Company Valuation: Riverview Rubber Estates,

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 203 216.6 246.4 212.7 198.4 187.4
Change - 6.71% 13.77% -13.68% -6.71% -5.56%
Enterprise Value (EV) 1 148.9 130.4 177 167.9 163.9 161.2
Change - -12.42% 35.7% -5.09% -2.4% -1.67%
P/E 18x 9.32x 17.5x 34x 24.7x 25.5x
PBR 0.75x 0.57x 0.67x 0.6x 0.55x 0.52x
PEG - 0x -0.4x -0.6x 0.9x -3.11x
Capitalization / Revenue 5.56x 3.87x 4.49x 6.18x 6.01x 6.19x
EV / Revenue 4.08x 2.33x 3.22x 4.88x 4.96x 5.32x
EV / EBITDA 7.98x 3.97x 7.89x 16.9x 12.5x 14.1x
EV / EBIT 8.84x 4.2x 8.57x 21.1x 15x 17.2x
EV / FCF 10.3x 4.88x 13.4x -14.9x -26.5x -29.6x
FCF Yield 9.68% 20.5% 7.45% -6.7% -3.77% -3.38%
Dividend per Share 2 0.03 0.04 0.06 0.09 0.1 0.1
Rate of return 0.96% 1.2% 1.58% 2.74% 3.27% 3.46%
EPS 2 0.1736 0.3582 0.2171 0.0963 0.1237 0.1135
Distribution rate 17.3% 11.2% 27.6% 93.4% 80.9% 88.1%
Net sales 1 36.48 55.96 54.92 34.43 33.03 30.27
EBITDA 1 18.65 32.82 22.44 9.959 13.1 11.42
EBIT 1 16.85 31.01 20.65 7.967 10.9 9.375
Net income 1 11.25 23.23 14.08 6.247 8.021 7.363
Net Debt 1 -54.09 -86.2 -69.48 -44.76 -34.52 -26.23
Reference price 2 3.130 3.340 3.800 3.280 3.060 2.890
Nbr of stocks (in thousands) 64,850 64,850 64,850 64,850 64,850 64,850
Announcement Date 28/04/21 29/04/22 28/04/23 30/04/24 30/04/25 29/04/26
1MYR in Million2MYR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 46.62M
28.67x0.86x9.43x0.96% 11.47B
8.08x1.13x9.19x5.28% 4.77B
29.67x1.92x14.54x1.33% 3.37B
11.64x1.27x6.01x2.15% 2.5B
13.26x0.76x8.5x - 1.67B
Average 18.26x 1.19x 9.53x 2.43% 3.97B
Weighted average by Cap. 21.81x 1.10x 9.68x 2.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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