Other stocks here
First Resources super SHARP as Cashflow triples to almost half a billion dollars annualized
FR Current 1.84 Target 3.26 +77%
February 28 2022
1 minute read
Sales jumped 50%
Last 3 Semesters
18% 26% 50%
Costs down profit tripled
Last 3 Semesters
-70% -80% -72%
Cashflow more than tripled
Last 3 Semesters million dollars
107, 65, 226
Balance sheet lower leverage
Last 3 Semesters million dollars
-469 -407 -221
Capital paid half a billion dollars, a 77% higher target price
Last 3 Semesters million dollars
410, 473, 522
February 28 2022
1 minute read
Sales jumped 50%
Last 3 Semesters
18% 26% 50%
- Sales jumped 50% in the second semester to 619 million dollars above our 454 million dollars forecast.
- This brings the average to 76% growth!
- We predict average growth of 9% in this next 12 months to bring sales to 729 million dollars in the second semester 2022
Costs down profit tripled
Last 3 Semesters
-70% -80% -72%
- The cash cost ratio went from -80% to -72% profit tripled from 39 to 138 million dollars in the second semester 2022
- The average cost ratio is at -76% now.
- We use a -74% cost ratio to predict a 154 million dollars profit in the second semester 2022.
Cashflow more than tripled
Last 3 Semesters million dollars
107, 65, 226
- Free cashflow more than tripled from 65 to 226 million dollars in the second semester with positive 19 million dollars investment Cashflow.
- Average Cashflow is at 145 million dollars now.
- We assume -20 million dollars investment spending which with higher sales gives a 170 million dollars Cashflow in the second semester 2022.
Balance sheet lower leverage
Last 3 Semesters million dollars
-469 -407 -221
- Cash doubled 192 to 382 million dollars in the second semester
- Liabilities increased 599 to 603 million dollars so net cash improved -407 to -221 million dollars
- With our forecast cashflow & a -87 million dollars equity payout -59 million dollars liabilities payment net cash will be positive 14 million dollars in 12 months time.
Capital paid half a billion dollars, a 77% higher target price
Last 3 Semesters million dollars
410, 473, 522
- FR 14 semesters capital paid improved 473 to 522 million dollars in the second semester with -32 liabilities -18 million dollars equity payments & will be 668 million dollars in12 months time.
- At the current market value of 2,135 million dollars based on our forecasts it’s at 1.06 X assets with a 5 years payback & a 4% yield.
- Our cashflow forecast is 322 million dollars which means an 7 X valuation. A 16 X valuation gives a 77% higher target price of 3.26 Singapore dollars.