Company Valuation: Fraser & Neave Holdings

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 9,793 7,922 9,279 11,451 9,991 9,683 - -
Change - -19.1% 17.13% 23.4% -12.75% -3.08% - -
Enterprise Value (EV) 9,793 7,922 9,236 11,079 9,429 9,683 9,683 9,683
Change - -19.1% 16.57% 19.96% -14.89% 2.69% 0% 0%
P/E ratio 24.8x 20.7x 17.3x 21.1x 19.7x 20.9x 17.9x 14.3x
PBR 3.47x 2.66x 2.77x 3.2x 2.59x 2.39x 2.18x 1.99x
PEG - -6.75x 0.4x 18.13x -3.13x -2.33x 1.1x 0.6x
Capitalization / Revenue 2.37x 1.77x 1.86x 2.18x 1.92x 1.87x 1.75x 1.66x
EV / Revenue 0x 0x 0x 0x 0x 1.87x 1.75x 1.66x
EV / EBITDA 0x 0x 0x 0x 0x 11x 10x 8.83x
EV / EBIT 0x 0x 0x 0x 0x 13.2x 11.5x 10.1x
EV / FCF 0x -0x - 0x -0x 70.8x 12.8x 13.4x
FCF Yield 4.82% -1.14% - 4.15% -0.81% 1.41% 7.82% 7.49%
Dividend per Share 2 0.6 0.6 0.6 0.8 0.65 0.6538 0.7478 0.9253
Rate of return 2.25% 2.78% 2.37% 2.56% 2.39% 2.48% 2.83% 3.51%
EPS 2 1.076 1.043 1.461 1.478 1.385 1.26 1.475 1.845
Distribution rate 55.8% 57.5% 41.1% 54.1% 46.9% 51.9% 50.7% 50.2%
Net sales 1 4,131 4,470 5,001 5,246 5,197 5,165 5,535 5,833
EBITDA 1 944.6 574.1 789.2 854.2 896.6 877.8 966 1,096
EBIT 1 472.3 447.9 642.9 709.5 745.5 735.2 842.3 954.4
Net income 1 395.2 383.2 536.9 542.8 508.5 476.5 582.1 654.4
Net Debt - - -43.98 -371.8 -561.7 - - -
Reference price 2 26.70 21.60 25.30 31.22 27.24 26.40 26.40 26.40
Nbr of stocks (in thousands) 366,779 366,779 366,779 366,779 366,779 366,779 - -
Announcement Date 03/11/21 08/11/22 07/11/23 05/11/24 07/11/25 - - -
1MYR in Million2MYR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.94x - - 2.48% 2.4B
24.16x7.52x21.35x2.68% 342B
15.04x2.66x10.99x3.09% 41.54B
17.23x1.57x7.7x4.18% 20.94B
17.31x1.54x9.65x2.6% 20.93B
50.57x6.82x29.57x0.37% 18.57B
9.91x1.71x9.73x4.77% 13.03B
25.64x1.9x8.75x2.1% 8.33B
14.46x0.6x4.53x2.88% 8.11B
Average 21.70x 3.04x 12.78x 2.79% 52.87B
Weighted average by Cap. 23.25x 6.16x 18.81x 2.74%

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 Fraser & Neave Holdings