Financials First Punjab Modaraba

Equities

FPJM

PK0061301013

Investment Management & Fund Operators

End-of-day quote Pakistan S.E. 23:00:00 16/05/2024 BST 5-day change 1st Jan Change
1.41 PKR -1.40% Intraday chart for First Punjab Modaraba -18.50% -25.79%

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 166.7 122.5 86.75 77.57 79.95 58.85
Enterprise Value (EV) 1 946.3 925.5 904 967.1 842.4 1,066
P/E ratio 9.94 x 5.46 x 12.4 x -1.38 x 2.67 x -0.66 x
Yield 10.2% 13.9% - - - -
Capitalization / Revenue 1 x 0.68 x 0.44 x 0.37 x 0.4 x 0.28 x
EV / Revenue 5.65 x 5.14 x 4.54 x 4.64 x 4.24 x 5.04 x
EV / EBITDA 10.7 x 9.56 x 6.28 x 6.13 x 5.77 x 8.8 x
EV / FCF 91.8 x 302 x 9.28 x 35.1 x 6.59 x 60.2 x
FCF Yield 1.09% 0.33% 10.8% 2.85% 15.2% 1.66%
Price to Book 0.92 x 0.66 x 0.47 x 0.6 x 0.5 x 16 x
Nbr of stocks (in thousands) 34,020 34,020 34,020 34,020 34,020 34,020
Reference price 2 4.900 3.600 2.550 2.280 2.350 1.730
Announcement Date 12/10/17 10/10/18 13/11/19 08/12/20 15/04/22 04/08/23
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 167.5 180.2 199 208.5 198.9 211.7
EBITDA 1 88.44 96.81 144 157.8 146 121.2
EBIT 1 87.78 95.55 142.8 156.8 144.4 119.7
Operating Margin 52.42% 53.03% 71.77% 75.23% 72.58% 56.52%
Earnings before Tax (EBT) 1 12.94 21.44 7.653 -56.04 37.45 -81.55
Net income 1 16.78 22.43 7.021 -56.2 29.91 -89.58
Net margin 10.02% 12.45% 3.53% -26.95% 15.04% -42.31%
EPS 2 0.4932 0.6592 0.2064 -1.652 0.8791 -2.633
Free Cash Flow 1 10.3 3.067 97.38 27.52 127.9 17.71
FCF margin 6.15% 1.7% 48.93% 13.2% 64.29% 8.36%
FCF Conversion (EBITDA) 11.65% 3.17% 67.63% 17.44% 87.56% 14.62%
FCF Conversion (Net income) 61.41% 13.68% 1,386.98% - 427.58% -
Dividend per Share 2 0.5000 0.5000 - - - -
Announcement Date 12/10/17 10/10/18 13/11/19 08/12/20 15/04/22 04/08/23
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 780 803 817 890 762 1,008
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 8.815 x 8.295 x 5.676 x 5.637 x 5.221 x 8.315 x
Free Cash Flow 1 10.3 3.07 97.4 27.5 128 17.7
ROE (net income / shareholders' equity) 9.24% 12.2% 3.77% -35.6% 10.9% -187%
ROA (Net income/ Total Assets) 3.33% 3.1% 4.33% 4.63% 3.36% 3.57%
Assets 1 503.3 723.1 162.1 -1,215 889.5 -2,509
Book Value Per Share 2 5.340 5.490 5.460 3.820 4.730 0.1100
Cash Flow per Share 2 1.760 2.300 2.280 2.040 4.810 1.840
Capex 1 4.5 1.08 1.69 0.48 3.16 62.9
Capex / Sales 2.69% 0.6% 0.85% 0.23% 1.59% 29.7%
Announcement Date 12/10/17 10/10/18 13/11/19 08/12/20 15/04/22 04/08/23
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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