Company Valuation: Top Glove Corporation Bhd.

Data adjusted to current consolidation scope
Fiscal Period: August 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 32,028 6,446 6,126 7,370 4,690 5,292 - -
Change - -79.87% -4.96% 20.3% -36.36% 12.82% - -
Enterprise Value (EV) 1 31,608 6,401 6,391 7,417 5,220 5,689 5,467 5,255
Change - -79.75% -0.16% 16.05% -29.62% 9% -3.91% -3.88%
P/E 4.09x 27.7x -6.61x -119x 43x 22.8x 23.4x 20.1x
PBR 4.48x 1.15x 1.3x 1.59x 0.99x 1.1x 1.08x 1.06x
PEG - -0.3x 0x 1.3x -0x 0x -8.81x 1.2x
Capitalization / Revenue 1.95x 1.16x 2.71x 2.93x 1.34x 1.33x 1.17x 1.09x
EV / Revenue 1.93x 1.15x 2.83x 2.95x 1.5x 1.42x 1.21x 1.08x
EV / EBITDA 3.02x 8.87x -39.3x 69.2x 13.2x 9.06x 8.76x 7.69x
EV / EBIT 3.12x 17.1x -12.6x -41.1x 58.6x 18.3x 17x 14.2x
EV / FCF 4.89x -8.17x -38.5x -75.8x 33.4x 15.3x 17.1x 14.7x
FCF Yield 20.4% -12.2% -2.6% -1.32% 2.99% 6.56% 5.86% 6.8%
Dividend per Share 2 0.651 0.012 - - 0.0048 0.0122 0.0125 0.0158
Rate of return 16.3% 1.49% - - 0.82% 1.85% 1.89% 2.39%
EPS 2 0.978 0.0291 -0.1157 -0.0077 0.0136 0.029 0.0282 0.0329
Distribution rate 66.6% 41.2% - - 35.3% 42.1% 44.3% 47.9%
Net sales 1 16,403 5,573 2,257 2,516 3,489 3,993 4,511 4,868
EBITDA 1 10,453 721.7 -162.8 107.2 394.9 627.7 624.1 683.3
EBIT 1 10,144 373.6 -505.8 -180.3 89.01 310.4 321.5 370.6
Net income 1 7,871 236 -926.6 -61.81 109.1 229.9 225.6 268.5
Net Debt 1 -419.6 -45 264.4 46.56 529.4 397.6 175 -37.22
Reference price 2 4.0000 0.8050 0.7650 0.9200 0.5850 0.6600 0.6600 0.6600
Nbr of stocks (in thousands) 8,006,950 8,007,341 8,008,161 8,011,014 8,017,841 8,017,968 - -
Announcement Date 17/09/21 20/09/22 06/10/23 10/10/24 09/10/25 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.77x1.42x9.06x1.85% 1.3B
29.02x3.86x12.32x5.07% 13.81B
12.19x - - 2.96% 4.39B
46.93x - - 0.54% 3.4B
15.79x - - 3.22% 2.38B
7.74x0.51x2.31x5.83% 1.89B
19.69x - - - 1.83B
18.51x2.96x9.84x6.28% 982M
20.84x2.32x9.14x0.58% 927M
21.27x0.93x9.82x3.99% 881M
Average 21.47x 2.00x 8.75x 3.37% 3.18B
Weighted average by Cap. 24.78x 3.13x 10.77x 3.88%

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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