Company Valuation: Naim Holdings

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 398.1 302.9 262.9 408.1 535.8 390.6
Change - -23.9% -13.22% 55.24% 31.29% -27.1%
Enterprise Value (EV) 1 353.3 276.4 242.6 378.6 262.4 106.5
Change - -21.78% -12.21% 56.04% -30.7% -59.39%
P/E 7.44x -3.85x 10.6x 11.6x 2.35x 13.7x
PBR 0.3x 0.25x 0.21x 0.31x 0.35x 0.25x
PEG - 0x -0x 0.3x 0x -0.2x
Capitalization / Revenue 0.68x 0.72x 0.71x 1.29x 1.07x 1.98x
EV / Revenue 0.6x 0.65x 0.66x 1.19x 0.53x 0.54x
EV / EBITDA 2.72x 11.3x 39.2x 28.6x 1.22x 634x
EV / EBIT 2.98x 21.7x -40.6x 954x 1.28x -9.18x
EV / FCF 2.48x -617x 209x -111x 1.97x -2.87x
FCF Yield 40.3% -0.16% 0.48% -0.9% 50.6% -34.8%
Dividend per Share 2 0.099 0.079 - - - -
Rate of return 12.5% 13.1% - - - -
EPS 2 0.1069 -0.1571 0.0495 0.07 0.4558 0.0568
Distribution rate 92.6% -50.3% - - - -
Net sales 1 589.3 422.3 368.6 317 498.5 196.8
EBITDA 1 129.7 24.41 6.187 13.24 215.8 0.168
EBIT 1 118.4 12.74 -5.973 0.397 204.3 -11.61
Net income 1 53.54 -78.66 24.81 35.03 228.2 28.43
Net Debt 1 -44.79 -26.6 -20.27 -29.53 -273.4 -284
Reference price 2 0.7950 0.6050 0.5250 0.8150 1.0700 0.7800
Nbr of stocks (in thousands) 500,743 500,743 500,743 500,743 500,743 500,743
Announcement Date 24/05/21 27/04/22 26/04/23 30/04/24 28/04/25 27/04/26
1MYR in Million2MYR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 104M
66.57x2.88x28.09x0.07% 96.51B
13.25x1.07x5.87x4.43% 71.9B
41.51x5.09x28.22x0.16% 62.95B
25.34x1.94x18.83x1.23% 54.42B
55.73x4.63x29.6x1.65% 46.2B
33.16x0.79x13.14x1.9% 39.47B
27.64x0.54x8.66x2.15% 35.44B
25.77x1.67x16.11x0.19% 33.56B
4.84x0.3x5.82x5.89% 28.68B
Average 32.64x 2.10x 17.15x 1.96% 46.92B
Weighted average by Cap. 36.74x 2.36x 18.83x 1.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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