Financials 7-Eleven Malaysia Holdings

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
1.99 ^MYR	0.00%		-0.50%	-0.50%

Apr. 18	7-Eleven Malaysia Holdings Berhad Declares Interim Single-Tier Dividend the Financial Year Ended 31 December 2023, Payable on 28 May 2024	CI
Feb. 29	7-Eleven Malaysia Holdings Berhad Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,666	1,645	1,536	1,685	2,142	2,207	2,207	-
Enterprise Value (EV) ¹	1,761	2,306	1,889	2,167	2,562	2,147	2,027	1,945
P/E ratio	33.4 x	30.2 x	52.3 x	38.2 x	31.6 x	8.04 x	28.3 x	25 x
Yield	1.6%	1.68%	1.69%	1.07%	2.8%	1.68%	1.81%	2.04%
Capitalization / Revenue	0.75 x	0.7 x	0.61 x	0.6 x	0.57 x	0.8 x	0.73 x	0.68 x
EV / Revenue	0.79 x	0.98 x	0.74 x	0.77 x	0.68 x	0.77 x	0.67 x	0.6 x
EV / EBITDA	11.9 x	8.3 x	6.25 x	6.16 x	6.15 x	7.79 x	5.29 x	4.84 x
EV / FCF	34.7 x	23.4 x	11.1 x	10.1 x	7.22 x	26.3 x	10.8 x	8.43 x
FCF Yield	2.88%	4.28%	9.04%	9.93%	13.9%	3.8%	9.24%	11.9%
Price to Book	18.6 x	16.1 x	23.4 x	18.8 x	31.7 x	6.16 x	5.28 x	4.77 x
Nbr of stocks (in thousands)	1,110,385	1,150,190	1,129,250	1,123,390	1,110,047	1,109,066	1,109,066	-
Reference price ²	1.500	1.430	1.360	1.500	1.930	1.990	1.990	1.990
Announcement Date	2/26/19	2/27/20	2/26/21	2/24/22	2/28/23	2/29/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,216	2,359	2,538	2,809	3,764	2,784	3,034	3,224
EBITDA ¹	147.7	277.8	302.3	351.9	416.4	275.6	383.2	401.9
EBIT ¹	83.77	120.3	119.2	154.1	213.6	93.78	179.9	193.3
Operating Margin	3.78%	5.1%	4.7%	5.49%	5.67%	3.37%	5.93%	6%
Earnings before Tax (EBT) ¹	73.86	76.65	63.98	92.9	144.5	21.57	124.4	141.4
Net income ¹	51.31	54.06	29.77	44.35	68.63	276.2	79.5	88.93
Net margin	2.32%	2.29%	1.17%	1.58%	1.82%	9.92%	2.62%	2.76%
EPS ²	0.0448	0.0474	0.0260	0.0393	0.0611	0.2489	0.0703	0.0797
Free Cash Flow ¹	50.73	98.59	170.7	215.2	355	81.56	187.2	230.6
FCF margin	2.29%	4.18%	6.73%	7.66%	9.43%	2.93%	6.17%	7.15%
FCF Conversion (EBITDA)	34.36%	35.49%	56.47%	61.15%	85.26%	29.59%	48.86%	57.37%
FCF Conversion (Net income)	98.87%	182.37%	573.58%	485.31%	517.29%	29.53%	235.51%	259.3%
Dividend per Share ²	0.0240	0.0240	0.0230	0.0160	0.0540	0.0335	0.0360	0.0407
Announcement Date	2/26/19	2/27/20	2/26/21	2/24/22	2/28/23	2/29/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	95.6	661	354	482	420	410	-	-
Net Cash position ¹	-	-	-	-	-	71.4	180	262
Leverage (Debt/EBITDA)	0.6475 x	2.379 x	1.169 x	1.37 x	1.008 x	1.102 x	-	-
Free Cash Flow ¹	50.7	98.6	171	215	355	81.6	187	231
ROE (net income / shareholders' equity)	61.7%	55.7%	35.3%	56.6%	61%	112%	20.5%	20.4%
ROA (Net income/ Total Assets)	6.42%	4.98%	1.73%	2.07%	2.79%	10.7%	4.29%	4.64%
Assets ¹	799.2	1,085	1,724	2,142	2,457	2,593	1,852	1,917
Book Value Per Share ²	0.0800	0.0900	0.0600	0.0800	0.0600	0.3200	0.3800	0.4200
Cash Flow per Share ²	0.0800	0.1700	0.2100	0.2300	0.4100	0.2500	0.3400	0.3100
Capex ¹	36	93.9	66.6	47.9	107	199	181	134
Capex / Sales	1.63%	3.98%	2.62%	1.71%	2.85%	7.16%	5.98%	4.16%
Announcement Date	2/26/19	2/27/20	2/26/21	2/24/22	2/28/23	2/29/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.99 MYR

Average target price

1.993 MYR

Spread / Average Target

+0.17%

	1st Jan change	Capi.
7-ELEVEN MALAYSIA HOLDINGS	-0.50%	463M
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ICA GRUPPEN	-.--%	11.82B
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