HEINEKEN MALAYSIA |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 22.5 MYR | +0.72% |
|
-3.27% | -6.79% |
| Jul. 01 | Heineken Malaysia Berhad Appoints Martijn Rene Van Keulen as Managing Director | CI |
| May. 16 | Heineken Malaysia Berhad Approves Single Tier Final Dividend for the Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 8,193 | 6,954 | 6,296 | 7,613 | 7,293 | 6,797 | - | - |
| Enterprise Value (EV) 1 | 8,283 | 7,072 | 6,379 | 7,730 | 7,384 | 6,910 | 6,899 | 6,916 |
| P/E ratio | 26.2 x | 45.1 x | 25.6 x | 18.4 x | 18.9 x | 16.7 x | 15.9 x | 15.2 x |
| Yield | 3.98% | 2.22% | 3.89% | 5.48% | 3.31% | 5.92% | 6.18% | 6.46% |
| Capitalization / Revenue | 3.53 x | 3.95 x | 3.18 x | 2.67 x | 2.76 x | 2.46 x | 2.36 x | 2.28 x |
| EV / Revenue | 3.57 x | 4.01 x | 3.22 x | 2.71 x | 2.8 x | 2.5 x | 2.4 x | 2.31 x |
| EV / EBITDA | 17.6 x | 26 x | 16.2 x | 11.5 x | 12.4 x | 11.1 x | 10.6 x | 10.2 x |
| EV / FCF | 26.8 x | 41.7 x | 26.5 x | 26.1 x | 16.4 x | 18 x | 16.1 x | 16.2 x |
| FCF Yield | 3.74% | 2.4% | 3.78% | 3.83% | 6.1% | 5.57% | 6.19% | 6.16% |
| Price to Book | 20.8 x | 19.9 x | 15.9 x | 15.6 x | 15.9 x | 14.8 x | 14.8 x | 14.8 x |
| Nbr of stocks (in thousands) | 302,098 | 302,098 | 302,098 | 302,098 | 302,098 | 302,098 | - | - |
| Reference price 2 | 27.12 | 23.02 | 20.84 | 25.20 | 24.14 | 22.50 | 22.50 | 22.50 |
| Announcement Date | 2/21/20 | 2/18/21 | 2/16/22 | 2/24/23 | 2/27/24 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,320 | 1,762 | 1,979 | 2,855 | 2,638 | 2,763 | 2,878 | 2,987 |
| EBITDA 1 | 471.1 | 272.5 | 394.6 | 675 | 593.3 | 621.7 | 651.4 | 680.6 |
| EBIT 1 | 414.4 | 203.7 | 323.9 | 596.2 | 518.3 | 539.8 | 568.8 | 594.6 |
| Operating Margin | 17.86% | 11.56% | 16.37% | 20.88% | 19.65% | 19.53% | 19.76% | 19.9% |
| Earnings before Tax (EBT) 1 | 412.1 | 198.7 | 321.4 | 594.5 | 510.9 | 534.5 | 561.7 | 590.2 |
| Net income 1 | 313 | 154.2 | 245.7 | 412.8 | 386.8 | 406.5 | 427.1 | 448.5 |
| Net margin | 13.49% | 8.75% | 12.41% | 14.46% | 14.66% | 14.71% | 14.84% | 15.01% |
| EPS 2 | 1.036 | 0.5104 | 0.8132 | 1.366 | 1.280 | 1.346 | 1.414 | 1.484 |
| Free Cash Flow 1 | 309.5 | 169.4 | 240.9 | 295.7 | 450.5 | 384.6 | 427.3 | 425.7 |
| FCF margin | 13.34% | 9.61% | 12.17% | 10.36% | 17.08% | 13.92% | 14.85% | 14.25% |
| FCF Conversion (EBITDA) | 65.7% | 62.17% | 61.05% | 43.81% | 75.93% | 61.86% | 65.6% | 62.55% |
| FCF Conversion (Net income) | 98.89% | 109.86% | 98.06% | 71.63% | 116.47% | 94.62% | 100.05% | 94.92% |
| Dividend per Share 2 | 1.080 | 0.5100 | 0.8100 | 1.380 | 0.8000 | 1.332 | 1.390 | 1.453 |
| Announcement Date | 2/21/20 | 2/18/21 | 2/16/22 | 2/24/23 | 2/27/24 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2023 Q2 |
|---|---|
| Net sales | - |
| EBITDA | - |
| EBIT | - |
| Operating Margin | - |
| Earnings before Tax (EBT) | - |
| Net income 1 | 90.47 |
| Net margin | - |
| EPS 2 | 0.2995 |
| Dividend per Share | - |
| Announcement Date | 8/15/23 |
1MYR in Million2MYR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 90.4 | 117 | 83.7 | 117 | 91.7 | 113 | 101 | 118 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.192 x | 0.4305 x | 0.212 x | 0.174 x | 0.1545 x | 0.1811 x | 0.1557 x | 0.174 x |
| Free Cash Flow 1 | 309 | 169 | 241 | 296 | 451 | 385 | 427 | 426 |
| ROE (net income / shareholders' equity) | 81.8% | 41.5% | 65.9% | 93.4% | 81.7% | 87.8% | 93.1% | 96.8% |
| ROA (Net income/ Total Assets) | 30.8% | 14.4% | 23% | 33% | 29.1% | 32.2% | 32.9% | 33.5% |
| Assets 1 | 1,018 | 1,070 | 1,069 | 1,252 | 1,328 | 1,263 | 1,300 | 1,338 |
| Book Value Per Share 2 | 1.300 | 1.160 | 1.310 | 1.620 | 1.520 | 1.520 | 1.520 | 1.520 |
| Cash Flow per Share 2 | 1.390 | 0.7600 | 1.150 | 1.620 | 1.950 | 1.290 | 1.690 | 1.750 |
| Capex 1 | 110 | 60.1 | 108 | 193 | 137 | 72.6 | 72.6 | 72.8 |
| Capex / Sales | 4.74% | 3.41% | 5.43% | 6.75% | 5.21% | 2.63% | 2.52% | 2.44% |
| Announcement Date | 2/21/20 | 2/18/21 | 2/16/22 | 2/24/23 | 2/27/24 | - | - | - |
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
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
22.5
MYR
Average target price
28.16
MYR
Spread / Average Target
+25.16%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -6.79% | 1.44B | |
| -4.69% | 122B | |
| -1.63% | 54.76B | |
| +3.57% | 45.66B | |
| -17.12% | 32.06B | |
| -3.20% | 22.55B | |
| +7.44% | 17.66B | |
| -0.12% | 17.02B | |
| -35.50% | 16.2B | |
| -6.68% | 10.96B |
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