Company Valuation: Ajinomoto (Malaysia)

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Capitalization 1 790.4 965.5 881.6 971.6 1,131 886.4
Change - 22.15% -8.69% 10.21% 16.4% -21.61%
Enterprise Value (EV) 1 556.1 847 857.7 991.9 739.7 591.3
Change - 52.31% 1.27% 15.65% -25.43% -20.06%
P/E ratio 13.2x 20.8x 51.9x 35.3x 2.82x 17.8x
PBR 1.59x 1.88x 1.74x 1.84x 1.22x 1.08x
PEG - -0.9x -0.8x 0.6x 0x -0.2x
Capitalization / Revenue 1.71x 2.18x 1.82x 1.61x 1.78x 1.3x
EV / Revenue 1.2x 1.91x 1.77x 1.64x 1.16x 0.86x
EV / EBITDA 6.57x 11.5x 21.3x 29.2x 9.24x 6.68x
EV / EBIT 8.2x 14.9x 39.3x 62.2x 12.7x 9.02x
EV / FCF -5.71x -24.8x -14.9x -17.1x 24.7x 20.9x
FCF Yield -17.5% -4.03% -6.72% -5.85% 4.04% 4.77%
Dividend per Share 2 0.493 0.3825 0.085 0.091 0.384 0.4085
Rate of return 3.79% 2.41% 0.59% 0.57% 2.06% 2.8%
EPS 2 0.9844 0.7649 0.2795 0.4522 6.602 0.8169
Distribution rate 50.1% 50% 30.4% 20.1% 5.82% 50%
Net sales 1 461.7 443.1 484.7 603.7 636.4 684.5
EBITDA 1 84.61 73.33 40.19 34.01 80.09 88.56
EBIT 1 67.83 56.74 21.83 15.95 58.11 65.58
Net income 1 59.85 46.5 17 27.49 401.4 49.66
Net Debt 1 -234.3 -118.5 -23.9 20.32 -391.2 -295.2
Reference price 2 13.00 15.88 14.50 15.98 18.60 14.58
Nbr of stocks (in thousands) 60,799 60,799 60,799 60,799 60,799 60,799
Announcement Date 13/08/20 13/08/21 28/07/22 28/07/23 26/07/24 28/07/25
1MYR in Million2MYR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 20Cr
28.18x6.26x20.18x3.07% 3.24TCr
32.5x2.39x12.18x1.98% 2.07TCr
21.22x1.67x11.75x1.81% 821.31Cr
18.21x1.95x11.8x1.94% 488.74Cr
11.41x0.87x5.91x3.95% 386.79Cr
21.2x0.95x8.81x1.73% 348.57Cr
16.86x - - 3.47% 311.76Cr
Average 21.37x 2.35x 11.77x 2.57% 961.06Cr
Weighted average by Cap. 26.34x 3.84x 15.14x 2.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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