INARI AMERTRON |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3.17 MYR | +0.96% |
|
+2.59% | +5.32% |
| Apr. 12 | Penumbra, Inc. : The underdog in healthcare |  |
| Feb. 26 | Inari Amertron Berhad Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: June | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,083 | 5,492 | 10,608 | 9,788 | 10,228 | 11,901 | - | - |
| Enterprise Value (EV) 1 | 4,669 | 4,907 | 9,707 | 7,833 | 8,397 | 9,996 | 10,012 | 9,946 |
| P/E ratio | 26.8 x | 35.1 x | 32 x | 24.9 x | 31.6 x | 33.9 x | 27.4 x | 24.5 x |
| Yield | 3.25% | 2.6% | 2.9% | 3.79% | 2.99% | 2.68% | 3.33% | 3.69% |
| Capitalization / Revenue | 4.41 x | 5.19 x | 7.43 x | 6.32 x | 7.55 x | 7.87 x | 6.69 x | 6.06 x |
| EV / Revenue | 4.05 x | 4.64 x | 6.79 x | 5.06 x | 6.2 x | 6.61 x | 5.63 x | 5.06 x |
| EV / EBITDA | 15 x | 17.8 x | 21.3 x | 14.3 x | 18.1 x | 21.4 x | 17.8 x | 16.7 x |
| EV / FCF | 53.9 x | 19.2 x | 25 x | 19.9 x | 58.8 x | 26 x | 27 x | 22.4 x |
| FCF Yield | 1.85% | 5.22% | 4.01% | 5.02% | 1.7% | 3.84% | 3.71% | 4.47% |
| Price to Book | 4.55 x | 4.56 x | 7.73 x | 3.91 x | 3.93 x | 4.51 x | 4.46 x | 4.38 x |
| Nbr of stocks (in thousands) | 3,177,151 | 3,249,765 | 3,346,436 | 3,707,673 | 3,732,935 | 3,754,299 | - | - |
| Reference price 2 | 1.600 | 1.690 | 3.170 | 2.640 | 2.740 | 3.170 | 3.170 | 3.170 |
| Announcement Date | 8/28/19 | 8/27/20 | 8/6/21 | 8/19/22 | 8/29/23 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Juni | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,153 | 1,058 | 1,429 | 1,548 | 1,354 | 1,512 | 1,779 | 1,964 |
| EBITDA 1 | 312.2 | 275.9 | 455.7 | 548.2 | 463.1 | 468.2 | 561.2 | 594.9 |
| EBIT 1 | 217.4 | 173.5 | 353 | 447.2 | 356.4 | 354.6 | 445.3 | 495.8 |
| Operating Margin | 18.85% | 16.4% | 24.71% | 28.89% | 26.32% | 23.46% | 25.04% | 25.24% |
| Earnings before Tax (EBT) 1 | 216.2 | 172.4 | 352.2 | 446.1 | 355.8 | 379.6 | 477.9 | 533.6 |
| Net income 1 | 191.7 | 155.8 | 330.5 | 390.9 | 323.5 | 346 | 429 | 474.3 |
| Net margin | 16.63% | 14.72% | 23.13% | 25.25% | 23.89% | 22.89% | 24.12% | 24.15% |
| EPS 2 | 0.0596 | 0.0481 | 0.0991 | 0.1059 | 0.0868 | 0.0936 | 0.1158 | 0.1295 |
| Free Cash Flow 1 | 86.54 | 256 | 388.8 | 393 | 142.9 | 383.9 | 371.1 | 444.1 |
| FCF margin | 7.51% | 24.2% | 27.21% | 25.39% | 10.55% | 25.4% | 20.86% | 22.61% |
| FCF Conversion (EBITDA) | 27.72% | 92.78% | 85.32% | 71.69% | 30.85% | 82% | 66.11% | 74.65% |
| FCF Conversion (Net income) | 45.14% | 164.38% | 117.64% | 100.53% | 44.16% | 110.96% | 86.5% | 93.64% |
| Dividend per Share 2 | 0.0520 | 0.0440 | 0.0920 | 0.1000 | 0.0820 | 0.0850 | 0.1055 | 0.1170 |
