Company Valuation: TH Plantations

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 530.3 464 428.7 601 486.1 525.9 - -
Change - -12.5% -7.62% 40.21% -19.12% 8.18% - -
Enterprise Value (EV) 1 1,722 1,282 1,251 1,401 1,227 1,221 1,177 1,123
Change - -25.55% -2.4% 11.98% -12.38% -0.53% -3.56% -4.66%
P/E 7.56x 7.78x 14.7x 10.5x 6.58x 9.45x 8.95x 6.84x
PBR - - 0.6x 0.79x 0.59x 0.63x 0.6x -
PEG - -0.5x -0.3x 0.1x 0.2x -0.4x 1.59x 0.2x
Capitalization / Revenue 0.7x 0.53x 0.57x 0.68x 0.51x 0.56x 0.53x 0.51x
EV / Revenue 2.26x 1.45x 1.66x 1.6x 1.28x 1.3x 1.2x 1.1x
EV / EBITDA 5.6x 4.68x 5.92x 4.91x 4.07x 4.85x 4.6x 3.73x
EV / EBIT 7.52x 6.59x 9.26x 6.77x 5.54x 6.8x 5.97x 5.08x
EV / FCF 90x 12.7x 17.6x 11.4x 8.34x 11.1x 10.9x 8.94x
FCF Yield 1.11% 7.88% 5.67% 8.8% 12% 8.99% 9.16% 11.2%
Dividend per Share 2 - 0.03 0.02 0.03 0.03 0.028 0.0285 0.039
Rate of return - 5.71% 4.12% 4.41% 5.45% 4.71% 4.79% 6.55%
EPS 2 0.0794 0.0675 0.0329 0.0647 0.0836 0.063 0.0665 0.087
Distribution rate - 44.4% 60.8% 46.4% 35.9% 44.5% 42.9% 44.8%
Net sales 1 760.8 881.3 752 877.7 961.2 939.8 983.3 1,024
EBITDA 1 307.4 273.9 211.3 285.3 301.5 251.6 255.7 301.1
EBIT 1 228.9 194.6 135.1 207 221.5 179.6 197.3 221.1
Net income 1 70.17 68.77 46.62 75.18 91.8 55.85 58.65 77.3
Net Debt 1 1,191 817.8 822.3 799.8 741.3 695.1 651.6 596.7
Reference price 2 0.6000 0.5250 0.4850 0.6800 0.5500 0.5950 0.5950 0.5950
Nbr of stocks (in thousands) 883,851 883,851 883,851 883,851 883,851 883,851 - -
Announcement Date 22/02/22 27/02/23 28/02/24 28/02/25 26/02/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.37x1.29x4.84x4.75% 128M
20.81x2.89x14.3x3.87% 258B
19.85x2.49x14.87x3.3% 79.53B
18.14x1.85x10.46x3.48% 49.97B
16.55x0.53x10.03x2.6% 38.2B
21.23x3.22x13.03x3.3% 35.17B
12.32x1.97x9.67x6.21% 30.65B
70.35x10.75x44.7x1.09% 30.5B
35.07x2.97x17.56x1.02% 29.74B
Average 24.86x 3.11x 15.49x 3.29% 61.27B
Weighted average by Cap. 23.20x 2.98x 15.25x 3.45%

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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  4. Valuation TH Plantations