Financials First Sponsor Group Limited

Equities

ADN

KYG3488W1078

Real Estate Development & Operations

Market Closed - Singapore S.E. 04:29:03 2024-04-25 am EDT 5-day change 1st Jan Change
1.14 SGD -0.87% Intraday chart for First Sponsor Group Limited -0.87% -6.56%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 830.6 1,105 1,196 1,289 1,183 1,353
Enterprise Value (EV) 1 1,365 1,559 1,537 2,147 2,050 2,529
P/E ratio 8.52 x 8.12 x 14.8 x 15.3 x 12.9 x 113 x
Yield 1.8% 1.94% 2.37% 2.46% 2.97% 3.44%
Capitalization / Revenue 2.99 x 3.46 x 5.86 x 2.19 x 2.77 x 4.78 x
EV / Revenue 4.92 x 4.89 x 7.54 x 3.64 x 4.79 x 8.94 x
EV / EBITDA 9.12 x 9.72 x 10.2 x 10.6 x 9.77 x 35.7 x
EV / FCF -68.7 x 5.63 x 9.31 x -9.55 x 5.38 x -4.93 x
FCF Yield -1.45% 17.8% 10.7% -10.5% 18.6% -20.3%
Price to Book 0.72 x 0.78 x 0.72 x 0.69 x 0.65 x 0.69 x
Nbr of stocks (in thousands) 648,912 795,076 912,957 920,839 923,847 1,109,215
Reference price 2 1.280 1.390 1.310 1.400 1.280 1.220
Announcement Date 3/15/19 4/6/20 3/31/21 4/4/22 4/4/23 4/2/24
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 277.4 319.2 203.9 589.2 427.5 282.9
EBITDA 1 149.7 160.5 150.7 203.4 209.8 70.84
EBIT 1 143.5 154.1 142.9 194.3 195.3 54.55
Operating Margin 51.74% 48.29% 70.08% 32.97% 45.68% 19.28%
Earnings before Tax (EBT) 1 144.5 194.2 125.6 202.6 195.7 27.7
Net income 1 113 167.1 103.2 121.5 131.3 12.52
Net margin 40.74% 52.35% 50.59% 20.62% 30.7% 4.43%
EPS 2 0.1502 0.1712 0.0887 0.0916 0.0990 0.0108
Free Cash Flow 1 -19.85 276.8 165.1 -224.9 380.7 -512.8
FCF margin -7.16% 86.73% 80.97% -38.16% 89.05% -181.24%
FCF Conversion (EBITDA) - 172.52% 109.57% - 181.43% -
FCF Conversion (Net income) - 165.67% 160.05% - 290.04% -
Dividend per Share 2 0.0230 0.0270 0.0310 0.0345 0.0380 0.0420
Announcement Date 3/15/19 4/6/20 3/31/21 4/4/22 4/4/23 4/2/24
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 534 454 341 858 867 1,176
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.569 x 2.831 x 2.264 x 4.219 x 4.132 x 16.6 x
Free Cash Flow 1 -19.9 277 165 -225 381 -513
ROE (net income / shareholders' equity) 9.81% 11.3% 6.04% 6.99% 7.06% 0.65%
ROA (Net income/ Total Assets) 4% 3.75% 2.89% 3.14% 2.82% 0.76%
Assets 1 2,827 4,460 3,572 3,866 4,647 1,649
Book Value Per Share 2 1.770 1.790 1.830 2.020 1.960 1.780
Cash Flow per Share 2 0.1900 0.3900 0.5200 0.3700 0.2900 0.1600
Capex 1 0.42 37.5 16.5 7.87 12.2 34.1
Capex / Sales 0.15% 11.74% 8.09% 1.34% 2.85% 12.05%
Announcement Date 3/15/19 4/6/20 3/31/21 4/4/22 4/4/23 4/2/24
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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