Company Valuation: First Resources Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,766 1,732 1,695 1,691 2,517 5,000 - -
Change - -1.95% -2.11% -0.24% 48.81% 98.65% - -
Enterprise Value (EV) 1 1,792 1,587 1,770 1,804 3,179 5,588 5,424 5,210
Change - -11.4% 11.53% 1.92% 76.2% 75.77% -2.93% -3.94%
P/E 11x 5.35x 11.7x 6.9x 7.11x 11.6x 10.8x 11x
PBR 1.47x 1.33x 1.31x 1.23x 1.64x 2.39x 2.37x 2.1x
PEG - 0x -0.2x 0.1x 0.2x 0.5x 1.61x -6.24x
Capitalization / Revenue 1.71x 1.41x 1.73x 1.63x 1.52x 2.71x 2.62x 2.66x
EV / Revenue 1.74x 1.3x 1.81x 1.74x 1.91x 3.03x 2.84x 2.77x
EV / EBITDA 5.73x 3.12x 6.28x 4.52x 5.17x 7.43x 6.77x 6.52x
EV / EBIT 7.31x 3.8x 8.94x 5.35x 6.43x 9.03x 8.31x 8.03x
EV / FCF 7.43x 6.41x -26.9x 24.9x 53.5x 13.3x 9.28x 8.25x
FCF Yield 13.5% 15.6% -3.72% 4.02% 1.87% 7.5% 10.8% 12.1%
Dividend per Share 2 0.0468 0.1077 0.046 0.0728 0.1163 0.1618 0.1736 0.1701
Rate of return 4.17% 9.76% 4.25% 6.66% 7.16% 5.01% 5.37% 5.27%
EPS 2 0.1021 0.2065 0.0928 0.1582 0.2284 0.2794 0.2982 0.2929
Distribution rate 45.8% 52.1% 49.6% 46% 50.9% 57.9% 58.2% 58.1%
Net sales 1 1,032 1,225 980.6 1,039 1,661 1,842 1,910 1,881
EBITDA 1 312.9 508.8 282 398.9 614.9 751.8 801.8 799.5
EBIT 1 245 417.9 198.1 337 494.6 619.1 653.1 649
Net income 1 161.1 325.2 145.4 245.8 353.9 419.7 446.8 445.6
Net Debt 1 25.22 -144.6 74.9 112.9 662.2 587.9 424 210.2
Reference price 2 1.120 1.104 1.083 1.092 1.625 3.230 3.230 3.230
Nbr of stocks (in thousands) 1,577,066 1,569,155 1,564,989 1,549,267 1,549,058 1,548,141 - -
Announcement Date 24/02/22 28/02/23 28/02/24 27/02/25 26/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.56x3.03x7.43x5.01% 5B
19.66x2.7x13.49x4.2% 232B
18.1x2.36x14.09x3.54% 74.27B
15.92x1.67x9.48x3.97% 42.8B
14.9x0.53x9.56x2.59% 38.77B
19.39x2.97x12.07x3.6% 32.19B
35.68x3.08x17.97x1.04% 31.54B
25.03x5.24x16.69x3.35% 28.38B
-7.82x1.76x8.76x7.23% 26.31B
Average 16.94x 2.59x 12.17x 3.84% 56.8B
Weighted average by Cap. 18.54x 2.54x 13.01x 3.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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