Financials White Horse

Equities

WTHORSE

MYL5009OO005

Construction Supplies & Fixtures

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 07/05/2024 am IST			5-day change	1st Jan Change
0.78 ^MYR	-0.64%		-1.89%	+23.81%

28/02	White Horse Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI
2023	White Horse Berhad Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	444.1	349.6	230.2	146.9	140	134.5
Enterprise Value (EV) ¹	552.7	455.3	324.1	153.9	32.19	92.47
P/E ratio	87.5 x	-13.8 x	-3.6 x	-2.66 x	8.56 x	170 x
Yield	3.61%	-	-	-	4.72%	-
Capitalization / Revenue	0.69 x	0.57 x	0.44 x	0.36 x	0.35 x	0.33 x
EV / Revenue	0.86 x	0.74 x	0.61 x	0.38 x	0.08 x	0.22 x
EV / EBITDA	14.6 x	44.7 x	-10.4 x	-4.79 x	-1.44 x	5.99 x
EV / FCF	72.6 x	15.5 x	6.85 x	3.54 x	0.37 x	-1.65 x
FCF Yield	1.38%	6.44%	14.6%	28.2%	267%	-60.8%
Price to Book	0.6 x	0.49 x	0.36 x	0.25 x	0.23 x	0.23 x
Nbr of stocks (in thousands)	2,28,906	2,28,479	2,27,909	2,27,711	2,20,526	2,20,526
Reference price ²	1.940	1.530	1.010	0.6450	0.6350	0.6100
Announcement Date	24/04/18	29/04/19	22/05/20	26/04/21	25/04/22	26/04/23

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	640.1	612.8	527.4	410	399.8	413.6
EBITDA ¹	37.92	10.18	-31.08	-32.1	-22.34	15.44
EBIT ¹	-2.044	-22.94	-62.48	-66	-48.63	-8.531
Operating Margin	-0.32%	-3.74%	-11.85%	-16.1%	-12.16%	-2.06%
Earnings before Tax (EBT) ¹	6.829	-26.02	-61.74	-61.86	25.54	6.998
Net income ¹	5.079	-25.37	-64.04	-55.27	16.74	0.792
Net margin	0.79%	-4.14%	-12.14%	-13.48%	4.19%	0.19%
EPS ²	0.0222	-0.1108	-0.2806	-0.2427	0.0742	0.003591
Free Cash Flow ¹	7.61	29.32	47.34	43.45	86.1	-56.21
FCF margin	1.19%	4.78%	8.98%	10.6%	21.54%	-13.59%
FCF Conversion (EBITDA)	20.06%	288.07%	-	-	-	-
FCF Conversion (Net income)	149.83%	-	-	-	514.37%	-
Dividend per Share ²	0.0700	-	-	-	0.0300	-
Announcement Date	24/04/18	29/04/19	22/05/20	26/04/21	25/04/22	26/04/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	109	106	93.9	6.98	-	-
Net Cash position ¹	-	-	-	-	108	42
Leverage (Debt/EBITDA)	2.863 x	10.39 x	-3.021 x	-0.2174 x	-	-
Free Cash Flow ¹	7.61	29.3	47.3	43.5	86.1	-56.2
ROE (net income / shareholders' equity)	0.67%	-3.49%	-9.5%	-8.99%	2.82%	0.13%
ROA (Net income/ Total Assets)	-0.11%	-1.33%	-3.91%	-4.59%	-3.78%	-0.7%
Assets ¹	-4,609	1,905	1,638	1,205	-442.7	-112.9
Book Value Per Share ²	3.260	3.090	2.820	2.580	2.720	2.710
Cash Flow per Share ²	0.3500	0.3500	0.2000	0.2600	0.6000	0.2400
Capex ¹	24.9	24.3	13	3.62	8.9	3.08
Capex / Sales	3.89%	3.97%	2.47%	0.88%	2.23%	0.75%
Announcement Date	24/04/18	29/04/19	22/05/20	26/04/21	25/04/22	26/04/23

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Flooring & Interior Tile Manufacturers

	1st Jan change	Capi.
WHITE HORSE	+23.81%	36.3M
KINGSPAN GROUP PLC	+14.16%	17.39B
KALESERAMIK CANAKKALE KALEBODUR SERAMIK SANAYI	-8.94%	3.04B
RESPONSIVE INDUSTRIES LIMITED	-6.16%	933M
INTERNACIONAL DE CERÁMICA, S.A.B. DE C.V.	-1.54%	801M
TARKETT	-4.51%	629M
MONALISA GROUP CO.,LTD	-19.65%	616M
ZHEJIANG TIANZHEN TECHNOLOGY CO., LTD.	-8.63%	497M
BIEN YAPI URUNLERI SANAYI TURIZM VE TICARET	+3.44%	477M
EVERJOY HEALTH GROUP CO., LTD.	-16.32%	461M

Flooring & Interior Tile Manufacturers

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