Company Valuation: ZICO Holdings Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 25.1 26.49 26.56 20.51 19.26 22.58
Change - 5.55% 0.26% -22.76% -6.12% 17.25%
Enterprise Value (EV) 1 68.66 53.76 42.99 44.9 26.65 22.28
Change - -21.7% -20.03% 4.44% -40.64% -16.39%
P/E -3.38x 30x -25.3x -0.8x -3.33x 22x
PBR 0.24x 0.25x 0.24x 0.21x 0.78x 0.78x
PEG - -0x 0x -0x 0x -0x
Capitalization / Revenue 0.39x 0.38x 0.41x 0.35x 1.12x 1.58x
EV / Revenue 1.07x 0.78x 0.66x 0.77x 1.55x 1.56x
EV / EBITDA -7.86x -64.3x -42.6x -2.11x -5.62x -6.34x
EV / EBIT -6.55x -14.3x -16.9x -1.97x -5.2x -5.75x
EV / FCF 3.76x 6.11x 75.6x -9.38x -44.7x -18.4x
FCF Yield 26.6% 16.4% 1.32% -10.7% -2.23% -5.44%
Dividend per Share 3 - - - - - -
Rate of return - - - - - -
EPS 3 -0.0228 0.0027 -0.003 -0.0674 -0.0141 0.0025
Distribution rate - - - - - -
Net sales 1 64.08 69.03 64.94 58.61 17.25 14.31
EBITDA 1 -8.74 -0.836 -1.009 -21.25 -4.745 -3.515
EBIT 1 -10.48 -3.754 -2.542 -22.78 -5.126 -3.873
Net income 1 -7.406 0.882 -0.865 -24.94 -5.572 1.027
Net Debt 1 43.56 27.27 16.43 24.39 7.392 -0.299
Reference price 3 0.0770 0.0810 0.0760 0.0540 0.0470 0.0550
Nbr of stocks (in thousands) 325,946 327,036 349,462 379,886 409,767 410,569
Announcement Date 4/14/21 A 4/13/22 A 4/13/23 A 4/12/24 A 4/11/25 A 4/8/26 A
1SGD in Million2MYR in Million3SGD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 15.94M
19.17x3.64x9.95x2.98% 65.77B
12.32x - - 3.03% 43.6B
7.49x - - 2.38% 13.51B
6.08x0.88x - 4.03% 11.15B
11.49x0.84x - 1.95% 8.94B
7.96x - - 6.68% 7.02B
-1226.71x2.81x15.21x1.05% 4.37B
26.08x - - 1.72% 3.96B
Average -142.01x 2.04x 12.58x 2.98% 17.59B
Weighted average by Cap. -19.74x 2.98x 10.28x 3.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation ZICO Holdings Inc.