Financials Washington H. Soul Pattinson and Company Limited

Equities

Market Closed - Australian S.E. Other stock markets 02:10:42 2024-04-26 am EDT			5-day change	1st Jan Change
32.45 ^AUD	-1.25%		-0.15%	-0.98%

Apr. 09	Pengana Capital Group Acquires Soul Pattinsons' Pengana Credit Share	MT
Mar. 21	Transcript : Washington H. Soul Pattinson and Company Limited, H1 2024 Earnings Call, Mar 21, 2024

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,437	4,680	7,816	9,273	11,886	11,712	-	-
Enterprise Value (EV) ¹	5,437	5,291	8,343	8,928	11,253	11,273	11,392	11,591
P/E ratio	21.9 x	4.91 x	28.8 x	-592 x	15.3 x	21.8 x	24 x	24 x
Yield	2.55%	3.07%	1.9%	2.8%	2.64%	2.94%	3.26%	3.59%
Capitalization / Revenue	3.36 x	3.42 x	5.2 x	3.33 x	18.9 x	16.3 x	15.6 x	14.9 x
EV / Revenue	3.36 x	3.87 x	5.56 x	3.21 x	17.9 x	15.7 x	15.2 x	14.8 x
EV / EBITDA	10.5 x	3.96 x	12.3 x	4.92 x	30.6 x	13.8 x	13.4 x	13.1 x
EV / FCF	31.8 x	25.2 x	25 x	8.83 x	18.9 x	20 x	19.4 x	18.9 x
FCF Yield	3.15%	3.97%	3.99%	11.3%	5.3%	4.99%	5.15%	5.28%
Price to Book	-	1.07 x	1.91 x	1.1 x	1.36 x	1.69 x	1.69 x	1.7 x
Nbr of stocks (in thousands)	239,395	239,395	239,395	360,968	360,723	360,919	-	-
Reference price ²	22.71	19.55	32.65	25.69	32.95	32.45	32.45	32.45
Announcement Date	9/18/19	9/23/20	9/22/21	9/20/22	9/27/23	-	-	-

¹AUD in Million²AUD

Estimates

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,616	1,368	1,502	2,785	629.5	718	750	784
EBITDA ¹	520	1,337	675.7	1,815	367.4	815	850	886
EBIT ¹	357.1	1,088	428.6	1,594	325.8	773	808	844
Operating Margin	22.1%	79.48%	28.54%	57.26%	51.75%	107.66%	107.73%	107.65%
Earnings before Tax (EBT) ¹	474.5	1,123	442.3	751.7	716.2	642.4	605.3	612.9
Net income ¹	247.9	953	273.2	-12.94	690.7	477.2	471.4	474.8
Net margin	15.34%	69.64%	18.19%	-0.46%	109.73%	66.47%	62.85%	60.55%
EPS ²	1.036	3.981	1.134	-0.0434	2.158	1.488	1.352	1.354
Free Cash Flow ¹	171.2	209.9	333.2	1,011	596.2	563	587	612
FCF margin	10.59%	15.34%	22.18%	36.3%	94.72%	78.41%	78.27%	78.06%
FCF Conversion (EBITDA)	32.92%	15.7%	49.31%	55.7%	162.27%	69.08%	69.06%	69.07%
FCF Conversion (Net income)	69.04%	22.02%	121.95%	-	86.32%	117.97%	124.54%	128.91%
Dividend per Share ²	0.5800	0.6000	0.6200	0.7200	0.8700	0.9554	1.058	1.164
Announcement Date	9/18/19	9/23/20	9/22/21	9/20/22	9/27/23	-	-	-

¹AUD in Million²AUD

Estimates

Fiscal Period: Juli	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	611	526	-	-	-	-	-
Net Cash position ¹	-	-	-	345	633	439	320	121
Leverage (Debt/EBITDA)	-	0.457 x	0.779 x	-	-	-	-	-
Free Cash Flow ¹	171	210	333	1,011	596	563	587	612
ROE (net income / shareholders' equity)	8.92%	4.3%	6.56%	13.3%	8.05%	6.68%	6.11%	6.08%
ROA (Net income/ Total Assets)	5.5%	2.56%	3.71%	9.6%	7.08%	5.92%	5.28%	5.21%
Assets ¹	4,508	37,180	7,355	-134.8	9,751	8,058	8,928	9,104
Book Value Per Share ²	-	18.30	17.10	23.40	24.20	19.20	19.20	19.10
Cash Flow per Share ²	-	1.810	2.130	4.000	2.370	1.450	1.370	1.380
Capex ¹	195	223	182	182	177	-	-	-
Capex / Sales	12.06%	16.3%	12.09%	6.52%	28.17%	-	-	-
Announcement Date	9/18/19	9/23/20	9/22/21	9/20/22	9/27/23	-	-	-

¹AUD in Million²AUD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

32.45 AUD

Average target price

34.3 AUD

Spread / Average Target

+5.70%

	1st Jan change	Capi.
WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED	-0.98%	7.64B
KOÇ HOLDING	+53.03%	16.95B
INVESTMENT AB LATOUR	+3.20%	15.78B
AB INDUSTRIVÄRDEN	+7.21%	13.87B
L E LUNDBERGFÖRETAGEN AB	-0.77%	12.3B
HAL TRUST	+9.67%	12.04B
BAJAJ HOLDINGS & INVESTMENT LIMITED	+6.24%	10.88B
MERITZ FINANCIAL GROUP INC.	+34.86%	10.17B
GROUPE BRUXELLES LAMBERT SA	-1.71%	9.7B
SOFINA SA	-2.66%	7.78B