Fraser & Neave Holdings Bhd Valuation

Q: What is the Fair Price of F&N when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

F&N (MYR30.62) is trading above our estimate of [[fair value]] (MYR25.78)

Is F&N undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of F&N when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: F&N (MYR30.62) is trading above our estimate of fair value (MYR25.78)

Significantly Below Fair Value: F&N is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for F&N?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for F&N. This is calculated by dividing F&N's market cap by their current preferred multiple.
What is F&N's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	RM 11.23b

F&N key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.1x
Enterprise Value/EBITDA	13.7x
PEG Ratio	3.5x

Price to Earnings Ratio vs Peers

How does F&N's PE Ratio compare to its peers?

The above table shows the PE ratio for F&N vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	17.2x
SPRITZER Spritzer Bhd	13.9x	2.9%	RM 907.4m
PWROOT Power Root Berhad	18.8x	18.7%	RM 632.3m
HEIM Heineken Malaysia Berhad	17.5x	4.5%	RM 7.0b
CARLSBG Carlsberg Brewery Malaysia Berhad	18.7x	6.7%	RM 6.0b
F&N Fraser & Neave Holdings Bhd	18.9x	5.4%	RM 11.2b

Price-To-Earnings vs Peers: F&N is expensive based on its Price-To-Earnings Ratio (18.9x) compared to the peer average (17.2x).

Price to Earnings Ratio vs Industry

How does F&N's PE Ratio compare vs other companies in the Asian Beverage Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	5.7%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	5.7%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: F&N is good value based on its Price-To-Earnings Ratio (18.9x) compared to the Asian Beverage industry average (19.7x).

Price to Earnings Ratio vs Fair Ratio

What is F&N's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

F&N PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.9x
Fair PE Ratio	17.7x

Price-To-Earnings vs Fair Ratio: F&N is expensive based on its Price-To-Earnings Ratio (18.9x) compared to the estimated Fair Price-To-Earnings Ratio (17.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst F&N forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	RM 30.62	RM 37.69 +23.1%	3.6%	RM 39.00	RM 34.97	n/a	6
Oct ’25	RM 31.30	RM 37.69 +20.4%	3.6%	RM 39.00	RM 34.97	n/a	6
Sep ’25	RM 29.90	RM 38.07 +27.3%	4.6%	RM 40.60	RM 34.97	n/a	6
Aug ’25	RM 30.42	RM 38.50 +26.6%	6.5%	RM 43.20	RM 34.97	n/a	6
Jul ’25	RM 31.80	RM 37.53 +18.0%	4.0%	RM 39.00	RM 34.50	n/a	6
Jun ’25	RM 32.62	RM 37.53 +15.0%	4.0%	RM 39.00	RM 34.50	n/a	6
May ’25	RM 31.60	RM 33.98 +7.5%	8.1%	RM 37.80	RM 30.00	n/a	6
Apr ’25	RM 29.38	RM 33.40 +13.7%	7.1%	RM 37.80	RM 30.00	n/a	6
Mar ’25	RM 29.52	RM 33.40 +13.1%	7.1%	RM 37.80	RM 30.00	n/a	6
Feb ’25	RM 27.70	RM 32.67 +17.9%	8.5%	RM 37.80	RM 29.40	n/a	6
Jan ’25	RM 28.16	RM 32.00 +13.6%	5.5%	RM 33.80	RM 29.40	n/a	6
Dec ’24	RM 27.72	RM 32.00 +15.4%	5.5%	RM 33.80	RM 29.40	n/a	6
Nov ’24	RM 25.76	RM 30.76 +19.4%	7.2%	RM 33.80	RM 28.30	n/a	6
Oct ’24	RM 25.30	RM 30.76 +21.6%	7.2%	RM 33.80	RM 28.30	RM 31.30	6
Sep ’24	RM 25.50	RM 30.76 +20.6%	7.2%	RM 33.80	RM 28.30	RM 29.90	6
Aug ’24	RM 25.06	RM 30.76 +22.7%	7.2%	RM 33.80	RM 28.30	RM 30.42	6
Jul ’24	RM 25.22	RM 30.76 +22.0%	7.2%	RM 33.80	RM 28.30	RM 31.80	6
Jun ’24	RM 25.40	RM 30.76 +21.1%	7.2%	RM 33.80	RM 28.30	RM 32.62	6
May ’24	RM 26.52	RM 30.15 +13.7%	9.1%	RM 33.80	RM 26.11	RM 31.60	6
Apr ’24	RM 26.00	RM 29.42 +13.2%	8.2%	RM 33.50	RM 26.11	RM 29.38	5
Mar ’24	RM 27.50	RM 29.42 +7.0%	8.2%	RM 33.50	RM 26.11	RM 29.52	5
Feb ’24	RM 24.80	RM 26.56 +7.1%	10.2%	RM 29.70	RM 23.60	RM 27.70	5
Jan ’24	RM 21.58	RM 26.56 +23.1%	10.2%	RM 29.70	RM 23.60	RM 28.16	5
Dec ’23	RM 21.00	RM 26.56 +26.5%	10.2%	RM 29.70	RM 23.60	RM 27.72	5
Nov ’23	RM 20.10	RM 25.86 +28.7%	9.3%	RM 29.70	RM 23.15	RM 25.76	4
Oct ’23	RM 21.60	RM 25.86 +19.7%	9.3%	RM 29.70	RM 23.15	RM 25.30	4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.