Financials Engro Polymer and Chemicals Limited

Equities

EPCL

PK0092201018

Commodity Chemicals

End-of-day quote Pakistan S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
44.08 PKR -0.74% Intraday chart for Engro Polymer and Chemicals Limited -5.33% -5.39%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 30,185 43,183 49,273 38,466 40,065 - -
Enterprise Value (EV) 1 47,154 54,163 58,662 38,466 40,065 40,065 40,065
P/E ratio 8.16 x 7.63 x 4.35 x 4.38 x 5.67 x 5.01 x -
Yield 2.41% 2.62% 30.1% 29.5% 10.9% 13.6% 19.4%
Capitalization / Revenue 0.8 x 1.22 x 0.7 x 0.47 x 0.45 x - -
EV / Revenue 0.8 x 1.22 x 0.7 x 0.47 x 0.45 x - -
EV / EBITDA 3,614,148 x 3,542,490 x 2,038,169 x - - - -
EV / FCF -5,553,884 x 11,146,866 x 4,492,238 x - - - -
FCF Yield -0% 0% 0% - - - -
Price to Book 1.7 x 1.65 x 1.64 x 1.42 x 1.45 x 1.41 x 1.37 x
Nbr of stocks (in thousands) 908,923 908,923 908,923 908,923 908,923 - -
Reference price 2 33.21 47.51 54.21 42.32 44.08 44.08 44.08
Announcement Date 2/4/20 2/11/21 2/21/22 2/7/23 - - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Net sales 1 37,837 35,331 70,022 82,060 90,000 - -
EBITDA 8,352 12,190 24,175 - - - -
EBIT 6,833 10,425 21,891 19,788 - - -
Operating Margin 18.06% 29.51% 31.26% 24.11% - - -
Earnings before Tax (EBT) 5,039 8,234 19,987 16,696 - - -
Net income 1 3,696 5,730 15,061 11,689 7,230 - -
Net margin 9.77% 16.22% 21.51% 14.24% 8.03% - -
EPS 2 4.070 6.230 12.46 9.670 7.775 8.800 -
Free Cash Flow -5,435 3,874 10,968 - - - -
FCF margin -14.36% 10.96% 15.66% - - - -
FCF Conversion (EBITDA) - 31.78% 45.37% - - - -
FCF Conversion (Net income) - 67.61% 72.83% - - - -
Dividend per Share 2 0.8000 1.247 16.30 12.50 4.790 6.010 8.550
Announcement Date 2/4/20 2/11/21 2/21/22 2/7/23 - - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2024 Q1
Net sales 1 12,874 - 18,827 20,699 23,127 22,277 - 16,904 19,751 17,978 19,044 37,022 25,016 19,731
EBITDA - - - - - - - - - - - - - -
EBIT 1 1,593 - 4,609 6,446 6,869 - - 3,985 2,675 2,849 4,963 7,812 6,090 2,883
Operating Margin 12.37% - 24.48% 31.14% 29.7% - - 23.57% 13.54% 15.85% 26.06% 21.1% 24.34% 14.61%
Earnings before Tax (EBT) 1 225.8 - 4,122 5,944 6,256 - - - 1,807 1,672 3,412 5,084 - 1,206
Net income 1 222.6 - 3,107 4,689 4,714 2,338 - 2,257 2,380 1,183 1,562 2,745 2,642 1,036
Net margin 1.73% - 16.5% 22.65% 20.38% 10.5% - 13.35% 12.05% 6.58% 8.2% 7.41% 10.56% 5.25%
EPS 2 0.2400 6.010 2.570 3.880 3.900 1.930 5.830 1.870 1.970 0.9800 1.290 2.270 2.180 1.003
Dividend per Share 2 - - 3.000 5.500 5.000 - - 2.500 2.500 1.000 1.500 2.500 2.500 0.4167
Announcement Date 8/7/20 8/11/21 10/18/21 2/21/22 4/19/22 8/11/22 8/11/22 10/12/22 2/7/23 4/17/23 8/10/23 8/10/23 10/18/23 -
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Net Debt 16,969 10,980 9,390 - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) 2.032 x 0.9007 x 0.3884 x - - - -
Free Cash Flow -5,435 3,874 10,968 - - - -
ROE (net income / shareholders' equity) 20.8% 26.1% 53.7% 43.1% 31% - -
ROA (Net income/ Total Assets) 8.05% 9.05% 20.5% 13.7% - - -
Assets 1 45,914 63,306 73,530 85,509 - - -
Book Value Per Share 2 19.60 28.70 33.00 29.80 30.50 31.30 32.10
Cash Flow per Share - - - - - - -
Capex - 7,318 3,601 - - - -
Capex / Sales - 20.71% 5.14% - - - -
Announcement Date 2/4/20 2/11/21 2/21/22 2/7/23 - - -
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
6
Last Close Price
44.08 PKR
Average target price
50.15 PKR
Spread / Average Target
+13.77%
Consensus
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