TENAGA NASIONAL |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 11.92 MYR | +0.51% |
|
+2.76% | +18.73% |
| Apr. 24 | Haily Group Unit Clinches MYR109.5 Million Residential Project in Malaysia; Shares Up 5% | MT |
| Apr. 08 | News Highlights : Top Energy News of the Day - Monday at 11 AM ET | DJ |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 75,408 | 59,442 | 53,482 | 55,402 | 58,105 | 68,985 | - | - |
| Enterprise Value (EV) 1 | 137,874 | 102,454 | 96,040 | 106,202 | 98,905 | 125,333 | 122,499 | 106,666 |
| P/E ratio | 16.6 x | 16.6 x | 14.7 x | 16.1 x | 21 x | 16.9 x | 15.1 x | 14.3 x |
| Yield | 3.77% | 3.84% | 4.28% | 4.78% | 4.58% | 3.61% | 4.1% | 4.36% |
| Capitalization / Revenue | 1.48 x | 1.35 x | 1.02 x | 0.76 x | 0.91 x | 1.19 x | 1.16 x | 1.12 x |
| EV / Revenue | 2.71 x | 2.33 x | 1.82 x | 1.45 x | 1.55 x | 2.16 x | 2.06 x | 1.72 x |
| EV / EBITDA | 7.49 x | 5.7 x | 5.12 x | 5.1 x | 5.31 x | 6.24 x | 5.95 x | 5.23 x |
| EV / FCF | 15.2 x | 11.9 x | 19.4 x | 202 x | - | 14.6 x | 14.3 x | 11.9 x |
| FCF Yield | 6.56% | 8.4% | 5.14% | 0.49% | - | 6.84% | 6.99% | 8.37% |
| Price to Book | 1.3 x | 1.06 x | 0.94 x | 0.95 x | - | 1.12 x | 1.09 x | 1.07 x |
| Nbr of stocks (in thousands) | 5,686,889 | 5,704,654 | 5,726,091 | 5,753,077 | 5,787,332 | 5,787,332 | - | - |
| Reference price 2 | 13.26 | 10.42 | 9.340 | 9.630 | 10.04 | 11.92 | 11.92 | 11.92 |
| Announcement Date | 2/28/20 | 2/26/21 | 2/24/22 | 2/27/23 | 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 | 50,940 | 43,976 | 52,630 | 73,183 | 63,665 | 58,118 | 59,538 | 61,863 |
| EBITDA 1 | 18,396 | 17,981 | 18,774 | 20,812 | 18,623 | 20,092 | 20,591 | 20,405 |
| EBIT 1 | 8,207 | 7,359 | 8,083 | 9,410 | 7,357 | 8,863 | 9,351 | 9,407 |
| Operating Margin | 16.11% | 16.73% | 15.36% | 12.86% | 11.56% | 15.25% | 15.71% | 15.21% |
| Earnings before Tax (EBT) 1 | 5,478 | 4,235 | 4,738 | 5,349 | 3,374 | 5,087 | 5,716 | 6,127 |
| Net income 1 | 4,529 | 3,593 | 3,662 | 3,463 | 2,770 | 4,058 | 4,547 | 4,794 |
| Net margin | 8.89% | 8.17% | 6.96% | 4.73% | 4.35% | 6.98% | 7.64% | 7.75% |
| EPS 2 | 0.7964 | 0.6279 | 0.6373 | 0.5998 | 0.4779 | 0.7066 | 0.7920 | 0.8362 |
| Free Cash Flow 1 | 9,044 | 8,609 | 4,938 | 524.7 | - | 8,578 | 8,559 | 8,932 |
| FCF margin | 17.75% | 19.58% | 9.38% | 0.72% | - | 14.76% | 14.38% | 14.44% |
| FCF Conversion (EBITDA) | 49.16% | 47.88% | 26.3% | 2.52% | - | 42.69% | 41.57% | 43.77% |
| FCF Conversion (Net income) | 199.67% | 239.62% | 134.86% | 15.15% | - | 211.39% | 188.22% | 186.31% |
| Dividend per Share 2 | 0.5000 | 0.4000 | 0.4000 | 0.4600 | 0.4600 | 0.4307 | 0.4892 | 0.5199 |
