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 Q2 2024 | |
| Adjusted Sales from continuing operations | €/000 | 103,457 | 191,124 | 195,978 | 198,188 | 189,756 | |
| Net Profit from continuing operations | €/000 | 7,520 | 10,283 | 3,570 | 2,311 | 1,729 | |
| Gain on investments | €/000 | – | – | (115) | – | – | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 2,311 | 1,729 | |
| EBITDA from continuing operations | €/000 | 15,441 | 22,872 | 17,867 | 20,206 | 21,158 | |
| Adjustments | €/000 | – | 654 | 246 | 196 | 196 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,402 | 21,354 | |
| Net Profit Ratio from continiuing operations % (Without Gain on investment) | % | 7.3% | 5.4% | 1.9% | 1.2% | 0.9% | |
| Adjusted EBITDA from continuing operations Ratio % | % | 14.9% | 12.3% | 9.2% | 10.3% | 11.3% | |
| Average Share Price | € | 2.50 | 2.84 | 2.72 | 2.21 | 1.95 | |
| Earnings per Share from continiuing operations (EPS) | € | 0.21 | 0.26 | 0.09 | 0.06 | 0.04 | |
| Average Daily Market Cap | €/000 | 91,541 | 110,808 | 105,814 | 85,958 | 75,894 | |
| Enterprise Value (EV) | €/000 | 120,217 | 200,160 | 210,242 | 194,379 | 178,478 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.53x | 8.36x | ||
| Price-Earnings Ratio (P/E) | 12.17x | 10.78x | 29.64x | 37.19x | 43.90x | ||
| Market-Book Ratio (M/B) | 1.42x | 1.03x | 0.93x | 0.76x | 0.66x | ||
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 95,012 | |
| CAPEX | €/000 | 5,048 | 10,020 | 13,115 | 10,964 | 4,665 | |
| Assets Acquired Through Business Combinations | €/000 | – | 4,100 | 6,500 | – | – | |
| Net Debt/Adj. EBITDA | 1.87x | 3.77x | 5.34x | 4.95x | 4.45x |
| TTM Q2 2024 to Baseline 2012 | Evolution % | TTM Q2 2024 vs 2023 | TTM Q2 2024 vs 2023 % |
| 86 298 | 83.4% | (8 433) | (4.3%) |
| (5 791) | (77.0%) | (582) | (25.2%) |
| n.a. | n.a. | n.a | n.a. |
| (5 791) | (77.0%) | (582) | (25.2%) |
| 5 717 | 37.0% | 953 | 4.7% |
| 196 | 100% | n.a | 0% |
| 5 913 | 38.3% | 953 | 4.7% |
| (6.4%) | (87.5%) | (0.3%) | (21.9%) |
| (3.7%) | (24.6%) | 1% | 9.3% |
| (0.56) | (22.2%) | (0.26) | (11.7%) |
| (0.16) | (78.4%) | (0.01) | (25.2%) |
| (15 647) | (17.1%) | (10 064) | (11.7%) |
| 58 261 | 48.5% | (15 901) | (8.2%) |
| 0.57x | 7.4% | (1.17x) | (12.3%) |
| 31.73x | >100% | 6.71x | 18.0% |
| (0.75x) | (53.2%) | (0.09x) | (12.5%) |
| 66 196 | >100% | (6 077) | (6.0%) |
| (384) | (7.6%) | (6 300) | (57.5%) |
| n.a. | n.a. | n.a | n.a. |
| 2.58x | >100% | (0.51x) | (10.2%) |
TTM Q2 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q2 2024 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,402 | 21,354 | |
| Average Daily Market Cap | €/000 | 91,541 | 110,808 | 105,814 | 85,958 | 75,894 | |
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 95,012 | |
| Minority Interest | €/000 | (140) | 695 | 7,633 | 7,333 | 7,572 | |
| Enterprise Value (EV) | €/000 | 120,217 | 200,160 | 210,242 | 194,379 | 178,478 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.53x | 8.36x |
| TTM Q2 2024 to Baseline 2012 | Evolution % | TTM Q2 2024 vs 2023 | TTM Q2 2024 vs 2023 % |
| 5 913 | 38.3% | 953 | 4.7% |
| (15 647) | (17.1%) | (10 064) | (11.7%) |
| 66 196 | >100% | (6 077) | (6.0%) |
| 7 712 | >(100%) | 239 | 3.3% |
| 58 261 | 48.5% | (15 901) | (8.2%) |
| 0.57x | 7.4% | (1.17x) | (12.3%) |
TTM Q2 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q2 2024 | |
