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 | TTM Q3 2024 | |
| Adjusted Sales from continuing operations | €/000 | 103,457 | 191,124 | 195,978 | 198,188 | 189,399 | |
| Net Profit from continuing operations | €/000 | 7,520 | 10,283 | 3,570 | 2,311 | 1,318 | |
| Gain on investments | €/000 | – | – | (115) | – | – | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 2,311 | 1,318 | |
| EBITDA from continuing operations | €/000 | 15,441 | 22,872 | 17,867 | 20,206 | 20,133 | |
| Adjustments | €/000 | – | 654 | 246 | 196 | 196 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,402 | 20,329 | |
| Net Profit Ratio from continiuing operations % (Without Gain on investment) | % | 7.3% | 5.4% | 1.9% | 1.2% | 0.7% | |
| Adjusted EBITDA from continuing operations Ratio % | % | 14.9% | 12.3% | 9.2% | 10.3% | 10.7% | |
| Average Share Price | € | 2.50 | 2.84 | 2.72 | 2.21 | 1.68 | |
| Earnings per Share from continiuing operations (EPS) | € | 0.21 | 0.26 | 0.09 | 0.06 | 0.03 | |
| Average Daily Market Cap | €/000 | 91,541 | 110,808 | 105,814 | 85,958 | 65,628 | |
| Enterprise Value (EV) | €/000 | 120,217 | 200,160 | 210,242 | 194,379 | 164,323 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.53x | 8.08x | ||
| Price-Earnings Ratio (P/E) | 12.17x | 10.78x | 29.64x | 37.19x | 49.79x | ||
| Market-Book Ratio (M/B) | 1.42x | 1.03x | 0.93x | 0.76x | 0.57x | ||
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 90,922 | |
| CAPEX | €/000 | 5,048 | 10,020 | 13,115 | 10,964 | 6,722 | |
| Assets Acquired Through Business Combinations | €/000 | – | 4,100 | 6,500 | – | – | |
| Net Debt/Adj. EBITDA | 1.87x | 3.77x | 5.34x | 4.95x | 4.47x |
| TTM Q3 2024 to Baseline 2012 | Evolution % | TTM Q3 2024 vs 2023 | TTM Q3 2024 vs 2023 % |
| 85 942 | 83.1% | (8 789) | (4.4%) |
| (6 201) | (82.5%) | (993) | (43.0%) |
| n.a. | n.a. | n.a | n.a. |
| (6 201) | (82.5%) | (993) | (43.0%) |
| 4 692 | 30.4% | (73) | (0.4%) |
| 196 | 0% | n.a | 0% |
| 4 888 | 31.7% | (73) | (0.4%) |
| (6.6%) | (90.4%) | (0.5%) | (40.3%) |
| (4.2%) | (28.1%) | 0.4% | 4.3% |
| (0.82) | (32.7%) | (0.52) | (23.7%) |
| (0.17) | (83.6%) | (0.03) | (43.0%) |
| (25 913) | (28.3%) | (20 330) | (23.7%) |
| 44 106 | 36.7% | (30 056) | (15.5%) |
| 0.30x | 3.8% | (1.44x) | (15.2%) |
| 37.62x | >100% | 12.6x | 33.9% |
| (0.85x) | (59.6%) | (0.19x) | (24.6%) |
| 62 107 | >100% | (10 167) | (10.1%) |
| 1 674 | 33.2% | (4 242) | (38.7%) |
| n.a. | n.a. | n.a | n.a. |
| 2.61x | >100% | (0.48x) | (9.7%) |
TTM Q3 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q3 2024 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,402 | 20,329 | |
| Average Daily Market Cap | €/000 | 91,541 | 110,808 | 105,814 | 85,958 | 65,628 | |
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 90,922 | |
| Minority Interest | €/000 | (140) | 695 | 7,633 | 7,333 | 7,773 | |
| Enterprise Value (EV) | €/000 | 120,217 | 200,160 | 210,242 | 194,379 | 164,323 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.53x | 8.08x |
| TTM Q3 2024 to Baseline 2012 | Evolution % | TTM Q3 2024 vs 2023 | TTM Q3 2024 vs 2023 % |
| 4 888 | 31.7% | (73) | (0.4%) |
| (25 913) | (28.3%) | (20 330) | (23.7%) |
| 62 107 | >100% | (10 167) | (10.1%) |
| 7 913 | >(100%) | 440 | 6.0% |
| 44 106 | 36.7% | (30 056) | (15.5%) |
| 0.30x | 3.8% | (1.44x) | (15.2%) |
TTM Q3 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q3 2024 | |
| Average Share Price | € | 2.50 | 2.84 | 2.72 | 2.21 | 1.68 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 2,311 | 1,318 | |
