Company Valuation: Malayan Cement

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,711 2,882 4,022 6,638 6,791 7,616 - -
Change - 6.34% 39.55% 65.03% 2.31% 12.15% - -
Enterprise Value (EV) 1 3,417 2,882 4,022 6,638 6,791 9,952 7,826 7,199
Change - -15.65% 39.55% 65.03% 2.31% 46.54% -9.33% -8.01%
P/E 341x 41.7x 34.3x 21.4x 14x 13.4x 9.65x 9.11x
PBR 1.07x 0.5x 0.68x 1.05x 1x 1.18x 0.99x 0.92x
PEG - 0x 0.5x 0x 0.3x 0.4x -1.03x 1.52x
Capitalization / Revenue 1.98x 1.07x 1.07x 1.49x 1.5x 1.78x 1.46x 1.39x
EV / Revenue 2.5x 1.07x 1.07x 1.49x 1.5x 1.99x 1.5x 1.31x
EV / EBITDA 18.4x 5.64x 5.6x 6.07x 4.79x 5.88x 5.21x 4.59x
EV / EBIT 116x 12.3x 9.78x 8.28x 6.03x 7.01x 6.03x 5.18x
EV / FCF 57x 17x 12.8x 10.2x 8.73x 10.7x 7.59x 7.15x
FCF Yield 1.75% 5.89% 7.79% 9.78% 11.5% 9.37% 13.2% 14%
Dividend per Share 2 - - - 0.1 0.12 0.15 0.1463 0.1562
Rate of return - - - 2.01% 2.39% 2.35% 2.67% 2.85%
EPS 2 0.0085 0.0527 0.0895 0.2323 0.3594 0.4767 0.5677 0.6017
Distribution rate - - - 43% 33.4% 31.5% 25.8% 26%
Net sales 1 1,370 2,705 3,757 4,446 4,528 4,994 5,230 5,490
EBITDA 1 185.3 511.4 718.8 1,093 1,417 1,692 1,502 1,568
EBIT 1 29.52 233.9 411.5 801.7 1,126 1,419 1,299 1,391
Net income 1 7.31 83.54 159 428.7 672.4 903.2 860.2 915.2
Net Debt 1 706.6 - - - - 1,085 210 -417
Reference price 2 2.900 2.200 3.070 4.980 5.020 5.480 5.480 5.480
Nbr of stocks (in thousands) 934,695 1,310,202 1,310,202 1,332,903 1,352,850 1,389,872 - -
Announcement Date 9/8/21 8/25/22 10/31/23 8/21/24 8/21/25 8/20/26 - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.7x1.72x5.42x2.5% 1.86B
14.4x1.73x8.33x1.9% 55.09B
18.2x2.51x9.92x2.81% 44.17B
31.69x5.79x17.11x0.72% 34.08B
32.83x3.4x17.44x0.94% 33.61B
27.26x4.32x14.44x0.85% 31.7B
11.26x1.36x6.33x2.73% 28.23B
20.21x6.3x12.42x2.15% 23.32B
70.04x4.37x67.71x0.33% 21.66B
15.41x1.93x7.78x1.42% 20.56B
Average 25.00x 3.34x 16.69x 1.63% 29.43B
Weighted average by Cap. 24.75x 3.32x 15.73x 1.63%

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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