(USDm) 69.05 Shares (m) 212.5 Free Float (%) 17 Share Price Performance 6 Months (ZMK) 1,500 5% Relative change (%)* 25% 12 Months (ZMK) 1,600 -1% Relative change (%)* 16% *Relative to MSCI Frontier Market Index Financials (ZMKm)-FY 31 Dec FY 2010 2011F 2012F Turnover 240,046 262,500 278,460 Excise Duty (113,945) (123,375) (128,092) Net Turnover 126,101 139,125 150,368 Gross Profit 81,815 90,431 97,739 EBITDA 41,734 43,573 44,330 Profit after tax 25,910 27,159 27,741 EPS (ZMK) 122 128 131 DPS (ZMK) 110 115 118 NAV/share (ZMK) 133 175 200 Ratios FY 2010 2011F 2012F Gearing 0.0% 0.0% 0.0% RoaA 34.3% 33.2% 30.0% RoaE 94.5% 83.0% 69.6% EV/EBITDA 7.2 6.8 6.6 EV/Stick Sold (USD) 0.06 0.06 0.06 PBV (x) 11.4 8.7 7.6 PER (x) 12.4 11.9 11.6 Earnings Yield 8.0% 8.4% 8.6% Dividend Yield 7.2% 7.6% 7.7% EBITDA margin 17.4% 16.6% 15.9% British American Tobacco Zambia Limited - Update Back on track Following a less than stellar performance in FY 2010, with net profits declining by 12.8% amidst broadly positive earnings by its peer companies listed on the LuSE, BATZ has had a strong rebound in H1 2011
The co-op listed assets and liabilities of US$500m each in its bankruptcy petition
Nicotine is highly addictive, and when used for an extended period, it changes the chemical balance of many brain structures
Usually that means you are in for a good sized pipe, using a competitor's grading, one might think "Group 6"
Please note: these are not a window sticker.
