Financials CTOS Digital

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
1.37 ^MYR	0.00%		-3.52%	-2.84%

May. 08	CTOS Digital Hikes Interim Dividend as Q1 Profit Rises	MT
May. 07	CTOS Digital Berhad Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,982	3,280	3,257	3,165	-	-
Enterprise Value (EV) ¹	3,942	3,412	3,389	3,264	3,221	3,211
P/E ratio	86.2 x	45.8 x	27.6 x	25.5 x	21.4 x	17.9 x
Yield	0.65%	1.32%	2.36%	2.46%	3.03%	3.59%
Capitalization / Revenue	26 x	16.8 x	12.5 x	9.98 x	8.46 x	7.41 x
EV / Revenue	25.7 x	17.5 x	13 x	10.3 x	8.61 x	7.51 x
EV / EBITDA	68.6 x	45.6 x	34.2 x	27.7 x	22.7 x	19.1 x
EV / FCF	68.5 x	46.6 x	31 x	27.4 x	23.6 x	19.3 x
FCF Yield	1.46%	2.15%	3.23%	3.65%	4.24%	5.17%
Price to Book	12.9 x	6.45 x	5.42 x	4.94 x	4.62 x	4.23 x
Nbr of stocks (in thousands)	2,200,000	2,310,000	2,310,000	2,310,000	-	-
Reference price ²	1.810	1.420	1.410	1.370	1.370	1.370
Announcement Date	1/21/22	1/31/23	1/31/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	153.2	194.8	261.4	317.2	374.1	427.2
EBITDA ¹	-	57.45	74.9	99.19	117.9	142.2	167.9
EBIT ¹	-	50.58	68.23	88.75	110	132.1	159.4
Operating Margin	-	33.02%	35.03%	33.95%	34.68%	35.31%	37.31%
Earnings before Tax (EBT) ¹	-	52.9	85.41	108.6	132	158.9	191.2
Net income ¹	39.19	42.98	71.44	118.4	122.1	148.7	179.5
Net margin	-	28.06%	36.68%	45.28%	38.51%	39.76%	42.01%
EPS ²	0.0194	0.0210	0.0310	0.0510	0.0538	0.0640	0.0763
Free Cash Flow ¹	-	57.58	73.26	109.5	119	136.7	166
FCF margin	-	37.6%	37.61%	41.88%	37.52%	36.53%	38.85%
FCF Conversion (EBITDA)	-	100.23%	97.81%	110.39%	100.92%	96.11%	98.85%
FCF Conversion (Net income)	-	133.99%	102.54%	92.5%	97.42%	91.88%	92.46%
Dividend per Share ²	-	0.0118	0.0188	0.0333	0.0336	0.0415	0.0492
Announcement Date	5/3/21	1/21/22	1/31/23	1/31/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	132	132	99.7	56.3	46
Net Cash position ¹	-	40	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.762 x	1.333 x	0.8451 x	0.3957 x	0.274 x
Free Cash Flow ¹	-	57.6	73.3	109	119	137	166
ROE (net income / shareholders' equity)	-	20.3%	17.5%	21.4%	19.7%	22.1%	24%
ROA (Net income/ Total Assets)	-	13.3%	13.1%	15.3%	13.7%	15.5%	16.9%
Assets ¹	-	322.4	545.7	773.3	891.3	961.3	1,062
Book Value Per Share ²	-	0.1400	0.2200	0.2600	0.2800	0.3000	0.3200
Cash Flow per Share ²	-	0.0300	0.0400	0.0500	0.0500	0.0600	0.0700
Capex ¹	-	2.03	8.57	2.55	10.8	11.6	11.4
Capex / Sales	-	1.33%	4.4%	0.98%	3.39%	3.11%	2.67%
Announcement Date	5/3/21	1/21/22	1/31/23	1/31/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.37 MYR

Average target price

1.691 MYR

Spread / Average Target

+23.44%

	1st Jan change	Capi.
CTOS DIGITAL	-2.84%	668M
S&P GLOBAL, INC.	-2.03%	135B
MSCI, INC.	-14.23%	38.44B
WOLTERS KLUWER N.V.	+14.18%	37.71B
EQUIFAX INC.	-2.30%	29.86B
FACTSET RESEARCH SYSTEMS, INC.	-7.94%	16.74B
TRANSUNION	+13.52%	15.15B
COMPUTERSHARE LIMITED	+9.76%	10.5B
DUN & BRADSTREET HOLDINGS, INC.	-10.60%	4.63B
CLARIVATE PLC	-32.51%	4.18B