Financials Carlsberg Brewery Malaysia

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
18.54 ^MYR	+0.76%		+1.42%	-3.84%

Apr. 24	Carlsberg Brewery Malaysia Berhad Approves Final Single-Tier Dividend in Respect of the Financial Year Ended 31 December 2023	CI
Mar. 22	Carlsberg Malaysia to Pay Final Dividend	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,989	7,106	6,139	6,996	5,895	5,669	-	-
Enterprise Value (EV) ¹	8,993	7,134	6,103	7,021	5,917	5,686	5,672	5,656
P/E ratio	30.9 x	43.8 x	30.5 x	22.1 x	17.7 x	17.1 x	15.9 x	15 x
Yield	3.4%	1.72%	2.79%	3.85%	4.82%	5.19%	5.75%	6.3%
Capitalization / Revenue	3.98 x	3.98 x	3.46 x	2.9 x	2.61 x	2.38 x	2.25 x	2.17 x
EV / Revenue	3.99 x	4 x	3.44 x	2.91 x	2.62 x	2.38 x	2.25 x	2.16 x
EV / EBITDA	21.6 x	29.3 x	20.4 x	14.9 x	12.8 x	12 x	11.3 x	10.6 x
EV / FCF	28.6 x	42.2 x	27.9 x	26.3 x	21.8 x	17.3 x	16.5 x	15.8 x
FCF Yield	3.5%	2.37%	3.59%	3.8%	4.59%	5.79%	6.08%	6.33%
Price to Book	60.5 x	42.3 x	29.1 x	45.8 x	24.4 x	21.1 x	19.5 x	19.6 x
Nbr of stocks (in thousands)	305,748	305,748	305,748	305,748	305,748	305,748	-	-
Reference price ²	29.40	23.24	20.08	22.88	19.28	18.54	18.54	18.54
Announcement Date	2/21/20	2/18/21	2/17/22	2/23/23	2/7/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,257	1,785	1,773	2,412	2,261	2,385	2,519	2,615
EBITDA ¹	417	243.2	298.8	471.5	461.3	471.9	502.7	532.4
EBIT ¹	374.9	200.1	246.8	425.1	398.8	415.5	439	470.1
Operating Margin	16.61%	11.21%	13.92%	17.62%	17.64%	17.42%	17.42%	17.98%
Earnings before Tax (EBT) ¹	382.2	209.8	259.6	444.4	420.4	432.5	463.6	491.7
Net income ¹	291	162.2	201	317	333.2	332.4	355.2	377.1
Net margin	12.9%	9.09%	11.34%	13.14%	14.74%	13.93%	14.1%	14.42%
EPS ²	0.9518	0.5304	0.6574	1.037	1.090	1.082	1.164	1.232
Free Cash Flow ¹	314.3	169	219	266.8	271.5	329	344.7	358.2
FCF margin	13.93%	9.47%	12.36%	11.06%	12.01%	13.79%	13.68%	13.7%
FCF Conversion (EBITDA)	75.39%	69.49%	73.3%	56.58%	58.86%	69.71%	68.57%	67.27%
FCF Conversion (Net income)	108.01%	104.21%	108.98%	84.14%	81.47%	98.99%	97.04%	94.96%
Dividend per Share ²	1.000	0.4000	0.5600	0.8800	0.9300	0.9627	1.066	1.168
Announcement Date	2/21/20	2/18/21	2/17/22	2/23/23	2/7/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4.05	28.5	-	25.7	22	17.4	3	-
Net Cash position ¹	-	-	36.8	-	-	-	-	12.4
Leverage (Debt/EBITDA)	0.009717 x	0.1174 x	-	0.0545 x	0.0478 x	0.0368 x	0.005965 x	-
Free Cash Flow ¹	314	169	219	267	271	329	345	358
ROE (net income / shareholders' equity)	183%	103%	106%	177%	174%	128%	129%	132%
ROA (Net income/ Total Assets)	42.7%	24.3%	31.9%	44.2%	32.1%	35%	35.9%	36.3%
Assets ¹	680.9	666.7	629.3	717.8	1,039	950.7	990.5	1,040
Book Value Per Share ²	0.4900	0.5500	0.6900	0.5000	0.7900	0.8800	0.9500	0.9500
Cash Flow per Share ²	1.240	0.6900	0.9000	1.360	1.070	1.320	1.380	1.480
Capex ¹	64.6	42.7	56.8	148	54.4	87.8	65.8	69.3
Capex / Sales	2.86%	2.39%	3.21%	6.12%	2.4%	3.68%	2.61%	2.65%
Announcement Date	2/21/20	2/18/21	2/17/22	2/23/23	2/7/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.54 MYR

Average target price

23.41 MYR

Spread / Average Target

+26.28%

	1st Jan change	Capi.
CARLSBERG BREWERY MALAYSIA	-3.84%	1.19B
ANHEUSER-BUSCH INBEV SA/NV	-3.94%	119B
DELTA CORPORATION LIMITED	+384.45%	67.41B
HEINEKEN N.V.	-0.59%	55.17B
CONSTELLATION BRANDS, INC.	+7.57%	47.58B
AMBEV S.A.	-12.53%	36.89B
HEINEKEN HOLDING N.V.	0.00%	23.13B
CARLSBERG A/S	+12.68%	19.06B
BUDWEISER BREWING COMPANY APAC LIMITED	-25.17%	18.42B
ASAHI GROUP HOLDINGS, LTD.	+3.94%	17.59B