Financials Mpact Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
25.61 ^ZAR	-0.54%		-1.99%	-14.00%

03-08	Mpact Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
03-08	Mpact Limited Declares Cash Dividend for the Year Ended 31 December 2023, Payable on April 8, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,552	2,250	5,129	4,244	4,370	3,776	-	-
Enterprise Value (EV) ¹	4,827	3,658	6,884	4,244	4,370	6,693	6,233	5,870
P/E ratio	-3.1 x	7.36 x	10.2 x	-	6.15 x	4.97 x	4.48 x	4.11 x
Yield	4.03%	-	1.43%	-	-	5.27%	6.7%	7.65%
Capitalization / Revenue	0.23 x	0.2 x	0.44 x	0.34 x	0.34 x	0.28 x	0.27 x	0.25 x
EV / Revenue	0.44 x	0.33 x	0.6 x	0.34 x	0.34 x	0.5 x	0.44 x	0.39 x
EV / EBITDA	3.51 x	3.13 x	4.76 x	2.54 x	2.51 x	3.26 x	2.77 x	2.57 x
EV / FCF	14.3 x	2.84 x	45.8 x	-	-	-20.5 x	8.77 x	5.97 x
FCF Yield	7.01%	35.2%	2.18%	-	-	-4.88%	11.4%	16.7%
Price to Book	0.74 x	0.62 x	1.35 x	-	-	0.63 x	0.57 x	0.51 x
Nbr of stocks (in thousands)	171,305	162,452	146,403	145,403	146,733	147,431	-	-
Reference price ²	14.90	13.85	35.03	29.19	29.78	25.61	25.61	25.61
Announcement Date	04/03/20	05/03/21	07/03/22	06/03/23	07/03/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,076	11,097	11,549	12,373	12,823	13,263	14,117	14,942
EBITDA ¹	1,374	1,170	1,446	1,673	1,744	2,054	2,249	2,282
EBIT ¹	724	631	947.5	1,164	1,117	1,338	1,460	1,560
Operating Margin	6.54%	5.69%	8.2%	9.41%	8.71%	10.09%	10.34%	10.44%
Earnings before Tax (EBT) ¹	-805.9	441.8	799.6	-	851.3	1,080	1,214	1,391
Net income ¹	-822.3	319.4	519.9	-	715.1	760.2	840.6	921.6
Net margin	-7.42%	2.88%	4.5%	-	5.58%	5.73%	5.95%	6.17%
EPS ²	-4.808	1.882	3.437	-	4.846	5.158	5.715	6.237
Free Cash Flow ¹	338.6	1,287	150.2	-	-	-326.6	710.5	982.5
FCF margin	3.06%	11.6%	1.3%	-	-	-2.46%	5.03%	6.58%
FCF Conversion (EBITDA)	24.64%	110.02%	10.38%	-	-	-	31.6%	43.06%
FCF Conversion (Net income)	-	403.01%	28.89%	-	-	-	84.52%	106.61%
Dividend per Share ²	0.6000	-	0.5000	-	-	1.350	1.715	1.960
Announcement Date	04/03/20	05/03/21	07/03/22	06/03/23	07/03/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,275	1,408	1,756	-	-	2,917	2,457	2,094
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.655 x	1.203 x	1.214 x	-	-	1.42 x	1.093 x	0.9178 x
Free Cash Flow ¹	339	1,287	150	-	-	-327	711	983
ROE (net income / shareholders' equity)	8.29%	9.54%	13.8%	17.3%	-	12.8%	13.3%	12.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	20.10	22.30	26.00	-	-	40.40	45.30	50.40
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	592	518	713	-	-	1,700	875	700
Capex / Sales	5.35%	4.67%	6.18%	-	-	12.82%	6.2%	4.68%
Announcement Date	04/03/20	05/03/21	07/03/22	06/03/23	07/03/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

25.61 ZAR

Average target price

35.35 ZAR

Spread / Average Target

+38.03%

	1st Jan change	Capi.
MPACT LIMITED	-14.00%	201M
PACKAGING CORPORATION OF AMERICA	+6.10%	15.4B
WESTROCK COMPANY	+13.80%	12.14B
INTERNATIONAL PAPER COMPANY	-6.42%	11.75B
SMURFIT KAPPA GROUP PLC	+11.37%	11.06B
STORA ENSO OYJ	+1.48%	10.71B
GRAPHIC PACKAGING HOLDING COMPANY	+11.68%	8.43B
MONDI PLC	-10.81%	8.28B
SIG GROUP AG	-2.74%	7.86B
DS SMITH PLC	+10.64%	5.84B