.3%3.6%4.5%5.3%5.3%
Long-Term Debt / Capital33.5%33.2%30.6%23.2%15.0%19.3%18.7%16.3%3.1%3.4%4.2%4.3%4.3%
Total Liabilities / Total Assets75.8%76.0%75.6%77.4%79.0%79.6%80.1%80.7%60.9%61.8%62.3%63.1%63.1%
Interest Rate Coverage (EBIT / Interest Expense)6.4x6.5x6.1x4.7x5.2x4.5x4.6x6.1x11.5x13.8x6.7x8.8x9.2x
Debt Coverage (Total Debt / EBITDA)10.2x7.1x4.2x5.1x5.0x1.8x1.4x1.8x0.6x0.6x0.6x1.9x2.4x
Bankruptcy Risk (Altman Z-Score)0.630.660.780.630.560.620.690.940.870.951.041.020.94
Sources
  1. Bloomberg Terminal
  2. Reuters
  3. Investopedia
  4. Mckvay
  5. MarketWatch
  6. Trading Economics
  7. Acuity Knowledge Partners
  8. Koyfin
  9. Cboe Global Markets
  10. TradingView
  11. Central Bank Website
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