Company Valuation: TSH Resources

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,491 1,477 1,346 1,709 1,548 1,438 - -
Change - -0.93% -8.88% 26.98% -9.41% -7.12% - -
Enterprise Value (EV) 1 2,325 1,662 1,398 1,703 1,445 1,183 1,044 899.2
Change - -28.5% -15.92% 21.87% -15.18% -18.12% -11.73% -13.89%
P/E 8.82x 3.23x 14.2x 12.3x 8.75x 9.9x 9.57x 9.45x
PBR 0.91x 0.78x 0.66x 0.86x 0.84x 0.7x 0.67x 0.68x
PEG - 0x -0.2x 0.3x 0.2x -0.6x 2.71x 7.84x
Capitalization / Revenue 1.25x 1.13x 1.26x 1.68x 1.46x 1.37x 1.34x 1.34x
EV / Revenue 1.96x 1.27x 1.31x 1.67x 1.36x 1.13x 0.97x 0.84x
EV / EBITDA 6.38x 4.88x 4.74x 4.83x 3.58x 3.5x 3.13x 2.6x
EV / EBIT 9.19x 6.96x 7.23x 7.6x 4.92x 5.23x 4.47x 3.79x
EV / FCF 6.67x 11.5x 8.31x 9.14x 5.81x 5.05x 4.69x 3.88x
FCF Yield 15% 8.69% 12% 10.9% 17.2% 19.8% 21.3% 25.8%
Dividend per Share 2 - 0.105 0.025 0.025 0.05 0.0412 0.0422 0.0492
Rate of return - 9.81% 2.56% 2% 4.1% 3.58% 3.67% 4.28%
EPS 2 0.1225 0.3315 0.0688 0.1019 0.1395 0.1161 0.1202 0.1217
Distribution rate - 31.7% 36.3% 24.5% 35.8% 35.5% 35.1% 40.4%
Net sales 1 1,189 1,308 1,067 1,020 1,062 1,049 1,071 1,070
EBITDA 1 364.1 341 294.6 352.4 403.2 338 333.3 345.4
EBIT 1 253 239 193.4 224.2 293.9 226.1 233.4 237.1
Net income 1 169 457.5 94.96 140.5 182.9 149.6 153.9 158
Net Debt 1 834.2 185.5 51.98 -5.421 -103.2 -254.8 -393.6 -538.6
Reference price 2 1.080 1.070 0.975 1.250 1.220 1.150 1.150 1.150
Nbr of stocks (in thousands) 1,380,174 1,380,174 1,380,174 1,367,007 1,268,857 1,250,275 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/27/25 2/25/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.56x0.94x10.32x0.88% 12.7B
7.91x1.13x9.14x5.39% 4.79B
29.2x1.89x14.31x1.35% 3.36B
11.93x1.29x6.19x2.12% 2.58B
12.99x0.75x8.36x - 1.66B
10.11x1.66x5.53x5.59% 1.37B
Average 17.28x 1.28x 8.97x 3.07% 4.41B
Weighted average by Cap. 22.78x 1.16x 9.84x 2.2%

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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