Financials Sappi Limited

Equities

SAP

ZAE000006284

Paper Products

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
51.04 ZAR +1.27% Intraday chart for Sappi Limited -3.90% +15.48%

Valuation

Fiscal Period: Oktober 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,368 896.8 1,527 1,371 1,303 1,518 - -
Enterprise Value (EV) 1 2,869 2,854 3,473 2,534 2,388 2,921 2,907 2,807
P/E ratio 6.4 x -6.77 x 135 x 2.7 x 5.31 x 29.7 x 6.23 x 5.45 x
Yield - - - 6.18% 6.43% 3.88% 5.39% 6.09%
Capitalization / Revenue 0.24 x 0.19 x 0.29 x 0.19 x 0.22 x 0.29 x 0.27 x 0.25 x
EV / Revenue 0.5 x 0.62 x 0.66 x 0.35 x 0.41 x 0.56 x 0.52 x 0.47 x
EV / EBITDA 4.18 x 7.55 x 6.53 x 1.89 x 3.27 x 4.76 x 4.09 x 3.5 x
EV / FCF 1,434 x -31.4 x 105 x 4.93 x 11.2 x -26.6 x 12.9 x 7.63 x
FCF Yield 0.07% -3.19% 0.95% 20.3% 8.92% -3.77% 7.72% 13.1%
Price to Book 0.7 x 0.57 x 0.77 x 0.58 x 0.53 x 0.64 x 0.58 x 0.53 x
Nbr of stocks (in thousands) 548,053 529,912 565,219 565,200 558,100 559,900 - -
Reference price 2 2.496 1.692 2.702 2.426 2.334 2.711 2.711 2.711
Announcement Date 11/14/19 11/5/20 11/11/21 11/10/22 11/8/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Oktober 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,746 4,609 5,265 7,296 5,809 5,263 5,618 5,992
EBITDA 1 687 378 532 1,339 731 613.9 710.9 801.2
EBIT 1 402 57 203 1,038 432 354.9 440.9 524.3
Operating Margin 7% 1.24% 3.86% 14.23% 7.44% 6.74% 7.85% 8.75%
Earnings before Tax (EBT) 1 298 -126 12 673 331 -7.42 298.1 404
Net income 1 211 -135 13 536 259 54.57 232.2 298.5
Net margin 3.67% -2.93% 0.25% 7.35% 4.46% 1.04% 4.13% 4.98%
EPS 2 0.3900 -0.2500 0.0200 0.9000 0.4400 0.0911 0.4350 0.4977
Free Cash Flow 1 2 -91 33 514 213 -110 224.5 368
FCF margin 0.03% -1.97% 0.63% 7.04% 3.67% -2.09% 4% 6.14%
FCF Conversion (EBITDA) 0.29% - 6.2% 38.39% 29.14% - 31.58% 45.93%
FCF Conversion (Net income) 0.95% - 253.85% 95.9% 82.24% - 96.66% 123.29%
Dividend per Share 2 - - - 0.1500 0.1500 0.1052 0.1462 0.1650
Announcement Date 11/14/19 11/5/20 11/11/21 11/10/22 11/8/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,425 1,697 1,858 1,818 1,923 1,660 1,442 - 1,326 1,381 1,272 1,360 1,417 1,499 - -
EBITDA 1 177 240 337 371 391 290 167 457 106 168 156 135 150 188 - -
EBIT 1 92 169 259 300 318 225 101 - 41 65 86 66 79 112 - -
Operating Margin 6.46% 9.96% 13.94% 16.5% 16.54% 13.55% 7% - 3.09% 4.71% 6.76% 4.85% 5.58% 7.47% - -
Earnings before Tax (EBT) 1 32 142 204 244 83 231 - - - -32 -107 49 61 94 - -
Net income 1 35 123 188 199 26 190 69 - 40 -40 -126 55.03 64.67 60.86 - -
Net margin 2.46% 7.25% 10.12% 10.95% 1.35% 11.45% 4.79% - 3.02% -2.9% -9.91% 4.05% 4.56% 4.06% - -
EPS 2 0.0600 0.2200 0.3200 0.3300 0.0400 0.3400 0.1200 - 0.0700 -0.0900 -0.2300 0.0950 0.1080 0.1016 - -
Dividend per Share 2 - - - - 0.1500 0.1500 - - - - - - - 0.0800 - -
Announcement Date 11/11/21 2/9/22 5/12/22 8/4/22 11/10/22 2/7/23 5/10/23 5/10/23 8/3/23 11/8/23 2/6/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: October 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,501 1,957 1,946 1,163 1,085 1,403 1,389 1,289
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.185 x 5.177 x 3.658 x 0.8686 x 1.484 x 2.286 x 1.954 x 1.609 x
Free Cash Flow 1 2 -91 33 514 213 -110 225 368
ROE (net income / shareholders' equity) 12.1% -1.45% 4.1% 36% 10.8% 7.11% 11.3% 11.6%
ROA (Net income/ Total Assets) 4.18% -0.47% 1.39% 12.5% 4.31% 1.5% 6% 6.15%
Assets 1 5,048 28,760 934.2 4,271 6,012 3,638 3,871 4,853
Book Value Per Share 2 3.590 2.990 3.510 4.170 4.380 4.260 4.640 5.090
Cash Flow per Share 2 0.8700 0.4700 0.6900 1.470 1.000 0.4700 0.8300 -
Capex 1 471 351 374 368 392 484 401 345
Capex / Sales 8.2% 7.62% 7.1% 5.04% 6.75% 9.19% 7.14% 5.75%
Announcement Date 11/14/19 11/5/20 11/11/21 11/10/22 11/8/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
2.711 USD
Average target price
2.873 USD
Spread / Average Target
+5.99%
Consensus
  1. Stock Market
  2. Equities
  3. SAP Stock
  4. Financials Sappi Limited