Company Valuation: TH Plantations

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 530.3 464 428.7 601 486.1 481.7 - -
Change - -12.5% -7.62% 40.21% -19.12% -0.91% - -
Enterprise Value (EV) 1 1,722 1,282 1,251 1,401 1,227 1,177 1,133 1,078
Change - -25.55% -2.4% 11.98% -12.38% -4.13% -3.7% -4.84%
P/E 7.56x 7.78x 14.7x 10.5x 6.58x 8.66x 8.2x 6.26x
PBR - - 0.6x 0.79x 0.59x 0.57x 0.55x -
PEG - -0.5x -0.3x 0.1x 0.2x -0.4x 1.45x 0.2x
Capitalization / Revenue 0.7x 0.53x 0.57x 0.68x 0.51x 0.51x 0.49x 0.47x
EV / Revenue 2.26x 1.45x 1.66x 1.6x 1.28x 1.25x 1.15x 1.05x
EV / EBITDA 5.6x 4.68x 5.92x 4.91x 4.07x 4.68x 4.43x 3.58x
EV / EBIT 7.52x 6.59x 9.26x 6.77x 5.54x 6.55x 5.74x 4.88x
EV / FCF 90x 12.7x 17.6x 11.4x 8.34x 10.7x 10.5x 8.59x
FCF Yield 1.11% 7.88% 5.67% 8.8% 12% 9.33% 9.51% 11.6%
Dividend per Share 2 - 0.03 0.02 0.03 0.03 0.0305 0.031 0.039
Rate of return - 5.71% 4.12% 4.41% 5.45% 5.6% 5.69% 7.16%
EPS 2 0.0794 0.0675 0.0329 0.0647 0.0836 0.063 0.0665 0.087
Distribution rate - 44.4% 60.8% 46.4% 35.9% 48.5% 46.6% 44.8%
Net sales 1 760.8 881.3 752 877.7 961.2 939.8 983.3 1,024
EBITDA 1 307.4 273.9 211.3 285.3 301.5 251.6 255.7 301.1
EBIT 1 228.9 194.6 135.1 207 221.5 179.6 197.3 221.1
Net income 1 70.17 68.77 46.62 75.18 91.8 55.85 58.65 77.3
Net Debt 1 1,191 817.8 822.3 799.8 741.3 695.1 651.6 596.7
Reference price 2 0.6000 0.5250 0.4850 0.6800 0.5500 0.5450 0.5450 0.5450
Nbr of stocks (in thousands) 883,851 883,851 883,851 883,851 883,851 883,851 - -
Announcement Date 2/22/22 2/27/23 2/28/24 2/28/25 2/26/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.98x1.27x4.75x5.4% 123M
20.85x2.84x14.15x3.96% 249B
19.86x2.5x14.88x3.3% 79.63B
16.56x1.73x9.79x3.78% 46.24B
16.01x0.56x10.19x2.41% 41.66B
21.03x3.19x12.97x3.32% 34.9B
33.72x2.94x17.03x1.1% 30.38B
-8.55x1.86x9.24x6.61% 28.78B
64.11x9.84x40.79x1.19% 27.84B
Average 21.40x 2.97x 14.86x 3.45% 59.85B
Weighted average by Cap. 21.36x 2.85x 14.78x 3.52%

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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  4. Valuation TH Plantations
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