Financials British American Tobacco (Malaysia)

Equities

BAT

MYL4162OO003

Tobacco

End-of-day quote BURSA MALAYSIA 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
8.2 MYR -0.24% Intraday chart for British American Tobacco (Malaysia) -1.44% -11.73%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,306 4,020 3,992 3,204 2,653 2,341 - -
Enterprise Value (EV) 1 4,733 4,527 4,760 3,916 3,168 2,848 2,825 2,803
P/E ratio 12.5 x 16.6 x 14 x 12.2 x 13.6 x 11.1 x 11 x 10.5 x
Yield 7.82% 6.32% 7.01% 8.73% 7.43% 8.37% 8.77% 8.76%
Capitalization / Revenue 1.72 x 1.74 x 1.51 x 1.23 x 1.15 x 0.98 x 0.99 x 1.03 x
EV / Revenue 1.89 x 1.96 x 1.8 x 1.51 x 1.37 x 1.2 x 1.19 x 1.23 x
EV / EBITDA 9.86 x 12.8 x 11.4 x 9.25 x 10.6 x 9.07 x 8.98 x 8.59 x
EV / FCF 14.6 x 23.5 x 163 x 10.8 x 8.01 x 8.8 x 11 x 12.4 x
FCF Yield 6.84% 4.26% 0.61% 9.27% 12.5% 11.4% 9.06% 8.07%
Price to Book 11.1 x 10.8 x 10.4 x 8.49 x 7.04 x 5.97 x 5.86 x 5.47 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 8.200 8.200 8.200
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 2,381 2,369 2,277
EBITDA 1 480.1 353.1 417.5 423.2 298.9 314.2 314.5 326.5
EBIT 1 472.6 345.6 410.6 407.1 280.6 301.8 304 316.1
Operating Margin 18.84% 14.92% 15.57% 15.68% 12.14% 12.68% 12.83% 13.88%
Earnings before Tax (EBT) 1 462.3 329.3 394.1 385.4 256.3 281.2 284.9 297.9
Net income 1 345.7 241.8 284.9 262.5 194.7 210.2 213.6 222.2
Net margin 13.78% 10.44% 10.8% 10.11% 8.43% 8.83% 9.02% 9.76%
EPS 2 1.211 0.8470 0.9980 0.9190 0.6820 0.7362 0.7485 0.7783
Free Cash Flow 1 323.7 192.7 29.19 362.9 395.3 323.8 256.1 226.2
FCF margin 12.9% 8.32% 1.11% 13.97% 17.11% 13.6% 10.81% 9.93%
FCF Conversion (EBITDA) 67.42% 54.57% 6.99% 85.73% 132.27% 103.05% 81.42% 69.26%
FCF Conversion (Net income) 93.63% 79.68% 10.25% 138.22% 203% 153.98% 119.87% 101.78%
Dividend per Share 2 1.180 0.8900 0.9800 0.9800 0.6900 0.6860 0.7193 0.7180
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 Q3 2021 Q4 2022 Q3 2023 Q1 2023 Q2
Net sales 613 861.9 - - -
EBITDA 109.6 111.3 - - -
EBIT 107.9 109.7 - - -
Operating Margin 17.6% 12.73% - - -
Earnings before Tax (EBT) 103.5 104.9 - - -
Net income 1 78.68 71.46 75.25 40.32 47.53
Net margin 12.83% 8.29% - - -
EPS 0.2760 0.2500 0.2640 0.1410 -
Dividend per Share 0.2600 0.2700 - - -
Announcement Date 10/28/21 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 1.614 x 1.539 x 1.415 x
Free Cash Flow 1 324 193 29.2 363 395 324 256 226
ROE (net income / shareholders' equity) 85.3% 63.5% 75.4% 69.1% 51.6% 54.9% 55% 57.8%
ROA (Net income/ Total Assets) 32.5% 22.3% 22.5% 19.1% 15.3% 18% 18.9% 21.2%
Assets 1 1,065 1,086 1,268 1,376 1,269 1,166 1,133 1,048
Book Value Per Share 2 1.360 1.310 1.340 1.320 1.320 1.370 1.400 1.500
Cash Flow per Share 2 1.160 0.6900 0.1200 1.310 1.390 0.7000 0.7000 0.8000
Capex 1 7.4 3.42 5.64 11.1 1.21 2.87 2.87 3.1
Capex / Sales 0.29% 0.15% 0.21% 0.43% 0.05% 0.12% 0.12% 0.14%
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-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
8.2 MYR
Average target price
9.018 MYR
Spread / Average Target
+9.97%
Consensus
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