Financials Venture Corporation Limited

Equities

V03

SG0531000230

Electronic Equipment & Parts

Market Closed - Singapore S.E. 05:05:02 2024-05-09 am EDT 5-day change 1st Jan Change
13.97 SGD +1.23% Intraday chart for Venture Corporation Limited -1.69% +2.65%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,673 5,632 5,321 4,965 3,953 4,003 - -
Enterprise Value (EV) 1 3,960 4,704 4,513 4,152 2,896 2,930 2,913 2,763
P/E ratio 12.9 x 19 x 17.1 x 13.5 x 14.7 x 13.7 x 12.6 x 11.8 x
Yield 4.32% 3.86% 4.1% 4.4% 5.51% 5.5% 5.56% 5.6%
Capitalization / Revenue 1.29 x 1.87 x 1.71 x 1.29 x 1.31 x 1.27 x 1.2 x 1.17 x
EV / Revenue 1.09 x 1.56 x 1.45 x 1.07 x 0.96 x 0.93 x 0.87 x 0.81 x
EV / EBITDA 8.83 x 12.4 x 11.6 x 8.78 x 8.66 x 7.98 x 7.31 x 6.69 x
EV / FCF 20.3 x 11.1 x 49.6 x 17.6 x 6.11 x 9.83 x 14.8 x 8.33 x
FCF Yield 4.92% 9.04% 2.02% 5.69% 16.4% 10.2% 6.77% 12%
Price to Book 1.87 x 2.18 x 1.96 x 1.75 x 1.4 x 1.38 x 1.33 x 1.29 x
Nbr of stocks (in thousands) 288,461 290,033 290,583 291,035 290,431 290,083 - -
Reference price 2 16.20 19.42 18.31 17.06 13.61 13.80 13.80 13.80
Announcement Date 2/27/20 2/26/21 2/25/22 2/24/23 2/22/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,633 3,013 3,107 3,864 3,025 3,164 3,336 3,429
EBITDA 1 448.2 378.7 389.9 472.7 334.6 367.3 398.5 412.8
EBIT 1 408.8 333.8 353 439.9 303.1 329.8 359 372.5
Operating Margin 11.25% 11.08% 11.36% 11.38% 10.02% 10.42% 10.76% 10.86%
Earnings before Tax (EBT) 1 420 342.8 359.6 448.9 330.8 356.2 385.8 409
Net income 1 363.1 297.3 312.1 369.6 270 293.2 317.8 338.1
Net margin 9.99% 9.87% 10.04% 9.57% 8.93% 9.27% 9.52% 9.86%
EPS 2 1.253 1.022 1.070 1.268 0.9260 1.009 1.094 1.168
Free Cash Flow 1 194.6 425.4 91.04 236.4 473.9 298 197.2 331.6
FCF margin 5.36% 14.12% 2.93% 6.12% 15.67% 9.42% 5.91% 9.67%
FCF Conversion (EBITDA) 43.43% 112.32% 23.35% 50% 141.64% 81.13% 49.48% 80.32%
FCF Conversion (Net income) 53.6% 143.07% 29.18% 63.95% 175.5% 101.63% 62.05% 98.05%
Dividend per Share 2 0.7000 0.7500 0.7500 0.7500 0.7500 0.7586 0.7670 0.7721
Announcement Date 2/27/20 2/26/21 2/25/22 2/24/23 2/22/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3
Net sales - - - - - - 1,045 821.7 760.5 - -
EBITDA - - - - - - - - - - -
EBIT - - - - - - - - - - -
Operating Margin - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - -
Net income 1 166.8 - 94.65 84 - 97.4 97.92 73.6 66.41 140 63.29
Net margin - - - - - - 9.37% 8.96% 8.73% - -
EPS 2 - 0.2640 0.3250 0.2880 0.3100 0.3340 - - - - 0.2170
Dividend per Share - - - - - - - - - - -
Announcement Date 2/26/21 11/6/21 2/25/22 4/29/22 8/5/22 11/4/22 2/24/23 5/5/23 8/4/23 8/4/23 11/3/23
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 713 929 808 813 1,056 1,073 1,091 1,240
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 195 425 91 236 474 298 197 332
ROE (net income / shareholders' equity) 15% 11.7% 11.8% 13.3% 9.52% 10.1% 10.6% 10.7%
ROA (Net income/ Total Assets) 11.2% 9.18% 9.08% 10% 7.39% 7.96% 8.36% 8.77%
Assets 1 3,239 3,240 3,437 3,692 3,653 3,685 3,803 3,857
Book Value Per Share 2 8.650 8.920 9.350 9.730 9.710 10.00 10.30 10.70
Cash Flow per Share 2 0.7900 1.560 0.3500 0.9200 1.790 0.9900 1.080 1.130
Capex 1 35.1 27.8 10.8 32.7 47.5 34.3 35 48.3
Capex / Sales 0.97% 0.92% 0.35% 0.85% 1.57% 1.08% 1.05% 1.41%
Announcement Date 2/27/20 2/26/21 2/25/22 2/24/23 2/22/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
13.8 SGD
Average target price
14.94 SGD
Spread / Average Target
+8.24%
Consensus
  1. Stock Market
  2. Equities
  3. V03 Stock
  4. Financials Venture Corporation Limited
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