Financials Food Empire Holdings Limited

Equities

F03

SG1I44882534

Food Processing

Market Closed - Singapore S.E. Other stock markets 05:06:57 2024-05-17 am EDT			5-day change	1st Jan Change
1.12 ^SGD	-0.88%		-1.75%	-0.88%

May. 16	Food Empire Holdings Repurchases More Shares	MT
May. 08	Maybank Securities Adjusts Food Empire’s Price Target to SG$1.30 From SG$1.68, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	349.4	354.1	413.6	338.9	594.4	591.7	-	-
Enterprise Value (EV) ¹	349.4	354.1	413.6	221.2	594.4	489.2	482.1	471.9
P/E ratio	9.61 x	10 x	15.7 x	4.18 x	7.94 x	7.54 x	7.1 x	6.53 x
Yield	1.54%	3.33%	2.1%	6.93%	-	7.53%	6.56%	6.85%
Capitalization / Revenue	0.87 x	0.98 x	0.95 x	0.63 x	1.04 x	0.95 x	0.89 x	0.83 x
EV / Revenue	0.87 x	0.98 x	0.95 x	0.41 x	1.04 x	0.79 x	0.73 x	0.66 x
EV / EBITDA	6.88 x	6.72 x	8.96 x	2.67 x	5.58 x	4.51 x	4.17 x	3.84 x
EV / FCF	-	-	-	2.78 x	-	6.86 x	7.56 x	6.82 x
FCF Yield	-	-	-	36%	-	14.6%	13.2%	14.7%
Price to Book	1.2 x	1.23 x	1.34 x	0.91 x	-	1.37 x	1.21 x	1.09 x
Nbr of stocks (in thousands)	537,482	536,580	537,199	533,776	526,054	528,285	-	-
Reference price ²	0.6500	0.6600	0.7700	0.6350	1.130	1.120	1.120	1.120
Announcement Date	2/24/20	2/24/21	2/24/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	403.1	360.2	435.4	537.2	571.9	620.8	663.3	710
EBITDA ¹	50.82	52.72	46.18	82.72	106.5	108.5	115.6	122.8
EBIT ¹	42.46	44.69	34.53	71.09	95.28	93.21	99.55	106.1
Operating Margin	10.53%	12.41%	7.93%	13.23%	16.66%	15.01%	15.01%	14.94%
Earnings before Tax (EBT) ¹	44.05	42.54	35.73	95.35	97.39	91.97	98.52	106.3
Net income ¹	36.48	35.34	26.48	81.04	75.91	72.99	78.46	84.57
Net margin	9.05%	9.81%	6.08%	15.09%	13.27%	11.76%	11.83%	11.91%
EPS ²	0.0676	0.0657	0.0489	0.1518	0.1422	0.1485	0.1577	0.1716
Free Cash Flow ¹	-	-	-	79.56	-	71.29	63.74	69.16
FCF margin	-	-	-	14.81%	-	11.48%	9.61%	9.74%
FCF Conversion (EBITDA)	-	-	-	96.18%	-	65.68%	55.14%	56.33%
FCF Conversion (Net income)	-	-	-	98.17%	-	97.67%	81.24%	81.78%
Dividend per Share ²	0.0100	0.0220	0.0162	0.0440	-	0.0843	0.0734	0.0767
Announcement Date	2/24/20	2/24/21	2/24/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period:

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	118	-	103	110	120
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	79.6	-	71.3	63.7	69.2
ROE (net income / shareholders' equity)	13.6%	12.6%	8.75%	23.8%	-	17.7%	17.5%	17.1%
ROA (Net income/ Total Assets)	9.46%	8.64%	5.98%	16.7%	-	12.7%	12.8%	12.9%
Assets ¹	385.8	409.1	443.2	486.5	-	574.7	615.4	658.2
Book Value Per Share ²	0.5400	0.5400	0.5800	0.7000	-	0.8200	0.9200	1.030
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	53.3	12.9	8.9	18.6	-	17	17.6	18.3
Capex / Sales	13.22%	3.59%	2.04%	3.46%	-	2.73%	2.65%	2.58%
Announcement Date	2/24/20	2/24/21	2/24/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Food Empire Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.12 SGD

Average target price

1.568 SGD

Spread / Average Target

+40.00%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
FOOD EMPIRE HOLDINGS LIMITED	-0.88%	440M
NESTLÉ S.A.	-0.91%	279B
MONDELEZ INTERNATIONAL, INC.	-1.73%	95.55B
THE HERSHEY COMPANY	+11.05%	41.87B
DANONE	+2.15%	41.83B
GENERAL MILLS, INC.	+9.36%	40.22B
ARCHER-DANIELS-MIDLAND COMPANY	-14.68%	30.47B
NESTLÉ INDIA LIMITED	-5.92%	28.3B
ASSOCIATED BRITISH FOODS PLC	+15.34%	25.89B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-4.40%	23.96B

Other Food Processing