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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 2,6x - 2,9x | 2,8x |
Selected Fwd EBITDA Multiple | 1,4x - 1,5x | 1,5x |
Fair Value | RM0,21 - RM0,22 | RM0,21 |
Upside | -6,2% - -3,0% | -4,6% |
Benchmarks | Ticker | Full Ticker |
UPA Corporation Berhad | UPA | KLSE:UPA |
Dominant Enterprise Berhad | DOMINAN | KLSE:DOMINAN |
Jaya Tiasa Holdings Berhad | JTIASA | KLSE:JTIASA |
Topmix Berhad | TOPMIX | KLSE:TOPMIX |
Wang-Zheng Berhad | WANGZNG | KLSE:WANGZNG |
HeveaBoard Berhad | HEVEA | KLSE:HEVEA |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
UPA | DOMINAN | JTIASA | TOPMIX | WANGZNG | HEVEA | ||
KLSE:UPA | KLSE:DOMINAN | KLSE:JTIASA | KLSE:TOPMIX | KLSE:WANGZNG | KLSE:HEVEA | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -25.5% | 0.9% | 54.7% | NM- | -35.8% | -20.6% | |
3Y CAGR | -37.7% | -4.5% | 8.3% | 36.8% | -53.4% | -22.8% | |
Latest Twelve Months | -104.7% | -4.1% | 9.0% | NM | -91.1% | -32.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 10.4% | 4.4% | 38.3% | 19.6% | 3.1% | 7.4% | |
Prior Fiscal Year | 12.9% | 4.0% | 37.3% | 19.3% | 2.9% | 3.3% | |
Latest Fiscal Year | 3.5% | 4.0% | 37.2% | 20.4% | 0.4% | 3.7% | |
Latest Twelve Months | -0.5% | 4.0% | 37.1% | 21.5% | 0.2% | 3.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.74x | 0.35x | 0.79x | 1.56x | 0.12x | 0.15x | |
EV / LTM EBITDA | -145.1x | 8.7x | 2.1x | 7.3x | 64.7x | 4.1x | |
EV / LTM EBIT | -17.6x | 11.0x | 3.2x | 7.7x | -11.7x | -4.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -145.1x | 7.3x | 64.7x | ||||
Historical EV / LTM EBITDA | 2.4x | 5.6x | 7.8x | ||||
Selected EV / LTM EBITDA | 2.6x | 2.8x | 2.9x | ||||
(x) LTM EBITDA | 11 | 11 | 11 | ||||
(=) Implied Enterprise Value | 29 | 31 | 32 | ||||
(-) Non-shareholder Claims * | 81 | 81 | 81 | ||||
(=) Equity Value | 110 | 112 | 113 | ||||
(/) Shares Outstanding | 565.9 | 565.9 | 565.9 | ||||
Implied Value Range | 0.19 | 0.20 | 0.20 | ||||
FX Rate: MYR/MYR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.19 | 0.20 | 0.20 | 0.23 | |||
Upside / (Downside) | -13.4% | -12.2% | -11.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | UPA | DOMINAN | JTIASA | TOPMIX | WANGZNG | HEVEA | |
Enterprise Value | 91 | 291 | 897 | 147 | 38 | 46 | |
(+) Cash & Short Term Investments | 68 | 72 | 277 | 32 | 85 | 101 | |
(+) Investments & Other | 7 | 0 | 14 | 0 | 0 | 1 | |
(-) Debt | (9) | (234) | (4) | (27) | (59) | (19) | |
(-) Other Liabilities | (0) | (0) | (42) | (1) | 0 | (2) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 158 | 130 | 1,142 | 152 | 63 | 127 | |
(/) Shares Outstanding | 231.6 | 165.2 | 968.0 | 393.9 | 159.4 | 565.9 | |
Implied Stock Price | 0.68 | 0.79 | 1.18 | 0.39 | 0.40 | 0.23 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.68 | 0.79 | 1.18 | 0.39 | 0.40 | 0.23 | |
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 |