Company Valuation: Zelan

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 97.17 67.59 59.14 67.59 46.47 25.35
Change - -30.43% -12.5% 14.29% -31.25% -45.45%
Enterprise Value (EV) 1 629.3 576 539.4 469.3 416.3 357.9
Change - -8.46% -6.36% -12.99% -11.31% -14.01%
P/E 2.68x 16.6x -10.5x 1.03x -0.18x -0.43x
PBR 1.1x 0.84x 0.69x 0.43x -0.5x -0.18x
PEG - -0.2x 0x -0x 0x 0x
Capitalization / Revenue 1.87x 1.47x 1.13x 2.23x 1.16x 0.88x
EV / Revenue 12.1x 12.6x 10.3x 15.5x 10.4x 12.4x
EV / EBITDA 11.6x 55.9x 49.3x 44.1x -1.71x 59.2x
EV / EBIT 11.6x 57.2x 50.1x 44.4x -1.71x 60x
EV / FCF 28.9x -353x -13.6x -1.7x 5.52x -191x
FCF Yield 3.46% -0.28% -7.37% -58.8% 18.1% -0.52%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.0429 0.004805 -0.006638 0.0774 -0.2985 -0.0696
Distribution rate - - - - - -
Net sales 1 51.93 45.9 52.27 30.34 40.19 28.96
EBITDA 1 54.25 10.3 10.93 10.65 -243.4 6.045
EBIT 1 54.06 10.07 10.76 10.58 -243.5 5.967
Net income 1 36.22 4.06 -5.609 65.4 -252.2 -58.79
Net Debt 1 532.1 508.4 480.3 401.7 369.8 332.6
Reference price 2 0.1150 0.0800 0.0700 0.0800 0.0550 0.0300
Nbr of stocks (in thousands) 844,921 844,921 844,921 844,921 844,921 844,921
Announcement Date 6/1/21 4/30/22 4/30/23 4/30/24 4/30/25 4/30/26
1MYR in Million2MYR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 14.46M
62.89x2.83x27.4x0.07% 98.74B
13.69x1.11x6.06x4.3% 75.33B
35.03x4.41x23.95x0.19% 59.66B
26.49x2.02x19.9x1.15% 56.75B
53.29x4.59x28.79x1.56% 46.82B
30.88x0.75x12.54x2% 38.36B
25.76x1.69x15.31x0.18% 35.66B
25.05x0.51x7.95x2.35% 33.46B
4.86x0.3x5.83x5.87% 28.84B
Average 30.88x 2.02x 16.41x 1.96% 47.36B
Weighted average by Cap. 34.65x 2.26x 18.01x 1.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA