Company Valuation: Hartalega Holdings

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 16,575 6,493 9,386 6,451 3,919 3,254 - -
Change - -60.82% 44.56% -31.27% -39.26% -16.96% - -
Enterprise Value (EV) 1 14,435 4,918 8,026 5,535 2,774 2,195 2,108 2,012
Change - -65.93% 63.18% -31.04% -49.87% -20.87% -3.96% -4.57%
P/E 5.12x -29.8x 743x 86.7x 38.1x 21.7x 19.7x 18x
PBR 3.23x 1.4x 2.02x 1.5x 0.88x 0.74x 0.73x 0.72x
PEG - 0x -7x 0x 1x 0.5x 2x 1.86x
Capitalization / Revenue 2.1x 2.7x 5.11x 2.49x 1.84x 1.26x 1.21x 1.15x
EV / Revenue 1.83x 2.04x 4.37x 2.14x 1.3x 0.85x 0.78x 0.71x
EV / EBITDA 3.06x 14.3x 45x 27.2x 10.9x 6.2x 5.57x 4.91x
EV / EBIT 3.16x 27.2x 174x 104x 30.3x 12.1x 10.4x 9.03x
EV / FCF 5.02x -14.3x -36x -68.2x 14.1x 17.1x 10.1x 9.42x
FCF Yield 19.9% -7.02% -2.78% -1.47% 7.08% 5.86% 9.89% 10.6%
Dividend per Share 2 0.57 - - 0.1141 - 0.028 0.0317 0.0359
Rate of return 11.8% - - 6.04% - 2.89% 3.27% 3.7%
EPS 2 0.9464 -0.0638 0.0037 0.0218 0.0302 0.0447 0.0492 0.0539
Distribution rate 60.2% - - 523% - 62.8% 64.5% 66.6%
Net sales 1 7,888 2,408 1,838 2,586 2,135 2,578 2,700 2,825
EBITDA 1 4,722 344 178.2 203.9 255.4 354.2 378.7 409.5
EBIT 1 4,570 180.8 46.11 53.2 91.67 181.3 203 222.7
Net income 1 3,235 -218 12.72 74.54 103 158.1 173 190.9
Net Debt 1 -2,139 -1,575 -1,361 -916.3 -1,144 -1,059 -1,146 -1,242
Reference price 2 4.8500 1.9000 2.7500 1.8900 1.1500 0.9700 0.9700 0.9700
Nbr of stocks (in thousands) 3,417,462 3,417,462 3,413,262 3,413,262 3,407,462 3,407,462 - -
Announcement Date 10/05/22 09/05/23 21/05/24 06/05/25 05/05/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.71x0.87x6.34x2.89% 817M
29.19x4.26x13.62x4.48% 15.92B
14.37x - - 2.51% 5.23B
43.67x - - 0.58% 3.19B
18.05x - - 2.79% 2.53B
19.09x - - - 1.79B
21.88x1.35x8.8x2.05% 1.26B
22.29x2.54x9.93x0.99% 1.04B
Average 23.78x 2.25x 9.67x 2.33% 3.97B
Weighted average by Cap. 26.04x 3.82x 12.78x 3.31%

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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