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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 3.3x - 3.6x | 3.5x |
Selected Fwd EBIT Multiple | 3.9x - 4.3x | 4.1x |
Fair Value | RM0.12 - RM0.17 | RM0.14 |
Upside | 28.5% - 75.2% | 51.8% |
Benchmarks | Ticker | Full Ticker |
SBC Corporation Berhad | SBCCORP | KLSE:SBCCORP |
KTI Landmark Berhad | KTI | KLSE:KTI |
Golden Land Berhad | GLBHD | KLSE:GLBHD |
Global Oriental Berhad | GOB | KLSE:GOB |
JKG Land Berhad | JKGLAND | KLSE:JKGLAND |
Asian Pac Holdings Berhad | ASIAPAC | KLSE:ASIAPAC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SBCCORP | KTI | GLBHD | GOB | JKGLAND | ASIAPAC | ||
KLSE:SBCCORP | KLSE:KTI | KLSE:GLBHD | KLSE:GOB | KLSE:JKGLAND | KLSE:ASIAPAC | ||
Historical EBIT Growth | |||||||
5Y CAGR | 7.2% | NM- | NM- | NM- | 15.1% | 21.7% | |
3Y CAGR | -1.1% | -6.1% | NM- | 2.3% | 21.7% | 124.0% | |
Latest Twelve Months | 1107.4% | NM | 75.9% | 77.2% | 45.7% | 321.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 13.5% | 15.1% | -19.7% | 5.4% | 23.8% | 9.8% | |
Prior Fiscal Year | 3.7% | 16.9% | -16.2% | 6.4% | 20.1% | 15.4% | |
Latest Fiscal Year | 36.2% | 9.9% | -4.8% | 10.3% | 24.1% | 55.0% | |
Latest Twelve Months | 36.2% | 10.5% | -1.2% | 10.3% | 24.1% | 55.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.54x | 3.41x | 1.28x | 0.84x | 1.16x | 1.68x | |
EV / LTM EBITDA | 1.3x | 30.7x | 35.2x | 5.7x | 4.6x | 3.0x | |
EV / LTM EBIT | 1.5x | 32.4x | -105.9x | 8.2x | 4.8x | 3.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -105.9x | 4.8x | 32.4x | ||||
Historical EV / LTM EBIT | -11.6x | 9.4x | 31.1x | ||||
Selected EV / LTM EBIT | 3.3x | 3.5x | 3.6x | ||||
(x) LTM EBIT | 192 | 192 | 192 | ||||
(=) Implied Enterprise Value | 631 | 664 | 698 | ||||
(-) Non-shareholder Claims * | (445) | (445) | (445) | ||||
(=) Equity Value | 186 | 220 | 253 | ||||
(/) Shares Outstanding | 1,488.8 | 1,488.8 | 1,488.8 | ||||
Implied Value Range | 0.13 | 0.15 | 0.17 | ||||
FX Rate: MYR/MYR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.13 | 0.15 | 0.17 | 0.10 | |||
Upside / (Downside) | 31.8% | 55.3% | 78.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SBCCORP | KTI | GLBHD | GOB | JKGLAND | ASIAPAC | |
Enterprise Value | 35 | 692 | 216 | 181 | 301 | 586 | |
(+) Cash & Short Term Investments | 35 | 54 | 48 | 74 | 159 | 63 | |
(+) Investments & Other | 111 | 0 | 0 | 0 | 0 | 9 | |
(-) Debt | (109) | (438) | (214) | (216) | (222) | (520) | |
(-) Other Liabilities | 5 | 0 | 7 | 13 | 0 | 3 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 77 | 308 | 57 | 52 | 239 | 141 | |
(/) Shares Outstanding | 258.1 | 800.0 | 214.5 | 454.7 | 2,274.9 | 1,488.8 | |
Implied Stock Price | 0.30 | 0.39 | 0.27 | 0.12 | 0.11 | 0.10 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.30 | 0.39 | 0.27 | 0.12 | 0.11 | 0.10 | |
Trading Currency | MYR | MYR | MYR | MYR | MYR | MYR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |