Company Valuation: FSM Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 79.43 58.81 66.56 49.87 77.72 82.58
Change - -25.95% 13.18% -25.08% 55.86% 6.25%
Enterprise Value (EV) 1 58.38 37.74 46.83 27.28 53.13 61.8
Change - -35.35% 24.06% -41.75% 94.78% 16.32%
P/E 1,346x -22.6x -21.2x 24.2x -15.9x -24.2x
PBR 2.01x 1.65x 2.04x 1.44x 2.28x 2.74x
PEG - 0x -1x -0x 0x 0.8x
Capitalization / Revenue 8.27x 5.69x 4.14x 2.14x 4.84x 5.55x
EV / Revenue 6.08x 3.65x 2.91x 1.17x 3.31x 4.15x
EV / EBITDA 25.4x -47.5x -49.7x 5.72x -32.8x -18.9x
EV / EBIT 169x -13.4x -16.5x 8.4x -17x -13.9x
EV / FCF -49.7x 28.2x 108x 8.53x 43.9x -30.2x
FCF Yield -2.01% 3.55% 0.92% 11.7% 2.28% -3.31%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.000059 -0.002599 -0.00314 0.002061 -0.004876 -0.003407
Distribution rate - - - - - -
Net sales 1 9.609 10.34 16.08 23.3 16.07 14.88
EBITDA 1 2.295 -0.795 -0.943 4.769 -1.62 -3.271
EBIT 1 0.345 -2.82 -2.836 3.248 -3.125 -4.438
Net income 1 0.059 -2.599 -3.14 2.061 -4.876 -3.407
Net Debt 1 -21.05 -21.07 -19.74 -22.59 -24.59 -20.78
Reference price 2 0.0794 0.0588 0.0666 0.0499 0.0777 0.0826
Nbr of stocks (in thousands) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Announcement Date 23/04/20 06/01/22 22/04/22 25/04/23 25/04/24 24/04/25
1SGD in Million2SGD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 17.84M
13.78x1.55x7.96x0.86% 59.15B
8.2x1.75x4.61x7.82% 55.86B
19.7x0.83x6.97x0.96% 47.81B
14.34x1.58x9.04x0.86% 35.14B
15.27x2.28x5.58x4% 32.77B
19.62x1.76x9.7x0.61% 31.83B
12.21x1.12x6.75x2.43% 22.9B
11.53x0.75x6.67x3.7% 21.47B
17.41x1.27x11.54x1.19% 21.22B
Average 14.67x 1.43x 7.65x 2.5% 32.82B
Weighted average by Cap. 14.45x 1.47x 7.35x 2.67%

Y-o-Y evolution of P/E

Valuation ratios - P/E - FSM Holdings Limited

Historical PBR trend

Valuation ratios - PBR - FSM Holdings Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - FSM Holdings Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - FSM Holdings Limited

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