Company Valuation: S P Setia

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,248 2,445 3,484 7,304 3,652 3,940 - -
Change - -53.4% 42.47% 109.64% -49.99% 7.88% - -
Enterprise Value (EV) 1 16,174 11,211 11,176 13,523 8,998 10,092 10,015 9,884
Change - -30.69% -0.31% 21.01% -33.46% 12.15% -0.76% -1.31%
P/E 34.5x 16.9x 16.7x 15.2x 8.97x 11.4x 10x 9.07x
PBR 0.37x 0.17x 0.24x 0.5x 0.25x 0.28x 0.27x 0.27x
PEG - -3.51x 0.5x 0x -0.6x -0.7x 0.7x 0.9x
Capitalization / Revenue 1.39x 0.55x 0.8x 1.38x 0.87x 0.91x 0.85x 0.84x
EV / Revenue 4.3x 2.52x 2.56x 2.55x 2.13x 2.34x 2.17x 2.1x
EV / EBITDA 21.5x 12.7x 7.73x 8.4x 6.18x 9.62x 8.7x 8.06x
EV / EBIT 22.4x 13.3x 10.6x 8.64x 6.35x 10.4x 9.28x 9.68x
EV / FCF 23.4x 8.84x 5.88x 3.97x 11.2x 5.24x 59.2x 7.81x
FCF Yield 4.27% 11.3% 17% 25.2% 8.92% 19.1% 1.69% 12.8%
Dividend per Share 2 0.0065 0.0147 0.0134 0.0288 0.0255 0.0217 0.0247 0.0264
Rate of return 0.5% 2.45% 1.68% 1.97% 3.49% 2.78% 3.17% 3.38%
EPS 2 0.0374 0.0356 0.048 0.0963 0.0814 0.0686 0.0779 0.086
Distribution rate 17.4% 41.3% 27.9% 29.9% 31.3% 31.6% 31.7% 30.7%
Net sales 1 3,763 4,454 4,374 5,294 4,218 4,317 4,621 4,714
EBITDA 1 750.9 880.7 1,445 1,610 1,457 1,049 1,152 1,227
EBIT 1 720.5 845.6 1,051 1,564 1,417 969.6 1,079 1,021
Net income 1 284.4 308.1 298.6 576 510 370.1 428.9 452.9
Net Debt 1 10,926 8,765 7,692 6,220 5,346 6,152 6,075 5,943
Reference price 2 1.2900 0.6000 0.8000 1.4600 0.7300 0.7800 0.7800 0.7800
Nbr of stocks (in thousands) 4,067,979 4,075,488 4,354,837 5,002,484 5,003,329 5,051,611 - -
Announcement Date 2/28/22 2/28/23 2/29/24 2/28/25 2/27/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.37x2.34x9.62x2.78% 967M
13.9x4.52x12.15x3.64% 39.56B
5.75x0.78x1.61x8.56% 28.1B
18.06x3.97x15.98x1.36% 27.94B
7.79x1.41x7.78x4.54% 26.04B
13.93x3.1x14.81x2.51% 25.78B
8.14x0.9x3.28x2.75% 20.81B
10.21x2x8.25x4.11% 20.52B
13.1x6.4x16.84x1.66% 18.82B
37.84x13.87x34.9x3.14% 18.26B
Average 14.01x 3.93x 12.52x 3.5% 22.68B
Weighted average by Cap. 13.69x 3.81x 12.16x 3.7%

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