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Other stocks here

First Resources super SHARP as Cashflow triples to almost half a billion dollars annualized

WATCH THE VIDEO
FR Current 1.84 Target 3.26 +77%

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.
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