BRITISH AMERICAN TOBACCO (MALAYSIA) |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.44 MYR | -0.47% |
|
-5.17% | -9.15% |
| Jun. 05 | British American Tobacco p.l.c.: Still struggling |  |
| Jun. 04 | UK Retail Sales Data, Corporate Updates Weigh on London Stocks | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,306 | 4,020 | 3,992 | 3,204 | 2,653 | 2,421 | - | - |
| Enterprise Value (EV) 1 | 4,733 | 4,527 | 4,760 | 3,916 | 3,168 | 2,928 | 2,906 | 2,884 |
| P/E ratio | 12.5 x | 16.6 x | 14 x | 12.2 x | 13.6 x | 13.6 x | 13.3 x | 12.7 x |
| Yield | 7.82% | 6.32% | 7.01% | 8.73% | 7.43% | 7.45% | 7.56% | 7.73% |
| Capitalization / Revenue | 1.72 x | 1.74 x | 1.51 x | 1.23 x | 1.15 x | 1.09 x | 1.11 x | 1.12 x |
| EV / Revenue | 1.89 x | 1.96 x | 1.8 x | 1.51 x | 1.37 x | 1.32 x | 1.33 x | 1.33 x |
| EV / EBITDA | 9.86 x | 12.8 x | 11.4 x | 9.25 x | 10.6 x | 10.7 x | 10.6 x | 10 x |
| EV / FCF | 14.6 x | 23.5 x | 163 x | 10.8 x | 8.01 x | 9.86 x | 11.3 x | 12 x |
| FCF Yield | 6.84% | 4.26% | 0.61% | 9.27% | 12.5% | 10.1% | 8.86% | 8.32% |
| Price to Book | 11.1 x | 10.8 x | 10.4 x | 8.49 x | 7.04 x | 6.14 x | 6.03 x | 5.92 x |
| Nbr of stocks (in thousands) | 285,530 | 285,530 | 285,530 | 285,530 | 285,530 | 285,530 | - | - |
| Reference price 2 | 15.08 | 14.08 | 13.98 | 11.22 | 9.290 | 8.440 | 8.440 | 8.440 |
| Announcement Date | 2/20/20 | 2/10/21 | 2/8/22 | 2/8/23 | 2/6/24 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,509 | 2,315 | 2,637 | 2,597 | 2,311 | 2,217 | 2,190 | 2,162 |
| EBITDA 1 | 480.1 | 353.1 | 417.5 | 423.2 | 298.9 | 272.4 | 274.7 | 287.2 |
| EBIT 1 | 472.6 | 345.6 | 410.6 | 407.1 | 280.6 | 247.6 | 254.4 | 271.2 |
| Operating Margin | 18.84% | 14.92% | 15.57% | 15.68% | 12.14% | 11.17% | 11.61% | 12.54% |
| Earnings before Tax (EBT) 1 | 462.3 | 329.3 | 394.1 | 385.4 | 256.3 | 247.4 | 251.5 | 257 |
| Net income 1 | 345.7 | 241.8 | 284.9 | 262.5 | 194.7 | 178.1 | 181.7 | 190.4 |
| Net margin | 13.78% | 10.44% | 10.8% | 10.11% | 8.43% | 8.03% | 8.29% | 8.8% |
| EPS 2 | 1.211 | 0.8470 | 0.9980 | 0.9190 | 0.6820 | 0.6226 | 0.6361 | 0.6670 |
| Free Cash Flow 1 | 323.7 | 192.7 | 29.19 | 362.9 | 395.3 | 296.8 | 257.4 | 240 |
| FCF margin | 12.9% | 8.32% | 1.11% | 13.97% | 17.11% | 13.39% | 11.75% | 11.1% |
| FCF Conversion (EBITDA) | 67.42% | 54.57% | 6.99% | 85.73% | 132.27% | 108.98% | 93.72% | 83.59% |
| FCF Conversion (Net income) | 93.63% | 79.68% | 10.25% | 138.22% | 203% | 166.68% | 141.71% | 126.1% |
| Dividend per Share 2 | 1.180 | 0.8900 | 0.9800 | 0.9800 | 0.6900 | 0.6292 | 0.6384 | 0.6526 |
| Announcement Date | 2/20/20 | 2/10/21 | 2/8/22 | 2/8/23 | 2/6/24 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q3 | 2023 Q1 | 2023 Q2 |
|---|---|---|---|---|
| Net sales | 861.9 | - | - | - |
| EBITDA | 111.3 | - | - | - |
| EBIT | 109.7 | - | - | - |
| Operating Margin | 12.73% | - | - | - |
| Earnings before Tax (EBT) | 104.9 | - | - | - |
| Net income 1 | 71.46 | 75.25 | 40.32 | 47.53 |
| Net margin | 8.29% | - | - | - |
| EPS | 0.2500 | 0.2640 | 0.1410 | - |
| Dividend per Share | 0.2700 | - | - | - |
| Announcement Date | 2/8/22 | 10/27/22 | 5/29/23 | 7/24/23 |
1MYR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 427 | 507 | 768 | 712 | 515 | 507 | 484 | 462 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.889 x | 1.435 x | 1.839 x | 1.683 x | 1.724 x | 1.86 x | 1.764 x | 1.61 x |
| Free Cash Flow 1 | 324 | 193 | 29.2 | 363 | 395 | 297 | 257 | 240 |
| ROE (net income / shareholders' equity) | 85.3% | 63.5% | 75.4% | 69.1% | 51.6% | 45% | 45.6% | 47.6% |
| ROA (Net income/ Total Assets) | 32.5% | 22.3% | 22.5% | 19.1% | 15.3% | 16.1% | 16.3% | 16.5% |
| Assets 1 | 1,065 | 1,086 | 1,268 | 1,376 | 1,269 | 1,103 | 1,114 | 1,152 |
| Book Value Per Share 2 | 1.360 | 1.310 | 1.340 | 1.320 | 1.320 | 1.380 | 1.400 | 1.430 |
| Cash Flow per Share 2 | 1.160 | 0.6900 | 0.1200 | 1.310 | 1.390 | 0.6900 | 0.7500 | 0.7800 |
| Capex 1 | 7.4 | 3.42 | 5.64 | 11.1 | 1.21 | 3.25 | 3.28 | 3.3 |
| Capex / Sales | 0.29% | 0.15% | 0.21% | 0.43% | 0.05% | 0.15% | 0.15% | 0.15% |
| Announcement Date | 2/20/20 | 2/10/21 | 2/8/22 | 2/8/23 | 2/6/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
5
Last Close Price
8.44
MYR
Average target price
8.22
MYR
Spread / Average Target
-2.61%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -9.15% | 516M | |
| +15.25% | 80.21B | |
| -5.45% | 65.66B | |
| +25.40% | 51.71B | |
| -1.15% | 7.1B | |
| -20.11% | 5.21B | |
| -7.50% | 2.34B | |
| -8.49% | 2.24B | |
| -37.61% | 1.52B | |
| -7.25% | 1.24B |
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