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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.7x - 8.5x | 8.1x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.8x | 5.6x |
| Fair Value | RM0.32 - RM0.44 | RM0.38 |
| Upside | -23.2% - 4.9% | -9.2% |
| Benchmarks | Ticker | Full Ticker |
| REDtone Digital Berhad | REDTONE | KLSE:REDTONE |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| TIME dotCom Berhad | TIMECOM | KLSE:TIMECOM |
| Sedania Innovator Berhad | SEDANIA | KLSE:SEDANIA |
| Binasat Communications Berhad | BINACOM | KLSE:BINACOM |
| OCK Group Berhad | OCK | KLSE:OCK |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| REDTONE | TM | TIMECOM | SEDANIA | BINACOM | OCK | ||
| KLSE:REDTONE | KLSE:TM | KLSE:TIMECOM | KLSE:SEDANIA | KLSE:BINACOM | KLSE:OCK | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 24.4% | 1.4% | 7.0% | NM- | -1.2% | 6.8% | |
| 3Y CAGR | 32.7% | 1.2% | 2.6% | NM- | 5.1% | 8.7% | |
| Latest Twelve Months | -15.8% | 1.1% | 14.5% | NM | 187.0% | -7.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.5% | 34.8% | 43.0% | 7.0% | 9.7% | 23.2% | |
| Prior Fiscal Year | 38.9% | 34.4% | 36.6% | 13.6% | -8.4% | 22.5% | |
| Latest Fiscal Year | 29.9% | 34.7% | 39.5% | -6.0% | 5.8% | 23.1% | |
| Latest Twelve Months | 25.9% | 34.7% | 39.5% | NA | 5.8% | 23.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.95x | 2.44x | 4.36x | 0.89x | 0.54x | 1.97x | |
| EV / LTM EBITDA | 3.7x | 7.0x | 11.0x | NA | 9.4x | 8.5x | |
| EV / LTM EBIT | 5.4x | 12.3x | 15.1x | -10.0x | 20.3x | 14.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.7x | 8.2x | 11.0x | ||||
| Historical EV / LTM EBITDA | 7.5x | 8.9x | 11.2x | ||||
| Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 150 | 150 | 150 | ||||
| (=) Implied Enterprise Value | 1,158 | 1,219 | 1,280 | ||||
| (-) Non-shareholder Claims * | (842) | (842) | (842) | ||||
| (=) Equity Value | 316 | 377 | 438 | ||||
| (/) Shares Outstanding | 1,051.0 | 1,051.0 | 1,051.0 | ||||
| Implied Value Range | 0.30 | 0.36 | 0.42 | ||||
| FX Rate: MYR/MYR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.30 | 0.36 | 0.42 | 0.42 | |||
| Upside / (Downside) | -28.4% | -14.6% | -0.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | REDTONE | TM | TIMECOM | SEDANIA | BINACOM | OCK | |
| Enterprise Value | 368 | 28,553 | 7,390 | 59 | 63 | 1,284 | |
| (+) Cash & Short Term Investments | 52 | 3,308 | 1,238 | 6 | 23 | 102 | |
| (+) Investments & Other | 94 | 360 | 1,295 | 4 | 0 | 1 | |
| (-) Debt | (23) | (5,191) | (73) | (12) | (23) | (858) | |
| (-) Other Liabilities | (3) | (166) | (33) | (15) | (1) | (87) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 487 | 26,864 | 9,817 | 42 | 62 | 441 | |
| (/) Shares Outstanding | 773.0 | 3,837.7 | 1,848.8 | 365.4 | 427.1 | 1,051.0 | |
| Implied Stock Price | 0.63 | 7.00 | 5.31 | 0.12 | 0.15 | 0.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.63 | 7.00 | 5.31 | 0.12 | 0.15 | 0.42 | |
| 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 | |