SHARE PERFORMANCE
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Batteries

Monbat Group provides a wide range of battery products and solutions for a variety of end-market applications

Automotive
Automotive
Agriculture
Agriculture
Public Transportation
Public Transportation
Marine
Marine
Defence
Defence
Industrial
Industrial
Aerospace
Aerospace
Telecommunications
Telecommunications
Renewable sources
Renewable sources

LEAD ACID BATTERIES

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The lead acid battery business focuses on the production of lead-acid automotive and stationary batteries and their servicing. The products in this segment can be divided into the following main groups:

  • starter batteries
  • stationary batteries
  • deep cycle batteries
  • special batteries
  • locomotives batteries
  • leisure batteries

RECYCLING

RECYCLING contacts

The division operates in recycling and trading activities of

  • lead acid scrap batteries
  • lead alloys
  • polyethylene and polypropylene materials

Recycling facilities are located in Bulgaria as well as in Italy, Romania and Serbia.

LITHIUM ION SOLUTIONS

explore our LITHIUM ION SOLUTIONS

The lithium-Ion business segment operates under the EAS brand and provides cells and systems based on safe and proven LFP chemistry. The adopted cylindrical cells technology and the modular-based packing approach of the battery and systems allows EAS to maintain its attractive product range of High Power (HP) batteries for selected industries such as:

  • public transport
  • commercial fleet
  • construction machines
  • marine
  • harbour
  • and airport operations

