Company Valuation: ES Ceramics Technology

Data adjusted to current consolidation scope
Fiscal Period: May 2020 2021 2022 2023 2024 2025
Market Cap 1 95.56 300.8 144.1 95.26 124.2 77.78
Change - 214.8% -52.11% -33.89% 30.39% -37.38%
Enterprise Value (EV) 1 75.74 225.7 83.5 73.07 71.11 35.79
Change - 198.02% -63.01% -12.49% -2.69% -49.67%
P/E 41.9x 12.8x 3.84x 4.26x 206x 11.9x
PBR 1.81x 3.63x 1.09x 0.59x 0.67x 0.39x
PEG - 0x 0.1x -0.1x -2.1x 0x
Capitalization / Revenue 2.71x 3.24x 1.24x 0.35x 0.34x 0.16x
EV / Revenue 2.15x 2.43x 0.72x 0.27x 0.19x 0.08x
EV / EBITDA 18.2x 6.22x 1.54x 2.57x 12.7x 2.79x
EV / EBIT 30.7x 6.53x 1.6x 3.07x -85.7x 5.76x
EV / FCF 27.4x 3.97x -2.52x 4.2x 12.1x -2.16x
FCF Yield 3.65% 25.2% -39.7% 23.8% 8.27% -46.2%
Dividend per Share 2 0.003 0.045 - - 0.005 -
Rate of return 1.29% 7.5% - - 2.7% -
EPS 2 0.005549 0.0467 0.0742 0.0423 0.000899 0.009273
Distribution rate 54.1% 96.4% - - 556% -
Net sales 1 35.24 92.91 115.9 271.3 368.4 473.3
EBITDA 1 4.17 36.27 54.22 28.45 5.597 12.84
EBIT 1 2.467 34.57 52.28 23.81 -0.83 6.21
Net income 1 2.281 30.19 48.61 22.81 0.5926 6.442
Net Debt 1 -19.82 -75.11 -60.58 -22.19 -53.1 -42
Reference price 2 0.2325 0.6000 0.2850 0.1800 0.1850 0.1100
Nbr of stocks (in thousands) 411,030 501,391 505,538 529,203 671,389 707,114
Announcement Date 09/09/20 30/08/21 28/09/22 22/09/23 26/09/24 29/09/25
1MYR in Million2MYR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 33.25M
19x2.48x10.65x4.55% 1.9B
14.03x - - 3.92% 288M
Average 16.52x 2.48x 10.65x 4.24% 740.88M
Weighted average by Cap. 18.34x 2.48x 10.65x 4.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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