Company Valuation: AT Systematization

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 172.7 289.4 60.01 101.8 46.37 17.16
Change - 67.61% -79.26% 69.64% -54.45% -62.99%
Enterprise Value (EV) 1 182.7 131.7 3.903 71.8 15.49 -17.49
Change - -27.93% -97.04% 1,739.6% -78.42% -212.88%
P/E -2.15x -7.64x -0.38x -1.09x -0.54x 6.18x
PBR 0.72x 0.69x 0.18x 0.35x 0.29x 0.12x
PEG - 0.1x -0x 0x 0.07x -0x
Capitalization / Revenue 8.73x 9.36x 0.77x 1.67x 1.42x 0.44x
EV / Revenue 9.24x 4.26x 0.05x 1.18x 0.48x -0.45x
EV / EBITDA -17.8x -8.08x -0.05x -1.06x -0.25x -2.29x
EV / EBIT -12.5x -6.65x -0.04x -0.92x -0.22x -5.44x
EV / FCF -100x -1.36x -0.04x -2.56x -0.39x -
FCF Yield -1% -73.4% -2,244% -39.1% -257% -
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.9784 -0.2355 -0.789 -0.414 -0.3799 0.0121
Distribution rate - - - - - -
Net sales 1 19.77 30.93 78.13 60.8 32.58 39.22
EBITDA 1 -10.26 -16.3 -86.29 -67.72 -62.45 7.626
EBIT 1 -14.61 -19.81 -93.15 -77.92 -71.66 3.214
Net income 1 -15.35 -20.53 -127.9 -82.75 -85.81 2.774
Net Debt 1 10.08 -157.7 -56.1 -29.99 -30.88 -34.65
Reference price 2 2.1000 1.8000 0.3000 0.4500 0.2050 0.0750
Nbr of stocks (in thousands) 82,219 160,771 200,021 226,203 226,193 228,793
Announcement Date 8/26/20 8/30/21 7/29/22 7/31/23 7/31/24 1/30/26
1MYR in Million2MYR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.6M
35.69x6.12x22.79x0.76% 122B
35x6.56x22.57x1.73% 42.98B
33.38x4.3x15.89x0.11% 31.55B
21.15x1.75x12.9x2.3% 30B
26.17x4.16x13.97x1.39% 29.48B
23.74x3.47x14.94x0.99% 28.92B
26.17x3.14x13.69x1.44% 28.39B
110.88x7.54x39.69x - 27.13B
27.14x3.49x16.71x1.68% 24.96B
Average 37.70x 4.50x 19.24x 1.3% 36.59B
Weighted average by Cap. 36.76x 4.99x 20.16x 1.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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