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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.0x - 19.8x | 18.9x |
| Selected Fwd EBIT Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | RM0.28 - RM0.33 | RM0.30 |
| Upside | -29.0% - -17.3% | -23.2% |
| Benchmarks | Ticker | Full Ticker |
| Solarvest Holdings Berhad | SLVEST | KLSE:SLVEST |
| Ho Wah Genting Berhad | HWGB | KLSE:HWGB |
| Samaiden Group Berhad | SAMAIDEN | KLSE:SAMAIDEN |
| Ray Go Solar Holdings Berhad | RGS | KLSE:RGS |
| Trive Property Group Berhad | TRIVE | KLSE:TRIVE |
| Sunview Group Berhad | SUNVIEW | KLSE:SUNVIEW |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SLVEST | HWGB | SAMAIDEN | RGS | TRIVE | SUNVIEW | ||
| KLSE:SLVEST | KLSE:HWGB | KLSE:SAMAIDEN | KLSE:RGS | KLSE:TRIVE | KLSE:SUNVIEW | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 34.6% | NM- | 25.9% | 0.4% | NM- | 29.1% | |
| 3Y CAGR | 94.2% | NM- | 42.7% | -3.8% | NM- | 2.4% | |
| Latest Twelve Months | 58.6% | -105.8% | 42.9% | 59.1% | 55.6% | -39.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | -0.2% | 10.5% | 1.4% | -184.3% | 8.0% | |
| Prior Fiscal Year | 10.6% | 2.1% | 8.6% | 1.4% | -257.9% | 4.8% | |
| Latest Fiscal Year | 15.6% | 0.3% | 10.4% | 6.9% | -95.7% | 6.0% | |
| Latest Twelve Months | 15.6% | -0.1% | 9.9% | 6.2% | -108.0% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.99x | 0.19x | 1.29x | 2.71x | 0.37x | 1.40x | |
| EV / LTM EBITDA | 16.7x | 16.5x | 12.7x | 35.2x | -0.3x | 17.2x | |
| EV / LTM EBIT | 19.2x | -179.2x | 13.0x | 39.1x | -0.3x | 23.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -179.2x | 13.0x | 39.1x | ||||
| Historical EV / LTM EBIT | 20.5x | 21.8x | 23.2x | ||||
| Selected EV / LTM EBIT | 18.0x | 18.9x | 19.8x | ||||
| (x) LTM EBIT | 14 | 14 | 14 | ||||
| (=) Implied Enterprise Value | 245 | 258 | 271 | ||||
| (-) Non-shareholder Claims * | (90) | (90) | (90) | ||||
| (=) Equity Value | 156 | 169 | 181 | ||||
| (/) Shares Outstanding | 567.7 | 567.7 | 567.7 | ||||
| Implied Value Range | 0.27 | 0.30 | 0.32 | ||||
| FX Rate: MYR/MYR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.27 | 0.30 | 0.32 | 0.40 | |||
| Upside / (Downside) | -30.6% | -24.8% | -19.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SLVEST | HWGB | SAMAIDEN | RGS | TRIVE | SUNVIEW | |
| Enterprise Value | 1,589 | 62 | 355 | 44 | 3 | 314 | |
| (+) Cash & Short Term Investments | 98 | 16 | 121 | 3 | 16 | 13 | |
| (+) Investments & Other | 58 | 0 | 0 | 0 | 0 | 23 | |
| (-) Debt | (341) | (38) | (23) | (6) | (0) | (125) | |
| (-) Other Liabilities | (5) | (0) | (0) | 0 | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,399 | 40 | 453 | 41 | 19 | 224 | |
| (/) Shares Outstanding | 756.3 | 205.5 | 448.2 | 255.0 | 1,263.6 | 567.7 | |
| Implied Stock Price | 1.85 | 0.20 | 1.01 | 0.16 | 0.02 | 0.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.85 | 0.20 | 1.01 | 0.16 | 0.02 | 0.40 | |
| 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 | |