Equity Case

Monbat represents a prominent value creation, driven by strong operational performance, enabled by a complete vertical integration that supports natural hedging in order to sustain growth and invest in new sources of marginal revenue and double the EV in 2021

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Source of Wealth (TTM for Q3 2017)

0 Source of wealth
EV Multiplier – 9.83 times
10% Y-t-Y
1 Enterprise value
EV - 250,923 (EUR '000)
24% Y-t-Y
2 Shareholders earnings
EPS – 0.38 EUR
18% Y-t-Y
3 Operational performance
EBITDA 25,513 (EUR '000)
12% Y-t-Y
4 Valuation
M/B – 2 times
30% Y-t-Y

Monbat Group is showing  on TTM basis (as of Q3 2017) a well balanced growth in all four facets of the group's corporate wealth. This translates into a healthy Enterprise value (EV) multiplier of 9.83 times.

The cornerstone of the strong value creation in Monbat group is the strong operational performance, represented by 12% increase on EBITDA level (25.513m EUR) and 12% increase on Net profit level (14.1m EUR).

The strong EBITDA drives а 24% Enterprise value (250.923m EUR) increase, together with a gradual share price increase ranging from 8.4 BGN to 11.1 BGN. The latter represents consistent value appraisal of the Monbat performance.

The strong Net profit drives a healthy growth of the Earnings per share (EPS) by 18%.

The overall 21%  increase of the Market capitalisation (186m EUR) further influences the gradually improved M/B ratio, reaching 2 times and representing a healthy growth of 30%.

Attached
Monbat Equity Casepdf966.07KB
12/12/2017
Monbat Investor & Media Day 2017pdf15.91MB
14/12/2017
Investment projects pdf859.08KB
08/10/2018

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