Fraser and Neave Ltd FNEVY

Consumer StaplesFood & TobaccoSingapore

Last close 4.53 USD on Nov 2, 2026, 0.0% year to date

Quant rating

Quant rating D Rank 135 of 174 in Consumer Staples

Growth D 138 of 174
Valuation D 125 of 174
Quality D 146 of 174
Revisions C 119 of 174
Momentum C 80 of 174

Wall Street consensus Hold (3.00)Average target 1.10 USD −75.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 2.8B
52-week range: – – –
3-year range: 3.66 – 4.99
Dividend yield: –
Beta (5 years): –
Shares outstanding: 1,457M
Next earnings: –

About the company

Fraser and Neave, Limited is a Singapore-based company that is engaged in the production and sale of beverages and dairy products, and printing and publishing. The Company’s geographical segments include Singapore, Malaysia, Thailand and Vietnam. Its Food and Beverage (F&B) division produces, markets and sells soft drinks, beer, dairies, juices and ice cream. Its F&B brands include 100PLUS, F&N and F&N NUTRISOY for Soft Drinks, CHANG for Beer, F&N MAGNOLIA for Dairies, and F&N MAGNOLIA and F&N KING'S for Ice Cream. Its printing and publishing brands include Marshall Cavendish, Times Printers, Print Lab, Office & Schools Solutions, Times Distribution, Pansing, Times bookstores, Kaboom and GoGuru. The Company’s subsidiaries include Emerald Brewery Myanmar Limited, F&N Foods Pte Ltd, F&N Creameries Group, Fraser & Neave Holdings Bhd Group, Warburg Group and Yoke Food Industries Group.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,801	1,683	1,538	1,396	1,385	–
Revenue growth	7.0%	9.4%	10.1%	0.8%	3.1%	6.0%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	31.3%	31.9%	29.7%	28.6%	31.0%	30.5%
Net margin	6.1%	7.0%	6.3%	6.2%	7.5%	6.6%
ROE	5.0%	5.2%	4.4%	4.1%	4.7%	4.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,801	+7.0%	1.6x	–	–	–	–	–	–
2026	1,750	−2.9%	1.6x	–	–	–	0.09	–	52.5x
2027	1,805	+3.1%	1.6x	–	–	–	0.09	+7.3%	48.9x
2028	1,899	+5.2%	1.5x	–	–	–	0.10	+7.6%	45.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,750	0.0%	–	–	0.09	0.0%	–	–
2027	1,805	0.0%	–	–	0.09	0.0%	–	–
2028	1,899	0.0%	–	–	0.10	0.0%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FNEVY Fraser and Neave Ltd	1.6B	–	6.1%	0.71x	52.5x	48.9x	–	–
AVSFY AVI Limited	1.7B	–	15.8%	4.73x	50.5x	47.6x	6.7x	6.4x
JJSF J&J Snack Foods Corp	1.7B	−0.19x	4.1%	1.86x	22.3x	20.9x	9.3x	8.9x
TUFBY Thai Union Group Public Company Limited	1.6B	5.53x	3.5%	1.07x	216.3x	195.0x	10.2x	9.5x
SLCJY SLC Agricola SA	1.6B	–	–	–	12.5x	10.0x	–	–
FLO Flowers Foods Inc	1.4B	3.06x	1.6%	1.08x	8.8x	10.1x	6.7x	7.1x
Mean		2.80x	6.2%	1.89x	60.5x	55.4x	8.2x	8.0x
Median		3.06x	4.1%	1.08x	36.4x	34.3x	8.0x	8.0x

