FRIDENSON LOGISTIC SERVICES LTD

Financials Fridenson Logistic Services Ltd

Equities

FRDN

IL0011022196

Air Freight & Logistics

Delayed TEL AVIV STOCK EXCHANGE Other stock markets 11:36:32 04/06/2024 BST			5-day change	1st Jan Change
5,002 ^ILa	-4.08%		-7.47%	-7.37%

2023	Fridenson Logistic Services Ltd Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI
2022	Fridenson Logistic Services Ltd Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	116.6	116	82.17	82.1	130.6	120.2
Enterprise Value (EV) ¹	218.8	232.4	327.5	321.5	198.2	190.6
P/E ratio	13.3 x	13.4 x	-57.8 x	11.3 x	1.95 x	12.2 x
Yield	4.28%	-	-	4.86%	9.06%	4.58%
Capitalization / Revenue	0.4 x	0.4 x	0.28 x	0.22 x	0.25 x	0.21 x
EV / Revenue	0.76 x	0.8 x	1.14 x	0.88 x	0.38 x	0.33 x
EV / EBITDA	6.29 x	6.37 x	12.6 x	8.79 x	6.51 x	6.51 x
EV / FCF	14.3 x	-20 x	832 x	52.8 x	15.2 x	-19.3 x
FCF Yield	6.98%	-5%	0.12%	1.89%	6.58%	-5.17%
Price to Book	1.43 x	1.29 x	0.97 x	0.94 x	0.82 x	0.72 x
Nbr of stocks (in thousands)	1,370	1,372	1,372	1,372	1,632	1,632
Reference price ²	85.10	84.55	59.90	59.85	80.01	73.65
Announcement Date	21/03/18	17/03/19	17/03/20	02/03/21	16/03/22	22/03/23

¹ILS in Million²ILS

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	289.8	291.3	288.4	366.6	518.3	577.6
EBITDA ¹	34.8	36.51	26.02	36.58	30.45	29.28
EBIT ¹	16.05	18.89	7.586	18.88	15.05	16.64
Operating Margin	5.54%	6.48%	2.63%	5.15%	2.9%	2.88%
Earnings before Tax (EBT) ¹	12.82	13.31	-0.727	11.02	13.5	14.65
Net income ¹	9.414	9.326	-1.421	7.595	59.86	9.866
Net margin	3.25%	3.2%	-0.49%	2.07%	11.55%	1.71%
EPS ²	6.405	6.321	-1.036	5.307	40.96	6.046
Free Cash Flow ¹	15.27	-11.62	0.3938	6.093	13.04	-9.863
FCF margin	5.27%	-3.99%	0.14%	1.66%	2.52%	-1.71%
FCF Conversion (EBITDA)	43.89%	-	1.51%	16.66%	42.82%	-
FCF Conversion (Net income)	162.25%	-	-	80.23%	21.78%	-
Dividend per Share ²	3.640	-	-	2.910	7.251	3.370
Announcement Date	21/03/18	17/03/19	17/03/20	02/03/21	16/03/22	22/03/23

¹ILS in Million²ILS

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	102	116	245	239	67.6	70.4
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.938 x	3.188 x	9.429 x	6.545 x	2.222 x	2.406 x
Free Cash Flow ¹	15.3	-11.6	0.39	6.09	13	-9.86
ROE (net income / shareholders' equity)	11.9%	11%	-1.05%	9.69%	8.13%	6.39%
ROA (Net income/ Total Assets)	3.6%	4.11%	1.3%	2.73%	2.38%	3.02%
Assets ¹	261.6	226.8	-109.7	278.7	2,516	326.9
Book Value Per Share ²	59.70	65.30	62.10	63.70	97.60	102.0
Cash Flow per Share ²	4.100	7.380	8.120	13.70	17.20	8.640
Capex ¹	17.9	28.4	20.9	15	28.8	24.5
Capex / Sales	6.18%	9.75%	7.24%	4.08%	5.56%	4.24%
Announcement Date	21/03/18	17/03/19	17/03/20	02/03/21	16/03/22	22/03/23

¹ILS in Million²ILS

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Freight Logistics

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