Financials First Capital Securities Corporation Limited

Equities

FCSC

PK0063801010

Investment Management & Fund Operators

End-of-day quote Pakistan S.E. 23:00:00 23/06/2024 BST 5-day change 1st Jan Change
1.38 PKR +4.55% Intraday chart for First Capital Securities Corporation Limited +13.11% +12.20%

Valuation

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Capitalization 1 759.9 234.3 329.3 892.8 506.6 376.8
Enterprise Value (EV) 1 2,680 3,097 3,363 3,293 2,870 2,549
P/E ratio -6.86 x -3.78 x -1.14 x 5.24 x 3.55 x -3.18 x
Yield - - - - - -
Capitalization / Revenue 1.7 x 0.89 x 1.36 x 0.97 x 0.48 x 0.66 x
EV / Revenue 5.99 x 11.8 x 13.9 x 3.58 x 2.72 x 4.47 x
EV / EBITDA -8.47 x -47.9 x -42.5 x 8.42 x 10.9 x -369 x
EV / FCF 1.77 x -3.25 x -92 x -29 x 4.41 x 29.5 x
FCF Yield 56.5% -30.8% -1.09% -3.45% 22.7% 3.39%
Price to Book 0.54 x 0.16 x 0.28 x 0.68 x 0.32 x 0.24 x
Nbr of stocks (in thousands) 316,610 316,610 316,610 316,610 316,610 316,610
Reference price 2 2.400 0.7400 1.040 2.820 1.600 1.190
Announcement Date 07/11/18 16/10/19 14/10/20 18/10/21 13/10/22 20/11/23
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net sales 1 447.5 261.8 242.2 918.6 1,054 569.8
EBITDA 1 -316.3 -64.7 -79.1 391 263.4 -6.91
EBIT 1 -342.9 -87.83 -81.31 388.1 258.3 -12.33
Operating Margin -76.63% -33.54% -33.57% 42.25% 24.51% -2.16%
Earnings before Tax (EBT) 1 -95.58 -39.51 -196.3 328.9 317.6 -7.932
Net income 1 -110.7 -62.03 -289.5 170.2 142.8 -118.4
Net margin -24.74% -23.69% -119.53% 18.53% 13.55% -20.79%
EPS 2 -0.3497 -0.1959 -0.9145 0.5377 0.4510 -0.3741
Free Cash Flow 1 1,513 -952.4 -36.57 -113.6 651.2 86.31
FCF margin 338.06% -363.75% -15.1% -12.37% 61.79% 15.15%
FCF Conversion (EBITDA) - - - - 247.25% -
FCF Conversion (Net income) - - - - 456.05% -
Dividend per Share - - - - - -
Announcement Date 07/11/18 16/10/19 14/10/20 18/10/21 13/10/22 20/11/23
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net Debt 1 1,920 2,862 3,033 2,400 2,364 2,173
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) -6.071 x -44.24 x -38.35 x 6.138 x 8.974 x -314.4 x
Free Cash Flow 1 1,513 -952 -36.6 -114 651 86.3
ROE (net income / shareholders' equity) -6.14% -2.33% -14.2% 16.9% 11.7% -4.08%
ROA (Net income/ Total Assets) -4.09% -1.01% -0.91% 4.18% 2.61% -0.11%
Assets 1 2,710 6,132 31,745 4,070 5,461 104,638
Book Value Per Share 2 4.480 4.570 3.660 4.160 5.070 5.040
Cash Flow per Share 2 0.4900 0.1900 0.1500 0.1600 0.2100 0.1300
Capex 1 5.16 0.72 0.09 5.48 12.9 16.7
Capex / Sales 1.15% 0.28% 0.04% 0.6% 1.22% 2.92%
Announcement Date 07/11/18 16/10/19 14/10/20 18/10/21 13/10/22 20/11/23
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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