Technical analysis

1M0.0%
3M0.0%
1Y0.0%
3Y+31.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Fraser and Neave Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,801	1,683	1,538	1,396	1,385	1,343
Cost of revenue	1,237	1,147	1,081	996	955	907
Gross profit	564	536	456	400	429	436
Selling, general & administrative expenses	391	383	348	310	324	350
Research & development	–	–	–	–	–	–
Interest expense (income), operating	8.3	10.1	1.2	4.0	3.8	−0.7
Unusual expense (income)	7.0	0.2	14.5	5.0	6.2	0
Other operating expenses	−3.6	−8.0	−4.2	−4.0	−9.4	−16.2
Operating income	161	151	96.8	84.6	105	104
Net interest income (expense)	45.0	55.2	67.3	56.4	64.5	75.6
Gain (loss) on sale of assets	0	2.2	–	–	–	–
Other non-operating income (expense)	−0.4	−0.2	−0.2	−0.1	0	−0.2
Net income before taxes	206	208	164	141	170	179
Provision for taxes	42.3	37.4	13.7	17.6	25.6	26.9
Minority interest	−53.6	−53.1	−52.7	−36.3	−40.5	−42.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	110	117	97.6	87.0	103	109
Extraordinary items	–	–	–	–	–	–
Net income	110	117	97.6	87.0	103	109
EBIT, normalized	177	161	114	94.0	116	103
EBITDA, normalized	245	228	178	153	182	168
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Fraser and Neave Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	282	412	316	191	348	209
Receivables	321	356	284	227	218	264
Total inventory	245	259	238	270	219	217
Prepaid expenses	7.4	6.5	5.9	51.0	5.1	7.2
Other current assets	39.4	6.1	8.7	4.0	4.3	4.3
Total current assets	894	1,040	853	743	794	702
Property, plant & equipment	906	786	693	565	560	565
Goodwill	132	134	122	71.6	75.1	68.5
Intangibles	63.2	65.7	61.8	33.1	36.2	33.9
Long-term investments	1,891	2,007	2,004	2,035	2,142	2,107
Note receivable	0.9	0.1	0.3	–	0.1	1.0
Other long-term assets	17.2	16.3	17.1	23.5	18.4	19.5
Total assets	3,904	4,049	3,752	3,471	3,626	3,497
Liabilities
Accounts payable	166	177	159	155	130	118
Payable/accrued	–	–	–	–	–	–
Accrued expenses	122	124	98.6	90.8	92.2	98.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	278	187	254	43.6	324	41.7
Other current liabilities	104	132	100	88.1	92.6	97.3
Total current liabilities	669	620	611	377	638	355
Long-term debt	595	747	605	608	395	601
Minority interest	425	401	333	302	318	313
Other liabilities	64.6	51.4	43.0	44.7	50.1	53.6
Total liabilities	1,754	1,819	1,593	1,332	1,401	1,323
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	671	674	633	600	633	627
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,950	1,899	1,735	1,586	1,634	1,582
Treasury stock	−1.1	−0.7	–	–	–	–
Other equity	−471	−343	−209	−46.6	−41.9	−34.5
Total equity	2,150	2,230	2,159	2,139	2,225	2,174
Total liabilities & shareholders' equity	3,904	4,049	3,752	3,471	3,626	3,497

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Fraser and Neave Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	213	207	159	146	176	179
Depreciation, depletion & amortization	68.4	67.5	64.6	59.4	66.2	64.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	−38.7	−50.6	−43.6	−52.0	−60.7	−70.0
Changes in working capital	−63.4	−55.3	11.8	−140	0.8	−143
Cash from operations	179	168	192	13.3	182	31.3
Investing activities
Capital expenditures	−191	−88.7	−108	−102	−73.3	−91.2
Other investing cash flows	42.9	73.1	−58.1	65.2	57.2	48.5
Cash from investing	−148	−15.6	−166	−37.2	−16.1	−42.7
Financing activities
Financing cash flow items	−27.4	−35.8	−23.6	−21.9	−25.1	−24.3
Cash dividends paid	−62.1	−62.4	−53.3	−50.7	−53.5	−58.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−66.7	5.4	174	−34.6	53.7	−4.0
Cash from financing	−156	−92.7	97.0	−107	−24.9	−86.8
Foreign exchange effects	−3.7	16.0	−7.1	−6.5	−4.0	1.6
Net change in cash	−129	76.1	115	−137	137	−96.6
Free cash flow	−11.8	79.7	83.4	−89.0	109	−59.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.