Financials FrieslandCampina Engro Pakistan Limited

Equities

FCEPL

PK0096501017

Food Processing

End-of-day quote Pakistan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
72.79 ^PKR	-4.56%		+0.33%	-11.09%

Feb. 16	FrieslandCampina Engro Pakistan Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Jan. 08	FrieslandCampina Engro Pakistan Limited Announces Chief Executive Officer Changes, Effective February 01, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	61,113	60,791	63,068	64,954	50,365	55,801	55,801	-
Enterprise Value (EV) ¹	67,089	66,541	68,898	64,954	49,566	62,761	55,257	44,867
P/E ratio	997 x	-63.4 x	358 x	36.1 x	20.4 x	41.6 x	13.9 x	9.54 x
Yield	-	-	-	-	-	3.1%	5.41%	7.86%
Capitalization / Revenue	1.88 x	1.56 x	1.43 x	-	0.69 x	0.63 x	0.48 x	0.41 x
EV / Revenue	2.07 x	1.71 x	1.56 x	-	0.67 x	0.63 x	0.48 x	0.33 x
EV / EBITDA	27.4 x	34.5 x	19.5 x	-	7.99 x	8.6 x	6.47 x	3.99 x
EV / FCF	569 x	177 x	203 x	-	10.5 x	-13.6 x	9.48 x	3.36 x
FCF Yield	0.18%	0.57%	0.49%	-	9.52%	-7.36%	10.5%	29.8%
Price to Book	6.54 x	7.25 x	7.38 x	-	3.97 x	3.71 x	3.22 x	2.78 x
Nbr of stocks (in thousands)	766,596	766,596	766,596	766,596	766,596	766,596	766,596	-
Reference price ²	79.72	79.30	82.27	84.73	65.70	72.79	72.79	72.79
Announcement Date	2/8/19	2/7/20	2/9/21	2/7/22	2/9/23	2/16/24	-	-

¹PKR in Million²PKR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	32,439	38,857	44,155	-	73,474	100,235	115,651	136,181
EBITDA ¹	2,451	1,929	3,527	-	6,200	6,910	8,536	11,242
EBIT ¹	505	121.2	1,507	-	4,456	4,759	6,656	9,331
Operating Margin	1.56%	0.31%	3.41%	-	6.06%	4.75%	5.76%	6.85%
Earnings before Tax (EBT) ¹	-170.3	-1,100	267.7	-	3,951	2,990	6,599	9,588
Net income ¹	63.78	-954.9	176.9	-	2,466	1,509	4,025	5,848
Net margin	0.2%	-2.46%	0.4%	-	3.36%	1.51%	3.48%	4.29%
EPS ²	0.0800	-1.250	0.2300	2.350	3.220	1.970	5.250	7.630
Free Cash Flow ¹	118	376.2	339.6	-	4,718	-4,375	5,827	13,367
FCF margin	0.36%	0.97%	0.77%	-	6.42%	-4.42%	5.04%	9.82%
FCF Conversion (EBITDA)	4.81%	19.5%	9.63%	-	76.11%	-	68.26%	118.9%
FCF Conversion (Net income)	184.98%	-	191.95%	-	191.37%	-	144.77%	228.57%
Dividend per Share ²	-	-	-	-	-	2.260	3.938	5.722
Announcement Date	2/8/19	2/7/20	2/9/21	2/7/22	2/9/23	2/16/24	-	-

¹PKR in Million²PKR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2021 Q2	2021 Q3	2022 Q1
Net sales ¹	18,690	13,013	14,081	13,971
EBITDA	-	-	-	-
EBIT ¹	464.1	1,426	984.7	1,184
Operating Margin	2.48%	10.96%	6.99%	8.47%
Earnings before Tax (EBT) ¹	-86.87	1,195	750.4	934
Net income ¹	-238.8	867.3	544.9	663.7
Net margin	-1.28%	6.66%	3.87%	4.75%
EPS ²	-0.3100	1.130	0.7100	0.8700
Dividend per Share	-	-	-	-
Announcement Date	8/6/19	8/20/21	10/20/21	4/28/22

¹PKR in Million²PKR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	5,976	5,750	5,830	-	-	3,649	-	-
Net Cash position ¹	-	-	-	-	799	-	544	10,934
Leverage (Debt/EBITDA)	2.438 x	2.981 x	1.653 x	-	-	0.5281 x	-	-
Free Cash Flow ¹	118	376	340	-	4,718	-4,375	5,827	13,367
ROE (net income / shareholders' equity)	0.7%	-11.4%	2.1%	19.1%	21.4%	16.7%	24.9%	31.3%
ROA (Net income/ Total Assets)	0.28%	-	-	-	-	-	-	-
Assets ¹	22,459	-	-	-	-	-	-	-
Book Value Per Share ²	12.20	10.90	11.20	-	16.60	19.60	22.60	26.20
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1,272	1,146	1,594	-	1,505	1,815	1,594	1,680
Capex / Sales	3.92%	2.95%	3.61%	-	2.05%	1.83%	1.38%	1.23%
Announcement Date	2/8/19	2/7/20	2/9/21	2/7/22	2/9/23	2/16/24	-	-

¹PKR in Million²PKR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for FrieslandCampina Engro Pakistan Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

72.79 PKR

Average target price

94 PKR

Spread / Average Target

+29.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Dairy Products

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FRIESLANDCAMPINA ENGRO PAKISTAN LIMITED	-11.09%	200M
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GLANBIA PLC	+19.79%	4.98B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+22.01%	4.53B
HATSUN AGRO PRODUCT LIMITED	-3.99%	2.92B

Dairy Products