Financials PropNex Limited

Equities

Market Closed - Singapore S.E. Other stock markets 05:04:34 2024-04-26 am EDT			5-day change	1st Jan Change
0.91 ^SGD	0.00%		-0.55%	-2.15%

Apr. 24	Propnex Moves to Change Auditors	MT
Apr. 05	PropNex Proposes Renewal of Share Buyback	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	190.6	288.6	625.3	566.1	688.2	673.4	-	-
Enterprise Value (EV) ¹	190.6	288.6	482.6	432.2	688.2	509.3	476.6	410.9
P/E ratio	9.5 x	9.92 x	10.4 x	9.08 x	14.4 x	12.6 x	12.1 x	12.2 x
Yield	6.8%	7.05%	7.4%	8.82%	-	6.92%	7.31%	7.14%
Capitalization / Revenue	0.45 x	0.56 x	0.65 x	0.55 x	0.82 x	0.78 x	0.74 x	0.75 x
EV / Revenue	0.45 x	0.56 x	0.5 x	0.42 x	0.82 x	0.59 x	0.52 x	0.46 x
EV / EBITDA	9.6 x	7.17 x	5.94 x	5.3 x	11.8 x	7.6 x	6.89 x	5.88 x
EV / FCF	-	-	-	8.47 x	-	5.39 x	4.62 x	3.82 x
FCF Yield	-	-	-	11.8%	-	18.6%	21.6%	26.2%
Price to Book	2.75 x	3.41 x	5.71 x	4.51 x	-	4.94 x	4.65 x	4.55 x
Nbr of stocks (in thousands)	740,000	740,000	740,000	740,000	740,000	740,000	-	-
Reference price ²	0.2575	0.3900	0.8450	0.7650	0.9300	0.9100	0.9100	0.9100
Announcement Date	2/26/20	2/23/21	2/23/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	419.8	515.6	957.7	1,029	838.1	861.8	909.6	893.4
EBITDA ¹	19.84	40.25	81.28	81.54	58.52	67.02	69.15	69.87
EBIT ¹	18.72	36.52	77.73	77.93	55.03	64.46	66.82	67
Operating Margin	4.46%	7.08%	8.12%	7.57%	6.57%	7.48%	7.35%	7.5%
Earnings before Tax (EBT) ¹	25.58	37.16	78.69	79.08	59.48	68.02	70.66	70.07
Net income ¹	20.04	29.09	60.03	62.36	47.81	53.73	55.32	55.35
Net margin	4.77%	5.64%	6.27%	6.06%	5.7%	6.23%	6.08%	6.2%
EPS ²	0.0271	0.0393	0.0811	0.0842	0.0646	0.0724	0.0750	0.0747
Free Cash Flow ¹	-	-	-	51.04	-	94.5	103.1	107.6
FCF margin	-	-	-	4.96%	-	10.97%	11.33%	12.04%
FCF Conversion (EBITDA)	-	-	-	62.6%	-	140.99%	149.1%	154.01%
FCF Conversion (Net income)	-	-	-	81.86%	-	175.89%	186.36%	194.41%
Dividend per Share ²	0.0175	0.0275	0.0625	0.0675	-	0.0630	0.0665	0.0650
Announcement Date	2/26/20	2/23/21	2/23/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	143	134	-	164	197	263
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	51	-	94.5	103	108
ROE (net income / shareholders' equity)	29.4%	37.8%	61.9%	53.1%	-	39.8%	36.9%	32%
ROA (Net income/ Total Assets)	13.5%	16.8%	24.6%	18.6%	-	15.6%	15%	13.6%
Assets ¹	148.3	173.6	243.6	335	-	345.3	367.8	408
Book Value Per Share ²	0.0900	0.1100	0.1500	0.1700	-	0.1800	0.2000	0.2000
Cash Flow per Share ²	-	-	0.1100	0.0700	-	0.0900	0.1000	-
Capex ¹	1.88	0.49	0.54	0.37	-	1.93	1.93	1.5
Capex / Sales	0.45%	0.09%	0.06%	0.04%	-	0.22%	0.21%	0.17%
Announcement Date	2/26/20	2/23/21	2/23/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.91 SGD

Average target price

0.988 SGD

Spread / Average Target

+8.57%

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