Financials Press Metal Aluminium Holdings

Equities

PMETAL

MYL8869OO009

Aluminum

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
5.37 ^MYR	+0.37%		-1.29%	+11.64%

Apr. 18	Press Metal Aluminium Seeks Renewal of Share Buyback, Revenue-Generating Transaction Authority	MT
Feb. 28	Press Metal Aluminium Holdings Berhad Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,777	33,880	46,681	40,209	39,633	43,917	-	-
Enterprise Value (EV) ¹	22,130	38,329	52,655	44,699	43,013	46,083	44,726	44,892
P/E ratio	39.7 x	74.1 x	45.3 x	28.2 x	32.6 x	28.1 x	23.5 x	20.7 x
Yield	1.08%	0.51%	0.65%	1.38%	1.46%	1.45%	1.7%	1.92%
Capitalization / Revenue	2.19 x	4.49 x	4.25 x	2.56 x	2.87 x	2.98 x	2.87 x	2.83 x
EV / Revenue	2.59 x	5.08 x	4.79 x	2.85 x	3.12 x	3.13 x	2.92 x	2.9 x
EV / EBITDA	19 x	31.9 x	26.9 x	17.2 x	18.4 x	17.2 x	14.8 x	14.1 x
EV / FCF	37.1 x	212 x	-84.9 x	30.8 x	21.1 x	31.6 x	20.9 x	23.9 x
FCF Yield	2.69%	0.47%	-1.18%	3.25%	4.74%	3.16%	4.78%	4.19%
Price to Book	5.12 x	8.28 x	11.9 x	6.03 x	5.73 x	5.48 x	4.73 x	4.1 x
Nbr of stocks (in thousands)	8,076,219	8,076,219	8,076,219	8,239,618	8,239,618	8,239,618	-	-
Reference price ²	2.325	4.195	5.780	4.880	4.810	5.330	5.330	5.330
Announcement Date	2/24/20	2/24/21	2/25/22	2/24/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,559	7,539	10,994	15,692	13,803	14,737	15,298	15,503
EBITDA ¹	1,162	1,201	1,960	2,601	2,337	2,673	3,030	3,194
EBIT ¹	800	780.4	1,529	2,024	1,670	2,088	2,458	2,668
Operating Margin	9.35%	10.35%	13.91%	12.9%	12.1%	14.17%	16.07%	17.21%
Earnings before Tax (EBT) ¹	632.7	650.2	1,449	1,971	1,632	2,175	2,545	2,725
Net income ¹	471	457.2	1,030	1,418	1,214	1,566	1,853	2,045
Net margin	5.5%	6.06%	9.37%	9.04%	8.8%	10.62%	12.11%	13.19%
EPS ²	0.0586	0.0566	0.1276	0.1730	0.1474	0.1900	0.2273	0.2579
Free Cash Flow ¹	596	180.9	-620.3	1,451	2,038	1,457	2,140	1,882
FCF margin	6.96%	2.4%	-5.64%	9.24%	14.76%	9.89%	13.99%	12.14%
FCF Conversion (EBITDA)	51.29%	15.06%	-	55.78%	87.2%	54.51%	70.63%	58.93%
FCF Conversion (Net income)	126.54%	39.57%	-	102.28%	167.79%	93.06%	115.48%	92.04%
Dividend per Share ²	0.0250	0.0212	0.0375	0.0675	0.0700	0.0772	0.0908	0.1025
Announcement Date	2/24/20	2/24/21	2/25/22	2/24/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales	-	3,845	3,918	3,072	3,758	-	-	-	-	-
EBITDA	-	611.9	517.7	585.5	588	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	449.5	346.5	392.8	412.3	-	-	-	-	-
Net income ¹	409.2	315.8	-	-	-	334.4	339.7	339.7	340.5	-
Net margin	-	8.21%	-	-	-	-	-	-	-	-
EPS ²	0.0497	-	-	-	-	0.0411	0.0412	0.0412	0.0413	-
Dividend per Share ²	-	-	-	-	-	0.0206	0.0206	0.0206	0.0206	0.0279
Announcement Date	8/25/22	11/29/22	2/24/23	5/30/23	8/29/23	-	-	-	-	-

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,352	4,449	5,975	4,489	3,381	2,165	809	974
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.884 x	3.704 x	3.049 x	1.726 x	1.447 x	0.8102 x	0.2669 x	0.3051 x
Free Cash Flow ¹	596	181	-620	1,451	2,038	1,457	2,140	1,882
ROE (net income / shareholders' equity)	13.9%	11.8%	26.1%	27%	17.9%	20.1%	20.8%	19.8%
ROA (Net income/ Total Assets)	5.41%	4.33%	7.88%	9.61%	7.93%	10.3%	10.7%	9.75%
Assets ¹	8,700	10,553	13,076	14,764	15,318	15,138	17,282	20,970
Book Value Per Share ²	0.4500	0.5100	0.4800	0.8100	0.8400	0.9700	1.130	1.300
Cash Flow per Share ²	-	-	0.0500	0.2600	0.3300	0.2200	0.3100	0.3200
Capex ¹	1,048	1,079	1,001	665	702	507	504	709
Capex / Sales	12.25%	14.31%	9.11%	4.24%	5.09%	3.44%	3.29%	4.57%
Announcement Date	2/24/20	2/24/21	2/25/22	2/24/23	2/28/24	-	-	-

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

Ratings for Press Metal Aluminium Holdings

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.33 MYR

Average target price

5.376 MYR

Spread / Average Target

+0.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Primary Aluminum Production

	1st Jan change	Capi.
PRESS METAL ALUMINIUM HOLDINGS	+11.64%	9.28B
CHINA HONGQIAO GROUP LIMITED	+74.65%	13.2B
YUNNAN ALUMINIUM CO., LTD.	+17.76%	6.89B
SHANDONG NANSHAN ALUMINIUM CO.,LTD.	+21.77%	5.79B
UNITED COMPANY RUSAL, INTERNATIONAL	-4.07%	5.05B
ALUMINIUM BAHRAIN B.S.C.	+10.04%	4.73B
QATAR ALUMINIUM MANUFACTURING COMPANY Q.P.S.C.	+0.93%	2.12B
CENTURY ALUMINUM COMPANY	+34.10%	1.48B
KAISER ALUMINUM CORPORATION	+32.50%	1.46B
GRÄNGES AB	+11.98%	1.27B

Primary Aluminum Production