The Initiates Plc (NGX:TIP)

The Initiates Ratios and Metrics

Market cap in millions NGN. Fiscal year is January - December.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Market Capitalization	16,287	11,837	2,225	1,023	427	329
Market Cap Growth	395.93%	432.00%	117.39%	139.58%	29.73%	-28.85%
Enterprise Value	13,838	11,694	2,701	1,704	837	332
Last Close Price	18.30	13.30	2.24	1.00	0.42	0.32
PE Ratio	4.80	3.50	1.61	2.94	-	-
PS Ratio	1.39	1.01	0.48	0.55	0.51	0.99
PB Ratio	3.11	2.26	0.90	0.87	0.60	0.43
P/TBV Ratio	3.11	2.26	0.90	0.87	0.60	0.43
P/FCF Ratio	5.43	3.95	16.25	-	-	-
P/OCF Ratio	3.39	2.46	3.44	3.50	1.68	21.18
EV/Sales Ratio	1.18	1.00	0.58	0.92	1.00	0.99
EV/EBITDA Ratio	2.69	2.28	1.30	3.36	21.38	32.23
EV/EBIT Ratio	2.77	2.34	1.35	3.71	-	-
EV/FCF Ratio	4.62	3.90	19.73	-	-	-
Debt / Equity Ratio	0.02	0.02	0.21	0.70	0.98	0.91
Debt / EBITDA Ratio	0.02	0.02	0.26	1.62	17.88	68.00
Debt / FCF Ratio	0.03	0.03	3.86	-	-	-
Net Debt / Equity Ratio	-0.47	-0.47	0.20	0.53	0.76	0.06
Net Debt / EBITDA Ratio	-0.48	-0.48	0.23	1.22	13.82	4.06
Net Debt / FCF Ratio	-0.82	-0.82	3.52	-484.20	-1.42	-5.62
Asset Turnover	1.38	1.38	1.21	0.80	0.43	0.23
Inventory Turnover	116.95	116.95	103.33	84.30	61.92	48.81
Quick Ratio	1.25	1.25	1.42	0.97	0.76	3.99
Current Ratio	1.48	1.48	1.44	1.11	0.92	4.52
Return on Equity (ROE)	87.78%	87.78%	75.55%	36.83%	-7.26%	-9.59%
Return on Assets (ROA)	36.80%	36.80%	32.65%	12.35%	-0.15%	-1.44%
Return on Invested Capital (ROIC)	99.22%	117.86%	56.73%	20.17%	-0.46%	-4.09%
Return on Capital Employed (ROCE)	87.70%	87.70%	64.90%	24.80%	-0.30%	-2.10%
Earnings Yield	20.79%	28.61%	62.01%	34.02%	-12.57%	-23.46%
FCF Yield	18.41%	25.33%	6.15%	-0.13%	-88.88%	-2.26%
Dividend Yield	0.54%	-	4.47%	6.00%	-	-
Payout Ratio	2.63%	2.63%	4.09%	-	-	-
Buyback Yield / Dilution	0.13%	0.13%	-	-	-	-
Total Shareholder Return	0.67%	0.13%	4.47%	6.00%	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.