Company Valuation: N2N Connect

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 401.9 332.1 256.8 279.1 251.2 198.2
Change - -17.36% -22.69% 8.7% -10% -21.11%
Enterprise Value (EV) 1 281.1 206 105.8 125.8 100.6 68.62
Change - -26.71% -48.66% 18.93% -19.99% -31.81%
P/E 14.8x 15.1x 14.6x 19.9x -9.6x 15x
PBR 1.53x 1.24x 0.9x 0.95x 1x 0.8x
PEG - -0.8x -0.7x -1x 0x -0x
Capitalization / Revenue 3.58x 2.87x 2.49x 2.65x 2.33x 2.11x
EV / Revenue 2.5x 1.78x 1.03x 1.2x 0.93x 0.73x
EV / EBITDA 8.76x 7.24x 5.03x 5.52x 19.9x 5x
EV / EBIT 10.2x 8.58x 6.29x 6.81x 142x 7.92x
EV / FCF 13.7x 11.3x 4.31x 10.8x 14x 6.24x
FCF Yield 7.32% 8.83% 23.2% 9.25% 7.16% 16%
Dividend per Share 2 0.025 0.02 0.02 0.02 0.02 0.02
Rate of return 3.47% 3.36% 4.35% 4% 4.44% 5.63%
EPS 2 0.0485 0.0393 0.0316 0.0252 -0.0469 0.0237
Distribution rate 51.5% 50.9% 63.3% 79.4% -42.6% 84.5%
Net sales 1 112.4 115.8 103 105.2 107.7 93.93
EBITDA 1 32.07 28.47 21.03 22.79 5.058 13.73
EBIT 1 27.43 24 16.81 18.47 0.7103 8.662
Net income 1 27.1 21.95 17.63 14.06 -26.17 13.21
Net Debt 1 -120.8 -126.1 -151 -153.3 -150.6 -129.5
Reference price 2 0.7200 0.5950 0.4600 0.5000 0.4500 0.3550
Nbr of stocks (in thousands) 558,204 558,204 558,204 558,204 558,204 558,204
Announcement Date 28/04/21 25/04/22 25/04/23 23/04/24 30/04/25 21/04/26
1MYR in Million2MYR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 45.54M
22.94x3.74x13.07x2.9% 220B
-112.76x17.91x103.21x-.--% 111B
13.44x1.48x7.8x3.56% 111B
14.88x2.72x10.26x5.52% 86.89B
20.25x5.32x13.07x2.81% 61.65B
14.81x2.15x9.14x5.26% 47.82B
21.07x1.73x10.68x1.39% 40.9B
21.28x1.62x10.31x0.89% 40.27B
17.96x2.33x10.83x4.81% 37.28B
Average 3.76x 4.33x 20.93x 3.02% 75.74B
Weighted average by Cap. -0.50x 5.12x 24.60x 2.92%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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