Analysis

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Lasco Manufacturers Limited | Equity Analysis

Mar 22, 2023

Valuation To arrive at a price target for LASM, we utilized a Justified Price to Earnings (P/E) Model with our estimated forward earnings for the company as well as a relative P/E valuation approach with respect to its manufacturing and distributing peers traded on the Jamaica Stock Exchange. Our estimate for the 2023 Financial year-end […]

Sygnus Credit Union Investments | Equity Analysis

Mar 13, 2023

Valuation and Recommendation To arrive at our price target for SCI, a Justified Price to Earnings (P/E) Model was used. Our estimate for the 2023 Financial yearend EPS, considering the recovery of earnings as a result of the contribution of the Puerto Rico Credit Fund as well as a lower impairment charge given the charge-off […]

Massy Holding Limited | Equity Analysis

Mar 08, 2023

Valuation To value Massy Holdings Limited, we utilized a combination of a free cash flow to equity valuation model and a Justified P/E approach. The core result from the free cash flow to equity valuation model was a price target of TT$5.07 (J$114.45), assuming an average revenue growth rate over the 6-yr forecasted period of […]

Jamaica Broilers Group Limited | Equity Analysis

Feb 28, 2023

Valuation and Recommendation Valuation: We estimated a price target for JBG using an average of two approaches, the first being based on an average price-to-earnings (P/E) ratio, and the second being based on an average price-to-book (P/B) ratio. P/E Valuation – Under this approach, we estimated a 1-year forward (FY 2024) earnings per share (EPS) […]

Massy Holdings Limited | Equity Analysis

Jan 20, 2023

Valuation To value Massy Holdings Limited, we utilized a combination of a free cash flow to equity valuation method and a Justified P/E approach. The core result from the free cash flow to equity valuation method was a price target of TT$4.35 (J$98.00), assuming an average revenue growth rate over the 6-yr forecasted period of […]

Sygnus Credit Investments Limited | Equity Analysis

Jan 20, 2023

Valuation and Recommendation To arrive at our price target for SCI, a Justified Price to Earnings (P/E) Model was used. Our estimate for the 2023 Financial year-end EPS, considering the recovery of earnings as a result of the contribution of the Puerto Rico Credit Fund as well as a lower impairment charge given the charge-off […]

Wisynco Group Limited | Equity Analysis

Jan 19, 2023

Valuation and Recommendation WGL was valued using a mixture of income and market-based valuation approaches. More specifically, we used a discounted cash flow (DCF) model as well as a relative approach with respect to the price-to-earnings (P/E) multiple. For the P/E-based valuation approach, we forecasted a forward earnings per share (EPS) of $1.36 for FY […]

Image Plus Consultants Limited | IPO Analysis

Dec 28, 2022

Valuation Based on a combination of a market approach based onmcomparable price-to-earnings multiples (P/E) and a Discounted Cash Flow (DCF) model, we estimated a fair value of $4.54, providing investors with a potential upside of 127.05%. Based on our estimate of fair value, we believe a suitable margin of safety is present, underpinning our “PARTICIPATE” […]

JMMB Group Limited | Equity Analysis

Nov 29, 2022

Valuation Summary To arrive at our price target for JMMBGL, a Justified Price to Earnings (P/E) Model was used. Our estimate for the 2023 Financial year-end EPS, considering the challenges to operating profits in the first half of the financial year and seasonality of earnings amounted to $3.98. To arrive at a discount rate, we […]

Regency Petroleum Limited | IPO Analysis

Nov 25, 2022

Valuation and Recommendation To estimate the fair value of Regency Petroleum, we used a Justified P/E valuation approach. Key assumptions included a cost of equity of 24.79% and a growth rate of 18.30%, which resulted in a justified P/E of 18.22x. The estimated growth rate is relatively high but is appropriate given where RPL is […]




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