Financials Richards Packaging Income Fund

Equities

RPI.UN

CA7631021002

Non-Paper Containers & Packaging

Market Closed - Toronto S.E. Other stock markets 03:59:14 2024-05-06 pm EDT			5-day change	1st Jan Change
31.7 ^CAD	-0.22%		-2.13%	-8.51%

May. 02	Richards Packaging Income Fund Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 19	Richards Packaging Income Fund Announces April 2024 Distribution	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	512	863	676.6	475.4	379.6	347.3	-
Enterprise Value (EV) ¹	577.2	878.9	690.8	534.8	379.6	337.4	319.6
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	0.87 x	0.84 x
EV / Revenue	1.73 x	1.8 x	1.53 x	1.2 x	0.89 x	0.84 x	0.78 x
EV / EBITDA	10.7 x	8.94 x	9.7 x	8.3 x	6.55 x	6.2 x	5.67 x
EV / FCF	-	16.6 x	22.1 x	12.6 x	-	8.35 x	8.95 x
FCF Yield	-	6.02%	4.52%	7.91%	-	12%	11.2%
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	31.70	31.70
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	400.5	411
EBITDA ¹	53.88	98.26	71.24	64.44	57.95	54.4	56.4
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	-	40.4	35.7
FCF margin	-	10.81%	6.92%	9.46%	-	10.09%	8.69%
FCF Conversion (EBITDA)	-	53.82%	43.86%	65.64%	-	74.26%	63.3%
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 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2
Net sales	116.4	110	119.7	109	108.1	106.8	108.9	-	-	-
EBITDA ¹	18.13	16.46	18.99	14.49	14.5	14.34	15.18	14.22	16.55	13.8
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	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	-	-	-	-	-	9.9	27.7
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	-	40.4	35.7
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

31.7 CAD

Average target price

42 CAD

Spread / Average Target

+32.49%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Non-Paper Containers & Packaging

	1st Jan change	Capi.
RICHARDS PACKAGING INCOME FUND	-8.51%	254M
BALL CORPORATION	+19.78%	21.59B
CROWN HOLDINGS, INC.	-9.58%	9.84B
CCL INDUSTRIES INC.	+19.97%	9.34B
SEALED AIR CORPORATION	-2.00%	5.12B
SILGAN HOLDINGS INC.	+3.07%	4.94B
GREIF, INC.	-3.52%	2.99B
VISCOFAN, S.A.	+12.31%	2.98B
PACTIV EVERGREEN INC.	-0.88%	2.43B
WINPAK LTD.	+7.04%	2.07B

Other Non-Paper Containers & Packaging