Financials Frasers Property Limited

Equities

Market Closed - Singapore S.E. Other stock markets 05:15:07 2024-04-26 am EDT			5-day change	1st Jan Change
0.795 ^SGD	-0.62%		+0.63%	-10.17%

Apr. 10	Frasers Property, SP Group Team Up to Install Solar Infrastructure on Retail Properties	MT
Apr. 10	Frasers Property Forecasts Significant Decrease in Attributable Profit for H1 2024	MT

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,109	3,394	4,425	3,848	3,278	3,121	-	-
Enterprise Value (EV) ¹	18,925	19,259	17,932	16,416	17,081	17,691	18,182	3,121
P/E ratio	11.1 x	30.8 x	5.04 x	4.45 x	26.9 x	9.96 x	12.1 x	13.3 x
Yield	3.43%	1.29%	1.77%	3.06%	5.39%	5.03%	5.03%	4.72%
Capitalization / Revenue	1.35 x	0.94 x	1.18 x	0.99 x	0.83 x	0.86 x	0.87 x	1.03 x
EV / Revenue	4.99 x	5.35 x	4.76 x	4.23 x	4.33 x	4.85 x	5.04 x	1.03 x
EV / EBITDA	14 x	18.2 x	14.2 x	13.4 x	13.7 x	12.8 x	14 x	2.82 x
EV / FCF	14.2 x	-587 x	13.5 x	15 x	-	18.3 x	9.83 x	1.99 x
FCF Yield	7.06%	-0.17%	7.4%	6.66%	-	5.47%	10.2%	50.2%
Price to Book	0.69 x	0.45 x	0.46 x	0.37 x	0.33 x	0.3 x	0.29 x	0.28 x
Nbr of stocks (in thousands)	2,919,488	2,925,661	3,916,086	3,926,042	3,926,042	3,926,042	-	-
Reference price ²	1.750	1.160	1.130	0.9800	0.8350	0.7950	0.7950	0.7950
Announcement Date	11/15/19	11/10/20	11/11/21	11/11/22	11/10/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,792	3,597	3,764	3,877	3,947	3,646	3,606	3,031
EBITDA ¹	1,354	1,057	1,266	1,230	1,242	1,382	1,303	1,105
EBIT ¹	1,293	1,025	1,257	1,141	1,162	1,292	1,212	1,032
Operating Margin	34.09%	28.49%	33.4%	29.43%	29.45%	35.43%	33.61%	34.05%
Earnings before Tax (EBT) ¹	1,353	804.9	2,027	2,130	400.8	897.4	839.4	693.8
Net income ¹	560.3	188.1	833.1	928.3	173.1	316	259	219
Net margin	14.78%	5.23%	22.13%	23.94%	4.39%	8.67%	7.18%	7.23%
EPS ²	0.1579	0.0377	0.2240	0.2200	0.0310	0.0798	0.0658	0.0600
Free Cash Flow ¹	1,336	-32.82	1,327	1,094	-	968	1,850	1,566
FCF margin	35.24%	-0.91%	35.24%	28.22%	-	26.55%	51.31%	51.67%
FCF Conversion (EBITDA)	98.71%	-	104.77%	88.97%	-	70.06%	142.01%	141.68%
FCF Conversion (Net income)	238.49%	-	159.23%	117.85%	-	306.33%	714.29%	715.07%
Dividend per Share ²	0.0600	0.0150	0.0200	0.0300	0.0450	0.0400	0.0400	0.0375
Announcement Date	11/15/19	11/10/20	11/11/21	11/11/22	11/10/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,816	15,866	13,506	12,568	13,803	14,570	15,061	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	10.21 x	15.01 x	10.67 x	10.22 x	11.11 x	10.54 x	11.56 x	-
Free Cash Flow ¹	1,336	-32.8	1,327	1,094	-	968	1,850	1,566
ROE (net income / shareholders' equity)	7.53%	3.06%	4.67%	4.01%	6.84%	2.78%	2.32%	1.94%
ROA (Net income/ Total Assets)	1.6%	0.6%	1.01%	0.99%	1.73%	0.71%	1.08%	1.23%
Assets ¹	35,098	31,344	82,370	93,576	9,993	44,351	24,011	17,827
Book Value Per Share ²	2.540	2.580	2.440	2.640	2.520	2.680	2.730	2.860
Cash Flow per Share ²	0.4700	0.2100	0.3900	0.3000	0.4000	0.2000	0.2400	-
Capex ¹	35.2	33.4	29.9	90.3	123	70	70	60
Capex / Sales	0.93%	0.93%	0.8%	2.33%	3.12%	1.92%	1.94%	1.98%
Announcement Date	11/15/19	11/10/20	11/11/21	11/11/22	11/10/23	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.795 SGD

Average target price

1.22 SGD

Spread / Average Target

+53.46%

	1st Jan change	Capi.
FRASERS PROPERTY LIMITED	-10.17%	2.29B
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