BRITISH AMERICAN TOBACCO (MALAYSIA) |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.47 MYR | -1.05% |
|
+2.54% | -8.83% |
| May. 01 | British American Tobacco makes GBP173 million in buybacks | AN |
| Apr. 30 | British American Tobacco Prices Debt Tender Offers | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,306 | 4,020 | 3,992 | 3,204 | 2,653 | 2,418 | - | - |
| Enterprise Value (EV) 1 | 4,733 | 4,527 | 4,760 | 3,916 | 3,168 | 2,925 | 2,902 | 2,880 |
| P/E ratio | 12.5 x | 16.6 x | 14 x | 12.2 x | 13.6 x | 11.7 x | 11.3 x | 10.8 x |
| Yield | 7.82% | 6.32% | 7.01% | 8.73% | 7.43% | 8.08% | 8.55% | 8.72% |
| Capitalization / Revenue | 1.72 x | 1.74 x | 1.51 x | 1.23 x | 1.15 x | 1.02 x | 1.02 x | 1.05 x |
| EV / Revenue | 1.89 x | 1.96 x | 1.8 x | 1.51 x | 1.37 x | 1.23 x | 1.23 x | 1.25 x |
| EV / EBITDA | 9.86 x | 12.8 x | 11.4 x | 9.25 x | 10.6 x | 9.41 x | 9.18 x | 8.73 x |
| EV / FCF | 14.6 x | 23.5 x | 163 x | 10.8 x | 8.01 x | 9.86 x | 11.3 x | 12 x |
| FCF Yield | 6.84% | 4.26% | 0.61% | 9.27% | 12.5% | 10.1% | 8.87% | 8.33% |
| Price to Book | 11.1 x | 10.8 x | 10.4 x | 8.49 x | 7.04 x | 6.19 x | 6.09 x | 5.86 x |
| Nbr of stocks (in thousands) | 285,530 | 285,530 | 285,530 | 285,530 | 285,530 | 285,530 | - | - |
| Reference price 2 | 15.08 | 14.08 | 13.98 | 11.22 | 9.290 | 8.470 | 8.470 | 8.470 |
| Announcement Date | 2/20/20 | 2/10/21 | 2/8/22 | 2/8/23 | 2/6/24 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,509 | 2,315 | 2,637 | 2,597 | 2,311 | 2,371 | 2,367 | 2,304 |
| EBITDA 1 | 480.1 | 353.1 | 417.5 | 423.2 | 298.9 | 310.8 | 316.3 | 330 |
| EBIT 1 | 472.6 | 345.6 | 410.6 | 407.1 | 280.6 | 296.7 | 303.6 | 316.3 |
| Operating Margin | 18.84% | 14.92% | 15.57% | 15.68% | 12.14% | 12.51% | 12.83% | 13.73% |
| Earnings before Tax (EBT) 1 | 462.3 | 329.3 | 394.1 | 385.4 | 256.3 | 276.4 | 284.3 | 297.6 |
| Net income 1 | 345.7 | 241.8 | 284.9 | 262.5 | 194.7 | 207.2 | 213.7 | 223 |
| Net margin | 13.78% | 10.44% | 10.8% | 10.11% | 8.43% | 8.74% | 9.03% | 9.68% |
| EPS 2 | 1.211 | 0.8470 | 0.9980 | 0.9190 | 0.6820 | 0.7250 | 0.7488 | 0.7812 |
| Free Cash Flow 1 | 323.7 | 192.7 | 29.19 | 362.9 | 395.3 | 296.7 | 257.5 | 240 |
| FCF margin | 12.9% | 8.32% | 1.11% | 13.97% | 17.11% | 12.51% | 10.88% | 10.42% |
| FCF Conversion (EBITDA) | 67.42% | 54.57% | 6.99% | 85.73% | 132.27% | 95.48% | 81.42% | 72.71% |
| FCF Conversion (Net income) | 93.63% | 79.68% | 10.25% | 138.22% | 203% | 143.21% | 120.47% | 107.62% |
| Dividend per Share 2 | 1.180 | 0.8900 | 0.9800 | 0.9800 | 0.6900 | 0.6845 | 0.7245 | 0.7387 |
| Announcement Date | 2/20/20 | 2/10/21 | 2/8/22 | 2/8/23 | 2/6/24 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q3 | 2023 Q1 | 2023 Q2 |
|---|---|---|---|---|---|
| Net sales | 613 | 861.9 | - | - | - |
| EBITDA | 109.6 | 111.3 | - | - | - |
| EBIT | 107.9 | 109.7 | - | - | - |
| Operating Margin | 17.6% | 12.73% | - | - | - |
| Earnings before Tax (EBT) | 103.5 | 104.9 | - | - | - |
| Net income 1 | 78.68 | 71.46 | 75.25 | 40.32 | 47.53 |
| Net margin | 12.83% | 8.29% | - | - | - |
| EPS | 0.2760 | 0.2500 | 0.2640 | 0.1410 | - |
| Dividend per Share | 0.2600 | 0.2700 | - | - | - |
| Announcement Date | 10/28/21 | 2/8/22 | 10/27/22 | 5/29/23 | 7/24/23 |
1MYR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 427 | 507 | 768 | 712 | 515 | 507 | 484 | 462 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.889 x | 1.435 x | 1.839 x | 1.683 x | 1.724 x | 1.631 x | 1.53 x | 1.4 x |
| Free Cash Flow 1 | 324 | 193 | 29.2 | 363 | 395 | 297 | 258 | 240 |
| ROE (net income / shareholders' equity) | 85.3% | 63.5% | 75.4% | 69.1% | 51.6% | 54.1% | 55% | 57.7% |
| ROA (Net income/ Total Assets) | 32.5% | 22.3% | 22.5% | 19.1% | 15.3% | 18% | 18.9% | 20.9% |
| Assets 1 | 1,065 | 1,086 | 1,268 | 1,376 | 1,269 | 1,154 | 1,132 | 1,069 |
| Book Value Per Share 2 | 1.360 | 1.310 | 1.340 | 1.320 | 1.320 | 1.370 | 1.390 | 1.450 |
| Cash Flow per Share 2 | 1.160 | 0.6900 | 0.1200 | 1.310 | 1.390 | 0.7000 | 0.7000 | 0.8000 |
| Capex 1 | 7.4 | 3.42 | 5.64 | 11.1 | 1.21 | 4 | 4.03 | 4.07 |
| Capex / Sales | 0.29% | 0.15% | 0.21% | 0.43% | 0.05% | 0.17% | 0.17% | 0.18% |
| Announcement Date | 2/20/20 | 2/10/21 | 2/8/22 | 2/8/23 | 2/6/24 | - | - | - |
1MYR in Million2MYR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
5
Last Close Price
8.47
MYR
Average target price
9.168
MYR
Spread / Average Target
+8.24%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -8.83% | 510M | |
| +7.81% | 74.7B | |
| -4.71% | 65.01B | |
| +18.19% | 49.61B | |
| +5.98% | 7.66B | |
| -13.97% | 5.59B | |
| +2.50% | 2.61B | |
| -11.69% | 2.16B | |
| -27.18% | 1.86B | |
| -11.58% | 1.17B |
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- Financials British American Tobacco (Malaysia)