Analysis of National Sports Lottery Plc Initial Public Offering (IPO)
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1 DYNAMIC PORTFOLIO LIMITED (Member of The Nigerian Stock Exchange) Registered by Securities and Exchange Commission Analysis of National Sports Lottery Plc Initial Public Offering (IPO) Sector: Commercial / Services Offer Information Company: National Sports Lottery Plc Opening Date : July 14, 2008 Registrar: Spring Registrars. Limited Closing Date: August 20, 2008 No. of Current Outstanding Shares : 2.6 Billion No. of Shares Offering: 800 Million Market Capt: N80.6 Billion Offer Price: N15.50 Current Market Price: N18.90 Introduction: Nigeria s foremost gaming organization has access the market with its N12.4 billion initial public offering. The company which got listed sometime in December last year is offering a total of 800 million ordinary shares of 50 kobo at N15.50 per share to the investing public. The offer which has been packaged by seven (7) issuing houses led by Strand Capital Partners Limited opens on the 16th of June 2008 and closes on July 11, According to the offer prospectus, proceeds from the offer will enable the company to invest in its expansion programme of Information Technology, repay its outstanding dept, improve on its working capital, and invest in the necessary infrastructure that will bring Nigeria into a cashlessness age and purchase of 30,000 POS terminal. The company is currently on technical suspension trades for N18.19 kobo on the floor of the Nigerian Stock Exchange. Already, the offer has been underwritten by 100 per cent on a firm basis by the issuing houses, which indicated that it may be assumed to be fully subscribed no matter its level of subscription. The Company The concept of a National Sport Lottery was first discussed by Government in 1999, following the recommendations of Vision 2010, which recomm Government s support for a National Lottery initiative. The aim was primary to provide Fund outside the public Budget for the promotion of sports, a veritable unifying factor in the otherwise diverse society of Nigeria, and other worthy community good causes. Noting for examples were CAMELOT and UTHINGO, with the enormous contributions that these 1
2 institutions made to the British and South Africa societies respectively. However, the Nigerian equivalent was ab initio conceived to be completely privatized i.e. Funded and operated entirely by private entrepreneurs. With this development, the National Sport Lottery was incorporated on January 3, 2000 and it was granted a 30 year exclusive license on December 6, This covers a period up to the year The Government of Nigeria saw it as a good cause for the conduct of National Lottery which will benefit its citizenry. Consequently, the National Sport Lottery Act and National Sport Lottery Commission was constituted in November, 2005 and vested with the power to: 1. Effectively regulate the operations and business of Lottery in Nigeria. 2. Set standards, guidelines and rules guiding the lottery business in coloration with operators. 3. Promotion of transparency, propriety and integrity in the operation of the national lottery in the country. Company s Business The company s business operation plan was obviously not favourably in the early years of operation. This propelled the management to revitalize the company into a profit oriented organization, thus focusing on human capital and business restructuring by the of 2007 and a complete return to profit making at the first quarter of The following areas, among others, were basically restructured by the Company. Human Restructuring: The management team of the company was able to improve on the area of human restructuring to ensure that the company is set on the right path to meet its immediate goals. This was achieved by the introduction of two new seasonal professional as Executive Directors to help development the business activities. Capital Restructuring: With the injection of fund by a white Knight investor, the company was able to restructure its balance sheet which saw a significant turnaround as at March 31, Business Restructuring: Business of the company was restructure by diversifying its business plan into lottery, air time vending, card payments, NSL branded Visa International payment cards and Treasury/Asset Management income. The company, in its management wisdom, is planning for the convergence of lottery and electronic transaction processing. The Nigerian Lottery Market: A feasibility study of the Lottery market in Nigeria carried out in 2002 by GTech Inc, one of the world s biggest Lottery Company, on behalf of NSL revealed that the company can attain annual lottery revenues of N35 billion per annum. This was seen feasible as Nigeria has the potential market to drive the business of lottery to an attainable height. In most part of the world, State or National Lotteries are operated and supported by Governments because they are not considered to be gambling. Lottery is not gambling but an organized way of pooling resources together from the people to help the same people while compensating participants with weekly incentives by way of price winnings. 2
