Financials Pepper Money Limited

Equities

PPM

AU0000150898

Consumer Lending

Market Closed - Australian S.E. Other stock markets 11:40:46 10/05/2024 am IST			5-day change	1st Jan Change
1.475 ^AUD	+3.87%		+3.15%	+19.92%

28/03	Pepper Money Completes Stratton Finance Acquisition	MT
28/03	Pepper Money Limited completed the acquisition of 35% stake in Stratton Finance Pty Ltd.	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	949.3	624.3	540.9	651.3	-	-
Enterprise Value (EV) ¹	949.3	624.3	540.9	651.3	651.3	651.3
P/E ratio	6.01 x	4.53 x	5.16 x	7.2 x	6.37 x	5.74 x
Yield	4.17%	7.39%	-	6.84%	7.19%	6.89%
Capitalization / Revenue	2.37 x	1.41 x	1.26 x	1.47 x	1.38 x	1.38 x
EV / Revenue	2.37 x	1.41 x	1.26 x	1.47 x	1.38 x	1.38 x
EV / EBITDA	4.11 x	2.63 x	2.72 x	3.58 x	3.4 x	3.29 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	1.49 x	0.78 x	-	0.74 x	0.68 x	0.63 x
Nbr of stocks (in thousands)	4,39,506	4,39,677	4,39,791	4,41,546	-	-
Reference price ²	2.160	1.420	1.230	1.475	1.475	1.475
Announcement Date	23/02/22	22/02/23	28/02/24	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	400.4	441.5	427.8	441.8	472.4	473
EBITDA ¹	-	231.2	237	198.7	181.7	191.6	198.2
EBIT ¹	-	226.9	236.5	188.6	164.8	179.2	171.1
Operating Margin	-	56.67%	53.57%	44.09%	37.31%	37.94%	36.17%
Earnings before Tax (EBT) ¹	-	186.3	201.7	148.7	130.2	143.9	159.8
Net income ¹	-29.96	130.7	141	110.7	93.59	104.4	112.9
Net margin	-	32.64%	31.94%	25.88%	21.18%	22.1%	23.87%
EPS ²	-0.1190	0.3593	0.3134	0.2383	0.2048	0.2317	0.2571
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.0900	0.1050	-	0.1008	0.1060	0.1017
Announcement Date	25/05/21	23/02/22	22/02/23	28/02/24	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1
Net sales ¹	176.2	192.5	281.2	193.5	234.3	217.2	232.4	241.2
EBITDA	108	119.3	-	94.7	-	-	-	-
EBIT ¹	97.3	109.3	127.2	82.8	105.8	77.11	81.4	84.79
Operating Margin	55.22%	56.78%	45.23%	42.79%	45.16%	35.51%	35.02%	35.15%
Earnings before Tax (EBT)	-	103.7	98	71.1	77.6	-	-	-
Net income	-	72.2	68.8	53	57.7	-	-	-
Net margin	-	37.51%	24.47%	27.39%	24.63%	-	-	-
EPS	-	0.1609	0.1525	0.1152	0.1231	-	-	-
Dividend per Share	-	0.0540	0.0510	0.0350	-	-	-	-
Announcement Date	23/08/21	23/08/22	22/02/23	22/08/23	28/02/24	-	-	-

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	20.7%	19.8%	-	10.9%	11.3%	11.7%
ROA (Net income/ Total Assets)	-	0.65%	0.77%	-	0.47%	0.51%	0.5%
Assets ¹	-	20,185	18,312	-	20,127	20,671	22,577
Book Value Per Share ²	-	1.450	1.820	-	2.000	2.170	2.340
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	25/05/21	23/02/22	22/02/23	28/02/24	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pepper Money Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.475 AUD

Average target price

1.654 AUD

Spread / Average Target

+12.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Consumer Lending

	1st Jan change	Capi.
PEPPER MONEY LIMITED	+19.92%	430M
BAJAJ FINANCE LIMITED	-8.78%	49.45B
BAJAJ FINSERV LTD.	-6.71%	30.26B
JIO FINANCIAL SERVICES LIMITED	+48.27%	26.46B
ORIX CORPORATION	+26.81%	24.88B
SYNCHRONY FINANCIAL	+19.74%	18.36B
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	+0.68%	12.76B
SHRIRAM FINANCE LIMITED	+14.30%	10.55B
MUTHOOT FINANCE LIMITED	+12.66%	7.99B
SOFI TECHNOLOGIES, INC.	-30.25%	7.34B

Other Consumer Lending