Company Valuation: Future Generation Australia Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 500.4 566.1 469.9 449.9 515.5 538.3
Change - 13.12% -17% -4.26% 14.59% 4.43%
Enterprise Value (EV) 1 459.8 549.6 -43.32 -72.53 -58.56 -70.83
Change - 19.54% -107.88% -67.42% 19.26% -20.96%
P/E 34.8x 7.06x -10.7x 9.79x 10.7x 10.1x
PBR 0.98x 0.99x 0.93x 0.86x 0.94x 0.94x
PEG - 0x 0x -0x 2.64x 1.02x
Capitalization / Revenue 32.3x 5.39x -6.93x 7.57x 8.17x 7.65x
EV / Revenue 29.7x 5.23x 0.64x -1.22x -0.93x -1.01x
EV / EBITDA 22.8x 4.75x - - - -
EV / EBIT 22.8x 4.75x 0.69x -1.12x -0.85x -0.92x
EV / FCF 127x 6.51x 1.08x -2.95x -0.86x -1.04x
FCF Yield 0.78% 15.3% 92.6% -33.9% -116% -96.5%
Dividend per Share 2 0.052 0.06 0.065 0.067 0.07 0.072
Rate of return 4.16% 4.27% 5.6% 6.06% 5.56% 5.5%
EPS 2 0.0359 0.1991 -0.1087 0.1129 0.1175 0.1291
Distribution rate 145% 30.1% -59.8% 59.3% 59.6% 55.8%
Net sales 1 15.48 105 -67.78 59.42 63.08 70.39
EBITDA 1 20.18 115.6 - - - -
EBIT 1 20.18 115.6 -63 64.57 68.55 77.32
Net income 1 14.35 79.88 -43.89 45.83 47.93 52.9
Net Debt 1 -40.65 -16.48 -513.2 -522.4 -574 -609.2
Reference price 2 1.250 1.405 1.160 1.105 1.260 1.310
Nbr of stocks (in thousands) 400,344 402,917 405,053 407,114 409,117 410,937
Announcement Date 2/24/21 2/28/22 2/28/23 2/26/24 2/27/25 2/26/26
1AUD in Million2AUD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 400M
20.46x5.82x12.46x2.04% 174B
15.48x3.72x - 2.28% 168B
17.89x7.77x - 1.4% 112B
24.55x12.85x22.04x3.97% 80.97B
14.52x5.46x - 1.8% 53.36B
12.3x1.9x5.82x1.19% 49.52B
5.42x5.54x3.99x3.4% 37.86B
14.64x5.32x16.57x1.8% 34.15B
Average 15.66x 6.05x 12.18x 2.24% 78.87B
Weighted average by Cap. 17.24x 6.09x 13.17x 2.2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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