Head Office
32 A Cherni vrah blvd., fl. 4 | 1407 Sofia, Bulgaria
tel. +359 2 962 11 50 | fax: +359 2 962 11 46
e-mail: contact@monbat.com
Key Performance Indicators
- EXECUTIVE SUMMARY
- ENTERPRISE VALUE
- SHAREHOLDERS EARNINGS
- OPERATIONAL PERFORMANCE
- CORPORATE VALUATION
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | UA 2024 | |
| Adjusted Sales from continuing operations | €/000 | 103,457 | 191,124 | 195,978 | 202,541 | 197,025 | |
| Net Profit from continuing operations | €/000 | 7,520 | 10,283 | 3,570 | 5,332 | 3,999 | |
| Gain on investments | €/000 | – | – | (115) | – | – | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 5,332 | 3,999 | |
| EBITDA from continuing operations | €/000 | 15,441 | 22,872 | 17,867 | 20,523 | 21,616 | |
| Adjustments | €/000 | – | 654 | 246 | (227) | 217 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,296 | 21,833 | |
| Net Profit Ratio from continiuing operations % (Without Gain on investment) | % | 7.3% | 5.4% | 1.9% | 2.6% | 2.0% | |
| Adjusted EBITDA from continuing operations Ratio % | % | 14.9% | 12.3% | 9.2% | 10.0% | 11.1% | |
| Average Share Price | € | 2.50 | 2.84 | 2.72 | 2.21 | 1.58 | |
| Earnings per Share from continiuing operations (EPS) | € | 0.21 | 0.26 | 0.09 | 0.14 | 0.10 | |
| Average Daily Market Cap | €/000 | 91,541 | 110,808 | 105,814 | 85,958 | 61,421 | |
| Enterprise Value (EV) | €/000 | 120,217 | 200,160 | 210,242 | 194,380 | 162,510 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.58x | 7.44x | ||
| Price-Earnings Ratio (P/E) | 12.17x | 10.78x | 29.64x | 16.12x | 15.36x | ||
| Market-Book Ratio (M/B) | 1.42x | 1.03x | 0.93x | 0.76x | 0.53x | ||
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 92,751 | |
| CAPEX | €/000 | 5,048 | 10,020 | 13,115 | 10,964 | 12,358 | |
| Assets Acquired Through Business Combinations | €/000 | – | 4,100 | 6,500 | – | – | |
| Net Debt/Adj. EBITDA | 1.87x | 3.77x | 5.34x | 4.98x | 4.25x |
| UA 2024 to Baseline 2012 | Evolution % | UA 2024 vs 2023 | UA 2024 vs 2023 % |
| 93 567 | 90.4% | (5 516) | (2.7%) |
| (3 520) | (46.8%) | (1 333) | (25.0%) |
| n.a. | n.a. | n.a | n.a. |
| (3 520) | (46.8%) | (1 333) | (25.0%) |
| 6 175 | 40.0% | 1 093 | 5.3% |
| 217 | 100% | 444 | >(100%) |
| 6 392 | 41.4% | 1 537 | 7.6% |
| (5.2%) | (72.1%) | (0.6%) | (22.9%) |
| (3.8%) | (25.8%) | 1.1% | 10.6% |
| (0.93) | (37%) | (0.63) | (28.5%) |
| (0.10) | (50.1%) | (0.03) | (25.0%) |
| (30 120) | (32.9%) | (24 537) | (28.5%) |
| 42 293 | 35.2% | (31 870) | (16.4%) |
| (0.34x) | (4.4%) | (2.13x) | (22.3%) |
| 3.18x | 26.2% | (0.76x) | (4.7%) |
| (0.89x) | (62.9%) | (0.24x) | (31.0%) |
| 63 936 | >100% | (8 338) | (8.2%) |
| 7 309 | >100% | 1 394 | 12.7% |
| n.a. | n.a. | n.a | n.a. |
| 2.38x | >100% | (0.73x) | (14.7%) |
Unaudited 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | UA 2024 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,296 | 21,833 | |
| Average Daily Market Cap | €/000 | 91,541 | 110,808 | 105,814 | 85,958 | 61,421 | |
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 92,751 | |
| Minority Interest | €/000 | (140) | 695 | 7,633 | 7,333 | 8,338 | |
| Enterprise Value (EV) | €/000 | 120,217 | 200,160 | 210,242 | 194,380 | 162,510 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.58x | 7.44x |
| UA 2024 to Baseline 2012 | Evolution % | UA 2024 vs 2023 | UA 2024 vs 2023 % |
| 6 392 | 41.4% | 1 537 | 7.6% |
| (30 120) | (32.9%) | (24 537) | (28.5%) |
| 63 936 | >100% | (8 338) | (8.2%) |
| 8 477 | >(100%) | 1 005 | 13.7% |
| 42 293 | 35.2% | (31 870) | (16.4%) |
| 0.34x | (4.4%) | (2.13x) | (22.3%) |
