Company Valuation: TH Plantations

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 530.3 464 428.7 601 486.1 464 - -
Change - -12.5% -7.62% 40.21% -19.12% -4.55% - -
Enterprise Value (EV) 1 1,722 1,282 1,251 1,401 1,227 1,159 1,116 1,061
Change - -25.55% -2.4% 11.98% -12.38% -5.57% -3.75% -4.92%
P/E 7.56x 7.78x 14.7x 10.5x 6.58x 8.34x 7.89x 6.03x
PBR - - 0.6x 0.79x 0.59x 0.55x 0.53x -
PEG - -0.5x -0.3x 0.1x 0.2x -0.3x 1.4x 0.2x
Capitalization / Revenue 0.7x 0.53x 0.57x 0.68x 0.51x 0.49x 0.47x 0.45x
EV / Revenue 2.26x 1.45x 1.66x 1.6x 1.28x 1.23x 1.13x 1.04x
EV / EBITDA 5.6x 4.68x 5.92x 4.91x 4.07x 4.61x 4.36x 3.52x
EV / EBIT 7.52x 6.59x 9.26x 6.77x 5.54x 6.45x 5.65x 4.8x
EV / FCF 90x 12.7x 17.6x 11.4x 8.34x 10.6x 10.3x 8.45x
FCF Yield 1.11% 7.88% 5.67% 8.8% 12% 9.47% 9.66% 11.8%
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% 5.81% 5.9% 7.43%
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 0.5250 0.5250 0.5250
Nbr of stocks (in thousands) 8,83,851 8,83,851 8,83,851 8,83,851 8,83,851 8,83,851 - -
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.($)
8.5x1.24x4.64x5.7% 12Cr
19.77x2.71x13.54x4.18% 23TCr
18.55x2.41x14.37x3.45% 7.61TCr
15.88x1.65x9.4x3.99% 4.26TCr
15.22x0.54x9.74x2.54% 3.96TCr
19.46x2.98x12.12x3.59% 3.23TCr
36.77x3.17x18.48x1.01% 3.24TCr
25.03x5.24x16.69x3.35% 2.84TCr
61.81x9.49x39.36x1.23% 2.67TCr
-7.76x1.75x8.73x7.28% 2.61TCr
Average 21.32x 3.12x 14.71x 3.63% 5.37TCr
Weighted average by Cap. 20.99x 2.89x 14.48x 3.67%

Y-o-Y evolution of P/E

Valuation ratios - P/E - TH Plantations

Historical PBR trend

Valuation ratios - PBR - TH Plantations

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - TH Plantations

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - TH Plantations


Year-on-year evolution of the Yield

Valuation ratios - Yield - TH Plantations
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