We’ve recently updated our valuation analysis.

Hartalega Holdings Berhad Valuation

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

[object Object] Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

HARTA 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/Revenue1.2x
Enterprise Value/EBITDA4.4x
PEG Ratio0.9x

Price to Earnings Ratio vs Peers

How does HARTA's PE Ratio compare to its peers?

The above table shows the PE ratio for HARTA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average16.1x
TOPGLOV Top Glove Corporation Bhd
30x22.9%RM6.8b
KOSSAN Kossan Rubber Industries Bhd
7.4x3.9%RM2.8b
SUPERMX Supermax Corporation Berhad
26.3x34.0%RM2.3b
COMFORT Comfort Gloves Berhad
0.6xn/aRM266.5m
HARTA Hartalega Holdings Berhad
32x34.3%RM5.7b

Price-To-Earnings vs Peers: HARTA is expensive based on its Price-To-Earnings Ratio (32x) compared to the peer average (16.1x).


Price to Earnings Ratio vs Industry

How does HARTA's PE Ratio compare vs other companies in the Asian Medical Equipment Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a17.7%
n/an/an/a

Price-To-Earnings vs Industry: HARTA is expensive based on its Price-To-Earnings Ratio (32x) compared to the Asian Medical Equipment industry average (22.8x)


Price to Earnings Ratio vs Fair Ratio

What is HARTA'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.

HARTA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio32x
Fair PE Ratio30x

Price-To-Earnings vs Fair Ratio: HARTA is expensive based on its Price-To-Earnings Ratio (32x) compared to the estimated Fair Price-To-Earnings Ratio (30x).


Share Price vs Fair Value

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

Below Fair Value: HARTA (MYR1.66) is trading below our estimate of fair value (MYR1.89)

Significantly Below Fair Value: HARTA is trading below fair value, but not by a significant amount.


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 HARTA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM1.66
RM1.94
+16.6%
47.7%RM5.80RM1.20n/a21
Nov ’23RM2.13
RM2.37
+11.3%
38.4%RM5.80RM1.20n/a20
Oct ’23RM1.66
RM2.40
+44.5%
37.7%RM5.80RM1.20n/a20
Sep ’23RM1.60
RM2.64
+64.8%
38.3%RM5.80RM1.20n/a20
Aug ’23RM2.78
RM3.95
+42.0%
28.7%RM5.80RM2.20n/a20
Jul ’23RM2.74
RM4.52
+64.8%
19.1%RM5.80RM2.50n/a20
Jun ’23RM4.03
RM4.58
+13.5%
16.5%RM5.80RM3.00n/a20
May ’23RM4.40
RM5.31
+20.6%
18.1%RM7.00RM3.01n/a19
Apr ’23RM5.08
RM5.31
+4.5%
18.1%RM7.00RM3.01n/a19
Mar ’23RM4.86
RM5.61
+15.5%
25.5%RM10.10RM3.01n/a20
Feb ’23RM5.88
RM6.31
+7.4%
24.9%RM10.10RM4.00n/a20
Jan ’23RM5.73
RM6.31
+10.2%
24.9%RM10.10RM4.00n/a20
Dec ’22RM6.29
RM6.35
+1.0%
24.5%RM10.10RM4.00RM1.6620
Nov ’22RM5.67
RM7.62
+34.4%
30.0%RM14.05RM3.99RM2.1319
Oct ’22RM6.00
RM8.10
+35.0%
26.1%RM14.05RM5.00RM1.6619
Sep ’22RM7.12
RM8.27
+16.1%
25.0%RM14.05RM5.00RM1.6018
Aug ’22RM7.04
RM11.59
+64.6%
37.9%RM23.88RM5.00RM2.7820
Jul ’22RM7.14
RM12.52
+75.3%
32.5%RM23.88RM7.20RM2.7420
Jun ’22RM8.91
RM14.09
+58.1%
25.0%RM23.88RM8.50RM4.0321
May ’22RM10.28
RM16.37
+59.2%
27.8%RM25.30RM8.50RM4.4021
Apr ’22RM9.02
RM16.59
+83.9%
26.1%RM25.30RM8.50RM5.0821
Mar ’22RM9.38
RM17.74
+89.1%
26.1%RM25.30RM8.50RM4.8620
Feb ’22RM12.86
RM17.90
+39.2%
25.8%RM25.30RM8.50RM5.8820
Jan ’22RM12.14
RM20.46
+68.5%
25.0%RM27.10RM8.50RM5.7320
Dec ’21RM14.46
RM22.76
+57.4%
14.6%RM27.10RM16.02RM6.2919

Analyst Forecast: Target price is less than 20% higher than the current share price.


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