Financials Ibraco

Equities

IBRACO

MYL5084OO008

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
1.1 ^MYR	+1.85%		+2.80%	+37.50%

Apr. 25	Ibraco Berhad Proposes Final Single-Tier Dividend for the Financial Year Ended 31 December 2023, Payable on 30 July, 2024	CI
Mar. 25	Ibraco Berhad Announces Demise of Guido Paul Philip Joseph Ravelli, Non Independent and Non Executive Deputy Chairman	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	345	258.1	322.2	324.9	436.8	600.7	-	-
Enterprise Value (EV) ¹	586.9	258.1	322.2	324.9	436.8	600.7	600.7	600.7
P/E ratio	10.1 x	7.41 x	13.9 x	10.7 x	9.49 x	12.4 x	9.82 x	8.66 x
Yield	1.44%	3.85%	3.39%	3.36%	-	2.73%	3.18%	3.45%
Capitalization / Revenue	0.93 x	0.84 x	1.18 x	1.19 x	1.11 x	1.39 x	1.11 x	0.89 x
EV / Revenue	0.93 x	0.84 x	1.18 x	1.19 x	1.11 x	1.39 x	1.11 x	0.89 x
EV / EBITDA	5.41 x	4.02 x	6.58 x	5.52 x	5.31 x	7.54 x	6.47 x	5.54 x
EV / FCF	93,725,121 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	0.96 x	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	496,406	496,406	546,046	546,046	546,046	546,046	-	-
Reference price ²	0.6950	0.5200	0.5900	0.5950	0.8000	1.100	1.100	1.100
Announcement Date	2/21/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	371.2	308.5	273.4	272	391.9	433.1	540.1	678.2
EBITDA ¹	63.73	64.27	48.97	58.91	82.32	79.7	92.9	108.5
EBIT	61.6	-	-	-	-	-	-	-
Operating Margin	16.59%	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	48.49	47.94	32.32	43.52	62.73	66.9	84	95.9
Net income ¹	34.21	34.86	23.22	30.41	46.04	48.5	61	69.5
Net margin	9.21%	11.3%	8.5%	11.18%	11.75%	11.2%	11.29%	10.25%
EPS ²	0.0689	0.0702	0.0425	0.0557	0.0843	0.0890	0.1120	0.1270
Free Cash Flow	3.681	-	-	-	-	-	-	-
FCF margin	0.99%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	5.78%	-	-	-	-	-	-	-
FCF Conversion (Net income)	10.76%	-	-	-	-	-	-	-
Dividend per Share ²	0.0100	0.0200	0.0200	0.0200	-	0.0300	0.0350	0.0380
Announcement Date	2/21/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	242	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.796 x	-	-	-	-	-	-	-
Free Cash Flow	3.68	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.8%	9.24%	5.61%	6.87%	-	9.6%	11.3%	11.8%
ROA (Net income/ Total Assets)	4.52%	4.42%	2.98%	3.88%	-	5%	6%	6.4%
Assets ¹	757.2	788.9	779	783.7	-	970	1,017	1,086
Book Value Per Share	0.7300	-	-	-	-	-	-	-
Cash Flow per Share ²	-	0	0.0700	0.0500	-	0.1000	0.1000	-
Capex ¹	14.2	-	12.7	-	-	19.3	18.7	19.9
Capex / Sales	3.83%	-	4.66%	-	-	4.46%	3.46%	2.93%
Announcement Date	2/21/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

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 Ibraco

Trading Rating

Investor Rating

ESG Refinitiv

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

BUY

Number of Analysts

1

Last Close Price

1.1 MYR

Average target price

1.18 MYR

Spread / Average Target

+7.27%

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
IBRACO	+37.50%	126M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B

Other Real Estate Development & Operations

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