Company Valuation: Maxis

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 37,957 30,068 30,153 28,591 29,695 27,971 - -
Change - -20.79% 0.29% -5.18% 3.86% -5.8% - -
Enterprise Value (EV) 1 46,856 30,068 39,356 37,416 38,217 35,823 35,210 34,478
Change - -35.83% 30.89% -4.93% 2.14% -6.26% -1.71% -2.08%
P/E 29x 25.4x 30.3x 20.5x 19x 17.3x 17.2x 16.1x
PBR 5.64x - 4.73x 4.84x 4.83x 4.41x 4.33x 4.17x
PEG - -2.65x -1.9x 0.5x 1.6x 4.47x 26.53x 2.56x
Capitalization / Revenue 4.12x 3.07x 2.96x 2.71x 2.79x 2.56x 2.51x 2.44x
EV / Revenue 5.09x 3.07x 3.87x 3.55x 3.59x 3.28x 3.16x 3.01x
EV / EBITDA 12x 7.64x 9.94x 9.08x 8.83x 8.09x 7.86x 7.53x
EV / EBIT 21x 13.6x 20.8x 16.1x 15.3x 13.6x 13x 12.4x
EV / FCF 20.6x - 23x 18.3x 16.9x 15.6x 14.3x 13.5x
FCF Yield 4.85% - 4.35% 5.47% 5.93% 6.4% 7.01% 7.42%
Dividend per Share 2 0.16 - 0.17 0.17 0.175 0.1739 0.1812 0.1879
Rate of return 3.3% - 4.42% 4.66% 4.62% 4.87% 5.08% 5.26%
EPS 2 0.167 0.151 0.127 0.178 0.199 0.2067 0.208 0.2211
Distribution rate 95.8% - 134% 95.5% 87.9% 84.1% 87.1% 85%
Net sales 1 9,203 9,789 10,180 10,536 10,635 10,922 11,142 11,447
EBITDA 1 3,898 3,938 3,960 4,122 4,329 4,426 4,477 4,577
EBIT 1 2,235 2,218 1,890 2,324 2,499 2,634 2,707 2,774
Net income 1 1,308 1,182 993 1,396 1,561 1,622 1,634 1,728
Net Debt 1 8,899 - 9,203 8,825 8,522 7,852 7,239 6,507
Reference price 2 4.850 3.840 3.850 3.650 3.790 3.570 3.570 3.570
Nbr of stocks (in thousands) 7,826,271 7,830,149 7,832,077 7,833,120 7,835,085 7,835,085 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/18/25 2/12/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.27x3.28x8.09x4.87% 6.92B
1211.49x44.48x90.86x - 2,032B
17.18x3.02x7.63x2.2% 202B
11.17x2.52x6.75x4.24% 179B
26.59x5.95x27.78x0.22% 183B
15.04x2.41x7.98x2.82% 72.96B
13.09x1.44x4.91x3.39% 38.12B
19.28x5.3x9.71x4.93% 31.08B
8.21x0.28x1.17x8.01% 21.87B
12.69x3.23x7.26x7.26% 19.79B
Average 135.20x 7.19x 17.22x 4.22% 278.75B
Weighted average by Cap. 888.01x 33.38x 69.52x 2.76%

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