Financials Security Papers Limited

Equities

SEPL

PK0011101018

Paper Products

End-of-day quote Pakistan S.E. 23:00:00 08/05/2024 BST 5-day change 1st Jan Change
139 PKR -0.89% Intraday chart for Security Papers Limited -1.07% +3.52%

Valuation

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Capitalization 1 7,171 5,498 8,411 8,567 6,871 5,511
Enterprise Value (EV) 1 4,638 3,821 5,718 4,966 2,760 3,146
P/E ratio 9.71 x 7.12 x 6.59 x 5.87 x 7.24 x 5.7 x
Yield 6.61% 8.89% 6.34% 6.23% 8.62% 11.8%
Capitalization / Revenue 2.07 x 1.37 x 1.72 x 1.71 x 1.33 x 0.95 x
EV / Revenue 1.34 x 0.95 x 1.17 x 0.99 x 0.54 x 0.54 x
EV / EBITDA 3.97 x 2.61 x 3.49 x 3.09 x 1.96 x 2.63 x
EV / FCF 5.37 x 6.94 x 4.81 x 12.6 x 2.46 x 11.8 x
FCF Yield 18.6% 14.4% 20.8% 7.92% 40.7% 8.44%
Price to Book 1.52 x 1.11 x 1.45 x 1.27 x 0.96 x 0.74 x
Nbr of stocks (in thousands) 59,256 59,256 59,256 59,256 59,256 59,256
Reference price 2 121.0 92.79 142.0 144.6 116.0 93.00
Announcement Date 10/08/18 08/08/19 11/08/20 09/09/21 05/10/22 03/10/23
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net sales 1 3,467 4,002 4,901 5,002 5,147 5,795
EBITDA 1 1,168 1,462 1,640 1,607 1,411 1,197
EBIT 1 959.2 1,247 1,451 1,413 1,187 995.6
Operating Margin 27.67% 31.16% 29.6% 28.24% 23.06% 17.18%
Earnings before Tax (EBT) 1 1,080 1,159 1,802 1,996 1,398 1,544
Net income 1 738.4 772 1,276 1,458 949 967.4
Net margin 21.3% 19.29% 26.04% 29.16% 18.44% 16.69%
EPS 2 12.46 13.03 21.54 24.61 16.02 16.33
Free Cash Flow 1 864.3 550.6 1,189 393.2 1,123 265.5
FCF margin 24.93% 13.76% 24.26% 7.86% 21.82% 4.58%
FCF Conversion (EBITDA) 74.02% 37.67% 72.47% 24.47% 79.57% 22.18%
FCF Conversion (Net income) 117.05% 71.32% 93.15% 26.96% 118.32% 27.45%
Dividend per Share 2 8.000 8.250 9.000 9.000 10.00 11.00
Announcement Date 10/08/18 08/08/19 11/08/20 09/09/21 05/10/22 03/10/23
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 2,534 1,678 2,693 3,600 4,111 2,365
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 864 551 1,189 393 1,123 266
ROE (net income / shareholders' equity) 15.9% 16% 23.8% 23.3% 13.7% 13.2%
ROA (Net income/ Total Assets) 10.4% 13% 13.9% 11.7% 8.7% 6.63%
Assets 1 7,126 5,933 9,197 12,490 10,904 14,586
Book Value Per Share 2 79.40 83.30 97.70 113.0 120.0 126.0
Cash Flow per Share 2 6.850 3.460 11.50 11.00 12.80 6.810
Capex 1 194 127 418 337 142 131
Capex / Sales 5.61% 3.18% 8.53% 6.74% 2.77% 2.26%
Announcement Date 10/08/18 08/08/19 11/08/20 09/09/21 05/10/22 03/10/23
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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