Financials Annum

Equities

ANNUM

MYL5082OO002

Forest & Wood Products

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
0.07 ^MYR	-12.50%		-26.32%	-26.32%

04/04	Annum Berhad Announces Change of Address	CI
29/02	Annum Berhad Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Capitalization ¹	23.16	23.1	25.67	18.7	94.6	55.5
Enterprise Value (EV) ¹	28.13	25.88	33.81	25.53	97.76	22.81
P/E ratio	-3.1 x	-3.1 x	-5.99 x	-1.68 x	23.9 x	0.97 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.2 x	0.25 x	0.29 x	0.4 x	2.24 x	0.21 x
EV / Revenue	0.24 x	0.28 x	0.38 x	0.55 x	2.31 x	0.09 x
EV / EBITDA	-7.74 x	-8.49 x	-45.7 x	-1.88 x	-33.6 x	0.61 x
EV / FCF	-7.13 x	4.87 x	-5.1 x	-4.14 x	-11.9 x	0.47 x
FCF Yield	-14%	20.5%	-19.6%	-24.2%	-8.38%	212%
Price to Book	0.33 x	0.37 x	0.44 x	0.4 x	1.85 x	0.5 x
Nbr of stocks (in thousands)	73,535	73,335	73,335	73,335	73,335	75,000
Reference price ²	0.3150	0.3150	0.3500	0.2550	1.290	0.7400
Announcement Date	28/04/17	30/04/18	30/04/19	29/06/20	26/04/21	18/04/22

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net sales ¹	115.6	93.09	88.03	46.28	42.32	264.5
EBITDA ¹	-3.632	-3.047	-0.7404	-13.57	-2.909	37.32
EBIT ¹	-8.459	-7.005	-4.412	-16.53	-5.09	33.42
Operating Margin	-7.32%	-7.52%	-5.01%	-35.73%	-12.03%	12.64%
Earnings before Tax (EBT) ¹	-7.652	-7.552	-4.392	-11.96	3.014	56.86
Net income ¹	-7.473	-7.469	-4.287	-11.1	3.955	57.09
Net margin	-6.47%	-8.02%	-4.87%	-23.99%	9.34%	21.59%
EPS ²	-0.1016	-0.1017	-0.0585	-0.1514	0.0539	0.7655
Free Cash Flow ¹	-3.944	5.311	-6.627	-6.171	-8.191	48.28
FCF margin	-3.41%	5.71%	-7.53%	-13.33%	-19.35%	18.26%
FCF Conversion (EBITDA)	-	-	-	-	-	129.39%
FCF Conversion (Net income)	-	-	-	-	-	84.57%
Dividend per Share	-	-	-	-	-	-
Announcement Date	28/04/17	30/04/18	30/04/19	29/06/20	26/04/21	18/04/22

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net Debt ¹	4.96	2.78	8.14	6.83	3.16	-
Net Cash position ¹	-	-	-	-	-	32.7
Leverage (Debt/EBITDA)	-1.367 x	-0.9132 x	-10.99 x	-0.5032 x	-1.087 x	-
Free Cash Flow ¹	-3.94	5.31	-6.63	-6.17	-8.19	48.3
ROE (net income / shareholders' equity)	-10.1%	-11.3%	-7.1%	-21.1%	6.13%	70.9%
ROA (Net income/ Total Assets)	-5.6%	-5.19%	-3.39%	-13.7%	-4.72%	13.8%
Assets ¹	133.4	143.9	126.4	81.22	-83.84	415
Book Value Per Share ²	0.9500	0.8500	0.7900	0.6400	0.7000	1.470
Cash Flow per Share ²	0.0600	0.0700	0.0500	0.0200	0.0200	0.0500
Capex ¹	5.71	2.54	1.31	1.12	2.4	0.15
Capex / Sales	4.94%	2.73%	1.48%	2.43%	5.67%	0.06%
Announcement Date	28/04/17	30/04/18	30/04/19	29/06/20	26/04/21	18/04/22

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Wood Products

	1st Jan change	Capi.
ANNUM	-26.32%	38.48L
LOUISIANA-PACIFIC CORPORATION	+26.57%	631.72Cr
STELLA-JONES INC.	+5.86%	332.88Cr
CENTURY PLYBOARDS (INDIA) LIMITED	-14.15%	176.16Cr
CORTICEIRA AMORIM, SGPS, S.A.	+5.25%	138.38Cr
DEHUA TB NEW DECORATION MATERIAL CO.,LTD	+30.70%	131.54Cr
DEXCO S.A.	-6.82%	117.82Cr
OENEO	-15.50%	76Cr
DONGWHA ENTERPRISE CO.,LTD	-21.48%	64Cr
STEICO SE	+11.00%	57Cr

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