| Average Share Price | € | 2.50 | 2.84 | 2.72 | 2.21 | 1.95 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 2,311 | 1,729 | |
| Gain on investments | €/000 | – | – | (115) | – | – | |
| Net Profit from continuing operations | €/000 | 7,520 | 10,283 | 3,570 | 2,311 | 1,729 | |
| 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 | 0.04 | |
| 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% | n.a | |
| Earnings Yield | % | 8.2% | 9.3% | 3.4% | 2.7% | 2.3% | |
| Dividend Yield | % | 1.1% | 0.03 | 2.7% | 2.4% | 0.0% |
| TTM Q2 2024 to Baseline 2012 | Evolution % | TTM Q2 2024 vs 2023 | TTM Q2 2024 vs 2023 % |
| (0.56) | (22.2%) | (0.26) | (11.7%) |
| (5 791) | (77.0%) | (582) | (25.2%) |
| – | n.a. | n.a. | 0% |
| (5 791) | (77.0%) | (582) | (25.2%) |
| (1 010) | (100%) | (2 045) | (100%) |
| (0.16) | (78.4%) | (0.01) | (25.2%) |
| (0.03) | (100%) | (0.05) | (100%) |
| n.a | n.a. | n.a. | n.a. |
| (13.4%) | (100%) | (88.5%) | (100%) |
| (5.9%) | (72.3%) | (0.4%) | (15.3%) |
| (1.1%) | (100%) | (2.4%) | (100%) |
TTM Q2 2024
EBITDA and NET PROFIT
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q2 2024 | |
| Net sales from continuing operations | €/000 | 103,457 | 191,124 | 195,978 | 198,188 | 189,756 | |
| Net Profit from continuing operations (Without Gain on investment) | €/000 | 7,520 | 10,283 | 3,685 | 2,311 | 1,729 | |
| Adjusted EBITDA from continuing operations | €/000 | 15,441 | 23,527 | 18,113 | 20,402 | 21,354 | |
| Net Profit from continuing operations Ratio (%) | % | 7.3% | 5.4% | 1.9% | 1.2% | 0.9% | |
| Adjusted EBITDA from continuing operations Ratio (%) | % | 14.9% | 12.3% | 9.2% | 10.3% | 11.3% |
| TTM Q2 2024 to Baseline 2012 | Evolution % | TTM Q2 2024 vs 2023 | TTM Q2 2024 vs 2023 % |
| 86 298 | 83.4% | (8 433) | (4.3%) |
| (5 791) | (77.0%) | (582) | (25.2%) |
| 5 913 | 38.3% | 953 | 4.7% |
| (6.4%) | (87.47%) | (0.3%) | (21.87%) |
| (3.7%) | (24.6%) | 1.0% | 9.32% |
TTM Q2 2024
NET DEBTS
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q2 2024 | |
| Short-Term Loans | €/000 | 21,000 | 49,423 | 55,383 | 67,176 | 65,449 | |
| Long-Term Loans | €/000 | 5,571 | 16,664 | 15,934 | 15,390 | 22,301 | |
| Leasing | €/000 | 1,273 | 874 | 1,986 | 2,176 | 1,861 | |
| Bond Obligation | €/000 | – | 26,310 | 27,652 | 22,848 | 14,338 | |
| Factoring | €/000 | 2,315 | – | – | – | – | |
| Cash and Cash Equivalents | €/000 | 1,343 | 4,614 | 4,160 | 6,502 | 8,936 | |
| Net Debt | €/000 | 28,815 | 88,656 | 96,796 | 101,089 | 95,012 |
| TTM Q2 2024 to Baseline 2012 | Evolution % | TTM Q2 2024 vs 2023 | TTM Q2 2024 vs 2023 % |
| 44 449 | >100% | (1 727) | (2.6%) |
| 16 730 | >100% | 6 910 | 44.9% |
| 588 | 46.2% | (315) | (14.5%) |
| 14 338 | n.a. | (8 510) | (37.2%) |
| (2 315) | (100.0%) | 0 | n.a. |
| 7 594 | >100% | 2 434 | 37.4% |
| 66 196 | >100% | (6 077) | (6.0%) |
TTM Q2 2024
| Description | Units | Baseline 2012 | 2021 | 2022 | 2023 | TTM Q2 2024 | |
| EV/Adj. EBITDA Multiplier (Realised) | 7.79x | 8.51x | 11.61x | 9.53x | 8.36x | ||
| Return on Equity (ROE) | % | 11.6% | 9.6% | 3.1% | 2.00% | 1.50% | |
| Price-Earnings Ratio (P/E) | 12.17x | 10.78x | 29.64x | 37.19x | 43.90x | ||
| Market-Book Ratio (M/B) | 1.42x | 1.03x | 0.93x | 0.76x | 0.66x |
| TTM Q2 2024 to Baseline 2012 | Evolution % | TTM Q2 2024 vs 2023 | TTM Q2 2024 vs 2023 % |
| 0.57x | 7.4% | (1.17x) | (12.3%) |
| (10.1%) | n.a. | (0.5%) | n.a. |
| 31.73x | >100% | 6.71x | (18.0%) |
| (0.75x) | (53.2%) | (0.09x) | (12.5%) |
TTM Q2 2024