Company Valuation: TH Plantations

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 530.3 464 428.7 601 486.1 499.4 - -
Change - -12.5% -7.62% 40.21% -19.12% 2.73% - -
Enterprise Value (EV) 1 1,722 1,282 1,251 1,401 1,227 1,194 1,151 1,096
Change - -25.55% -2.4% 11.98% -12.38% -2.69% -3.64% -4.77%
P/E 7.56x 7.78x 14.7x 10.5x 6.58x 8.98x 8.5x 6.49x
PBR - - 0.6x 0.79x 0.59x 0.59x 0.57x -
PEG - -0.5x -0.3x 0.1x 0.2x -0.4x 1.51x 0.2x
Capitalization / Revenue 0.7x 0.53x 0.57x 0.68x 0.51x 0.53x 0.51x 0.49x
EV / Revenue 2.26x 1.45x 1.66x 1.6x 1.28x 1.27x 1.17x 1.07x
EV / EBITDA 5.6x 4.68x 5.92x 4.91x 4.07x 4.75x 4.5x 3.64x
EV / EBIT 7.52x 6.59x 9.26x 6.77x 5.54x 6.65x 5.83x 4.96x
EV / FCF 90x 12.7x 17.6x 11.4x 8.34x 10.9x 10.7x 8.73x
FCF Yield 1.11% 7.88% 5.67% 8.8% 12% 9.19% 9.37% 11.4%
Dividend per Share 2 - 0.03 0.02 0.03 0.03 0.0305 0.031 0.039
Rate of return - 5.71% 4.12% 4.41% 5.45% 5.4% 5.49% 6.9%
EPS 2 0.0794 0.0675 0.0329 0.0647 0.0836 0.063 0.0665 0.087
Distribution rate - 44.4% 60.8% 46.4% 35.9% 48.5% 46.6% 44.8%
Net sales 1 760.8 881.3 752 877.7 961.2 939.8 983.3 1,024
EBITDA 1 307.4 273.9 211.3 285.3 301.5 251.6 255.7 301.1
EBIT 1 228.9 194.6 135.1 207 221.5 179.6 197.3 221.1
Net income 1 70.17 68.77 46.62 75.18 91.8 55.85 58.65 77.3
Net Debt 1 1,191 817.8 822.3 799.8 741.3 695.1 651.6 596.7
Reference price 2 0.6000 0.5250 0.4850 0.6800 0.5500 0.5650 0.5650 0.5650
Nbr of stocks (in thousands) 883,851 883,851 883,851 883,851 883,851 883,851 - -
Announcement Date 22/02/22 27/02/23 28/02/24 28/02/25 26/02/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.98x1.27x4.75x5.4% 123M
20.42x2.79x13.91x4.05% 244B
19.88x2.5x14.89x3.3% 79.69B
16.32x1.71x9.67x3.83% 45.83B
16.06x0.57x10.22x2.4% 41.8B
20.98x3.19x12.94x3.33% 34.82B
34.09x2.97x17.2x1.08% 30.91B
-8.67x1.87x9.32x6.52% 29.17B
64.11x9.84x40.79x1.19% 27.94B
12.48x0.4x9.04x2.35% 23.52B
Average 20.46x 2.71x 14.27x 3.35% 55.83B
Weighted average by Cap. 20.80x 2.73x 14.45x 3.51%

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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