Company Valuation: PETRONAS Gas

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,617 33,876 34,430 34,984 35,894 34,351 - -
Change - -4.89% 1.64% 1.61% 2.6% -4.3% - -
Enterprise Value (EV) 1 35,282 33,685 34,054 34,237 35,480 33,045 32,394 32,430
Change - -4.52% 1.1% 0.54% 3.63% -6.86% -1.97% 0.11%
P/E 17.9x 20.6x 18.9x 19.1x 20.8x 18.6x 18x 17.8x
PBR 2.72x 2.58x 2.54x 2.51x 2.52x 2.34x 2.27x 2.22x
PEG - -1.2x 1.8x 21.97x -3.5x 2.66x 5.85x 16.21x
Capitalization / Revenue 6.31x 5.5x 5.34x 5.35x 5.63x 5.24x 5.19x 5.14x
EV / Revenue 6.25x 5.47x 5.28x 5.24x 5.57x 5.04x 4.89x 4.85x
EV / EBITDA 9.92x 10.4x 10.4x 10.2x 10.2x 9.25x 8.86x 8.69x
EV / EBIT 13.3x 14.5x 15x 14.9x 15.8x 14.1x 13.5x 13.4x
EV / FCF 16.1x 19.2x 18.5x 18.2x 40.8x 18x 18x 18x
FCF Yield 6.2% 5.22% 5.4% 5.48% 2.45% 5.54% 5.56% 5.55%
Dividend per Share 2 0.82 0.72 0.72 0.72 0.72 0.7297 0.7427 0.7532
Rate of return 4.56% 4.21% 4.14% 4.07% 3.97% 4.2% 4.28% 4.34%
EPS 2 1.005 0.8316 0.92 0.928 0.8728 0.9339 0.9626 0.9731
Distribution rate 81.6% 86.6% 78.3% 77.6% 82.5% 78.1% 77.2% 77.4%
Net sales 1 5,649 6,160 6,445 6,538 6,374 6,556 6,623 6,684
EBITDA 1 3,558 3,245 3,267 3,355 3,473 3,574 3,657 3,731
EBIT 1 2,660 2,320 2,274 2,303 2,249 2,337 2,394 2,426
Net income 1 2,111 1,645 1,820 1,836 1,727 1,859 1,924 1,951
Net Debt 1 -335.3 -190.5 -375.5 -747.3 -414.1 -1,306 -1,956 -1,921
Reference price 2 18.00 17.12 17.40 17.68 18.14 17.36 17.36 17.36
Nbr of stocks (in thousands) 1,978,732 1,978,732 1,978,732 1,978,732 1,978,732 1,978,732 - -
Announcement Date 2/22/22 A 2/16/23 A 2/27/24 A 2/21/25 A 2/24/26 A - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.25x1.99x7.18x6.37% 30.64B
19.82x7.55x14.49x2.4% 28.38B
14.19x1.25x8.83x2.4% 12.97B
15.5x1.04x7.28x2.03% 12.3B
11.63x0.92x9.2x3.93% 11.89B
55.1x8.02x12.09x5.87% 9.25B
18.59x5.04x9.25x4.2% 8.4B
10.98x4.02x6.74x2.64% 7.78B
Average 19.88x 3.73x 9.38x 3.73% 15.2B
Weighted average by Cap. 18.36x 3.81x 9.76x 3.92%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield