Financials First Elite Capital Modaraba

Equities

FECM

PK0052901011

Investment Banking & Brokerage Services

End-of-day quote Pakistan S.E. 23:00:00 04/07/2024 BST 5-day change 1st Jan Change
7.45 PKR -11.83% Intraday chart for First Elite Capital Modaraba +15.50% +43.55%

Valuation

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Capitalization 1 36.86 18.14 19.39 38.56 30.62 35.04
Enterprise Value (EV) 1 7.717 0.3628 -11.37 11.97 5.266 3.795
P/E ratio 7.81 x -4.15 x -3.68 x 9.05 x -4.24 x -4.96 x
Yield 9.23% - - 8.82% - -
Capitalization / Revenue 0.79 x 0.4 x 0.51 x 0.81 x 0.85 x 1.03 x
EV / Revenue 0.17 x 0.01 x -0.3 x 0.25 x 0.15 x 0.11 x
EV / EBITDA 1.57 x -0.12 x 2.59 x 2.37 x -0.81 x -0.63 x
EV / FCF 0.16 x 0.01 x -0.36 x 0.75 x 0.18 x 0.12 x
FCF Yield 619% 7,747% -277% 133% 561% 835%
Price to Book 0.29 x 0.16 x 0.18 x 0.34 x 0.31 x 0.38 x
Nbr of stocks (in thousands) 11,340 11,340 11,340 11,340 11,340 11,340
Reference price 2 3.250 1.600 1.710 3.400 2.700 3.090
Announcement Date 05/10/18 04/10/19 06/10/20 05/10/21 05/10/22 02/10/23
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net sales 1 46.38 45.4 38.32 47.36 35.91 33.94
EBITDA 1 4.91 -3.071 -4.4 5.046 -6.52 -6.071
EBIT 1 4.011 -3.881 -5.061 4.515 -6.835 -6.316
Operating Margin 8.65% -8.55% -13.21% 9.54% -19.03% -18.61%
Earnings before Tax (EBT) 1 4.719 -3.89 -5.064 5.377 -6.654 -6.256
Net income 1 4.719 -4.371 -5.272 4.26 -7.223 -7.061
Net margin 10.18% -9.63% -13.76% 9% -20.11% -20.81%
EPS 2 0.4161 -0.3854 -0.4649 0.3757 -0.6370 -0.6227
Free Cash Flow 1 47.76 28.11 31.55 15.89 29.57 31.7
FCF margin 102.98% 61.92% 82.34% 33.55% 82.33% 93.42%
FCF Conversion (EBITDA) 972.6% - - 314.9% - -
FCF Conversion (Net income) 1,012.05% - - 372.93% - -
Dividend per Share 2 0.3000 - - 0.3000 - -
Announcement Date 05/10/18 04/10/19 06/10/20 05/10/21 05/10/22 02/10/23
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 29.1 17.8 30.8 26.6 25.4 31.2
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 47.8 28.1 31.6 15.9 29.6 31.7
ROE (net income / shareholders' equity) 3.73% -3.62% -4.79% 3.87% -6.79% -7.36%
ROA (Net income/ Total Assets) 1.33% -1.3% -1.74% 1.54% -2.41% -2.39%
Assets 1 354.7 336.1 302.8 277 299.1 295.9
Book Value Per Share 2 11.30 9.990 9.430 10.00 8.760 8.160
Cash Flow per Share 2 1.260 0.5800 1.690 1.370 1.400 0.2100
Capex 1 3.33 0.05 - - - 0.64
Capex / Sales 7.19% 0.12% - - - 1.88%
Announcement Date 05/10/18 04/10/19 06/10/20 05/10/21 05/10/22 02/10/23
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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