FIRST RESOURCES LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1.4 SGD | 0.00% |
|
+1.45% | -2.10% |
| May. 17 | First Resources Further Buys Back Shares | MT |
| May. 16 | First Resources Further Repurchases Shares | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,236 | 1,530 | 1,765 | 1,733 | 1,697 | 1,615 | - | - |
| Enterprise Value (EV) 1 | 2,546 | 1,776 | 1,791 | 1,589 | 1,771 | 1,167 | 1,287 | 1,451 |
| P/E ratio | 25.1 x | 15.4 x | 11 x | 5.35 x | 11.7 x | 8.64 x | 9.07 x | 9.28 x |
| Yield | 1.19% | 2.34% | 4.18% | 9.75% | 4.25% | 6.6% | 6.37% | 6.45% |
| Capitalization / Revenue | 3.64 x | 2.32 x | 1.71 x | 1.41 x | 1.73 x | 1.56 x | 1.56 x | 1.63 x |
| EV / Revenue | 4.14 x | 2.69 x | 1.73 x | 1.3 x | 1.81 x | 1.12 x | 1.24 x | 1.46 x |
| EV / EBITDA | 11.6 x | 6.85 x | 5.72 x | 3.12 x | 6.28 x | 3.09 x | 3.4 x | 3.69 x |
| EV / FCF | 129 x | 15.3 x | 7.43 x | 6.41 x | -26.9 x | 18.1 x | 6.42 x | 6.62 x |
| FCF Yield | 0.77% | 6.54% | 13.5% | 15.6% | -3.72% | 5.53% | 15.6% | 15.1% |
| Price to Book | 2.14 x | 1.45 x | 1.47 x | 1.33 x | 1.31 x | 1.12 x | 1.06 x | 1.02 x |
| Nbr of stocks (in thousands) | 1,584,073 | 1,578,150 | 1,577,066 | 1,569,155 | 1,564,989 | 1,554,467 | - | - |
| Reference price 2 | 1.412 | 0.9692 | 1.119 | 1.105 | 1.084 | 1.039 | 1.039 | 1.039 |
| Announcement Date | 2/25/20 | 2/25/21 | 2/24/22 | 2/28/23 | 2/28/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 614.9 | 660.4 | 1,032 | 1,225 | 980.6 | 1,038 | 1,039 | 990.3 |
| EBITDA 1 | 218.8 | 259.2 | 312.9 | 508.8 | 282 | 377.6 | 378.5 | 392.9 |
| EBIT 1 | 154.6 | 190 | 245 | 417.9 | 198.1 | 277.2 | 269.8 | 268.8 |
| Operating Margin | 25.14% | 28.77% | 23.73% | 34.1% | 20.2% | 26.69% | 25.97% | 27.15% |
| Earnings before Tax (EBT) 1 | 131.2 | 156.8 | 246 | 427.5 | 197 | 271.5 | 263 | 261.8 |
| Net income 1 | 89.13 | 99.67 | 161.1 | 325.2 | 145.4 | 189.7 | 180.9 | 175.5 |
| Net margin | 14.49% | 15.09% | 15.61% | 26.54% | 14.83% | 18.27% | 17.41% | 17.73% |
| EPS 2 | 0.0563 | 0.0630 | 0.1021 | 0.2065 | 0.0928 | 0.1203 | 0.1146 | 0.1120 |
| Free Cash Flow 1 | 19.67 | 116.1 | 241 | 247.8 | -65.83 | 64.6 | 200.5 | 219 |
| FCF margin | 3.2% | 17.59% | 23.35% | 20.22% | -6.71% | 6.22% | 19.3% | 22.11% |
| FCF Conversion (EBITDA) | 8.99% | 44.81% | 77.03% | 48.71% | - | 17.11% | 52.97% | 55.73% |
| FCF Conversion (Net income) | 22.07% | 116.53% | 149.62% | 76.2% | - | 34.05% | 110.84% | 124.75% |
| Dividend per Share 2 | 0.0168 | 0.0227 | 0.0468 | 0.1077 | 0.0460 | 0.0686 | 0.0662 | 0.0670 |
| Announcement Date | 2/25/20 | 2/25/21 | 2/24/22 | 2/28/23 | 2/28/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2023 Q2 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA 1 | 108.8 | 108.6 | 123.3 | 107 | 160.4 | 77.77 | 97.59 | 64.8 | 120.8 | 64.22 | - |
| EBIT 1 | 94.47 | 94.47 | 88.67 | 88.67 | 120.3 | - | 81.95 | 49.17 | 105.1 | 48.59 | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | 92 | 92 | 89.71 | 89.71 | 124 | - | 79.25 | 46.76 | 102.5 | 46.44 | - |
| Net income 1 | 64.28 | 64.28 | 73.6 | 54.36 | 98.62 | 52.17 | 55.71 | 32.87 | 72.08 | 32.65 | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | 0.0400 | 0.0400 | 0.0400 | 0.0400 | - | - | 0.0370 | 0.0220 | 0.0480 | 0.0220 | - |
| Dividend per Share 2 | 0.0200 | 0.0200 | 0.0100 | 0.0100 | - | - | - | - | - | 0.0879 | - |
| Announcement Date | 11/14/21 | 2/24/22 | 5/13/22 | 8/11/22 | 11/13/22 | 8/10/23 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 309 | 247 | 25.2 | - | 74.9 | - | - | - |
| Net Cash position 1 | - | - | - | 145 | - | 448 | 329 | 165 |
| Leverage (Debt/EBITDA) | 1.414 x | 0.9512 x | 0.0806 x | - | 0.2656 x | - | - | - |
| Free Cash Flow 1 | 19.7 | 116 | 241 | 248 | -65.8 | 64.6 | 201 | 219 |
| ROE (net income / shareholders' equity) | 9.02% | 9.46% | 14.3% | 25.9% | 11.1% | 13.6% | 12.5% | 11.9% |
| ROA (Net income/ Total Assets) | 5.43% | 5.7% | 8.8% | 17.5% | 8.13% | 9.6% | 9.1% | 9.2% |
| Assets 1 | 1,640 | 1,747 | 1,830 | 1,853 | 1,789 | 1,977 | 1,988 | 1,908 |
| Book Value Per Share 2 | 0.6600 | 0.6700 | 0.7600 | 0.8300 | 0.8300 | 0.9300 | 0.9800 | 1.020 |
| Cash Flow per Share 2 | 0.0800 | 0.1200 | 0.1900 | 0.2100 | 0.2000 | 0.1000 | 0.2000 | 0.2000 |
| Capex 1 | 113 | 76.2 | 51.1 | 78.4 | 345 | 137 | 93.3 | 110 |
| Capex / Sales | 18.3% | 11.54% | 4.95% | 6.39% | 35.17% | 13.22% | 8.99% | 11.11% |
| Announcement Date | 2/25/20 | 2/25/21 | 2/24/22 | 2/28/23 | 2/28/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
1.039
USD
Average target price
1.188
USD
Spread / Average Target
+14.32%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -2.10% | 1.63B | |
| +28.11% | 6.96B | |
| +0.45% | 6.59B | |
| +2.54% | 5.33B | |
| +1.92% | 2.5B | |
| +14.22% | 1.01B | |
| +16.53% | 883M | |
| -11.74% | 736M | |
| +0.92% | 691M | |
| +3.49% | 683M |
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