Key Performance Indicators

  • EXECUTIVE SUMMARY
  • ENTERPRISE VALUE
  • SHAREHOLDERS EARNINGS
  • OPERATIONAL PERFORMANCE
  • CORPORATE VALUATION
Description Units Baseline 2012 2020 2021 2022 2023
Adjusted Sales from continuing operations €/000 103,457 156,236 191,124 195,978 198,188
Net Profit from continuing operations €/000 7,520 2,184 10,283 3,570 2,311
Gain on investments €/000 (115)
Net Profit from continuing operations (Without Gain on investment) €/000 7,520 2,184 10,283 3,685 2,311
EBITDA from continuing operations €/000 15,441 18,358 22,872 17,867 20,206
Adjustments €/000 1,731 654 246 196
Adjusted EBITDA from continuing operations €/000 15,441 20,089 23,527 18,113 20,402
Net Profit Ratio from continiuing operations % (Without Gain on investment) % 7.3% 1.4% 5.4% 1.9% 1.2%
Adjusted EBITDA from continuing operations Ratio % % 14.9% 12.9% 12.3% 9.2% 10.3%
Average Share Price 2.50 2.11 2.84 2.72 2.21
Earnings per Share from continiuing operations (EPS) 0.21 0.06 0.26 0.09 0.06
Average Daily Market Cap €/000 91,541 82,388 110,808 105,814 85,958
Enterprise Value (EV) €/000 120,217 165,204 200,160 210,242 194,379
EV/Adj. EBITDA Multiplier (Realised) 7.79x 8.22x 8.51x 11.61x 9.53x
Price-Earnings Ratio (P/E) 12.17x 37.72x 10.78x 29.64x 37.19x
Market-Book Ratio (M/B) 1.42x 0.76x 1.03x 0.93x 0.76x
Net Debt €/000 28,815 82,150 88,656 96,796 101,088
CAPEX €/000 5,048 9,274 10,020 13,115 10,964
Assets Acquired Through Business Combinations €/000 4,100 6,500
Net Debt/Adj. EBITDA 1.87x 4.09x 3.77x 5.34x 4.95x
2023 to Baseline 2012 Evolution % 2023 vs 2022 2023 vs 2022 %
94 731 91.6% 2 210 1.1%
(5 209) (69.3%) (1 259) (35.3%)
n.a. n.a. 115 (100%)
(5 209) (69.3%) (1 374) (37.3%)
4 765 30.9% 2 339 13.1%
196 100% (50) (20.4%)
4 961 32.1% 2 289 12.6%
(6.1%) n.a. (0.7%) n.a.
(4.6%) n.a. 1.1% n.a.
(0.30) (11.9%) (0.51) (18.8%)
(0.15) (71.2%) 0.03 (35.3%)
(5 583) (6.1%) (19 856) (18.8%)
74 162 61.7% (15 863) (7.5%)
1.74x 22.4% (2.08x) (17.9%)
25.02x >100% (7.55x) 25.5%
(0.66x) (46.5%) (0.17x) (18.6%)
72 272 >100% 4 292 4.4%
5 916 >100% (2 150) (16.4%)
n.a. n.a. (6 500) (100%)
3.09x >100% (0.39x) (7.3%)
FY 2023 (audited)
Description Units Baseline 2012 2020 2021 2022 2023
Adjusted EBITDA from continuing operations €/000 15,441 20,089 23,527 18,113 20,402
Average Daily Market Cap €/000 91,541 82,388 110,808 105,814 85,958
Net Debt €/000 28,815 82,150 88,656 96,796 101,088
Minority Interest €/000 (140) 666 695 7,633 7,333
Enterprise Value (EV) €/000 120,217 165,204 200,160 210,242 194,379
EV/Adj. EBITDA Multiplier (Realised) 7.79x 8.22x 8.51x 11.61x 9.53x
2023 to Baseline 2012 Evolution % 2023 vs 2022 2023 vs 2022 %
4 961 32.1% 2 289 12.6%
(5 583) (6.1%) (19 856) (18.8%)
72 273 >100% 4 293 4.4%
7 473 >(100%) (300) (3.9%)
74 162 61.7% (15 863) (7.5%)
1.74x 22.4% (2.08x) (17.9%)
FY 2023 (audited)
Description Units Baseline 2012 2020 2021 2022 2023
Average Share Price 2.50 2.11 2.84 2.72 2.21
Net Profit from continuing operations (Without Gain on investment) €/000 7,520 2,184 10,283 3,685 2,311
Gain on investments €/000 (115)
Net Profit from continuing operations €/000 7,520 2,184 10,283 3,570 2,311
Distributed Dividend €/000 1,010 3,579 2,812 2,045
Earnings per Share from continuing operations (EPS) 0.21 0.06 0.26 0.09 0.06
Dividend per Share (DPS) 0.03 0.09 0.07 0.05
Dividend Cover 7.44 2.87 1.31 1.13
Dividend Payout Ratio % 13.4% 34.8% 78.8% 88.5%
Earnings Yield % 8.2% 2.7% 9.3% 3.4% 2.7%
Dividend Yield % 1.1% 3.2% 2.7% 2.4%
2023 to Baseline 2012 Evolution % 2023 vs 2022 2023 vs 2022 %
(0.30) (11.9%) (0.51) (18.8%)
(5 209) (69.3%) (1 374) (37.3%)
n.a. 115 (100%)
(5 209) (69.3%) (1 259) (35.3%)
1 035 >100% (767) (27.3%)
(0.15) (71.2%) (0.03) (35.3%)
0.02 90.0% (0.02) (27.3%)
(6.31) (84.8%) (0.18) (13.8%)
75.1% n.a. 9.7% 12.3%
(5.5%) n.a. (0.7%) (20.3%)
1.3% n.a. (0.3%) (10.5%)
FY 2023 (audited)
EBITDA and NET PROFIT
Description Units Baseline 2012 2020 2021 2022 2023
Net sales from continuing operations €/000 103,457 156,236 191,124 195,978 198,188
Net Profit from continuing operations (Without Gain on investment) €/000 7,520 2,184 10,283 3,685 2,311
Adjusted EBITDA from continuing operations €/000 15,441 20,089 23,527 18,113 20,402
Net Profit from continuing operations Ratio (%) % 7.3% 1.4% 5.4% 1.9% 1.2%
Adjusted EBITDA from continuing operations Ratio (%) % 14.9% 12.9% 12.3% 9.2% 10.3%
2023 to Baseline 2012 Evolution % 2023 vs 2022 2023 vs 2022 %
94 731 91.6% 2 210 1.1%
(5 209) (69.3%) (1 374) (37.3%)
4 961 32.1% 2 289 12.6%
(6.1%) (83.96%) (0.7%) (37.98%)
(4.6%) (31.03%) 1.1% 11.38%
FY 2023 (audited)
NET DEBTS
Description Units Baseline 2012 2020 2021 2022 2023
Short-Term Loans €/000 21,000 56,482 49,423 55,383 67,176
Long-Term Loans €/000 5,571 10,508 16,664 15,934 15,390
Leasing €/000 1,273 971 874 1,986 2,176
Bond Obligation €/000 26,464 26,310 27,652 22,848
Factoring €/000 2,315
Cash and Cash Equivalents €/000 1,343 12,275 4,614 4,160 6,502
Net Debt €/000 28,815 82,150 88,656 96,796 101,088
2023 to Baseline 2012 Evolution % 2023 vs 2022 2023 vs 2022 %
46 176 >100% 11 793 21.3%
9 820 >100% (544) (3.4%)
903 70.9% 190 9.5%
22 848 n.a. (4 804) (17.4%)
(2 315) (100.0%) 0 n.a.
5 159 >100% 2 342 56.3%
72 272 >100% 4 292 4.4%
FY 2023 (audited)
Description Units Baseline 2012 2020 2021 2022 2023
EV/Adj. EBITDA Multiplier (Realised) 7.79x 8.22x 8.51x 11.61x 9.53x
Return on Equity (ROE) % 11.6% 2% 9.6% 3.1% 2.00%
Price-Earnings Ratio (P/E) 12.17x 37.72x 10.78x 29.64x 37.19x
Market-Book Ratio (M/B) 1.42x 0.76x 1.03x 0.93x 0.76x
2023 to Baseline 2012 Evolution % 2023 vs 2022 2023 vs 2022 %
1.74x 22.4% (2.08x) (17.9%)
(9.6%) n.a. (1.1%) n.a.
25.02x >100% 7.55x 25.5%
(0.66x) (46.5%) (0.17x) (18.6%)
FY 2023 (audited)