Financials Carlsberg Brewery Malaysia

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
18.7 ^MYR	0.00%		+0.86%	-3.01%

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	5,717	-	-
Enterprise Value (EV) ¹	8,993	7,134	6,103	7,021	5,917	5,737	5,721	5,705
P/E ratio	30.9 x	43.8 x	30.5 x	22.1 x	17.7 x	17.3 x	16.1 x	15.2 x
Yield	3.4%	1.72%	2.79%	3.85%	4.82%	5.06%	5.63%	6.16%
Capitalization / Revenue	3.98 x	3.98 x	3.46 x	2.9 x	2.61 x	2.4 x	2.27 x	2.19 x
EV / Revenue	3.99 x	4 x	3.44 x	2.91 x	2.62 x	2.4 x	2.27 x	2.18 x
EV / EBITDA	21.6 x	29.3 x	20.4 x	14.9 x	12.8 x	12.2 x	11.4 x	10.8 x
EV / FCF	28.6 x	42.2 x	27.9 x	26.3 x	21.8 x	17.4 x	16.6 x	15.9 x
FCF Yield	3.5%	2.37%	3.59%	3.8%	4.59%	5.73%	6.03%	6.28%
Price to Book	60.5 x	42.3 x	29.1 x	45.8 x	24.4 x	20.8 x	18.7 x	18.6 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	18.70	18.70	18.70
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	2,387	2,522	2,615
EBITDA ¹	417	243.2	298.8	471.5	461.3	471.8	502.1	530.1
EBIT ¹	374.9	200.1	246.8	425.1	398.8	416.6	438.7	468.8
Operating Margin	16.61%	11.21%	13.92%	17.62%	17.64%	17.45%	17.39%	17.93%
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%	14.08%	14.42%
EPS ²	0.9518	0.5304	0.6574	1.037	1.090	1.081	1.162	1.228
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%	13.78%	13.67%	13.7%
FCF Conversion (EBITDA)	75.39%	69.49%	73.3%	56.58%	58.86%	69.73%	68.66%	67.56%
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	0.9467	1.052	1.152
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	19.9	3.4	-
Net Cash position ¹	-	-	36.8	-	-	-	-	12.8
Leverage (Debt/EBITDA)	0.009717 x	0.1174 x	-	0.0545 x	0.0478 x	0.0421 x	0.006772 x	-
Free Cash Flow ¹	314	169	219	267	271	329	345	358
ROE (net income / shareholders' equity)	183%	103%	106%	177%	174%	127%	126%	126%
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	0.9000	1.000	1.000
Cash Flow per Share ²	1.240	0.6900	0.9000	1.360	1.070	1.280	1.330	1.400
Capex ¹	64.6	42.7	56.8	148	54.4	90.4	65.9	66.6
Capex / Sales	2.86%	2.39%	3.21%	6.12%	2.4%	3.79%	2.61%	2.55%
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

18.7 MYR

Average target price

23.35 MYR

Spread / Average Target

+24.85%

	1st Jan change	Capi.
CARLSBERG BREWERY MALAYSIA	-3.01%	1.21B
ANHEUSER-BUSCH INBEV SA/NV	-4.96%	119B
HEINEKEN N.V.	-1.70%	55.05B
CONSTELLATION BRANDS, INC.	+5.93%	46.85B
AMBEV S.A.	-9.91%	38.43B
HEINEKEN HOLDING N.V.	-2.81%	22.69B
BUDWEISER BREWING COMPANY APAC LIMITED	-22.44%	19.14B
CARLSBERG A/S	+9.59%	19.09B
ASAHI GROUP HOLDINGS, LTD.	+3.25%	17.99B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	+8.63%	15.43B