Financials Sanford Limited

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4.06 ^NZD	+0.25%		0.00%	+0.25%

Apr. 05	EXp World Unit Appoints Leo Pareja Chief Executive Officer	MT
Mar. 11	Airbus Ships EUTELSAT 36D Satellite to US Launch Site	MT

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	635.8	533	476.9	390.9	363.7	379.6	-	-
Enterprise Value (EV) ¹	766.5	717.2	655.5	536.3	559.9	582.8	590.6	582.3
P/E ratio	15.2 x	23.8 x	29.3 x	6.99 x	36.4 x	11.5 x	9.89 x	8.32 x
Yield	3.38%	0.88%	-	2.39%	3.08%	3.51%	4.5%	5.42%
Capitalization / Revenue	1.17 x	1.14 x	0.97 x	0.73 x	0.66 x	0.66 x	0.62 x	0.59 x
EV / Revenue	1.41 x	1.53 x	1.34 x	1.01 x	1.01 x	1.01 x	0.96 x	0.91 x
EV / EBITDA	8.94 x	10.8 x	12.5 x	7.86 x	6.87 x	6.04 x	5.49 x	4.93 x
EV / FCF	74,390,502 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	1.08 x	0.87 x	0.75 x	-	0.53 x	-	-	-
Nbr of stocks (in thousands)	93,506	93,506	93,506	93,506	93,506	93,506	-	-
Reference price ²	6.800	5.700	5.100	4.180	3.890	4.060	4.060	4.060
Announcement Date	11/13/19	11/11/20	11/17/21	11/14/22	11/13/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	545.1	468.8	489.6	531.9	553.4	579.1	616.6	639.1
EBITDA ¹	85.73	66.3	52.6	68.26	81.53	96.46	107.5	118
EBIT ¹	64.84	38.3	23.29	40.18	49.39	61.23	67.74	75.82
Operating Margin	11.9%	8.17%	4.76%	7.55%	8.93%	10.57%	10.99%	11.86%
Earnings before Tax (EBT) ¹	59.32	30.76	20.04	62.46	17.48	46.09	53.29	63.34
Net income ¹	41.7	22.4	16.26	55.89	10.02	33.17	38.39	45.59
Net margin	7.65%	4.78%	3.32%	10.51%	1.81%	5.73%	6.23%	7.13%
EPS ²	0.4460	0.2400	0.1740	0.5980	0.1070	0.3545	0.4106	0.4879
Free Cash Flow	10.3	-	-	-	-	-	-	-
FCF margin	1.89%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	12.02%	-	-	-	-	-	-	-
FCF Conversion (Net income)	24.71%	-	-	-	-	-	-	-
Dividend per Share ²	0.2300	0.0500	-	0.1000	0.1200	0.1425	0.1825	0.2200
Announcement Date	11/13/19	11/11/20	11/17/21	11/14/22	11/13/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	131	184	179	145	196	203	211	203
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.524 x	2.779 x	3.395 x	2.131 x	2.406 x	2.106 x	1.962 x	1.718 x
Free Cash Flow	10.3	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.1%	3.7%	2.6%	8.6%	1.5%	4.76%	5.32%	6.09%
ROA (Net income/ Total Assets)	5.11%	-	3.11%	-	4.82%	-	-	-
Assets ¹	815.3	-	523.7	-	207.8	-	-	-
Book Value Per Share	6.280	6.530	6.770	-	7.320	-	-	-
Cash Flow per Share	0.5200	0.2000	0.3400	0.4800	0.4400	-	-	-
Capex ¹	38.3	43.2	39.1	53.4	64.4	67.5	50	49
Capex / Sales	7.03%	9.22%	7.98%	10.05%	11.64%	11.66%	8.11%	7.67%
Announcement Date	11/13/19	11/11/20	11/17/21	11/14/22	11/13/23	-	-	-

¹NZD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.06 NZD

Average target price

4.675 NZD

Spread / Average Target

+15.15%

	1st Jan change	Capi.
SANFORD LIMITED	+0.25%	225M
BRIM HF.	-6.94%	1.07B
CNFC OVERSEAS FISHERIES CO.,LTD	-26.43%	330M
SHANGHAI KAICHUANG MARINE INTERNATIONAL CO., LTD.	-13.56%	307M
PESQUERA EXALMAR S.A.A.	-3.33%	137M
SEA HARVEST GROUP LIMITED	-15.45%	117M
SILLA CO.,LTD	+1.84%	101M
ALPHA OCEAN RESOURCES	-.--%	67.74M
BRIMSTONE INVESTMENT CORPORATION LIMITED	-9.00%	56.31M