First Treet Manufacturing Modaraba Valuation

Q: What is the Fair Price of FTMM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

FTMM (PKR5.05) is trading below our estimate of [[fair value]] (PKR6.13)

Is FTMM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FTMM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FTMM (PKR5.05) is trading below our estimate of fair value (PKR6.13)

Significantly Below Fair Value: FTMM is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FTMM?

Key metric: As FTMM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FTMM. This is calculated by dividing FTMM's market cap by their current earnings.
What is FTMM's PE Ratio?
PE Ratio	21.7x
Earnings	PK₨205.46m
Market Cap	PK₨4.46b

FTMM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.1x
Enterprise Value/EBITDA	18.8x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does FTMM's PE Ratio compare to its peers?

The above table shows the PE ratio for FTMM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	19.8x
CPPL Cherat Packaging	6.4x	n/a	PK₨5.6b
SPEL Synthetic Products Enterprises	9x	n/a	PK₨7.2b
RPL Roshan Packages	32.8x	n/a	PK₨2.4b
CEPB Century Paper & Board Mills	31x	n/a	PK₨11.5b
FTMM First Treet Manufacturing Modaraba	21.7x	n/a	PK₨4.5b

Price-To-Earnings vs Peers: FTMM is expensive based on its Price-To-Earnings Ratio (21.7x) compared to the peer average (19.8x).

Price to Earnings Ratio vs Industry

How does FTMM's PE Ratio compare vs other companies in the Asian Packaging Industry?

7 Companies	Price / Earnings	Estimated Growth	Market Cap

7 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: FTMM is expensive based on its Price-To-Earnings Ratio (21.7x) compared to the Asian Packaging industry average (17.7x).

Price to Earnings Ratio vs Fair Ratio

What is FTMM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FTMM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	21.7x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FTMM's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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