Financials Wellcall Holdings

Equities

WELLCAL

MYL7231OO003

Tires & Rubber Products

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
1.56 ^MYR	-.--%		+0.65%	-6.59%

23/02	Wellcall Holdings Berhad Announces First Single Tier Dividend for the Financial Year Ending 30 September 2024, Payable on 21 March 2024	CI
23/02	Wellcall Holdings Berhad Reports Earnings Results for the First Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	572.6	430.7	522.8	562.7	741.9	776.8	-	-
Enterprise Value (EV) ¹	520	430.7	522.8	562.7	741.9	776.8	776.8	776.8
P/E ratio	15.6 x	14.7 x	15.3 x	16.9 x	13.1 x	13.9 x	13.5 x	13.7 x
Yield	4.91%	5.72%	6.67%	6.19%	5.5%	5.29%	5.51%	5.38%
Capitalization / Revenue	3.37 x	3.19 x	3.33 x	3.18 x	3.42 x	3.45 x	3.31 x	3.04 x
EV / Revenue	3.37 x	3.19 x	3.33 x	3.18 x	3.42 x	3.45 x	3.31 x	3.04 x
EV / EBITDA	10.6 x	9.82 x	10.1 x	11.2 x	9.56 x	10.5 x	10.1 x	9.81 x
EV / FCF	1,32,03,284 x	1,51,96,861 x	1,54,82,068 x	1,63,58,900 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	4.92 x	3.6 x	4.11 x	4.52 x	-	5.2 x	5.2 x	5.2 x
Nbr of stocks (in thousands)	4,97,948	4,97,948	4,97,948	4,97,948	4,97,948	4,97,948	-	-
Reference price ²	1.150	0.8650	1.050	1.130	1.490	1.560	1.560	1.560
Announcement Date	28/11/19	23/11/20	30/11/21	30/11/22	28/11/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Septiembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	170.1	134.9	157	176.7	217.2	225.3	235	255.6
EBITDA ¹	53.82	43.84	51.75	50.16	77.64	73.97	77.07	79.2
EBIT ¹	48.56	38.26	46.37	45.14	72.7	73.1	75.6	-
Operating Margin	28.55%	28.36%	29.53%	25.54%	33.48%	32.44%	32.17%	-
Earnings before Tax (EBT) ¹	49.53	38.82	46.06	44.97	74.36	74.17	77.03	76.3
Net income ¹	36.8	29.36	34.16	33.21	56.51	55.67	57.83	56.7
Net margin	21.63%	21.76%	21.75%	18.8%	26.02%	24.7%	24.61%	22.18%
EPS ²	0.0739	0.0590	0.0686	0.0667	0.1135	0.1120	0.1155	0.1140
Free Cash Flow	43.37	28.34	33.77	34.4	-	-	-	-
FCF margin	25.5%	21.01%	21.51%	19.47%	-	-	-	-
FCF Conversion (EBITDA)	80.59%	64.65%	65.25%	68.57%	-	-	-	-
FCF Conversion (Net income)	117.85%	96.53%	98.88%	103.56%	-	-	-	-
Dividend per Share ²	0.0565	0.0495	0.0700	0.0700	0.0820	0.0825	0.0860	0.0840
Announcement Date	28/11/19	23/11/20	30/11/21	30/11/22	28/11/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2023 Q1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	8.058
Net margin	-
EPS ²	0.0162
Dividend per Share	-
Announcement Date	24/02/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	52.7	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	43.4	28.3	33.8	34.4	-	-	-	-
ROE (net income / shareholders' equity)	32.9%	24.8%	26.9%	26.6%	42.5%	37%	37.6%	45.5%
ROA (Net income/ Total Assets)	27.4%	21.1%	23.7%	22.6%	34.5%	30.8%	29.1%	-
Assets ¹	134.4	139.3	144.2	146.7	163.6	181	198.7	-
Book Value Per Share ²	0.2300	0.2400	0.2600	0.2500	-	0.3000	0.3000	0.3000
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	5.56	9.54	0.81	0.48	-	3.4	3.5	-
Capex / Sales	3.27%	7.07%	0.52%	0.27%	-	1.51%	1.49%	-
Announcement Date	28/11/19	23/11/20	30/11/21	30/11/22	28/11/23	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Wellcall Holdings

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.56 MYR

Average target price

1.92 MYR

Spread / Average Target

+23.08%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Industrial Rubber Products

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Industrial Rubber Products