3 Lottery is different from horse race betting or playing in casinos, where the stakes and rapid pace of the games cause people to spend more. Its create room for adult entertainments, who invariably believe they are contributing to the society through the distribution of lottery proceeds to good causes. To crown it all, lottery companies are for profit Charity Organizations. Table 1: Financial Statistics quarter March 31, 2008 (NM) year Dec 31, 2007 (NM) year Dec 31, 2006 (NM) Income Statement Gross 1, Income PBT/LBT 842 (469) (207) Taxation - (7) (1) PAT/LAT 842 (475) (208) Figure 1 1,200 1,000 Gross Income vs PAT/LAT The Company, between 2003 and 2006, witnessed a serious business set back. The lottery business begin to strive in 2007, when the company embarked on serious capital and human restructuring with significant improvement in man power and funding. With this development specifically, gross income of the Company which use to be nil in the past years, 2006, having recorded N84 million, it further pop up in the financial year 2007 at N158 million. The figure rose tremendously to N1, 164 million in the Company s 1 st Quarter, 2008 results alone. If compared with the previous figure of 2007 year end, it shows a percent tremendous increase. Profit After Tax Similarly, profitability of the Company suffered losses in the financial year end of 2006 and However, there was a remarkable turnaround in the Profit After Tax during the first Quarter of 2008 as it appreciated from its negative position of N207 million (2006) and N469 million (2007) to a positive position of N842 million as at the quarter March 31, 2008, representing a percent increase. This valuable achievement will definitely propel the company to a better future prospect in the financial statement judging by first quarter performance N'M March 31,2008 March 31,2007 Financial Performance: Turnover Gross Income PAT/LAT Total Assets Total assets posted N4, 287 million in the first quarter of 2008, up from N3, 398 million in the financial year end December 31, 2007 for an increase of 26 percent. The Total Asset value was boasted mainly by the significant increase in its cash and cash equivalent balances of the Company which soared from it low figure of N85 million in 2006 to N2, 075 million posted in 2007 and further to N2, 442 million in the first 3
4 quarter of 2008, translating into well over 2, percent appreciation between 2006 and first quarter of This is a good improvement in assets, which would impact positively on the company s working capital in the succeeding quarter result of 2008 and beyond. It is expected that with efficient liquidity management, the company will expand its operations on information technology and take up more profitable opportunities in the remaining part of 2008 and beyond to grow shareholder s wealth. March 31,2008 March 31,2007 Total Asset 4, , , , , , , N'M Table 2 quarter March 31, 2008 (N M) year Dec31, 2007 (N M) year Dec31, 2006 (N M) Balance Sheet Fixed Assets Current Assets 3,985 3, Total Assets 4,287 3, Shareholders Funds 1, (1,987) Dividend per 11.15k N / A N/ A share (interim) Figure 2 Shareholders Fund Progress report on the Shareholder s Funds showed that the figure went up significantly by percent to N1, 653 million in the first quarter result of 2008 as against N811 million registered for the full year end In essence, with the increase in shareholders funds, it is likely that viable business opportunities will be taken advantage which will be of immense benefit to the company and its shareholders. This will however increase the Company s obligations to its shareholders. Figure 3 N'M Shareholder Funds March 31,2007 March 31,2008 4
5 Projections Gross Turnover of the Company was projected at N31.87 billion for the year ending December 31, 2010, a progressive growth from N24.26 billion and N10.82 billion in 2009 and 2008 respectively. Profit after Tax is expected to climb remarkably from N3.74 billion in 2008 to N9.63 billion (2009) and N13.19 billion (2010). In term of investors benefit, shareholders of the Company are to reap 132 kobo per share in 2010, an improved trend over 96 kobo and 37 kobo as forecasted for 2009 and 2008 respectively. Other forecast statistics were impressively on the upward trend. took place in the first quarter result of 2008, giving an insight of what is expected at the year end 2008 and beyond. A look at the financials, especially in terms of its profitability, efficiency, liquidity and solvency potentials, revealed that the Company is poise to take up more challenges that will yield positive returns for its shareholders. The company has recorded an interim dividend payout of Kobo per share, totaling N580 million for the first quarter of 2008 in line with company s 60 percent minimum payout dividend policy. This is an indication of a good return on investment. The assets structure, especially the Company s cash and cash equivalent balances are of appreciable standard and commendable. Table 3: Forecast Offer Statistics 2008 (N B) 2009 (N B) 2010 (N B) Gross Turnover Profit After Tax Profit Before Tax Dividend EPS (Kobo) DPS(kobo) Earnings Yield at Offer (%) Dividend Yield at Offer (%) Price/Earnings Ratio at Offer Rating/Analysis Opinion Although the overall financial results of the National Sport Lottery Plc in its last two (2) years 2007 were not too impressive but a significant turnaround Specifically, the main areas of impressive performance were observed from the following: The Turnover and Profit After Tax were very impressive in the first quarter of 2008, with the hope that the company will maintain this pace in the succeeding quarters and subsequently years; Total assets rose significantly, with improved cash balance position; Positive human restructuring, capital restructuring as well as business restructuring. This has creditably impacted on the Company s performance. Impressive forecasts and prospects for business growth and most importantly investment returns. Above all, the future of the Company is quite promising, given the structures on ground and the enabling environments. We therefore recommend investment in the ongoing Initial Public Offering (IPO) of the National Sports Lottery Plc. 5
6 Abbreviations TO Turnover PBT Profit Before Tax PAT Profit After Tax TA Total Assets SHF Shareholders Funds DPS Dividend Per Share PER Price Earning Ratio EPS Earning Per Share Caveat Emptor Investors are advised to do their own objective analysis of the National Sports Lottery Plc financial performance before investing in its ordinary shares as Dynamic portfolio Limited will bear no liability for any loss on investment base on this analysis. 6
7 Dynamic Portfolio Limited Dynamic House: Penthouse & 2 nd Floor, 20 Campbell Street, Lagos Island, Lagos P.O.Box 75649, Victoria Island, Lagos, Nigeria. Tel:
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