Earnings ReportFeaturedUncategorized

BOC GASES Builds Half Year Earnings by 32.55%, Brightens Full Year Expectations

Coy: BOC GASES PLC. (BOCGAS)
Rating: Hold
Current Market Price: N7.70

Latest Interim Dividend: N0.50
Year High: N15.12
Year Low: N7.70
Fair Value: N8.43
By: Jeariogbe Tunde Segun (Equity Analyst)

Earnings Brief

  • Result for the half year 2021 business session stood at appreciable level above the corresponding quarter’s (2020) earnings
  • For example, Turnover Improved over the comparable quarter’s by 19.96% to stand at N1.77 billion versus N1.47 billion in the corresponding quarter
  • Meanwhile, Profit for the period grew by 32.55% at the current estimate of N168.43 million versus N127.07 million in the similar quarter of 2020.
  • In other words, earnings per share (EPS) for the period is estimated at N0.40 versus N0.31 in 2020 half year
  • The said EPS is a 5.26% yield over the share price of BOC GASES on the floor of the exchange as at the time this result was made available to the investing public.
  • Please understand that this yield is below the 6.77% achieved in the corresponding quarter due to the huge change in price during the two released periods compared
  • The estimated Book Value per unit share of BOC Gases currently stands at N7.12 as against N6.70 in the corresponding quarter.
  • Note that the Book Value is almost same as the current market price of BOC Gases on the floor of the exchange and below our intrinsic value. Thus, we have rated BOC Gases a hold.
  • Kindly see below for other company numbers and estimated ratios
BOC GASES
Bourse Nigerian Stock Exchange
Code Name BOCGAS
Sector NATURAL RESOURCES
Market Classification MAIN BOARD
Nature of Business Manufacture of Industrial and Medical Gases well as Marketing of Special Gass Welding and Medical Equipment
Date of Incorporation Dec-11-1959
Date Listed Jan-01-1970
End of Accounting Year 31ST DECEMBER
Website www.boc-nigeria.com
Registrar First Registrar & Investors Services
Auditor Deloitte & Touche
Share Price@Relsd (N)                                                          7.70
Earnings per Share                                                          0.40
Intrinsic Value(N)                                                          8.43
Share Outstanding 416,244,706
Market Capitalisation                                          3,205,084,236
BOC GASES-H1 2021
Statement of Comprehensive Income
  2021(000) 2020(000) %CHG
Turnover 1,771,107 1,476,407 19.96
Cost of Sales 864,532 726,793 18.95
Operating Profit 297,584 180,747 64.64
OPEX 613,668 600,131 2.26
DEPRECIATION 135,788 128,109 5.99
FINANCE COST 70,004 18,635 275.66
NET FINANCE INCOME 53,435 12,846 -515.97
PBT 244,149 193,593 26.11
TAX 75,712 66,514 13.83
PAT 168,437 127,079 32.55
TOTAL COMP INCOME 168,437 127,079 32.55
Statement of Financial Position
Current Assets                     3,362,695                 2,344,542 43.43
Non Current Assets                     2,427,447                 2,548,918 -4.77
Total Assets                     5,790,142                 4,893,460 18.32
Current Liabilities                     2,325,960                 1,471,813 58.03
Non Current Liabilities                        499,319                     632,511 -21.06
Total Liabilities                     2,825,279                 2,104,324 34.26
Net Assets                     2,964,863                 2,789,135 6.30
Retained Earnings                     2,756,305                 2,581,013 6.79
Shares Outstanding                        416,244                     416,244  
Financial Strength/Solvency Ratio
TICKERS 2021 2020 %CHG
Debt Ratio 48.79% 43.00% 13.47
Total Debt to Equity Ratio (MRQ) 95.29% 75.45% 26.30
Equity Ratio 51.21% 57.00% -10.16
TICKERS 2021 Industrial Average %CHG
Beta Value                                        0.53                                    0.71 -25.35
PROFITABILITY RATIOS
TICKERS 2021 2020 %CHG
EBITDA MARGIN 16.80% 12.24% 37.25
PRE-TAX MARGIN 13.79% 13.11% 5.13
EFFECTIVE TAX RATE 44.95% 52.34% -14.12
CS TO TO 48.81% 49.23% -0.84
ROE 5.68% 4.56% 24.69
ROA 2.91% 2.60% 12.02
EFFICIENCY RATIOS
  2021 2020 %Chg
OPEX TO TO 34.65% 40.65% -14.76
TO TO TA 30.59% 30.17% 1.38
Working Capital Turnover                                        1.71                                    1.69 0.98
Working Capital Ratio                                        1.45                                    1.59 -9.24
Investment/Valuation Ratios
Tickers 2021 2020 %Chg
Price at Released 7.70 4.51 70.73
EPS 0.40 0.31 32.55
TCIP/SHARE 0.40 0.31 32.55
P/E-Ratio 19.03 14.77 28.81
Earnings Yield 5.26% 6.77% -22.37
BV/Share 7.12 6.70 6.30
PBV 1.08 0.67 60.61

