Financials Riverstone Holdings Limited

Equities

Market Closed - Singapore S.E. Other stock markets 05:10:14 2024-04-26 am EDT			5-day change	1st Jan Change
0.795 ^SGD	-2.45%		+0.63%	+12.77%

Apr. 19	Riverstone Credit net asset value unchanged in first quarter	AN
Mar. 22	RHB Upgrades Riverstone to Buy From Neutral, Adjusts Price Target to SG$0.93 From SG$0.74	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	685.5	1,645	1,038	911.5	1,045	1,178	-	-
Enterprise Value (EV) ¹	646.7	1,436	519.6	589.9	1,045	845.3	791.5	1,178
P/E ratio	15.9 x	7.78 x	2.27 x	9.58 x	16.8 x	15.8 x	14 x	13.6 x
Yield	2.64%	5.3%	17.4%	-	-	4.32%	4.53%	5.47%
Capitalization / Revenue	2.09 x	2.75 x	1.05 x	2.39 x	4.05 x	3.81 x	3.36 x	3.41 x
EV / Revenue	1.98 x	2.4 x	0.52 x	1.55 x	4.05 x	2.73 x	2.26 x	3.41 x
EV / EBITDA	9.66 x	4.91 x	0.84 x	4.06 x	10.9 x	7.35 x	6.28 x	9.03 x
EV / FCF	20.8 x	7.28 x	1.14 x	-	-	16.2 x	11.1 x	16.2 x
FCF Yield	4.81%	13.7%	87.4%	-	-	6.19%	9%	6.16%
Price to Book	2.63 x	2.98 x	1.38 x	1.63 x	-	2.32 x	2.1 x	2.14 x
Nbr of stocks (in thousands)	1,482,168	1,482,168	1,482,168	1,482,168	1,482,168	1,482,168	-	-
Reference price ²	0.4625	1.110	0.7000	0.6150	0.7050	0.7950	0.7950	0.7950
Announcement Date	2/25/20	2/25/21	2/22/22	2/23/23	2/28/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	327.2	598	992.3	381.2	258.3	309.2	350.8	345.3
EBITDA ¹	66.93	292.2	616.3	145.2	95.94	114.9	126.1	130.5
EBIT ¹	51.06	273.5	598.4	126.2	78.88	96.95	107.4	111.1
Operating Margin	15.6%	45.74%	60.3%	33.11%	30.54%	31.35%	30.62%	32.18%
Earnings before Tax (EBT) ¹	52.09	274.9	598.3	126.2	78.87	99.08	109.3	112.5
Net income ¹	43.15	211.5	456.5	95.15	62.22	75.8	83.72	85.98
Net margin	13.19%	35.37%	46%	24.96%	24.09%	24.51%	23.87%	24.9%
EPS ²	0.0291	0.1427	0.3080	0.0642	0.0420	0.0504	0.0568	0.0585
Free Cash Flow ¹	31.11	197.2	454.3	-	-	52.32	71.25	72.55
FCF margin	9.51%	32.98%	45.78%	-	-	16.92%	20.31%	21.01%
FCF Conversion (EBITDA)	46.48%	67.49%	73.71%	-	-	45.52%	56.49%	55.6%
FCF Conversion (Net income)	72.09%	93.25%	99.53%	-	-	69.03%	85.1%	84.38%
Dividend per Share ²	0.0122	0.0588	0.1221	-	-	0.0343	0.0360	0.0435
Announcement Date	2/25/20	2/25/21	2/22/22	2/23/23	2/28/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	38.8	209	518	322	-	333	387	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	31.1	197	454	-	-	52.3	71.3	72.6
ROE (net income / shareholders' equity)	17.4%	60.3%	76.8%	15%	-	15.6%	16.2%	17.4%
ROA (Net income/ Total Assets)	14.4%	49.4%	64.6%	13.3%	-	13.8%	23.4%	16%
Assets ¹	298.7	428.2	706.2	714.2	-	551.3	357.3	539.1
Book Value Per Share ²	0.1800	0.3700	0.5100	0.3800	-	0.3400	0.3800	0.3700
Cash Flow per Share	0.0400	0.1500	0.3400	-	-	-	-	-
Capex ¹	24.3	30	50.3	-	-	34	27.4	32.5
Capex / Sales	7.43%	5.02%	5.06%	-	-	10.99%	7.8%	9.41%
Announcement Date	2/25/20	2/25/21	2/22/22	2/23/23	2/28/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.795 SGD

Average target price

0.8275 SGD

Spread / Average Target

+4.09%

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