MHAL at 4X cashflow
MHAL Current 0.061 Target 0.164 + 169%
Aug 18, 2022
1 minute read
Sales declined -5%
Last 3 semesters growth & sales million Singapore dollars
1% 7% -5%
125.4 133.7 127.2
Costs down profit down
Last 3 semesters cost ratio & profit million Singapore dollars
-71.8% -67.8% -66.0%
21.4 22.1 20.0
Cashflow higher
Last 3 semesters operating & investment million Singapore dollars
29.1 36.1 37.9
-15.4 -11.1 -12.4
Net cash up
Last 3 semesters cash & liabilities million Singapore dollars
48.5 44.6 37.5
323.4 299.6 266.3
Capital improved
Last 3 semesters cumulative capital , liabilities & equity
-163.0 -133.2 -100.9
23.0 27.0 32.2
0 0 0
Aug 18, 2022
1 minute read
- Last 12 months cash flow + 20% of market cap
- Last 12 months Capital + 24% of market cap
- Latest net cash -89% of market cap
Sales declined -5%
Last 3 semesters growth & sales million Singapore dollars
1% 7% -5%
125.4 133.7 127.2
- Sales declined -5% in the first semester to 127.2 million Singapore dollars ; our forecasts v sales is -15% now.
- This brings the average to 1% growth.
- We predict average growth of 2% in this next 12 months to bring sales to 131.1 million Singapore dollars in the first semester 2023.
Costs down profit down
Last 3 semesters cost ratio & profit million Singapore dollars
-71.8% -67.8% -66.0%
21.4 22.1 20.0
- The cash cost ratio went from -68% to -66.0% profit from 22.1 to 20.0 million Singapore dollars in the first semester.
- The average cost ratio is at -66.9% now.
- We use the average -67% cost ratio to predict a 19.3 million Singapore dollars profit in the first semester 2023.
Cashflow higher
Last 3 semesters operating & investment million Singapore dollars
29.1 36.1 37.9
-15.4 -11.1 -12.4
- Free cashflow went from 25.0 to 25.5 million Singapore dollars in the first quarter with -12.4 investment cashflow.
- Average quarterly Cashflow is at 25.3 million Singapore dollars now.
- We assume -11.7 million Singapore dollars investment cashflow which with higher sales gives 31.4 million Singapore dollars average Cashflow in the next 12 months.
Net cash up
Last 3 semesters cash & liabilities million Singapore dollars
48.5 44.6 37.5
323.4 299.6 266.3
- Cash declined 44.6 to 37.5 million Singapore dollars in the first semester.
- Liabilities declined 299.6 to 266.3 million Singapore dollars so net cash was up -255 to -229 million Singapore dollars .
- With our forecast cashflow & a -11.4 million Singapore dollars equity payout -26.0 million Singapore dollars liabilities payment net cash will be -178 million Singapore dollars in 12 months time.
Capital improved
Last 3 semesters cumulative capital , liabilities & equity
-163.0 -133.2 -100.9
23.0 27.0 32.2
0 0 0
- MHAL cumulative capital improved 0 to 0 million Singapore dollars with 0 & 0 million Singapore dollars from liabilities, equity in the first semester & will be -63 million Singapore dollars in12 months time.
- At the current market value of 256 million Singapore dollars based on our forecasts it’s at 0.4 X assets with a 10 years payback & a 4% yield.
- Our cashflow forecast is 63 million Singapore dollars which means a 4 X valuation. A 11 X valuation gives a 169% higher target price 0.164 Singapore dollars.
