Tenaga Nasional Berhad

KLSE:TENAGA Stock Report

Market Cap: RM 86.3b

Tenaga Nasional Berhad Valuation

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

Below Fair Value: TENAGA (MYR14.94) is trading below our estimate of fair value (MYR21.49)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TENAGA. This is calculated by dividing TENAGA's market cap by their current earnings.
What is TENAGA's PE Ratio?
PE Ratio20.1x
EarningsRM 4.33b
Market CapRM 86.26b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TENAGA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.5x
PETGAS PETRONAS Gas Berhad
18.8x3.2%RM 35.0b
YTLPOWR YTL Power International Berhad
12x3.5%RM 35.9b
YTL YTL Corporation Berhad
15.1x9.5%RM 29.5b
5110 Saudi Electricity
19.9x24.6%ر.س69.9b
TENAGA Tenaga Nasional Berhad
20.1x8.1%RM 86.3b

Price-To-Earnings vs Peers: TENAGA is expensive based on its Price-To-Earnings Ratio (20.1x) compared to the peer average (16.4x).

Price to Earnings Ratio vs Industry

How does TENAGA's PE Ratio compare vs other companies in the Asian Electric Utilities Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TENAGA 20.1xIndustry Avg. 17.8xNo. of Companies14PE01224364860+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TENAGA is expensive based on its Price-To-Earnings Ratio (20.1x) compared to the Asian Electric Utilities industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is TENAGA'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.

TENAGA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.1x
Fair PE Ratio15x

Price-To-Earnings vs Fair Ratio: TENAGA is expensive based on its Price-To-Earnings Ratio (20.1x) compared to the estimated Fair Price-To-Earnings Ratio (15x).

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 TENAGA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 14.94
RM 16.20
+8.4%
12.6%RM 20.60RM 12.00n/a20
Dec ’25RM 13.66
RM 16.27
+19.1%
12.7%RM 20.60RM 12.00n/a19
Nov ’25RM 13.90
RM 15.47
+11.3%
18.3%RM 20.60RM 7.90n/a18
Oct ’25RM 14.40
RM 15.78
+9.6%
17.0%RM 20.60RM 7.90n/a18
Sep ’25RM 14.64
RM 15.61
+6.7%
12.8%RM 20.49RM 11.52n/a17
Aug ’25RM 14.10
RM 15.25
+8.1%
13.7%RM 20.49RM 11.52n/a18
Jul ’25RM 14.00
RM 14.61
+4.4%
12.0%RM 18.30RM 11.52n/a18
Jun ’25RM 13.04
RM 12.75
-2.3%
17.7%RM 17.21RM 7.90n/a19
May ’25RM 11.96
RM 12.34
+3.1%
15.2%RM 17.21RM 7.90n/a19
Apr ’25RM 11.38
RM 12.29
+8.0%
15.2%RM 17.21RM 7.90n/a19
Mar ’25RM 11.30
RM 11.78
+4.2%
10.0%RM 13.24RM 7.90n/a19
Feb ’25RM 10.72
RM 11.40
+6.3%
9.8%RM 13.24RM 7.90n/a19
Jan ’25RM 10.04
RM 11.32
+12.7%
9.0%RM 12.60RM 7.90n/a19
Dec ’24RM 10.02
RM 11.32
+13.0%
9.0%RM 12.60RM 7.90RM 13.6619
Nov ’24RM 9.85
RM 11.36
+15.3%
9.3%RM 12.60RM 7.90RM 13.9019
Oct ’24RM 9.99
RM 11.36
+13.7%
9.3%RM 12.60RM 7.90RM 14.4019
Sep ’24RM 9.92
RM 10.87
+9.5%
11.9%RM 12.80RM 7.90RM 14.6420
Aug ’24RM 9.55
RM 10.78
+12.9%
13.0%RM 12.80RM 7.90RM 14.1019
Jul ’24RM 9.05
RM 10.30
+13.8%
12.5%RM 12.42RM 7.90RM 14.0019
Jun ’24RM 9.46
RM 10.30
+8.9%
12.5%RM 12.42RM 7.90RM 13.0419
May ’24RM 8.90
RM 10.19
+14.5%
14.5%RM 13.60RM 7.60RM 11.9619
Apr ’24RM 9.23
RM 10.19
+10.4%
14.5%RM 13.60RM 7.60RM 11.3819
Mar ’24RM 9.28
RM 10.00
+7.8%
16.7%RM 13.60RM 6.90RM 11.3019
Feb ’24RM 9.42
RM 9.68
+2.8%
18.4%RM 13.60RM 6.90RM 10.7217
Jan ’24RM 9.63
RM 9.88
+2.6%
20.6%RM 14.20RM 6.90RM 10.0418
Dec ’23RM 9.50
RM 9.57
+0.7%
22.6%RM 14.20RM 6.90RM 10.0218

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/31 17:28
End of Day Share Price 2024/12/31 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Tenaga Nasional Berhad is covered by 42 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Chee ChowAffin Hwang Investment Bank
Ping GohAlliance Research Sdn. Bhd.
Huey GanAmInvestment Bank Berhad