Unaudited 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | UA 2024 | |
| Average Share Price | € | 2.50 | 2.84 | 2.72 | 2.21 | 1.58 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 5,332 | 3,999 | |
| Gain on investments | €/000 | – | – | (115) | – | – | |
| Net Profit from continuing operations | €/000 | 7,520 | 10,283 | 3,570 | 5,332 | 3,999 | |
| Distributed Dividend | €/000 | 1,010 | 3,579 | 2,812 | 2,045 | – | |
| Earnings per Share from continuing operations (EPS) | € | 0.21 | 0.26 | 0.09 | 0.14 | 0.10 | |
| Dividend per Share (DPS) | € | 0.03 | 0.09 | 0.07 | 0.05 | – | |
| Dividend Cover | 7.44 | 2.87 | 1.31 | 2.61 | n.a. | ||
| Dividend Payout Ratio | % | 13.4% | 0.35 | 78.8% | 38.4% | 0.0% | |
| Earnings Yield | % | 8.2% | 9.3% | 3.4% | 6.2% | 6.5% | |
| Dividend Yield | % | 1.1% | 0.03 | 2.7% | 2.4% | 0.0% |
| UA 2024 to Baseline 2012 | Evolution % | UA 2024 vs 2023 | UA 2024 vs 2023 % |
| (0.92) | (37.0%) | (0.63) | (28.5%) |
| (3 520) | (46.8%) | (1 333) | (25.0%) |
| – | n.a. | n.a. | 0% |
| (3 520) | (46.8%) | (1 333) | (25.0%) |
| (1 010) | (100%) | (2 045) | (100%) |
| (0.10) | (50.1%) | (0.03) | (25.0%) |
| (0.03) | (100%) | (0.05) | (100%) |
| n.a | n.a. | n.a. | n.a. |
| (13.4%) | (100%) | (38.4%) | (100%) |
| (1.7%) | (20.7%) | 0.3% | 5% |
| (1.1%) | (100%) | (2.4%) | (100%) |
Unaudited 2024
EBITDA and NET PROFIT
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | UA 2024 | |
| Net sales from continuing operations | €/000 | 103,457 | 191,124 | 195,978 | 202,541 | 197,025 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 5,332 | 3,999 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,296 | 21,833 | |
| Net Profit from continuing operations Ratio (%) | % | 7.3% | 5.4% | 1.9% | 2.6% | 2.0% | |
| Adjusted EBITDA from continuing operations Ratio (%) | % | 14.9% | 12.3% | 9.2% | 10.0% | 11.1% |
| UA 2024 to Baseline 2012 | Evolution % | UA 2024 vs 2023 | UA 2024 vs 2023 % |
| 93 567 | 90.4% | (5 516) | (2.7%) |
| (3 520) | (46.8%) | (1 333) | (25.0%) |
| 6 392 | 41.4% | 1 537 | 7.6% |
| (5.2%) | (72.1%) | (0.6%) | (22.9%) |
| (3.8%) | (25.8%) | 1.1% | 10.6% |
Unaudited 2024
NET DEBTS
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | UA 2024 | |
| Short-Term Loans | €/000 | 21,000 | 49,423 | 55,383 | 67,176 | 64,993 | |
| Long-Term Loans | €/000 | 5,571 | 16,664 | 15,934 | 15,390 | 20,305 | |
| Leasing | €/000 | 1,273 | 874 | 1,986 | 2,177 | 2,128 | |
| Bond Obligation | €/000 | – | 26,310 | 27,652 | 22,848 | 14,410 | |
| Factoring | €/000 | 2,315 | – | – | – | – | |
| Cash and Cash Equivalents | €/000 | 1,343 | 4,614 | 4,160 | 6,502 | 9,085 | |
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 92,751 |
| UA 2024 to Baseline 2012 | Evolution % | UA 2024 vs 2023 | UA 2024 vs 2023 % |
| 43 994 | >100% | (2 183) | (3.2%) |
| 14 735 | >100% | 4 915 | 31.9% |
| 855 | 67.1% | (49) | (2.2%) |
| 14 410 | n.a. | (8 438) | (36.9%) |
| (2 315) | (100.0%) | 0 | n.a. |
| 7 742 | >100% | 2 583 | 39.7% |
| 63 936 | >100% | (8 339) | (8.2%) |
Unaudited 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | UA 2024 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.58x | 7.44x | ||
| Return on Equity (ROE) | % | 11.6% | 9.6% | 3.1% | 4.7% | 3.4% | |
| Price-Earnings Ratio (P/E) | 12.17x | 10.78x | 29.64x | 16.12x | 15.36x | ||
| Market-Book Ratio (M/B) | 1.42x | 1.03x | 0.93x | 0.76x | 0.53x |
| UA 2024 to Baseline 2012 | Evolution % | UA 2024 vs 2023 | UA 2024 vs 2023 % |
| (0.3x) | (4.4%) | (2.17x) | (22.3%) |
| (8.2%) | n.a. | (1.3%) | n.a. |
| 3.18x | 26.2% | (0.76x) | (4.7%) |
| (0.89x) | (62.9%) | (0.24x) | (31.0%) |
Unaudited 2024