Company Valuation: PETRONAS Gas

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,617 33,876 34,430 34,984 35,894 34,509 - -
Change - -4.89% 1.64% 1.61% 2.6% -3.86% - -
Enterprise Value (EV) 1 35,282 33,685 34,054 34,237 35,480 33,098 32,524 32,410
Change - -4.52% 1.1% 0.54% 3.63% -6.71% -1.73% -0.35%
P/E 17.9x 20.6x 18.9x 19.1x 20.8x 18.6x 18.1x 17.9x
PBR 2.72x 2.58x 2.54x 2.51x 2.52x 2.35x 2.28x 2.23x
PEG - -1.2x 1.8x 21.97x -3.5x 2.49x 6.06x 24.15x
Capitalization / Revenue 6.31x 5.5x 5.34x 5.35x 5.63x 5.25x 5.2x 5.16x
EV / Revenue 6.25x 5.47x 5.28x 5.24x 5.57x 5.04x 4.9x 4.85x
EV / EBITDA 9.92x 10.4x 10.4x 10.2x 10.2x 9.28x 8.92x 8.69x
EV / EBIT 13.3x 14.5x 15x 14.9x 15.8x 14.2x 13.6x 13.4x
EV / FCF 16.1x 19.2x 18.5x 18.2x 40.8x 18.1x 18.1x 18x
FCF Yield 6.2% 5.22% 5.4% 5.48% 2.45% 5.54% 5.54% 5.55%
Dividend per Share 2 0.82 0.72 0.72 0.72 0.72 0.7297 0.7468 0.7532
Rate of return 4.56% 4.21% 4.14% 4.07% 3.97% 4.18% 4.28% 4.32%
EPS 2 1.005 0.8316 0.92 0.928 0.8728 0.9379 0.966 0.9731
Distribution rate 81.6% 86.6% 78.3% 77.6% 82.5% 77.8% 77.3% 77.4%
Net sales 1 5,649 6,160 6,445 6,538 6,374 6,573 6,635 6,684
EBITDA 1 3,558 3,245 3,267 3,355 3,473 3,565 3,645 3,731
EBIT 1 2,660 2,320 2,274 2,303 2,249 2,331 2,384 2,426
Net income 1 2,111 1,645 1,820 1,836 1,727 1,865 1,928 1,951
Net Debt 1 -335.3 -190.5 -375.5 -747.3 -414.1 -1,411 -1,985 -2,100
Reference price 2 18.00 17.12 17.40 17.68 18.14 17.44 17.44 17.44
Nbr of stocks (in thousands) 1,978,732 1,978,732 1,978,732 1,978,732 1,978,732 1,978,732 - -
Announcement Date 22/02/22 16/02/23 27/02/24 21/02/25 24/02/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.62x5.04x9.29x4.18% 8.35B
13.12x1.94x7.05x6.63% 28.98B
20.43x7.52x14.7x2.33% 28.81B
13.23x1.39x9.11x2.22% 12.81B
10.76x1.19x7.45x1.66% 12.58B
15.34x0.95x11.05x3.2% 12.2B
58.16x8.23x12.42x5.56% 9.53B
10.36x3.78x6.41x2.83% 7.28B
Average 20.00x 3.75x 9.69x 3.58% 15.07B
Weighted average by Cap. 18.63x 3.86x 10.09x 3.79%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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