Company Valuation: PETRONAS Gas

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,617 33,876 34,430 34,984 35,894 34,826 - -
Change - -4.89% 1.64% 1.61% 2.6% -2.98% - -
Enterprise Value (EV) 1 35,282 33,685 34,054 34,237 35,480 33,826 33,342 32,997
Change - -4.52% 1.1% 0.54% 3.63% -4.66% -1.43% -1.03%
P/E 17.9x 20.6x 18.9x 19.1x 20.8x 19x 18.4x 18.1x
PBR 2.72x 2.58x 2.54x 2.51x 2.52x 2.38x 2.3x 2.25x
PEG - -1.2x 1.8x 21.97x -3.5x 2.99x 6.21x 10.53x
Capitalization / Revenue 6.31x 5.5x 5.34x 5.35x 5.63x 5.3x 5.25x 5.21x
EV / Revenue 6.25x 5.47x 5.28x 5.24x 5.57x 5.15x 5.03x 4.94x
EV / EBITDA 9.92x 10.4x 10.4x 10.2x 10.2x 9.45x 9.1x 8.77x
EV / EBIT 13.3x 14.5x 15x 14.9x 15.8x 14.5x 14x 13.7x
EV / FCF 16.1x 19.2x 18.5x 18.2x 40.8x 19.6x 19.3x 18.3x
FCF Yield 6.2% 5.22% 5.4% 5.48% 2.45% 5.11% 5.18% 5.45%
Dividend per Share 2 0.82 0.72 0.72 0.72 0.72 0.7279 0.7394 0.7503
Rate of return 4.56% 4.21% 4.14% 4.07% 3.97% 4.14% 4.2% 4.26%
EPS 2 1.005 0.8316 0.92 0.928 0.8728 0.9283 0.9558 0.9723
Distribution rate 81.6% 86.6% 78.3% 77.6% 82.5% 78.4% 77.4% 77.2%
Net sales 1 5,649 6,160 6,445 6,538 6,374 6,569 6,634 6,684
EBITDA 1 3,558 3,245 3,267 3,355 3,473 3,580 3,664 3,762
EBIT 1 2,660 2,320 2,274 2,303 2,249 2,326 2,380 2,410
Net income 1 2,111 1,645 1,820 1,836 1,727 1,850 1,913 1,947
Net Debt 1 -335.3 -190.5 -375.5 -747.3 -414.1 -999.6 -1,484 -1,829
Reference price 2 18.00 17.12 17.40 17.68 18.14 17.60 17.60 17.60
Nbr of stocks (in thousands) 1,978,732 1,978,732 1,978,732 1,978,732 1,978,732 1,978,732 - -
Announcement Date 22/02/22 16/02/23 27/02/24 21/02/25 24/02/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.65x2.03x7.33x6.16% 32.01B
19.82x7.6x14.64x2.4% 28.36B
14.68x1.29x9.05x2.32% 13.4B
16.33x1.06x7.7x1.96% 12.69B
11.73x0.92x9.22x3.9% 11.93B
43.96x8.39x11.78x5.6% 9.99B
18.96x5.15x9.45x4.14% 8.62B
11.24x4.01x6.77x2.62% 7.84B
Average 18.80x 3.81x 9.49x 3.64% 15.61B
Weighted average by Cap. 17.89x 3.86x 9.86x 3.84%

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