| Gain on investments | €/000 | – | – | (115) | – | – | |
| Net Profit from continuing operations | €/000 | 7,520 | 10,283 | 3,570 | 2,311 | 1,318 | |
| Distributed Dividend | €/000 | 1,010 | 3,579 | 2,812 | 2,045 | – | |
| Earnings per Share from continuing operations (EPS) | € | 0.21 | 0.26 | 0.09 | 0.06 | 0.03 | |
| Dividend per Share (DPS) | € | 0.03 | 0.09 | 0.07 | 0.05 | – | |
| Dividend Cover | 7.44 | 2.87 | 1.31 | 1.13 | n.a. | ||
| Dividend Payout Ratio | % | 13.4% | 0.35 | 78.8% | 88.5% | 0.0% | |
| Earnings Yield | % | 8.2% | 9.3% | 3.4% | 2.7% | 2.0% | |
| Dividend Yield | % | 1.1% | 0.03 | 2.7% | 2.4% | 0.0% |
| TTM Q3 2024 to Baseline 2012 | Evolution % | TTM Q3 2024 vs 2023 | TTM Q3 2024 vs 2023 % |
| (0.82) | (32.7%) | (0.52) | (23.7%) |
| (6 201) | (82.5%) | (993) | (43.0%) |
| – | n.a. | n.a. | 0% |
| (6 201) | (82.5%) | (993) | (43.0%) |
| (1 010) | (100%) | (2 045) | (100%) |
| (0.17) | (83.6%) | (0.03) | (43.0%) |
| (0.03) | (100%) | (0.05) | (100%) |
| n.a | n.a. | n.a. | n.a. |
| (13.4%) | (100%) | (88.5%) | (100%) |
| (6.2%) | (75.5%) | (0.7%) | (25.3%) |
| (1.1%) | (100%) | (2.4%) | (100%) |
TTM Q3 2024
EBITDA and NET PROFIT
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q3 2024 | |
| Net sales from continuing operations | €/000 | 103,457 | 191,124 | 195,978 | 198,188 | 189,399 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 2,311 | 1,318 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,402 | 20,329 | |
| Net Profit from continuing operations Ratio (%) | % | 7.3% | 5.4% | 1.9% | 1.2% | 0.7% | |
| Adjusted EBITDA from continuing operations Ratio (%) | % | 14.9% | 12.3% | 9.2% | 10.3% | 10.7% |
| TTM Q3 2024 to Baseline 2012 | Evolution % | TTM Q3 2024 vs 2023 | TTM Q3 2024 vs 2023 % |
| 85 942 | 83.1% | (8 789) | (4.4%) |
| (6 201) | (82.5%) | (993) | (43.0%) |
| 4 888 | 31.7% | (73) | (0.4%) |
| (6.6%) | (90.4%) | (0.5%) | (40.3%) |
| (4.2%) | (28.1%) | 0.4% | 4.3% |
TTM Q3 2024
NET DEBTS
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q3 2024 | |
| Short-Term Loans | €/000 | 21,000 | 49,423 | 55,383 | 67,176 | 63,458 | |
| Long-Term Loans | €/000 | 5,571 | 16,664 | 15,934 | 15,390 | 19,638 | |
| Leasing | €/000 | 1,273 | 874 | 1,986 | 2,176 | 1,749 | |
| Bond Obligation | €/000 | – | 26,310 | 27,652 | 22,848 | 13,999 | |
| Factoring | €/000 | 2,315 | – | – | – | – | |
| Cash and Cash Equivalents | €/000 | 1,343 | 4,614 | 4,160 | 6,502 | 7,922 | |
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 90,922 |
| TTM Q3 2024 to Baseline 2012 | Evolution % | TTM Q3 2024 vs 2023 | TTM Q3 2024 vs 2023 % |
| 42 459 | >100% | (3 718) | (5.5%) |
| 14 068 | >100% | 4 248 | 27.6% |
| 476 | 37.3% | (427) | (19.6%) |
| 13 999 | n.a. | (8 849) | (38.7%) |
| (2 315) | (100.0%) | 0 | n.a. |
| 6 580 | >100% | 1 420 | 21.8% |
| 62 107 | >100% | (10 167) | (10.1%) |
TTM Q3 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q3 2024 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.53x | 8.08x | ||
| Return on Equity (ROE) | % | 11.6% | 9.6% | 3.1% | 2.0% | 1.1% | |
| Price-Earnings Ratio (P/E) | 12.17x | 10.78x | 29.64x | 37.19x | 49.79x | ||
| Market-Book Ratio (M/B) | 1.42x | 1.03x | 0.93x | 0.76x | 0.57x |
| TTM Q3 2024 to Baseline 2012 | Evolution % | TTM Q3 2024 vs 2023 | TTM Q3 2024 vs 2023 % |
| 0.3x | 3.8% | (1.44x) | (15.2%) |
| (10.5%) | n.a. | (0.9%) | n.a. |
| 37.62x | >100% | 12.6x | 33.9% |
| (0.85x) | (59.6%) | (0.19x) | (24.6%) |
TTM Q3 2024