Financials Synlait Milk Limited

Equities

SML

NZSMLE0001S9

Food Processing

End-of-day quote New Zealand S.E. 06:00:00 2024-07-04 pm EDT 5-day change 1st Jan Change
0.245 NZD +2.08% Intraday chart for Synlait Milk Limited +8.89% -74.21%

Valuation

Fiscal Period: July 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,801 1,237 815.3 699.5 354.1 53.55 - -
Enterprise Value (EV) 1 2,135 1,780 1,292 1,041 767.6 527.6 553.7 555.3
P/E ratio 21.9 x 16.5 x -27.1 x 18.2 x -82.7 x -0.41 x -3.91 x -15.7 x
Yield - - - - - - - 1.56%
Capitalization / Revenue 1.76 x 0.95 x 0.6 x 0.42 x 0.22 x 0.03 x 0.03 x 0.03 x
EV / Revenue 2.08 x 1.37 x 0.95 x 0.63 x 0.48 x 0.34 x 0.33 x 0.31 x
EV / EBITDA 14 x 10.4 x 34.6 x 8.07 x 8.46 x 12 x 7.12 x 6.18 x
EV / FCF -12.4 x -52.9 x -12.9 x 5.82 x -78.5 x -7.51 x 332 x -54.2 x
FCF Yield -8.09% -1.89% -7.76% 17.2% -1.27% -13.3% 0.3% -1.84%
Price to Book 3.66 x 2.04 x 1.06 x 0.93 x 0.45 x 0.09 x 0.09 x 0.09 x
Nbr of stocks (in thousands) 179,223 179,307 218,582 218,582 218,582 218,582 - -
Reference price 2 10.05 6.900 3.730 3.200 1.620 0.2450 0.2450 0.2450
Announcement Date 9/11/19 9/27/20 9/27/21 9/26/22 9/24/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,024 1,302 1,367 1,661 1,604 1,572 1,669 1,786
EBITDA 1 152.1 171.4 37.3 129.1 90.7 44.01 77.72 89.9
EBIT 1 124.5 123.3 -17.66 62.6 31 -18.63 26.74 45.41
Operating Margin 12.16% 9.47% -1.29% 3.77% 1.93% -1.19% 1.6% 2.54%
Earnings before Tax (EBT) 1 115.1 101.9 -39.15 41.61 -20.27 -67.59 -28.76 -22.47
Net income 1 82.24 75.21 -28.45 38.52 -4.292 -132 -16.84 -5.497
Net margin 8.03% 5.78% -2.08% 2.32% -0.27% -8.4% -1.01% -0.31%
EPS 2 0.4589 0.4185 -0.1377 0.1758 -0.0196 -0.6010 -0.0627 -0.0156
Free Cash Flow 1 -172.6 -33.67 -100.3 179.1 -9.784 -70.21 1.669 -10.24
FCF margin -16.85% -2.59% -7.33% 10.78% -0.61% -4.47% 0.1% -0.57%
FCF Conversion (EBITDA) - - - 138.7% - - 2.15% -
FCF Conversion (Net income) - - - 464.83% - - - -
Dividend per Share 2 - - - - - - - 0.003810
Announcement Date 9/11/19 9/27/20 9/27/21 9/26/22 9/24/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2
Net sales 1 559.3 742.7 664.2 703.2 - 870
EBITDA 1 - - - -10.4 - 60.7
EBIT 1 - - - -37.25 - 21.19
Operating Margin - - - -5.3% - 2.44%
Earnings before Tax (EBT) 1 - - - -47.61 - 10.54
Net income 1 - - - -34.82 27.9 10.62
Net margin - - - -4.95% - 1.22%
EPS - - - - 0.1280 -
Dividend per Share - - - - - -
Announcement Date 3/19/20 9/27/20 3/28/21 9/27/21 3/31/22 9/26/22
1NZD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: July 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 334 543 477 342 414 474 500 502
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.193 x 3.168 x 12.79 x 2.648 x 4.559 x 10.77 x 6.436 x 5.582 x
Free Cash Flow 1 -173 -33.7 -100 179 -9.78 -70.2 1.67 -10.2
ROE (net income / shareholders' equity) 17.9% 13.7% -4.15% 5.08% 0.32% -6.71% -3.23% -0.45%
ROA (Net income/ Total Assets) 8.47% 5.69% -1.83% 2.41% 0.15% -0.35% - -
Assets 1 970.8 1,321 1,554 1,597 -2,800 37,764 - -
Book Value Per Share 2 2.750 3.380 3.510 3.420 3.620 2.880 2.710 2.690
Cash Flow per Share 2 0.7000 0.8700 0.0800 0.5500 0.1800 0.0400 0.2100 0.3300
Capex 1 309 139 116 53.9 48.8 34.6 35.4 34.3
Capex / Sales 30.2% 10.69% 8.5% 3.24% 3.04% 2.2% 2.12% 1.92%
Announcement Date 9/11/19 9/27/20 9/27/21 9/26/22 9/24/23 - - -
1NZD in Million2NZD
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
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
3
Last Close Price
0.245 NZD
Average target price
0.4067 NZD
Spread / Average Target
+65.99%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. SML Stock
  4. Financials Synlait Milk Limited