SAPPHIRE TEXTILE MILLS LIMITED

Financials Sapphire Textile Mills Limited

Equities

SAPT

PK0020601016

Textiles & Leather Goods

End-of-day quote Pakistan S.E. Other stock markets 03:30:00 07/05/2024 am IST			5-day change	1st Jan Change
1,310 ^PKR	+2.80%		+10.28%	-7.42%

29/02	Sapphire Textile Mills Limited Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	CI
2023	Sapphire Textile Mills Limited Reports Earnings Results for the First Quarter Ended September 30, 2023	CI

Valuation

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Capitalization ¹	23,196	28,316	17,703	18,924	23,913	25,282
Enterprise Value (EV) ¹	67,292	91,337	78,647	71,269	93,861	99,095
P/E ratio	26.2 x	7.53 x	3.33 x	2.76 x	2.07 x	3.39 x
Yield	1.39%	1.84%	-	1.72%	0.91%	0.86%
Capitalization / Revenue	0.66 x	0.57 x	0.33 x	0.33 x	0.26 x	0.23 x
EV / Revenue	1.9 x	1.84 x	1.48 x	1.23 x	1.04 x	0.91 x
EV / EBITDA	14.3 x	6.9 x	4.46 x	4.19 x	3.72 x	3.65 x
EV / FCF	-2.83 x	-10.6 x	24.8 x	16.8 x	-9.82 x	12.3 x
FCF Yield	-35.4%	-9.42%	4.03%	5.95%	-10.2%	8.1%
Price to Book	1.39 x	1.56 x	0.79 x	0.62 x	0.59 x	0.54 x
Nbr of stocks (in thousands)	20,083	20,083	21,690	21,690	21,690	21,690
Reference price ²	1,155	1,410	816.2	872.5	1,102	1,166
Announcement Date	03/10/18	03/10/19	28/09/20	01/10/21	05/10/22	05/10/23

¹PKR in Million²PKR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Net sales ¹	35,381	49,642	52,967	58,163	90,646	1,09,497
EBITDA ¹	4,692	13,231	17,649	17,004	25,256	27,146
EBIT ¹	2,855	9,778	13,310	12,619	20,675	21,637
Operating Margin	8.07%	19.7%	25.13%	21.7%	22.81%	19.76%
Earnings before Tax (EBT) ¹	1,565	5,471	7,986	9,638	16,768	12,826
Net income ¹	885.5	3,760	5,258	6,851	11,577	7,450
Net margin	2.5%	7.58%	9.93%	11.78%	12.77%	6.8%
EPS ²	44.09	187.2	245.4	315.9	533.7	343.5
Free Cash Flow ¹	-23,790	-8,608	3,168	4,239	-9,561	8,031
FCF margin	-67.24%	-17.34%	5.98%	7.29%	-10.55%	7.33%
FCF Conversion (EBITDA)	-	-	17.95%	24.93%	-	29.58%
FCF Conversion (Net income)	-	-	60.25%	61.87%	-	107.79%
Dividend per Share ²	16.00	26.00	-	15.00	10.00	10.00
Announcement Date	03/10/18	03/10/19	28/09/20	01/10/21	05/10/22	05/10/23

¹PKR in Million²PKR

Estimates

Balance Sheet Analysis

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Net Debt ¹	44,096	63,021	60,944	52,345	69,948	73,813
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.397 x	4.763 x	3.453 x	3.078 x	2.77 x	2.719 x
Free Cash Flow ¹	-23,790	-8,608	3,168	4,239	-9,561	8,031
ROE (net income / shareholders' equity)	5.23%	21.9%	28.3%	24.8%	31.8%	18.5%
ROA (Net income/ Total Assets)	2.5%	6.55%	7.83%	6.98%	9.73%	8.42%
Assets ¹	35,464	57,440	67,165	98,093	1,18,989	88,463
Book Value Per Share ²	828.0	903.0	1,033	1,409	1,855	2,154
Cash Flow per Share ²	230.0	220.0	289.0	404.0	364.0	670.0
Capex ¹	26,332	8,336	1,857	3,305	7,153	6,743
Capex / Sales	74.42%	16.79%	3.51%	5.68%	7.89%	6.16%
Announcement Date	03/10/18	03/10/19	28/09/20	01/10/21	05/10/22	05/10/23

¹PKR in Million²PKR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Yarn Goods

	1st Jan change	Capi.
SAPPHIRE TEXTILE MILLS LIMITED	-7.42%	99.35M
CHINA JUSHI CO., LTD.	+30.52%	6.93B
VARDHMAN TEXTILES LIMITED	+15.63%	1.52B
ZHEJIANG TAIHUA NEW MATERIAL CO.,LTD	-4.40%	1.3B
BROS EASTERN.,LTD	+17.45%	1.19B
HUAFU FASHION CO., LTD.	+10.47%	1.09B
TAINAN SPINNING CO., LTD.	+15.19%	987M
ZHEJIANG XINAO TEXTILES INC.	+8.15%	792M
THE JAPAN WOOL TEXTILE CO., LTD.	+0.82%	606M
ZHEWEN PICTURES GROUP CO.,LTD	-16.24%	567M

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Financials Sapphire Textile Mills Limited

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