Financials Maxis

Equities

MAXIS

MYL6012OO008

Wireless Telecommunications Services

End-of-day quote BURSA MALAYSIA 23:00:00 25/04/2024 BST 5-day change 1st Jan Change
3.58 MYR +0.56% Intraday chart for Maxis +2.29% -7.01%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 41,605 39,506 37,957 30,068 30,153 28,039 - -
Enterprise Value (EV) 1 49,976 48,534 46,856 30,068 39,356 36,739 36,190 35,761
P/E ratio 27.4 x 28.5 x 29 x 25.4 x 30.3 x 20.2 x 18.9 x 18 x
Yield 3.76% 3.17% 3.3% - 4.42% 4.6% 4.96% 5.18%
Capitalization / Revenue 4.47 x 4.41 x 4.12 x 3.07 x 2.96 x 2.72 x 2.64 x 2.57 x
EV / Revenue 5.37 x 5.41 x 5.09 x 3.07 x 3.87 x 3.57 x 3.41 x 3.28 x
EV / EBITDA 13.4 x 12.7 x 12 x 7.64 x 9.94 x 8.97 x 8.56 x 8.33 x
EV / FCF 24.9 x 21.6 x 20.6 x - 23 x 17.9 x 16.6 x 15.8 x
FCF Yield 4.02% 4.62% 4.85% - 4.35% 5.58% 6.02% 6.31%
Price to Book 5.91 x 5.61 x 5.64 x - 4.73 x 4.68 x 4.51 x 4.99 x
Nbr of stocks (in thousands) 7,820,499 7,823,037 7,826,271 7,830,149 7,832,077 7,832,077 - -
Reference price 2 5.320 5.050 4.850 3.840 3.850 3.580 3.580 3.580
Announcement Date 20/02/20 26/02/21 24/02/22 23/02/23 22/02/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,313 8,966 9,203 9,789 10,180 10,302 10,611 10,901
EBITDA 1 3,733 3,814 3,898 3,938 3,960 4,095 4,230 4,294
EBIT 1 2,435 2,252 2,235 2,218 1,890 2,252 2,353 2,410
Operating Margin 26.15% 25.12% 24.29% 22.66% 18.57% 21.85% 22.17% 22.11%
Earnings before Tax (EBT) 1 2,036 1,852 1,762 1,811 1,444 1,871 1,986 2,058
Net income 1 1,519 1,382 1,308 1,182 993 1,397 1,492 1,539
Net margin 16.31% 15.41% 14.21% 12.07% 9.75% 13.56% 14.06% 14.12%
EPS 2 0.1940 0.1770 0.1670 0.1510 0.1270 0.1769 0.1890 0.1984
Free Cash Flow 1 2,008 2,243 2,273 - 1,712 2,049 2,180 2,257
FCF margin 21.56% 25.02% 24.7% - 16.82% 19.89% 20.54% 20.71%
FCF Conversion (EBITDA) 53.79% 58.81% 58.31% - 43.23% 50.04% 51.54% 52.58%
FCF Conversion (Net income) 132.19% 162.3% 173.78% - 172.41% 146.68% 146.08% 146.66%
Dividend per Share 2 0.2000 0.1600 0.1600 - 0.1700 0.1647 0.1776 0.1854
Announcement Date 20/02/20 26/02/21 24/02/22 23/02/23 22/02/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 2,263 2,448 - - - - - - - - 2,467 2,467 2,673 2,673 -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 555 494 - - - - - - - - 529.7 529.7 573.9 573.9 -
Operating Margin 24.52% 20.18% - - - - - - - - 21.47% 21.47% 21.47% 21.47% -
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - - -
EPS 2 0.0420 0.0370 0.0380 0.0420 0.0400 0.0310 0.0410 0.0420 0.0370 0.007000 0.0350 0.0400 0.0400 0.0400 0.0300
Dividend per Share 2 0.0400 0.0400 0.0500 0.0500 0.0500 - - 0.0400 0.0400 0.0500 0.0396 0.0396 0.0396 0.0396 0.0496
Announcement Date 29/10/21 24/02/22 28/04/22 28/07/22 04/11/22 23/02/23 19/05/23 09/08/23 10/11/23 22/02/24 - - - - -
1MYR in Million2MYR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 8,371 9,028 8,899 - 9,203 8,700 8,151 7,722
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.242 x 2.367 x 2.283 x - 2.324 x 2.124 x 1.927 x 1.799 x
Free Cash Flow 1 2,008 2,243 2,273 - 1,712 2,049 2,180 2,257
ROE (net income / shareholders' equity) 21.1% 19.6% 19.5% - 20.7% 23.1% 24.6% 25.8%
ROA (Net income/ Total Assets) 7.27% 6.23% 5.9% - 5.98% 6.64% 7.05% 7.17%
Assets 1 20,882 22,192 22,188 - 16,595 21,037 21,154 21,454
Book Value Per Share 2 0.9000 0.9000 0.8600 - 0.8100 0.7700 0.7900 0.7200
Cash Flow per Share 2 0.4300 0.4700 0.5000 - 0.3600 0.4500 0.4800 0.4900
Capex 1 1,371 1,396 1,633 - 1,141 1,206 1,273 1,168
Capex / Sales 14.72% 15.57% 17.74% - 11.21% 11.7% 12% 10.71%
Announcement Date 20/02/20 26/02/21 24/02/22 23/02/23 22/02/24 - - -
1MYR in Million2MYR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
20
Last Close Price
3.58 MYR
Average target price
4.062 MYR
Spread / Average Target
+13.48%
Consensus