Celcomdigi Berhad Valuation

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

CDB (MYR3.56) is trading below our estimate of [[fair value]] (MYR8.7)

Is CDB 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-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 CDB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CDB (MYR3.56) is trading below our estimate of fair value (MYR8.7)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CDB. This is calculated by dividing CDB's market cap by their current earnings.
What is CDB's PE Ratio?
PE Ratio	25.2x
Earnings	RM 1.65b
Market Cap	RM 41.76b

CDB 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	4.2x
Enterprise Value/EBITDA	9.4x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CDB 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	41.5x
MAXIS Maxis Berhad	24.4x	12.2%	RM 27.7b
AXIATA Axiata Group Berhad	105.9x	37.7%	RM 21.3b
TM Telekom Malaysia Berhad	13.7x	1.7%	RM 24.5b
TIMECOM TIME dotCom Berhad	22.1x	11.8%	RM 8.7b
CDB Celcomdigi Berhad	25.2x	14.8%	RM 41.8b

Price-To-Earnings vs Peers: CDB is good value based on its Price-To-Earnings Ratio (25.2x) compared to the peer average (41.5x).

Price to Earnings Ratio vs Industry

How does CDB's PE Ratio compare vs other companies in the Asian Wireless Telecom Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: CDB is expensive based on its Price-To-Earnings Ratio (25.2x) compared to the Asian Wireless Telecom industry average (17.9x).

Price to Earnings Ratio vs Fair Ratio

What is CDB'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.

CDB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	25.2x
Fair PE Ratio	21x

Price-To-Earnings vs Fair Ratio: CDB is expensive based on its Price-To-Earnings Ratio (25.2x) compared to the estimated Fair Price-To-Earnings Ratio (21x).

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 CDB 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 3.56	RM 4.17 +17.2%	14.9%	RM 6.00	RM 3.25	n/a	23
Nov ’25	RM 3.37	RM 4.28 +26.9%	13.1%	RM 5.59	RM 3.25	n/a	22
Oct ’25	RM 3.74	RM 4.28 +14.3%	13.1%	RM 5.59	RM 3.25	n/a	22
Sep ’25	RM 3.87	RM 4.28 +10.5%	13.1%	RM 5.59	RM 3.25	n/a	22
Aug ’25	RM 3.75	RM 4.58 +22.1%	12.2%	RM 6.00	RM 3.40	n/a	23
Jul ’25	RM 3.69	RM 4.58 +24.1%	12.2%	RM 6.00	RM 3.40	n/a	23
Jun ’25	RM 3.81	RM 4.58 +20.2%	12.2%	RM 6.00	RM 3.40	n/a	23
May ’25	RM 4.15	RM 4.63 +11.6%	11.3%	RM 6.00	RM 3.40	n/a	23
Apr ’25	RM 4.24	RM 4.64 +9.4%	11.2%	RM 6.00	RM 3.40	n/a	23
Mar ’25	RM 4.30	RM 4.66 +8.3%	11.4%	RM 6.00	RM 3.40	n/a	23
Feb ’25	RM 4.25	RM 4.62 +8.7%	11.0%	RM 6.00	RM 3.45	n/a	23
Jan ’25	RM 4.08	RM 4.60 +12.8%	11.2%	RM 6.00	RM 3.45	n/a	22
Dec ’24	RM 4.24	RM 4.60 +8.5%	11.2%	RM 6.00	RM 3.45	n/a	22
Nov ’24	RM 4.20	RM 4.46 +6.3%	12.6%	RM 6.00	RM 3.40	RM 3.37	22
Oct ’24	RM 4.37	RM 4.45 +1.9%	12.7%	RM 6.00	RM 3.40	RM 3.74	22
Sep ’24	RM 4.48	RM 4.45 -0.6%	12.3%	RM 6.00	RM 3.40	RM 3.87	23
Aug ’24	RM 4.42	RM 4.42 -0.01%	12.6%	RM 6.00	RM 3.40	RM 3.75	23
Jul ’24	RM 4.11	RM 4.42 +7.5%	12.6%	RM 6.00	RM 3.40	RM 3.69	23
Jun ’24	RM 4.38	RM 4.43 +1.2%	12.5%	RM 6.00	RM 3.40	RM 3.81	23
May ’24	RM 4.40	RM 4.27 -3.0%	12.2%	RM 6.00	RM 3.40	RM 4.15	23
Apr ’24	RM 4.34	RM 4.26 -1.7%	12.1%	RM 6.00	RM 3.40	RM 4.24	23
Mar ’24	RM 4.25	RM 4.26 +0.1%	12.3%	RM 6.00	RM 3.40	RM 4.30	23
Feb ’24	RM 4.21	RM 4.11 -2.4%	15.5%	RM 6.00	RM 3.35	RM 4.25	20
Jan ’24	RM 4.00	RM 4.07 +1.8%	15.5%	RM 6.00	RM 3.35	RM 4.08	19
Dec ’23	RM 3.99	RM 4.03 +1.0%	14.9%	RM 6.00	RM 3.40	RM 4.24	19
Nov ’23	RM 3.77	RM 3.98 +5.5%	14.2%	RM 6.00	RM 3.40	RM 4.20	19

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

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