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Earnings ReportFeaturedUncategorized

BOC GASES Builds Half Year Earnings by 32.55%, Brightens Full Year Expectations

Coy: BOC GASES PLC. (BOCGAS)
Rating: Hold
Current Market Price: N7.70

Latest Interim Dividend: N0.50
Year High: N15.12
Year Low: N7.70
Fair Value: N8.43
By: Jeariogbe Tunde Segun (Equity Analyst)

Earnings Brief

  • Result for the half year 2021 business session stood at appreciable level above the corresponding quarter’s (2020) earnings
  • For example, Turnover Improved over the comparable quarter’s by 19.96% to stand at N1.77 billion versus N1.47 billion in the corresponding quarter
  • Meanwhile, Profit for the period grew by 32.55% at the current estimate of N168.43 million versus N127.07 million in the similar quarter of 2020.
  • In other words, earnings per share (EPS) for the period is estimated at N0.40 versus N0.31 in 2020 half year
  • The said EPS is a 5.26% yield over the share price of BOC GASES on the floor of the exchange as at the time this result was made available to the investing public.
  • Please understand that this yield is below the 6.77% achieved in the corresponding quarter due to the huge change in price during the two released periods compared
  • The estimated Book Value per unit share of BOC Gases currently stands at N7.12 as against N6.70 in the corresponding quarter.
  • Note that the Book Value is almost same as the current market price of BOC Gases on the floor of the exchange and below our intrinsic value. Thus, we have rated BOC Gases a hold.
  • Kindly see below for other company numbers and estimated ratios
BOC GASES
Bourse Nigerian Stock Exchange
Code Name BOCGAS
Sector NATURAL RESOURCES
Market Classification MAIN BOARD
Nature of Business Manufacture of Industrial and Medical Gases well as Marketing of Special Gass Welding and Medical Equipment
Date of Incorporation Dec-11-1959
Date Listed Jan-01-1970
End of Accounting Year 31ST DECEMBER
Website www.boc-nigeria.com
Registrar First Registrar & Investors Services
Auditor Deloitte & Touche
Share Price@Relsd (N)                                                          7.70
Earnings per Share                                                          0.40
Intrinsic Value(N)                                                          8.43
Share Outstanding 416,244,706
Market Capitalisation                                          3,205,084,236
BOC GASES-H1 2021
Statement of Comprehensive Income
  2021(000) 2020(000) %CHG
Turnover 1,771,107 1,476,407 19.96
Cost of Sales 864,532 726,793 18.95
Operating Profit 297,584 180,747 64.64
OPEX 613,668 600,131 2.26
DEPRECIATION 135,788 128,109 5.99
FINANCE COST 70,004 18,635 275.66
NET FINANCE INCOME 53,435 12,846 -515.97
PBT 244,149 193,593 26.11
TAX 75,712 66,514 13.83
PAT 168,437 127,079 32.55
TOTAL COMP INCOME 168,437 127,079 32.55
Statement of Financial Position
Current Assets                     3,362,695                 2,344,542 43.43
Non Current Assets                     2,427,447                 2,548,918 -4.77
Total Assets                     5,790,142                 4,893,460 18.32
Current Liabilities                     2,325,960                 1,471,813 58.03
Non Current Liabilities                        499,319                     632,511 -21.06
Total Liabilities                     2,825,279                 2,104,324 34.26
Net Assets                     2,964,863                 2,789,135 6.30
Retained Earnings                     2,756,305                 2,581,013 6.79
Shares Outstanding                        416,244                     416,244  
Financial Strength/Solvency Ratio
TICKERS 2021 2020 %CHG
Debt Ratio 48.79% 43.00% 13.47
Total Debt to Equity Ratio (MRQ) 95.29% 75.45% 26.30
Equity Ratio 51.21% 57.00% -10.16
TICKERS 2021 Industrial Average %CHG
Beta Value                                        0.53                                    0.71 -25.35
PROFITABILITY RATIOS
TICKERS 2021 2020 %CHG
EBITDA MARGIN 16.80% 12.24% 37.25
PRE-TAX MARGIN 13.79% 13.11% 5.13
EFFECTIVE TAX RATE 44.95% 52.34% -14.12
CS TO TO 48.81% 49.23% -0.84
ROE 5.68% 4.56% 24.69
ROA 2.91% 2.60% 12.02
EFFICIENCY RATIOS
  2021 2020 %Chg
OPEX TO TO 34.65% 40.65% -14.76
TO TO TA 30.59% 30.17% 1.38
Working Capital Turnover                                        1.71                                    1.69 0.98
Working Capital Ratio                                        1.45                                    1.59 -9.24
Investment/Valuation Ratios
Tickers 2021 2020 %Chg
Price at Released 7.70 4.51 70.73
EPS 0.40 0.31 32.55
TCIP/SHARE 0.40 0.31 32.55
P/E-Ratio 19.03 14.77 28.81
Earnings Yield 5.26% 6.77% -22.37
BV/Share 7.12 6.70 6.30
PBV 1.08 0.67 60.61

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