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 34,430 - -
Change - -4.89% 1.64% 1.61% 2.6% -4.08% - -
Enterprise Value (EV) 1 35,282 33,685 34,054 34,237 35,480 33,019 32,445 32,330
Change - -4.52% 1.1% 0.54% 3.63% -6.94% -1.74% -0.35%
P/E 17.9x 20.6x 18.9x 19.1x 20.8x 18.6x 18.1x 17.9x
PBR 2.72x 2.58x 2.54x 2.51x 2.52x 2.35x 2.27x 2.23x
PEG - -1.2x 1.8x 21.97x -3.5x 2.66x 5.88x 16.38x
Capitalization / Revenue 6.31x 5.5x 5.34x 5.35x 5.63x 5.25x 5.2x 5.15x
EV / Revenue 6.25x 5.47x 5.28x 5.24x 5.57x 5.04x 4.9x 4.84x
EV / EBITDA 9.92x 10.4x 10.4x 10.2x 10.2x 9.24x 8.87x 8.66x
EV / EBIT 13.3x 14.5x 15x 14.9x 15.8x 14.1x 13.6x 13.3x
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% 5.55% 5.55% 5.57%
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% 4.19% 4.27% 4.33%
EPS 2 1.005 0.8316 0.92 0.928 0.8728 0.9338 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 -1,411 -1,985 -2,100
Reference price 2 18.00 17.12 17.40 17.68 18.14 17.40 17.40 17.40
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.72x5.06x9.28x4.17% 8.47B
13.06x1.94x7.03x6.64% 29.06B
20.39x7.51x14.68x2.34% 28.76B
14.61x1.33x9.63x2.38% 12.85B
10.78x1.19x7.46x1.66% 12.54B
15.21x0.94x10.97x3.23% 12.06B
56.49x8.11x12.24x5.72% 9.29B
10.44x3.81x6.47x2.82% 7.34B
Average 19.96x 3.74x 9.72x 3.62% 15.05B
Weighted average by Cap. 18.55x 3.83x 10.10x 3.82%

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

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