First Resources Ltd
OTC:FSRCY

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First Resources Ltd
OTC:FSRCY
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Price: 184.15 USD Market Closed
Market Cap: $2.9B

EV/EBITDA

7.3
Current
40%
More Expensive
vs 3-y average of 5.2

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
7.3
=
Enterprise Value
$5.2B
/
EBITDA
$611.5m

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
7.3
=
Enterprise Value
$5.2B
/
EBITDA
$611.5m

Valuation Scenarios

First Resources Ltd is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (5.2), the stock would be worth $131.53 (29% downside from current price).

Statistics
Positive Scenarios
1/4
Maximum Downside
-34%
Maximum Upside
+25%
Average Downside
16%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 7.3 $184.15
0%
3-Year Average 5.2 $131.53
-29%
5-Year Average 5.4 $137.39
-25%
Industry Average 4.8 $120.8
-34%
Country Average 9.1 $229.5
+25%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
$5.2B
/
Jan 2026
$611.5m
=
7.3
Current
$5.2B
/
Dec 2026
$623.6m
=
8.3
Forward
$5.2B
/
Dec 2027
$660.4m
=
7.8
Forward
$5.2B
/
Dec 2028
$690m
=
7.5
Forward
$5.2B
/
Dec 2029
$554.5m
=
9.3
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
SG
First Resources Ltd
OTC:FSRCY
4.9B USD 7.3 11
US
Archer-Daniels-Midland Co
XETRA:ADM
28.3B EUR 15.1 30.7
US
Bunge Ltd
NYSE:BG
24.2B USD 15.1 29.6
SG
Wilmar International Ltd
SGX:F34
24.4B SGD 4.9 13.3
CN
Tongwei Co Ltd
SSE:600438
82.5B CNY -16.7 -9.9
MY
Sime Darby Plantation Bhd
KLSE:SIMEPLT
41.3B MYR 13.4 22.2
US
Darling Ingredients Inc
NYSE:DAR
9.5B USD 14.4 151.6
US
Ingredion Inc
NYSE:INGR
7.1B USD 6.2 9.8
MY
IOI Corporation Bhd
KLSE:IOICORP
26.6B MYR 14.8 16.6
MY
Kuala Lumpur Kepong Bhd
KLSE:KLK
23.1B MYR 9.5 23.6
CN
New Hope Liuhe Co Ltd
SZSE:000876
39.1B CNY 27.5 39.3

Market Distribution

Lower than 76% of companies in Singapore
Percentile
24rd
Based on 540 companies
24rd percentile
4.5
Low
0 — 5.3
Typical Range
5.3 — 17.7
High
17.7 —
Distribution Statistics
Singapore
Min 0
30th Percentile 5.3
Median 9.1
70th Percentile 17.7
Max 4 149.6

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.

FSRCY Intrinsic Value
146.33 USD
Overvaluation 21%
Intrinsic Value
Price $184.15
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