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


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%.