Company Valuation: PETRONAS Gas

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,617 33,876 34,430 34,984 35,894 34,153 - -
Change - -4.89% 1.64% 1.61% 2.6% -4.85% - -
Enterprise Value (EV) 1 35,282 33,685 34,054 34,237 35,480 33,153 32,669 32,324
Change - -4.52% 1.1% 0.54% 3.63% -6.56% -1.46% -1.06%
P/E 17.9x 20.6x 18.9x 19.1x 20.8x 18.6x 18.1x 17.8x
PBR 2.72x 2.58x 2.54x 2.51x 2.52x 2.33x 2.26x 2.21x
PEG - -1.2x 1.8x 21.97x -3.5x 2.92x 6.1x 10.38x
Capitalization / Revenue 6.31x 5.5x 5.34x 5.35x 5.63x 5.2x 5.15x 5.11x
EV / Revenue 6.25x 5.47x 5.28x 5.24x 5.57x 5.05x 4.92x 4.84x
EV / EBITDA 9.92x 10.4x 10.4x 10.2x 10.2x 9.26x 8.94x 8.62x
EV / EBIT 13.3x 14.5x 15x 14.9x 15.8x 14.3x 13.8x 13.5x
EV / FCF 16.1x 19.2x 18.5x 18.2x 40.8x 19.2x 18.9x 18x
FCF Yield 6.2% 5.22% 5.4% 5.48% 2.45% 5.21% 5.28% 5.57%
Dividend per Share 2 0.82 0.72 0.72 0.72 0.72 0.7279 0.7394 0.7503
Rate of return 4.56% 4.21% 4.14% 4.07% 3.97% 4.22% 4.28% 4.35%
EPS 2 1.005 0.8316 0.92 0.928 0.8728 0.9283 0.9559 0.9722
Distribution rate 81.6% 86.6% 78.3% 77.6% 82.5% 78.4% 77.4% 77.2%
Net sales 1 5,649 6,160 6,445 6,538 6,374 6,569 6,634 6,684
EBITDA 1 3,558 3,245 3,267 3,355 3,473 3,580 3,655 3,750
EBIT 1 2,660 2,320 2,274 2,303 2,249 2,326 2,371 2,398
Net income 1 2,111 1,645 1,820 1,836 1,727 1,850 1,913 1,947
Net Debt 1 -335.3 -190.5 -375.5 -747.3 -414.1 -999.6 -1,484 -1,829
Reference price 2 18.00 17.12 17.40 17.68 18.14 17.26 17.26 17.26
Nbr of stocks (in thousands) 19,78,732 19,78,732 19,78,732 19,78,732 19,78,732 19,78,732 - -
Announcement Date 22/02/22 16/02/23 27/02/24 21/02/25 24/02/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.98x5.16x9.46x4.13% 862.51Cr
13.51x2.02x7.28x6.23% 3.16TCr
19.97x7.64x14.72x2.38% 2.86TCr
15.41x1.33x9.37x2.21% 1.44TCr
16.9x1.09x7.86x1.9% 1.34TCr
11.79x0.92x9.26x3.88% 1.21TCr
45.67x8.56x12.02x5.39% 1.04TCr
11.56x4.07x6.91x2.61% 793.91Cr
Average 19.23x 3.85x 9.61x 3.59% 1.59TCr
Weighted average by Cap. 18.26x 3.88x 9.95x 3.79%

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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