First Resources Ltd
SGX:EB5

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First Resources Ltd
SGX:EB5
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Price: 3.42 SGD 3.32%
Market Cap: S$5.4B

P/FCFE

6.3
Current
23%
More Expensive
vs 3-y average of 5.2

Price to Free Cash Flow to Equity (P/FCFE) ratio compares a company`s market value to the free cash flow available to its shareholders. It`s similar to the P/OCF ratio but more precise, since it accounts for capital expenditures deducted from operating cash flow.

P/FCFE
6.3
=
Market Cap
S$4.8B
/
Free Cash Flow to Equity
$655.1m

Price to Free Cash Flow to Equity (P/FCFE) ratio compares a company`s market value to the free cash flow available to its shareholders. It`s similar to the P/OCF ratio but more precise, since it accounts for capital expenditures deducted from operating cash flow.

P/FCFE
6.3
=
Market Cap
S$4.8B
/
Free Cash Flow to Equity
$655.1m

Valuation Scenarios

First Resources Ltd is trading above its 3-year average

If P/FCFE returns to its 3-Year Average (5.2), the stock would be worth S$2.79 (19% downside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-19%
Maximum Upside
+225%
Average Upside
108%
Scenario P/FCFE Value Implied Price Upside/Downside
Current Multiple 6.3 S$3.42
0%
3-Year Average 5.2 S$2.79
-19%
5-Year Average 11.3 S$6.11
+79%
Industry Average 20.5 S$11.1
+225%
Country Average 15.6 S$8.45
+147%

Forward P/FCFE
Today’s price vs future free cash flow to equity

Not enough data available to calculate forward P/FCFE

Peer Comparison

All Multiples
P/FCFE
P/E
All Countries
Close
Market Cap P/FCFE P/E
SG
First Resources Ltd
SGX:EB5
5.1B SGD 6.3 11.7
US
Archer-Daniels-Midland Co
XETRA:ADM
30.5B EUR 19.9 33.1
US
Bunge Ltd
NYSE:BG
24.4B USD 13.6 29.9
SG
Wilmar International Ltd
SGX:F34
23.9B SGD 28.4 12.2
CN
Tongwei Co Ltd
SSE:600438
78B CNY -87 -9.4
MY
Sime Darby Plantation Bhd
KLSE:SIMEPLT
41.8B MYR -111.1 22.5
US
Darling Ingredients Inc
NYSE:DAR
9.9B USD 37.6 158.2
US
Ingredion Inc
NYSE:INGR
7B USD 16.1 9.7
MY
IOI Corporation Bhd
KLSE:IOICORP
26.4B MYR 38.6 16.6
MY
Kuala Lumpur Kepong Bhd
KLSE:KLK
22.9B MYR -382.9 23.4
CN
New Hope Liuhe Co Ltd
SZSE:000876
39.3B CNY -131.6 39.5

Market Distribution

Lower than 83% of companies in Singapore
Percentile
17th
Based on 379 companies
17th percentile
6.3
Low
0.2 — 10
Typical Range
10 — 28.3
High
28.3 —
Distribution Statistics
Singapore
Min 0.2
30th Percentile 10
Median 15.6
70th Percentile 28.3
Max 572

First Resources Ltd
Glance View

First Resources Ltd. stands as a front-runner in the palm oil industry, navigating the complex landscape of agribusiness with astute precision. Founded in 1992, the Singapore-listed company has grown its footprint across Indonesia, capitalizing on the region’s favorable tropical climate and vast expanses of arable land. The company specializes in the cultivation of oil palm trees and the extraction and refining of crude palm oil (CPO) and palm kernel into value-added products. By efficiently managing over 210,000 hectares of planted palm oil plantations, First Resources has structured its operations to maximize yield and optimize the cost-efficiency of its production processes through advanced agronomy methods and sustainable practices. Revenue generation for First Resources hinges on its ability to supply a diverse range of customers, from consumer goods companies to the renewable energy sector, both of which have seen an increasing demand for palm oil-derived products in recent years. The company has tactically integrated its operations, from plantation and milling to refining and processing, allowing it to capture value at every stage of the palm oil supply chain. Moreover, by leveraging modern technology and a comprehensive distribution network, First Resources ensures its products meet stringent quality and sustainability standards, serving not only to satisfy global market needs but also to comply with evolving environmental regulations. As a result, First Resources effectively positions itself to maintain robust financial performance while navigating the volatile commodity markets.

EB5 Intrinsic Value
2.22 SGD
Overvaluation 35%
Intrinsic Value
Price S$3.42
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