Company Valuation: Spritzer

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 440.9 463.7 578.8 977.4 1,700 2,368 - -
Change - 5.16% 24.83% 68.86% 73.94% 39.3% - -
Enterprise Value (EV) 1 440.9 458.1 548.6 955.8 1,655 2,324 2,289 2,210
Change - 3.89% 19.75% 74.24% 73.2% 40.36% -1.48% -3.44%
P/E 18.7x 13.1x 12.1x 6.98x 19x 18x 18.8x 17.5x
PBR - 1.22x 1.1x 0.84x 2.58x 3.14x 2.94x 2.56x
PEG - 0.3x 0.4x 0x -0.5x 0.4x -4.08x 2.33x
Capitalization / Revenue 1.33x 1.07x 1.18x 1.69x 2.59x 2.86x 2.77x 2.62x
EV / Revenue 1.33x 1.06x 1.12x 1.65x 2.52x 2.8x 2.68x 2.45x
EV / EBITDA 8.82x 6.99x 6.11x 8.45x 10.7x 12.1x 11.5x 10.3x
EV / EBIT 14.3x 9.95x 8.12x 11.6x 13.5x 13.9x 13.7x 12.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.015 0.0208 0.0275 - - 0.055 0.0618 0.0678
Rate of return 2.14% 2.81% 3.01% - - 1.49% 1.67% 1.83%
EPS 2 0.0374 0.0567 0.0759 0.2199 0.1406 0.206 0.1965 0.2112
Distribution rate 40.1% 36.8% 36.2% - - 26.7% 31.4% 32.1%
Net sales 1 331 433.3 490.7 579 656.9 829 855 903.3
EBITDA 1 50 65.56 89.8 113.1 154.9 191.3 199 213.8
EBIT 1 30.87 46.06 67.54 82.06 122.5 167 167.1 179.5
Net income 1 24.24 36.96 49.49 71.11 90.76 125.7 125.4 134.9
Net Debt 1 - -5.596 -30.24 -21.58 -44.6 -44.6 -79.1 -157.9
Reference price 2 0.700 0.740 0.915 1.535 2.670 3.700 3.700 3.700
Nbr of stocks (in thousands) 629,906 626,608 632,583 636,738 636,738 640,083 - -
Announcement Date 2/25/22 2/27/23 2/28/24 2/28/25 2/27/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.2x2.84x12.31x1.47% 593M
26.65x8.24x23.6x2.38% 384B
19.36x2.72x10.61x2.97% 42.97B
18.79x1.65x10.35x2.4% 22.82B
16.83x1.47x7.25x4.86% 19.7B
10.07x1.81x9.83x4.14% 15.55B
41.08x5.45x23.69x0.44% 14.7B
15.66x0.65x4.97x2.66% 9.01B
24.9x1.79x8.25x2.27% 7.65B
Average 21.28x 2.96x 12.32x 2.62% 57.49B
Weighted average by Cap. 25.01x 6.73x 20.34x 2.53%

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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