| Announcement Date | 8/28/19 | 8/27/20 | 8/6/21 | 8/19/22 | 8/29/23 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: June | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2025 Q1 | 2025 Q2 | 2025 Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 431.1 | 420.3 | 360.3 | 336.2 | 377 | 402.5 | 275.8 | 298.8 | 383.9 | 414.1 | 473.3 | 473.3 | 436.9 |
| EBITDA 1 | 144.8 | 144.3 | 132 | 127 | 147.6 | 127.5 | 87.61 | 100.4 | 119.8 | 119.5 | 148.1 | 148.1 | 136.7 |
| EBIT 1 | 118.4 | 116.7 | 103.2 | 108.8 | 120.7 | 101 | 61.65 | 73.04 | 90.4 | 90.53 | 114.9 | 114.9 | 106.1 |
| Operating Margin | 27.46% | 27.78% | 28.65% | 32.38% | 32.02% | 25.09% | 22.35% | 24.45% | 23.55% | 21.86% | 24.28% | 24.28% | 24.28% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | 107.3 | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | 25.53% | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | 0.0296 | 0.0288 | 0.0244 | 0.0232 | - | 0.0251 | 0.0154 | 0.0178 | 0.0227 | 0.0231 | 0.0343 | 0.0343 | 0.0318 |
| Dividend per Share | 0.0280 | 0.0280 | 0.0220 | 0.0220 | 0.0260 | 0.0260 | - | 0.0200 | 0.0220 | - | - | - | - |
| Announcement Date | 11/12/21 | 2/18/22 | 5/13/22 | 8/19/22 | 11/17/22 | 2/24/23 | 5/25/23 | 8/29/23 | 11/22/23 | 2/26/24 | - | - | - |
1MYR in Million2MYR
Estimates
Balance Sheet Analysis
| Fiscal Period: June | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 415 | 585 | 902 | 1,956 | 1,831 | 1,905 | 1,889 | 1,955 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 86.5 | 256 | 389 | 393 | 143 | 384 | 371 | 444 |
| ROE (net income / shareholders' equity) | 17.6% | 13.4% | 25.6% | 20.2% | 12.7% | 13.1% | 16.2% | 18% |
| ROA (Net income/ Total Assets) | 14.4% | 11.1% | 20.1% | 16.6% | 11% | 11.3% | 13.7% | 15% |
| Assets 1 | 1,333 | 1,402 | 1,642 | 2,358 | 2,931 | 3,072 | 3,125 | 3,166 |
| Book Value Per Share 2 | 0.3500 | 0.3700 | 0.4100 | 0.6800 | 0.7000 | 0.7000 | 0.7100 | 0.7200 |
| Cash Flow per Share 2 | 0.0800 | 0.1100 | 0.1500 | 0.1400 | 0.0700 | 0.1300 | 0.1400 | 0.1600 |
| Capex 1 | 184 | 91.6 | 97.7 | 111 | 113 | 115 | 118 | 119 |
| Capex / Sales | 15.93% | 8.66% | 6.84% | 7.2% | 8.35% | 7.64% | 6.66% | 6.06% |
| Announcement Date | 8/28/19 | 8/27/20 | 8/6/21 | 8/19/22 | 8/29/23 | - | - | - |
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
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
3.17
MYR
Average target price
3.409
MYR
Spread / Average Target
+7.55%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +5.32% | 2.52B | |
| +86.74% | 2,321B | |
| +40.81% | 678B | |
| +25.00% | 654B | |
| +11.57% | 263B | |
| +34.04% | 216B | |
| +14.41% | 178B | |
| +46.81% | 142B | |
| -36.62% | 136B | |
| +46.85% | 119B |
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