| Market Price ($) | 3.350 |
| Market Cap ($m) | 359 |
| Enterprise Value ($m) | 1,825 |
| Shares Outstanding | 107,038,208 |
| Code | MHPC LI |
| FV ($) | **** |
| Upside (%) | **** |
| Recommendation | **** |
| Indicator | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Sales ($m) | 1,552 | 2,056 | *** | *** | *** |
| EBITDA ($m) | 450 | 427 | *** | *** | *** |
| Net Income ($m) | 129 | 215 | *** | *** | *** |
| Net Debt ($m) | 1,131 | 1,342 | *** | *** | *** |
| Indicator | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| P/E | 2.77 | 1.67 | *** | *** | *** |
| P/Sales | 0.23 | 0.17 | *** | *** | *** |
| EV/EBITDA | 3.3 | 4.0 | *** | *** | *** |
| P/Book | 0.33 | 0.22 | *** | *** | *** |
| Year | 2024 | 2026 | 2029 |
|---|---|---|---|
| Issue Volume ($m) | 500 | 550 | 350 |
| Coupon Rate (% p.a.) | 7.75% | 6.95% | 6.25% |
| Coupon Frequency | S/A | S/A | S/A |
| Maturity date | 5/10/2024 | 4/3/2026 | 9/19/2029 |
| Ratings: Fitch/Moody`s/S&P | CC/Caa3/CCC | CC/Caa3/CCC | CC/Caa3/CCC |
| Market Price* ($) | 94.50 | 78.50 | 67.00 |
| Market YTM* | 295.90% | 21.20% | 15.50% |
| Spread over UST* | - | - | - |
| Note: *Based on bid price. | |||
| Year | 2020 | 2021 | 2022E |
|---|---|---|---|
| Net Sales ($m) | 1,911 | *** | *** |
| EBITDA ($m) | 395 | *** | *** |
| Net Income ($m) | (133) | *** | *** |
| EBIT Coverage Ratio (x) | 1.54 | *** | *** |
| Net Debt/Equity (%) | 133.5% | *** | *** |
| Covenants | |
|---|---|
| Restriction on payment of dividend | - |
| Financial Reports | A - within 135 days; S/A - within 90 days |
| Max. Consolidated Net Debt/EBITDA* | 3:1 |
| Events of Default | |
| Failure to pay | 30 days |
| Cross default | $10m |
| Expiry of license, illegality, insolvency etc. | - |
| Judgements | $10m/60 days |