Financials Fiamma Holdings

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
1.12 ^MYR	+0.90%		+5.66%	+19.15%

Feb. 27	Fiamma Holdings Berhad Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI
Feb. 27	Fiamma Holdings Berhad Reports Earnings Results for the Fifteen Months Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2022	2023	2024	2025	2026
Capitalization ¹	236	273.5	537.4	498.4	599.2	-	-
Enterprise Value (EV) ¹	236	273.5	537.4	498.4	599.2	599.2	599.2
P/E ratio	8.53 x	-	15 x	6.86 x	21.3 x	19.8 x	15.9 x
Yield	4.17%	3.13%	-	-	1.59%	1.42%	-
Capitalization / Revenue	0.7 x	0.72 x	1.45 x	1.03 x	1.84 x	1.75 x	1.67 x
EV / Revenue	0.7 x	0.72 x	1.45 x	1.03 x	1.84 x	1.75 x	1.67 x
EV / EBITDA	4,071,387 x	4,004,354 x	8,812,076 x	4,950,912 x	-	-	-
EV / FCF	-	-	35,874,795 x	-	-	-	-
FCF Yield	-	-	0%	-	-	-	-
Price to Book	0.48 x	0.54 x	0.92 x	-	83.1 x	79.6 x	75.8 x
Nbr of stocks (in thousands)	491,756	488,402	488,549	530,227	530,227	-	-
Reference price ²	0.4800	0.5600	1.100	0.9400	1.130	1.130	1.130
Announcement Date	11/27/19	11/26/20	11/24/22	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	337.4	378.6	-	370	486.1	326.3	342.6	359.8
EBITDA	57.98	68.3	-	60.98	100.7	-	-	-
EBIT ¹	54.21	64.94	-	58.41	97.41	44	46.5	52.4
Operating Margin	16.07%	17.15%	-	15.79%	20.04%	13.48%	13.57%	14.56%
Earnings before Tax (EBT) ¹	41.83	55.37	-	56.6	90.12	40.1	43.7	54
Net income ¹	27.72	35.2	34.5	36.84	72.67	27.9	30.4	37.6
Net margin	8.21%	9.3%	-	9.96%	14.95%	8.55%	8.87%	10.45%
EPS ²	0.0563	-	-	0.0735	0.1370	0.0530	0.0570	0.0710
Free Cash Flow	-	-	-	14.98	-	-	-	-
FCF margin	-	-	-	4.05%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	24.56%	-	-	-	-
FCF Conversion (Net income)	-	-	-	40.66%	-	-	-	-
Dividend per Share ²	0.0200	0.0175	-	-	-	0.0180	0.0160	-
Announcement Date	11/27/19	11/26/20	1/25/22	11/24/22	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	15	-	-	-	-
ROE (net income / shareholders' equity)	5.73%	7.05%	-	6.63%	-	4.8%	4.4%	5.2%
ROA (Net income/ Total Assets)	-	-	-	4.66%	-	3.4%	3.3%	3.9%
Assets ¹	-	-	-	791.3	-	820.6	921.2	964.1
Book Value Per Share ²	0.9900	1.040	-	1.200	-	0.0100	0.0100	0.0100
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	0.41	3.48	-	1.21	-	-	-	-
Capex / Sales	0.12%	0.92%	-	0.33%	-	-	-	-
Announcement Date	11/27/19	11/26/20	1/25/22	11/24/22	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1.13 MYR

Average target price

1 MYR

Spread / Average Target

-11.50%

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