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	May 22, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Market Capitalization	24,430	11,837	2,225	1,023	427	329
Market Cap Growth	396.38%	432.00%	117.39%	139.58%	29.73%	-28.85%
Enterprise Value	23,283	11,694	2,701	1,704	837	332
Last Close Price	27.45	13.09	2.20	0.98	0.41	0.32
PE Ratio	5.81	3.49	1.61	2.94	-	-
PS Ratio	1.74	1.01	0.48	0.55	0.51	0.99
PB Ratio	3.54	2.06	0.90	0.87	0.60	0.43
P/TBV Ratio	3.55	2.06	0.90	0.87	0.60	0.43
P/FCF Ratio	22.44	3.98	16.25	-	-	-
P/OCF Ratio	4.68	2.47	3.44	3.50	1.68	21.18
EV/Sales Ratio	1.66	1.00	0.58	0.92	1.00	0.99
EV/EBITDA Ratio	3.48	2.22	1.30	3.36	21.38	32.23
EV/EBIT Ratio	3.57	2.29	1.35	3.71	-	-
EV/FCF Ratio	21.39	3.93	19.73	-	-	-
Debt / Equity Ratio	0.01	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	0.09	0.03	3.86	-	-	-
Net Debt / Equity Ratio	-0.17	-0.42	0.20	0.53	0.76	0.06
Net Debt / EBITDA Ratio	-0.18	-0.46	0.23	1.22	13.82	4.06
Net Debt / FCF Ratio	-1.05	-0.82	3.52	-484.20	-1.42	-5.62
Asset Turnover	1.45	1.39	1.21	0.80	0.43	0.23
Inventory Turnover	110.44	173.22	103.33	84.30	61.92	48.81
Quick Ratio	1.20	1.39	1.42	0.97	0.76	3.99
Current Ratio	1.70	1.43	1.44	1.11	0.92	4.52
Return on Equity (ROE)	86.21%	82.36%	75.55%	36.83%	-7.26%	-9.59%
Return on Assets (ROA)	40.57%	37.95%	32.65%	12.35%	-0.15%	-1.44%
Return on Invested Capital (ROIC)	92.75%	109.10%	56.73%	20.17%	-0.46%	-4.09%
Return on Capital Employed (ROCE)	84.40%	80.80%	64.90%	24.80%	-0.30%	-2.10%
Earnings Yield	17.20%	28.62%	62.01%	34.02%	-12.57%	-23.46%
FCF Yield	4.46%	25.12%	6.15%	-0.13%	-88.88%	-2.26%
Dividend Yield	0.33%	-	4.54%	6.10%	-	-
Payout Ratio	2.12%	2.63%	4.09%	-	-	-
Total Shareholder Return	0.33%	-	4.54%	6.10%	-	-

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