Financials Solarvest 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
1.51 ^MYR	-0.66%		+1.34%	+16.15%

Apr. 11	Solarvest Mulls Private Placement of Shares	MT
Mar. 19	Solar panel prices to remain low for up to two years, says industry exec	RE

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	285.2	969.9	530.7	567.4	1,014	-	-
Enterprise Value (EV) ¹	285.2	897.2	487.3	606.4	913.5	867.8	816.8
P/E ratio	11.6 x	49.8 x	78.7 x	29.2 x	31.8 x	22.9 x	18.6 x
Yield	-	0.65%	-	-	0.57%	0.73%	0.17%
Capitalization / Revenue	1.13 x	4.32 x	2.99 x	1.55 x	1.95 x	1.68 x	1.36 x
EV / Revenue	1.13 x	4 x	2.74 x	1.66 x	1.76 x	1.44 x	1.1 x
EV / EBITDA	13.1 x	32.8 x	29.4 x	16.8 x	16 x	11.3 x	8.86 x
EV / FCF	-	330 x	-6.95 x	-7.6 x	61.3 x	34.6 x	23 x
FCF Yield	-	0.3%	-14.4%	-13.2%	1.63%	2.89%	4.35%
Price to Book	3.48 x	7.29 x	3.06 x	2.83 x	4.58 x	3.74 x	3.08 x
Nbr of stocks (in thousands)	585,935	633,953	667,554	667,554	671,244	-	-
Reference price ²	0.4867	1.530	0.7950	0.8500	1.510	1.510	1.510
Announcement Date	6/29/20	5/24/21	5/26/22	5/25/23	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	253.4	224.3	177.8	365.5	520.3	604.6	743.4
EBITDA ¹	21.8	27.32	16.6	36.04	57.2	76.9	92.18
EBIT ¹	19.9	24.52	13.1	31.76	49.7	68.08	81.73
Operating Margin	7.85%	10.93%	7.37%	8.69%	9.55%	11.26%	10.99%
Earnings before Tax (EBT) ¹	16.48	22.69	11.02	27.74	44.83	61.76	75.16
Net income ¹	15.66	16.14	6.906	19.72	31.7	45.03	55.04
Net margin	6.18%	7.2%	3.89%	5.39%	6.09%	7.45%	7.4%
EPS ²	0.0419	0.0307	0.0101	0.0291	0.0475	0.0660	0.0813
Free Cash Flow ¹	-	2.717	-70.12	-79.76	14.9	25.1	35.55
FCF margin	-	1.21%	-39.45%	-21.82%	2.86%	4.15%	4.78%
FCF Conversion (EBITDA)	-	9.95%	-	-	26.05%	32.64%	38.57%
FCF Conversion (Net income)	-	16.83%	-	-	47%	55.74%	64.59%
Dividend per Share ²	-	0.0100	-	-	0.008670	0.0110	0.002500
Announcement Date	6/29/20	5/24/21	5/26/22	5/25/23	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	39	-	-	-
Net Cash position ¹	-	72.7	43.4	-	100	146	197
Leverage (Debt/EBITDA)	-	-	-	1.081 x	-	-	-
Free Cash Flow ¹	-	2.72	-70.1	-79.8	14.9	25.1	35.6
ROE (net income / shareholders' equity)	27.8%	15.2%	4.54%	10.8%	14.8%	17.1%	17.6%
ROA (Net income/ Total Assets)	-	-	2.83%	5.41%	6.83%	7.97%	9.07%
Assets ¹	-	-	243.8	364.7	463.9	565.2	607.1
Book Value Per Share ²	0.1400	0.2100	0.2600	0.3000	0.3300	0.4000	0.4900
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	0.86	2.41	6.1	137	39.5	30.5	31.5
Capex / Sales	0.34%	1.07%	3.43%	37.47%	7.59%	5.04%	4.24%
Announcement Date	6/29/20	5/24/21	5/26/22	5/25/23	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.51 MYR

Average target price

1.769 MYR

Spread / Average Target

+17.12%

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