Financials Richards Packaging Income Fund

Equities

RPI.UN

CA7631021002

Non-Paper Containers & Packaging

Market Closed - Toronto S.E. Other stock markets 03:59:55 2024-04-26 pm EDT			5-day change	1st Jan Change
32.59 ^CAD	-0.49%		-2.43%	-5.95%

Apr. 19	Richards Packaging Income Fund Announces April 2024 Distribution	MT
Apr. 19	Richards Packaging Income Fund Announces Cash Distribution for the Month Ended April 30, 2024, Payable on May 14, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	512	863	676.6	475.4	379.6	357	-
Enterprise Value (EV) ¹	577.2	878.9	690.8	534.8	379.6	341.6	319.9
P/E ratio	-	-	347 x	-	11.1 x	-	-
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	1.53 x	1.76 x	1.5 x	1.06 x	0.89 x	0.85 x	0.82 x
EV / Revenue	1.73 x	1.8 x	1.53 x	1.2 x	0.89 x	0.82 x	0.74 x
EV / EBITDA	10.7 x	8.94 x	9.7 x	8.3 x	6.55 x	6.01 x	5.41 x
EV / FCF	-	16.6 x	22.1 x	12.6 x	-	7.94 x	6.58 x
FCF Yield	-	6.02%	4.52%	7.91%	-	12.6%	15.2%
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	11,230	11,230	10,955	10,955	10,955	10,955	-
Reference price ²	45.59	76.85	61.76	43.40	34.65	32.59	32.59
Announcement Date	3/6/20	3/5/21	3/8/22	3/7/23	3/7/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	334.1	489.2	451.4	446.9	425.9	417.8	432.9
EBITDA ¹	53.88	98.26	71.24	64.44	57.95	56.8	59.1
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-
EPS	-	-	0.1778	-	3.120	-	-
Free Cash Flow ¹	-	52.89	31.24	42.3	-	43	48.6
FCF margin	-	10.81%	6.92%	9.46%	-	10.29%	11.23%
FCF Conversion (EBITDA)	-	53.82%	43.86%	65.64%	-	75.7%	82.23%
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	3/6/20	3/5/21	3/8/22	3/7/23	3/7/24	-	-

¹CAD in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales	112.2	116.4	110	119.7	109	108.1	106.8	108.9	-	-
EBITDA ¹	17.64	18.13	16.46	18.99	14.49	14.5	14.34	15.18	14.22	16.55
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/28/21	3/8/22	5/5/22	7/27/22	10/27/22	3/7/23	5/4/23	8/2/23	11/1/23	3/7/24

¹CAD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	65.3	15.8	14.3	59.4	-	-	-
Net Cash position ¹	-	-	-	-	-	15.4	37.1
Leverage (Debt/EBITDA)	1.211 x	0.1612 x	0.2003 x	0.9214 x	-	-	-
Free Cash Flow ¹	-	52.9	31.2	42.3	-	43	48.6
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	3/6/20	3/5/21	3/8/22	3/7/23	3/7/24	-	-

¹CAD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Richards Packaging Income Fund

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32.59 CAD

Average target price

44 CAD

Spread / Average Target

+35.01%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Non-Paper Containers & Packaging

	1st Jan change	Capi.
RICHARDS PACKAGING INCOME FUND	-5.95%	261M
BALL CORPORATION	+21.35%	21.97B
AVERY DENNISON CORPORATION	+8.34%	17.64B
CROWN HOLDINGS, INC.	-12.49%	9.62B
CCL INDUSTRIES INC.	+19.15%	9.29B
SILGAN HOLDINGS INC.	+3.78%	5.01B
SEALED AIR CORPORATION	-13.09%	4.62B
VISCOFAN, S.A.	+12.87%	2.98B
GREIF, INC.	-5.60%	2.96B
PACTIV EVERGREEN INC.	+13.27%	2.78B

Other Non-Paper Containers & Packaging