Company Valuation: Bermaz Auto

Data adjusted to current consolidation scope
Fiscal Period: April 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 2,057 2,696 2,697 1,219 1,073 1,074 - -
Change - 31.06% 0.05% -54.79% -12.02% 0.15% - -
Enterprise Value (EV) 1 1,563 2,258 2,395 1,012 723.6 593.5 576.1 546
Change - 44.53% 6.05% -57.74% -28.5% -17.98% -2.93% -5.23%
P/E 13.2x 8.86x 7.72x 7.89x 10.4x 8.16x 7.44x 6.93x
PBR 3.24x 3.5x 3.18x 1.82x 1.52x 1.55x 1.43x 1.28x
PEG - 0.1x 0.5x -0.1x -0.3x 0.3x 0.77x 0.95x
Capitalization / Revenue 0.88x 0.76x 0.69x 0.46x 0.47x 0.45x 0.42x 0.41x
EV / Revenue 0.67x 0.64x 0.61x 0.39x 0.32x 0.25x 0.22x 0.21x
EV / EBITDA 7.42x 5.64x 5.17x 4.6x 3.23x 2.62x 2.5x 2.22x
EV / EBIT 7.64x 5.99x 5.49x 4.76x 3.64x 2.99x 2.81x 2.43x
EV / FCF 5.57x 22x 12.7x 4.68x 6.13x 1.74x 2.8x 2.41x
FCF Yield 17.9% 4.55% 7.85% 21.4% 16.3% 57.4% 35.7% 41.4%
Dividend per Share 2 0.0625 0.145 0.19 0.1675 0.0725 0.0856 0.0956 0.0965
Rate of return 3.53% 6.28% 8.23% 16% 7.67% 9.01% 10.1% 10.2%
EPS 2 0.1338 0.2607 0.2991 0.133 0.091 0.1164 0.1277 0.137
Distribution rate 46.7% 55.6% 63.5% 126% 79.7% 73.5% 74.9% 70.4%
Net sales 1 2,325 3,548 3,930 2,624 2,276 2,411 2,560 2,640
EBITDA 1 210.7 400.3 462.9 219.8 224.3 226.5 230.2 246.2
EBIT 1 204.5 376.8 436.1 212.7 198.9 198.8 205.2 224.6
Net income 1 155.7 303.7 351 155.9 104.7 136.1 150.9 158.4
Net Debt 1 -494.6 -437.7 -302.3 -207.2 -349.1 -480.8 -498.2 -528.3
Reference price 2 1.7700 2.3100 2.3100 1.0500 0.9450 0.9500 0.9500 0.9500
Nbr of stocks (in thousands) 1,162,193 1,167,068 1,167,599 1,161,196 1,135,115 1,130,809 - -
Announcement Date 6/13/22 6/12/23 6/11/24 6/12/25 6/11/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.47x0.24x2.54x8.85% 264M
15.86x0.51x10.59x2.6% 14.18B
15.72x1.34x16.5x1.28% 10.37B
9.4x0.52x8.94x-.--% 6.73B
19.54x0.88x10.25x1.08% 5.68B
19.15x0.6x11.04x3.78% 4.3B
7.37x0.46x8.96x-.--% 3.74B
10.83x0.28x7.5x2.09% 2.4B
70.91x1.66x7.88x-.--% 2.07B
Average 19.70x 0.72x 9.36x 2.19% 5.53B
Weighted average by Cap. 17.04x 0.76x 11.17x 1.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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