Fraser & Neave Holdings Bhd

KLSE:F&N Stock Report

Market Cap: RM 10.4b

Fraser & Neave Holdings Bhd Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • 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 (MYR28) is trading above our estimate of fair value (MYR18.52)

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?

Key metric: As F&N is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for F&N. This is calculated by dividing F&N's market cap by their current earnings.
What is F&N's PE Ratio?
PE Ratio18.9x
EarningsRM 542.77m
Market CapRM 10.42b

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.3x
SPRITZER Spritzer Bhd
14x2.9%RM 916.9m
PWROOT Power Root Berhad
19.8x20.0%RM 626.3m
LWSABAH Life Water Berhad
14.6x10.1%RM 411.7m
HEIM Heineken Malaysia Berhad
16.9x3.5%RM 7.2b
F&N Fraser & Neave Holdings Bhd
18.9x6.9%RM 10.3b

Price-To-Earnings vs Peers: F&N is expensive based on its Price-To-Earnings Ratio (18.9x) compared to the peer average (16.3x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
F&N 18.9xIndustry Avg. 18.7xNo. of Companies26PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: F&N is expensive based on its Price-To-Earnings Ratio (18.9x) compared to the Asian Beverage industry average (18.7x).

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 Ratio18.9x
Fair PE Ratio17.6x

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 (17.5x).

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.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 28.00
RM 36.44
+30.1%
3.1%RM 38.30RM 34.44n/a6
Nov ’25RM 30.92
RM 37.69
+21.9%
3.6%RM 39.00RM 34.97n/a6
Oct ’25RM 31.30
RM 37.69
+20.4%
3.6%RM 39.00RM 34.97n/a6
Sep ’25RM 29.90
RM 38.07
+27.3%
4.6%RM 40.60RM 34.97n/a6
Aug ’25RM 30.42
RM 38.50
+26.6%
6.5%RM 43.20RM 34.97n/a6
Jul ’25RM 31.80
RM 37.53
+18.0%
4.0%RM 39.00RM 34.50n/a6
Jun ’25RM 32.62
RM 37.53
+15.0%
4.0%RM 39.00RM 34.50n/a6
May ’25RM 31.60
RM 34.78
+10.1%
6.5%RM 37.80RM 31.70n/a5
Apr ’25RM 29.38
RM 33.40
+13.7%
7.1%RM 37.80RM 30.00n/a6
Mar ’25RM 29.52
RM 33.40
+13.1%
7.1%RM 37.80RM 30.00n/a6
Feb ’25RM 27.70
RM 32.67
+17.9%
8.5%RM 37.80RM 29.40n/a6
Jan ’25RM 28.16
RM 32.00
+13.6%
5.5%RM 33.80RM 29.40n/a6
Dec ’24RM 27.72
RM 32.00
+15.4%
5.5%RM 33.80RM 29.40n/a6
Nov ’24RM 25.76
RM 30.76
+19.4%
7.2%RM 33.80RM 28.30RM 30.926
Oct ’24RM 25.30
RM 30.76
+21.6%
7.2%RM 33.80RM 28.30RM 31.306
Sep ’24RM 25.50
RM 30.76
+20.6%
7.2%RM 33.80RM 28.30RM 29.906
Aug ’24RM 25.06
RM 30.76
+22.7%
7.2%RM 33.80RM 28.30RM 30.426
Jul ’24RM 25.22
RM 30.76
+22.0%
7.2%RM 33.80RM 28.30RM 31.806
Jun ’24RM 25.40
RM 30.76
+21.1%
7.2%RM 33.80RM 28.30RM 32.626
May ’24RM 26.52
RM 30.15
+13.7%
9.1%RM 33.80RM 26.11RM 31.606
Apr ’24RM 26.00
RM 29.42
+13.2%
8.2%RM 33.50RM 26.11RM 29.385
Mar ’24RM 27.50
RM 29.42
+7.0%
8.2%RM 33.50RM 26.11RM 29.525
Feb ’24RM 24.80
RM 26.56
+7.1%
10.2%RM 29.70RM 23.60RM 27.705
Jan ’24RM 21.58
RM 26.56
+23.1%
10.2%RM 29.70RM 23.60RM 28.165
Dec ’23RM 21.00
RM 26.56
+26.5%
10.2%RM 29.70RM 23.60RM 27.725
Nov ’23RM 20.10
RM 25.86
+28.7%
9.3%RM 29.70RM 23.15RM 25.764

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

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