Financials Merit Packaging Limited

Equities

MERIT

PK0030301011

Paper Packaging

End-of-day quote Pakistan S.E. 06:00:00 2024-05-29 pm EDT 5-day change 1st Jan Change
12.3 PKR +0.74% Intraday chart for Merit Packaging Limited +0.41% -0.49%

Valuation

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Capitalization 1 1,814 2,400 958.7 1,424 1,758 1,760
Enterprise Value (EV) 1 4,007 5,120 4,441 5,008 4,302 4,096
P/E ratio -164 x -7.73 x -1.38 x -2.52 x -7.75 x -12.9 x
Yield - - - - - -
Capitalization / Revenue 0.74 x 0.84 x 0.44 x 0.49 x 0.42 x 0.28 x
EV / Revenue 1.64 x 1.79 x 2.06 x 1.73 x 1.03 x 0.65 x
EV / EBITDA 21.2 x 146 x -45.7 x -2,051 x 15.1 x 8.75 x
EV / FCF -10.4 x -8.36 x -6.57 x -52.2 x -13.9 x 18 x
FCF Yield -9.64% -12% -15.2% -1.92% -7.2% 5.56%
Price to Book 1.82 x 2.36 x 1.68 x 2.59 x 0.95 x 0.6 x
Nbr of stocks (in thousands) 80,628 80,628 80,628 80,628 199,958 199,958
Reference price 2 22.50 29.77 11.89 17.66 8.790 8.800
Announcement Date 9/28/18 10/4/19 10/2/20 9/30/21 9/28/22 9/28/23
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net sales 1 2,450 2,860 2,158 2,903 4,182 6,341
EBITDA 1 188.7 34.99 -97.28 -2.441 285.1 468.2
EBIT 1 95.31 -126.5 -331.1 -213.6 92.65 278.7
Operating Margin 3.89% -4.42% -15.34% -7.36% 2.22% 4.39%
Earnings before Tax (EBT) 1 -39.86 -350.5 -769.4 -544.7 -170.4 -65.54
Net income 1 -8.264 -310.5 -692.7 -565 -168.2 -136.6
Net margin -0.34% -10.86% -32.09% -19.46% -4.02% -2.15%
EPS 2 -0.1374 -3.851 -8.591 -7.007 -1.135 -0.6832
Free Cash Flow 1 -386.3 -612.4 -675.9 -96.01 -309.8 227.9
FCF margin -15.77% -21.41% -31.31% -3.31% -7.41% 3.59%
FCF Conversion (EBITDA) - - - - - 48.67%
FCF Conversion (Net income) - - - - - -
Dividend per Share - - - - - -
Announcement Date 9/28/18 10/4/19 10/2/20 9/30/21 9/28/22 9/28/23
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net Debt 1 2,193 2,720 3,483 3,584 2,544 2,337
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 11.62 x 77.73 x -35.8 x -1,468 x 8.925 x 4.991 x
Free Cash Flow 1 -386 -612 -676 -96 -310 228
ROE (net income / shareholders' equity) -1.03% -30.8% -87.2% -101% -14% -5.73%
ROA (Net income/ Total Assets) 1.75% -1.88% -4.43% -2.76% 1.1% 2.75%
Assets 1 -472.5 16,477 15,625 20,503 -15,269 -4,966
Book Value Per Share 2 12.40 12.60 7.090 6.810 9.230 14.60
Cash Flow per Share 2 0.1000 0.0500 0.1200 0.0400 0.0300 0.0300
Capex 1 455 778 97.5 48.3 155 240
Capex / Sales 18.57% 27.21% 4.52% 1.66% 3.72% 3.79%
Announcement Date 9/28/18 10/4/19 10/2/20 9/30/21 9/28/22 9/28/23
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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