Company Valuation: AppAsia

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 255.8 102.8 113.1 103.3 198.7 172.7
Change - -59.82% 10.03% -8.65% 92.35% -13.08%
Enterprise Value (EV) 1 241.4 91.52 108.6 95.57 185.9 166.3
Change - -62.08% 18.63% -11.98% 94.52% -10.55%
P/E 478x -319x 210x 63.4x 60.4x 85x
PBR 8.84x 4.26x 4.65x 4.1x 5.01x 4.22x
PEG - 2x -1x 0x 1x -2.2x
Capitalization / Revenue 3.44x 1.59x 1.89x 4.54x 6.55x 5.62x
EV / Revenue 3.25x 1.42x 1.81x 4.2x 6.13x 5.41x
EV / EBITDA 235x 1,085x 75.5x 31.8x 42.9x 45.5x
EV / EBIT 504x -319x 95.2x 35.2x 46x 50.1x
EV / FCF 98.3x 74.4x -22.3x 23.4x -33.5x 396x
FCF Yield 1.02% 1.34% -4.48% 4.28% -2.99% 0.25%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.000499 -0.000298 0.0005 0.001499 0.0024 0.00147
Distribution rate - - - - - -
Net sales 1 74.34 64.52 59.92 22.78 30.34 30.75
EBITDA 1 1.027 0.0844 1.439 3.005 4.338 3.653
EBIT 1 0.4786 -0.2865 1.141 2.716 4.038 3.321
Net income 1 0.6789 -0.3202 0.6068 1.942 2.856 2.043
Net Debt 1 -14.41 -11.25 -4.499 -7.723 -12.78 -6.397
Reference price 2 0.2383 0.0950 0.1050 0.0950 0.1450 0.1250
Nbr of stocks (in thousands) 1,073,254 1,081,815 1,076,916 1,087,343 1,370,315 1,381,635
Announcement Date 5/18/21 4/29/22 4/28/23 4/30/24 4/30/25 4/30/26
1MYR in Million2MYR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 37.2M
15.54x4.12x9.52x1.32% 512B
22.38x6.62x19.88x-.--% 334B
23.79x2.79x14.2x-.--% 159B
35.24x6.99x19.66x-.--% 110B
37.49x4.37x28.91x-.--% 110B
2.7x70.66x1.89x0.15% 95.1B
85.43x5.07x24.25x-.--% 95.42B
10.48x7.97x92.97x0.64% 93.36B
8.55x2.75x59.71x0.74% 37.25B
Average 26.84x 12.37x 30.11x 0.32% 154.62B
Weighted average by Cap. 23.87x 9.10x 21.03x 0.5%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA