Financials Bermaz Auto

Equities

BAUTO

MYL5248OO009

Auto Vehicles, Parts & Service Retailers

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2.32 ^MYR	-1.28%		-2.11%	-1.69%

Mar. 15	Bermaz Auto Bags EV Distribution Deal for XPeng Marque	MT
Mar. 15	Bermaz Auto to Distribute Chinese Carmaker XPeng's EVs in Malaysia	DJ

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,783	1,581	1,719	2,057	2,696	2,709	-	-
Enterprise Value (EV) ¹	2,624	1,627	1,361	1,563	2,258	2,241	2,143	2,139
P/E ratio	10.6 x	15.8 x	12.9 x	13.2 x	8.86 x	8.21 x	9.09 x	8.91 x
Yield	5.94%	5.48%	4.39%	3.53%	6.28%	8.82%	7.79%	7.72%
Capitalization / Revenue	1.12 x	0.9 x	0.75 x	0.88 x	0.76 x	0.69 x	0.73 x	0.72 x
EV / Revenue	1.05 x	0.93 x	0.59 x	0.67 x	0.64 x	0.57 x	0.58 x	0.57 x
EV / EBITDA	9.09 x	14.5 x	8.19 x	7.42 x	5.64 x	5.28 x	5.68 x	5.52 x
EV / FCF	11.3 x	-9.27 x	3.01 x	5.57 x	22 x	7.26 x	6.94 x	6.41 x
FCF Yield	8.82%	-10.8%	33.2%	17.9%	4.55%	13.8%	14.4%	15.6%
Price to Book	4.92 x	3.36 x	3.02 x	3.24 x	3.5 x	3.2 x	2.84 x	2.65 x
Nbr of stocks (in thousands)	1,159,741	1,162,169	1,161,428	1,162,193	1,167,068	1,167,599	-	-
Reference price ²	2.400	1.360	1.480	1.770	2.310	2.320	2.320	2.320
Announcement Date	6/12/19	6/11/20	8/27/21	6/13/22	6/12/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,492	1,759	2,288	2,325	3,548	3,920	3,711	3,758
EBITDA ¹	288.8	112.5	166.2	210.7	400.3	424.6	377.1	387.9
EBIT ¹	284	108.1	161.2	204.5	376.8	414.4	387.6	409.6
Operating Margin	11.39%	6.15%	7.05%	8.79%	10.62%	10.57%	10.44%	10.9%
Earnings before Tax (EBT) ¹	342.3	131.8	168.9	218.6	421.2	457.5	414.3	420.6
Net income ¹	268	100.5	133.8	155.7	303.7	330.2	297.5	302.9
Net margin	10.75%	5.71%	5.85%	6.7%	8.56%	8.42%	8.02%	8.06%
EPS ²	0.2274	0.0863	0.1149	0.1338	0.2607	0.2827	0.2552	0.2604
Free Cash Flow ¹	231.4	-175.5	451.4	280.5	102.7	308.8	308.6	333.8
FCF margin	9.29%	-9.98%	19.73%	12.06%	2.89%	7.88%	8.32%	8.88%
FCF Conversion (EBITDA)	80.13%	-	271.69%	133.1%	25.65%	72.73%	81.86%	86.05%
FCF Conversion (Net income)	86.34%	-	337.28%	180.11%	33.8%	93.52%	103.73%	110.2%
Dividend per Share ²	0.1425	0.0745	0.0650	0.0625	0.1450	0.2045	0.1806	0.1790
Announcement Date	6/12/19	6/11/20	8/27/21	6/13/22	6/12/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	2023 Q1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	50.16
Net margin	-
EPS ²	0.0431
Dividend per Share	-
Announcement Date	9/12/22

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	46.7	-	-	-	-	-	-
Net Cash position ¹	159	-	358	495	438	467	566	569
Leverage (Debt/EBITDA)	-	0.4154 x	-	-	-	-	-	-
Free Cash Flow ¹	231	-176	451	280	103	309	309	334
ROE (net income / shareholders' equity)	51.4%	19.4%	25.9%	26%	43.7%	39.4%	32.1%	30.3%
ROA (Net income/ Total Assets)	29.6%	9%	9.95%	10.6%	18.3%	17.7%	14.9%	15.5%
Assets ¹	906.1	1,117	1,345	1,475	1,663	1,870	2,000	1,952
Book Value Per Share ²	0.4900	0.4000	0.4900	0.5500	0.6600	0.7300	0.8200	0.8700
Cash Flow per Share ²	0.2100	-0.1400	0.3900	0.2500	0.1000	0.1700	0.2600	-
Capex ¹	18.1	15	3.59	10.6	10.5	12	12.3	12.2
Capex / Sales	0.73%	0.85%	0.16%	0.46%	0.3%	0.31%	0.33%	0.32%
Announcement Date	6/12/19	6/11/20	8/27/21	6/13/22	6/12/23	-	-	-

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

Ratings for Bermaz Auto

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.32 MYR

Average target price

2.92 MYR

Spread / Average Target

+25.86%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Auto Vehicles, Parts & Service Retailers

	1st Jan change	Capi.
BERMAZ AUTO	-1.69%	568M
D'IETEREN GROUP	+14.98%	11.5B
PENSKE AUTOMOTIVE GROUP, INC.	-3.04%	10.43B
HOTAI MOTOR CO.,LTD.	-14.10%	10.4B
AUTONATION, INC.	+13.12%	6.84B
ASBURY AUTOMOTIVE GROUP, INC.	-1.33%	4.48B
ZHONGSHENG GROUP HOLDINGS LIMITED	-22.38%	4.42B
RUSH ENTERPRISES, INC.	-7.04%	3.63B
TUHU CAR INC.	-17.62%	2.39B
SONIC AUTOMOTIVE, INC.	+10.83%	2.11B

Other Auto Vehicles, Parts & Service Retailers