| Announcement Date | 2/28/20 | 2/26/21 | 2/24/22 | 2/27/23 | 2/27/24 | - | - | - |
1MYR in Million2MYR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 12,975 | 15,735 | - | 19,140 | 19,071 | 19,313 | 12,626 | - | 13,466 | 15,759 |
| EBITDA 1 | - | - | - | - | - | 4,498 | - | - | 4,795 | 4,280 |
| EBIT | 2,059 | 1,573 | - | 2,628 | - | 1,500 | 2,082 | - | 2,024 | - |
| Operating Margin | 15.87% | 10% | - | 13.73% | - | 7.77% | 16.49% | - | 15.03% | - |
| Earnings before Tax (EBT) 1 | 1,237 | 822 | - | 1,466 | - | 816.7 | 1,103 | - | 1,056 | 673.9 |
| Net income 1 | 1,004 | 877.8 | - | 872.2 | - | 809.1 | 1,002 | 327.9 | 856.2 | 583.9 |
| Net margin | 7.74% | 5.58% | - | 4.56% | - | 4.19% | 7.94% | - | 6.36% | 3.71% |
| EPS 2 | 0.1747 | 0.1528 | - | 0.1516 | - | 0.1401 | 0.1731 | 0.0570 | 0.1485 | 0.1007 |
| Dividend per Share 2 | - | - | - | - | - | - | - | 0.1800 | - | 0.2800 |
| Announcement Date | 11/25/21 | 2/24/22 | 5/30/22 | 8/30/22 | 11/23/22 | 2/27/23 | 5/29/23 | 8/25/23 | 11/24/23 | 2/27/24 |
1MYR in Million2MYR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 62,466 | 43,011 | 42,559 | 50,800 | 40,800 | 56,348 | 53,514 | 37,681 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.396 x | 2.392 x | 2.267 x | 2.441 x | 2.191 x | 2.804 x | 2.599 x | 1.847 x |
| Free Cash Flow 1 | 9,044 | 8,609 | 4,938 | 525 | - | 8,578 | 8,559 | 8,932 |
| ROE (net income / shareholders' equity) | 8.47% | 6.32% | 9.14% | 6.02% | - | 6.7% | 7.36% | 7.63% |
| ROA (Net income/ Total Assets) | 2.95% | 1.99% | 2.82% | 2.2% | - | 2.14% | 2.38% | 2.52% |
| Assets 1 | 153,584 | 180,140 | 129,658 | 157,423 | - | 189,441 | 190,716 | 190,179 |
| Book Value Per Share 2 | 10.20 | 9.800 | 9.890 | 10.20 | - | 10.60 | 10.90 | 11.20 |
| Cash Flow per Share 2 | 3.500 | 2.710 | 2.320 | 1.630 | - | 3.470 | 3.640 | 3.790 |
| Capex 1 | 10,854 | 6,910 | 8,416 | 8,853 | - | 11,267 | 11,119 | 11,710 |
| Capex / Sales | 21.31% | 15.71% | 15.99% | 12.1% | - | 19.39% | 18.67% | 18.93% |
| Announcement Date | 2/28/20 | 2/26/21 | 2/24/22 | 2/27/23 | 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
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
11.92
MYR
Average target price
12.32
MYR
Spread / Average Target
+3.38%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +18.73% | 14.37B | |
| +10.45% | 5.02B | |
| +11.94% | 4.68B | |
| -5.73% | 3.88B | |
| +6.86% | 3.47B | |
| -1.83% | 2.14B | |
| -24.39% | 2.12B | |
| +36.53% | 1.71B | |
| +24.38% | 1.65B | |
| +16.43% | 1.59B |
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