| Market Price ($) | 5.213 |
| Market Cap ($m) | 1,530 |
| Enterprise Value ($m) | 1,811 |
| Shares Outstanding | 293,429,230 |
| Code | KER PW |
| FV ($) | **** |
| Upside (%) | **** |
| Recommendation | **** |
| Indicator | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Sales ($m) | 4,107 | 5,595 | *** | *** | *** |
| EBITDA ($m) | 443 | 806 | *** | *** | *** |
| Net Income ($m) | 118 | 513 | *** | *** | *** |
| Net Debt ($m) | 980 | 836 | *** | *** | *** |
| Indicator | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| P/E | 12.48 | 2.87 | *** | *** | *** |
| P/Sales | 0.36 | 0.26 | *** | *** | *** |
| EV/EBITDA | 5.5 | 2.9 | *** | *** | *** |
| P/Book | 0.98 | 0.76 | *** | *** | *** |
| Year | 2027 |
|---|---|
| Issue Volume ($m) | 300 |
| Coupon Rate (% p.a.) | 6.75% |
| Coupon Frequency | S/A |
| Maturity date | 10/27/2027 |
| Ratings: Fitch/Moody`s/S&P | CCC-/CCC-/—/—/CCC/CCC |
| Market Price* ($) | 96.75 |
| Market YTM* | 9.00% |
| Spread over UST* | - |
| Note: *Based on bid price. | |
| Year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Net Sales ($m) | 5,595 | *** | *** |
| EBITDA ($m) | 806 | *** | *** |
| Net Income ($m) | 513 | *** | *** |
| EBIT Coverage Ratio (x) | 4.86 | *** | *** |
| Net Debt/Equity (%) | 72.3% | *** | *** |
| Covenants | |
|---|---|
| Restriction on payment of dividend | - |
| Financial Reports | A - within 120 days; Q - within 90 days |
| Min. Fixed Charge Coverage Ratio* | 3:1 |
| Events of Default | |
| Failure to pay | 10 days |
| Cross default | $30m |
| Expiry of license, illegality, insolvency etc. | - |
| Judgements | $30m/60 days |