New SOFIX With P/E Over 27

New SOFIX With P/E Over 27

The amendments in the calculation of BSE's blue chip index SOFIX took effect yesterday, September 13. Insurance and reinsurance DZI and Biovet were left out and replaced by Kaolin, Sparky Eltos and Euroins.

The number of companies within the index is now 17, however, BTC's new owner declared intentions to delist the company soon.

The average price/earnings ratio (P/E) of the companies within the index, based on results over the past 12 months, stands at a little over 27, according to data. Most companies in Bulgaria do not post financial results each quarter, which makes the calculation of their 12-months data a difficult task.

We have calculated the 12-month results on the basis of the 6-months reports. We have to take into consideration the fact that reports posted throughout the year show preliminary data, and may differ from the audited report at the end of the year.

The total profit of all companies in SOFIX stands at nearly 410 mln leva, or 209.629 mln euros (not counting the negative result of Petrol AD, which is the only SOFIX company to post a loss).

The stock of Elana Agricultural Land Opportunity REIT, Chimimport and Orgachim have the lowest P/E – below 20.

The P/E of all other companies is over 20, Sparky Eltos boasts the highest – a little over 64. Five of the companies have a P/E ratio higher than 40, and four bewteen 30 and 40.

By comparison, the US Dow Jones index has a P/E of 15.78, however, we should not forget that our market is still a developing one.

Here is the complete data for the 17 companies:

CompanyProfit (12 m) BGNCapitalization/BGNPrice on Sep 13 BGNP/E
1Albena AD11990556574662130,2546,42
2Bulgarian Telecommunications Company111904308978378810,727,61
3Elana Agricultural Land Opportunity REIT83381337635822,2416,04
4Insurance Company Euroins57151699998641729,75
5Industrial Holding Bulgaria *1085626437818310,0724,35
6Kaolin AD1670040650000016,2642,6
7M+S Hydraulic 401617106177613,1437,51
8Monbat AD1157843426500022,2740,84
9Neochim AD490720040402975,518,18
11Petrol AD-45825025482154,632,55
13Sparky Eltos Lovetch391625074000017,9122,82
14CB Bulgarian-American Credit Bank4361999520707278,8335,8
15CN Central Cooperative Bank189246774028529,3137,5
16Toplivo AD404715177954928,0216,72
17Chimimport AD110728185120000014,2427,29


*Industrial Holding Bulgaria is in the middle of capital increase prodecures at the moment, so we have included the corrected price.

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