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.($)
- - - - 44.23M
23.14x3.77x13.17x2.87% 222B
-116.79x18.57x106.98x-.--% 115B
13.73x1.52x7.97x3.49% 113B
14.91x2.72x10.28x5.51% 87.05B
20.45x5.36x13.17x2.79% 62.19B
14.69x2.13x9.06x5.31% 47.45B
20.59x1.68x10.33x1.42% 39.79B
20.4x1.55x9.86x0.92% 38.85B
17.74x2.3x10.68x4.87% 36.84B
Average 3.21x 4.40x 21.28x 3.02% 76.3B
Weighted average by Cap. -1.63x 5.29x 25.56x 2.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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