Company Valuation: TH Plantations

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 530.3 464 428.7 601 486.1 517.1 - -
Change - -12.5% -7.62% 40.21% -19.12% 6.36% - -
Enterprise Value (EV) 1 1,722 1,282 1,251 1,401 1,227 1,212 1,169 1,114
Change - -25.55% -2.4% 11.98% -12.38% -1.25% -3.59% -4.7%
P/E 7.56x 7.78x 14.7x 10.5x 6.58x 9.29x 8.8x 6.72x
PBR - - 0.6x 0.79x 0.59x 0.62x 0.59x -
PEG - -0.5x -0.3x 0.1x 0.2x -0.4x 1.56x 0.2x
Capitalization / Revenue 0.7x 0.53x 0.57x 0.68x 0.51x 0.55x 0.53x 0.51x
EV / Revenue 2.26x 1.45x 1.66x 1.6x 1.28x 1.29x 1.19x 1.09x
EV / EBITDA 5.6x 4.68x 5.92x 4.91x 4.07x 4.82x 4.57x 3.7x
EV / EBIT 7.52x 6.59x 9.26x 6.77x 5.54x 6.75x 5.92x 5.04x
EV / FCF 90x 12.7x 17.6x 11.4x 8.34x 11x 10.8x 8.87x
FCF Yield 1.11% 7.88% 5.67% 8.8% 12% 9.06% 9.22% 11.3%
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% 4.79% 4.87% 6.67%
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 0.5850 0.5850 0.5850
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.29x1.29x4.82x4.79% 126M
21.1x2.9x14.43x3.86% 259B
19.95x2.5x14.92x3.29% 79.91B
18.31x1.87x10.59x3.45% 50.74B
14.18x0.53x9.56x2.7% 36.91B
22.08x3.34x13.48x3.17% 36.64B
36.68x3.07x18.26x0.97% 31.45B
71.4x10.96x45.44x1.07% 31.2B
102.04x1.91x9.5x6.33% 30.03B
Average 35.00x 3.15x 15.67x 3.29% 61.73B
Weighted average by Cap. 28.36x 3.03x 15.46x 3.43%

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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