Financials Pan-United Corporation Ltd

Equities

Market Closed - Singapore S.E. Other stock markets 05:04:34 2024-04-26 am EDT			5-day change	1st Jan Change
0.435 ^SGD	0.00%		0.00%	+14.47%

Apr. 08	Pan-United Corporation Ltd Announces Board and Committee Resignations	CI
Apr. 08	Pan-United Corporation Ltd Proposes One-Tier Tax Exempt Final Dividend for the Financial Year Ended 31 December 2023, payable on 17 May 2024	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	200	234.4	275.9	264.4	303.1	-	-
Enterprise Value (EV) ¹	200	234.4	275.9	264.4	303.1	303.1	303.1
P/E ratio	190 x	12.5 x	11.8 x	7.29 x	8.06 x	7.91 x	7.77 x
Yield	-	4.78%	4.56%	6.05%	6.21%	6.32%	6.44%
Capitalization / Revenue	-	0.4 x	0.39 x	0.34 x	0.36 x	0.35 x	0.37 x
EV / Revenue	-	0.4 x	0.39 x	0.34 x	0.36 x	0.35 x	0.37 x
EV / EBITDA	-	4.8 x	5.36 x	3.89 x	4.34 x	4.27 x	4.2 x
EV / FCF	-	-	30.1 x	5.13 x	10.6 x	6.42 x	5.91 x
FCF Yield	-	-	3.32%	19.5%	9.44%	15.6%	16.9%
Price to Book	-	-	1.31 x	1.14 x	1.2 x	1.1 x	-
Nbr of stocks (in thousands)	701,654	699,763	698,583	695,817	696,830	-	-
Reference price ²	0.2850	0.3350	0.3950	0.3800	0.4350	0.4350	0.4350
Announcement Date	2/9/21	2/22/22	2/9/23	2/7/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	592.6	703.3	774.1	831.1	860	820.7
EBITDA ¹	-	48.86	51.5	68	69.85	70.96	72.1
EBIT ¹	-	25.41	36.37	48.74	50.95	52.5	47.7
Operating Margin	-	4.29%	5.17%	6.3%	6.13%	6.1%	5.81%
Earnings before Tax (EBT) ¹	-	23.07	33.81	45.33	49.45	51.35	48.5
Net income ¹	1.036	18.86	23.35	36.31	39.69	41.11	38.82
Net margin	-	3.18%	3.32%	4.69%	4.78%	4.78%	4.73%
EPS ²	0.001500	0.0267	0.0334	0.0521	0.0540	0.0550	0.0560
Free Cash Flow ¹	-	-	9.156	51.55	28.62	47.25	51.27
FCF margin	-	-	1.3%	6.66%	3.44%	5.49%	6.25%
FCF Conversion (EBITDA)	-	-	17.78%	75.81%	40.97%	66.59%	71.11%
FCF Conversion (Net income)	-	-	39.21%	141.97%	72.11%	114.94%	132.07%
Dividend per Share ²	-	0.0160	0.0180	0.0230	0.0270	0.0275	0.0280
Announcement Date	2/9/21	2/22/22	2/9/23	2/7/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	9.16	51.6	28.6	47.3	51.3
ROE (net income / shareholders' equity)	-	8.83%	13.2%	16.1%	16.5%	15.8%	13.9%
ROA (Net income/ Total Assets)	-	4.75%	6.73%	8.14%	8.68%	8.55%	8.18%
Assets ¹	-	396.7	347.1	446.1	457.3	480.8	474.6
Book Value Per Share ²	-	-	0.3000	0.3300	0.3600	0.4000	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	5.51	11.5	10.1	35	10	10
Capex / Sales	-	0.93%	1.63%	1.3%	4.21%	1.16%	1.22%
Announcement Date	2/9/21	2/22/22	2/9/23	2/7/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.435 SGD

Average target price

0.595 SGD

Spread / Average Target

+36.78%

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