Benalec Holdings Berhad Valuation

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

BENALEC (MYR0.11) is trading below our estimate of [[fair value]] (MYR2.99)

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

Valuation Score

3/6

Valuation Score 3/6

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

Share Price vs Fair Value

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

Below Fair Value: BENALEC (MYR0.11) is trading below our estimate of fair value (MYR2.99)

Significantly Below Fair Value: BENALEC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BENALEC?

Key metric: As BENALEC is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BENALEC. This is calculated by dividing BENALEC's market cap by their current revenue.
What is BENALEC's PS Ratio?
PS Ratio	1.4x
Sales	RM 77.68m
Market Cap	RM 112.08m

BENALEC 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	2x
Enterprise Value/EBITDA	-5.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does BENALEC's PS Ratio compare to its peers?

The above table shows the PS ratio for BENALEC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3.7x
LEBTECH Lebtech Berhad	5.3x	n/a	RM 107.8m
BINTAI Bintai Kinden Corporation Berhad	3.6x	n/a	RM 109.8m
PLB PLB Engineering Berhad	1x	n/a	RM 129.3m
Y&G Y&G Corporation Bhd	4.9x	n/a	RM 134.4m
BENALEC Benalec Holdings Berhad	1.4x	n/a	RM 112.1m

Price-To-Sales vs Peers: BENALEC is good value based on its Price-To-Sales Ratio (1.4x) compared to the peer average (3.7x).

Price to Sales Ratio vs Industry

How does BENALEC's PS Ratio compare vs other companies in the MY Construction Industry?

6 Companies	Price / Sales	Estimated Growth	Market Cap
EDGENTA UEM Edgenta Berhad	0.2x	3.2%	US$115.41m
PRTASCO Protasco Berhad	0.09x	n/a	US$24.26m
TJSETIA Tuju Setia Berhad	0.1x	n/a	US$15.60m
VIZIONE Vizione Holdings Berhad	0.2x	n/a	US$10.53m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: BENALEC is expensive based on its Price-To-Sales Ratio (1.4x) compared to the MY Construction industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

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

BENALEC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate BENALEC's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Southern Cable Group Berhad

RM 854.0m

Manufactures and sells cables and wires in Malaysia and internationally.

SCGBHD

RM 0.97

2.1%

165.8%

Kimlun Corporation Berhad

RM 477.0m

An investment holding company, provides engineering and construction services in Malaysia and Singapore.

KIMLUN

RM 1.35

72.0%

Ekovest Berhad

RM 1.0b

An investment holding company, engages in civil engineering and building works in Malaysia, the United States, Japan, and the People’s Republic of China.

EKOVEST

RM 0.35

-2.8%

-24.7%