Company Valuation: ZICO Holdings Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 25.1 26.49 26.56 20.51 19.26 22.58
Change - 5.55% 0.26% -22.76% -6.12% 17.25%
Enterprise Value (EV) 1 68.66 53.76 42.99 44.9 26.65 22.28
Change - -21.7% -20.03% 4.44% -40.64% -16.39%
P/E -3.38x 30x -25.3x -0.8x -3.33x 22x
PBR 0.24x 0.25x 0.24x 0.21x 0.78x 0.78x
PEG - -0x 0x -0x 0x -0x
Capitalization / Revenue 0.39x 0.38x 0.41x 0.35x 1.12x 1.58x
EV / Revenue 1.07x 0.78x 0.66x 0.77x 1.55x 1.56x
EV / EBITDA -7.86x -64.3x -42.6x -2.11x -5.62x -6.34x
EV / EBIT -6.55x -14.3x -16.9x -1.97x -5.2x -5.75x
EV / FCF 3.76x 6.11x 75.6x -9.38x -44.7x -18.4x
FCF Yield 26.6% 16.4% 1.32% -10.7% -2.23% -5.44%
Dividend per Share 3 - - - - - -
Rate of return - - - - - -
EPS 3 -0.0228 0.0027 -0.003 -0.0674 -0.0141 0.0025
Distribution rate - - - - - -
Net sales 1 64.08 69.03 64.94 58.61 17.25 14.31
EBITDA 1 -8.74 -0.836 -1.009 -21.25 -4.745 -3.515
EBIT 1 -10.48 -3.754 -2.542 -22.78 -5.126 -3.873
Net income 1 -7.406 0.882 -0.865 -24.94 -5.572 1.027
Net Debt 1 43.56 27.27 16.43 24.39 7.392 -0.299
Reference price 3 0.0770 0.0810 0.0760 0.0540 0.0470 0.0550
Nbr of stocks (in thousands) 3,25,946 3,27,036 3,49,462 3,79,886 4,09,767 4,10,569
Announcement Date 14/04/21 13/04/22 13/04/23 12/04/24 11/04/25 08/04/26
1SGD in Million2MYR in Million3SGD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.57Cr
18.26x3.4x9.31x3.14% 6.27TCr
7.75x - - 3.23% 4.17TCr
12.84x - - 2.18% 1.44TCr
7.97x0.96x - 3.34% 1.32TCr
12.11x0.81x - 2.02% 870.54Cr
8.13x - - 6.53% 686.52Cr
21.11x24.52x78.35x2.21% 453.47Cr
-77.18x2.63x13.93x1.48% 411.56Cr
Average 1.37x 6.46x 33.86x 3.02% 1.74TCr
Weighted average by Cap. 10.87x 3.80x 13.96x 3.11%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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