AIRPORT Relative Valuation - Malaysia Airports Holdings Bhd

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Price: 10.9 MYR

Market Cap: 18.2B MYR

M	Malaysia Airports Holdings Bhd KLSE:AIRPORT	MY
	Secure Trust Bank PLC LSE:STB	UK

Relative Value

The Relative Value of one AIRPORT stock under the Base Case scenario is 12.96 MYR. Compared to the current market price of 10.9 MYR, Malaysia Airports Holdings Bhd is Undervalued by 16%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

AIRPORT Relative Value

Base Case

Undervaluation 16%

Relative Value

Price

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
MY	M	Malaysia Airports Holdings Bhd KLSE:AIRPORT	18.2B MYR	3.2	21.8	7.9	16.5
ES		Aena SME SA MAD:AENA	37.9B EUR	6.1	17.8	11.2	14.2
TH		Airports of Thailand PCL SET:AOT	682.1B THB	10.4	39.1	19.3	28.9
FR		Aeroports de Paris SA PAR:ADP	10.2B EUR	1.5	26.8	12.8	12.8
CN		Shanghai International Airport Co Ltd SSE:600009	68.1B CNY	5.3	28.8	31.2	31.2
IN		GMR Airports Ltd NSE:GMRAIRPORT	895.1B INR	6.5	-245.6	21.8	33.1
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	181.3B MXN	4.4	19	10	12.2
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	171.8B MXN	4.6	16.4	8.7	10.4
CH		Flughafen Zuerich AG SIX:FHZN	7.5B CHF	5.5	21.6	12	19.3
IN		GMR Infrastructure Ltd NSE:GMRINFRA	759.3B INR	5.5	-208.3	19.4	29.4
NZ		Auckland International Airport Ltd NZX:AIA	13.7B NZD	13.4	33.4	31.2	31.2

				Revenue Growth	P/S to Growth
MY	M	Malaysia Airports Holdings Bhd KLSE:AIRPORT	Average P/S: 6 3.2	12%	0.3
ES		Aena SME SA MAD:AENA	6.1	5%	1.2
TH		Airports of Thailand PCL SET:AOT	10.4	11%	0.9
FR		Aeroports de Paris SA PAR:ADP	1.5	5%	0.3
CN		Shanghai International Airport Co Ltd SSE:600009	5.3	7%	0.8
IN		GMR Airports Ltd NSE:GMRAIRPORT	6.5	23%	0.3
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	4.4	9%	0.5
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	4.6	11%	0.4
CH		Flughafen Zuerich AG SIX:FHZN	5.5	5%	1.1
IN		GMR Infrastructure Ltd NSE:GMRINFRA	5.5	23%	0.2
NZ		Auckland International Airport Ltd NZX:AIA	13.4	9%	1.5

				Earnings Growth	PEG
MY	M	Malaysia Airports Holdings Bhd KLSE:AIRPORT	Average P/E: 25 21.8	32%	0.7
ES		Aena SME SA MAD:AENA	17.8	4%	4.4
TH		Airports of Thailand PCL SET:AOT	39.1	22%	1.8
FR		Aeroports de Paris SA PAR:ADP	26.8	29%	0.9
CN		Shanghai International Airport Co Ltd SSE:600009	28.8	20%	1.4
IN		GMR Airports Ltd NSE:GMRAIRPORT	Negative Multiple: -245.6	N/A	N/A
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	19	17%	1.1
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	16.4	15%	1.1
CH		Flughafen Zuerich AG SIX:FHZN	21.6	5%	4.3
IN		GMR Infrastructure Ltd NSE:GMRINFRA	Negative Multiple: -208.3	N/A	N/A
NZ		Auckland International Airport Ltd NZX:AIA	33.4	-4%	N/A

				EBITDA Growth	EV/EBITDA to Growth
MY	M	Malaysia Airports Holdings Bhd KLSE:AIRPORT	Average EV/EBITDA: 16.9 7.9	14%	0.6
ES		Aena SME SA MAD:AENA	11.2	6%	1.9
TH		Airports of Thailand PCL SET:AOT	19.3	15%	1.3
FR		Aeroports de Paris SA PAR:ADP	12.8	26%	0.5
CN		Shanghai International Airport Co Ltd SSE:600009	31.2	60%	0.5
IN		GMR Airports Ltd NSE:GMRAIRPORT	21.8	29%	0.8
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	10	18%	0.6
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	8.7	16%	0.5
CH		Flughafen Zuerich AG SIX:FHZN	12	7%	1.7
IN		GMR Infrastructure Ltd NSE:GMRINFRA	19.4	29%	0.7
NZ		Auckland International Airport Ltd NZX:AIA	31.2	24%	1.3

				EBIT Growth	EV/EBIT to Growth
MY	M	Malaysia Airports Holdings Bhd KLSE:AIRPORT	Average EV/EBIT: 21.7 16.5	26%	0.6
ES		Aena SME SA MAD:AENA	14.2	6%	2.4
TH		Airports of Thailand PCL SET:AOT	28.9	19%	1.5
FR		Aeroports de Paris SA PAR:ADP	12.8	6%	2.1
CN		Shanghai International Airport Co Ltd SSE:600009	31.2	35%	0.9
IN		GMR Airports Ltd NSE:GMRAIRPORT	33.1	52%	0.6
MX		Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	12.2	21%	0.6
MX		Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	10.4	18%	0.6
CH		Flughafen Zuerich AG SIX:FHZN	19.3	3%	6.4
IN		GMR Infrastructure Ltd NSE:GMRINFRA	29.4	52%	0.6
NZ		Auckland International Airport Ltd NZX:AIA	31.2	8%	3.9

Malaysia Airports Holdings Bhd
KLSE:AIRPORT

Relative Value

Valuation Multiples

Multiples Across Competitors

AIRPORT Competitors Multiples
Malaysia Airports Holdings Bhd Competitors

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Malaysia Airports Holdings Bhd KLSE:AIRPORT

Relative Value

Valuation Multiples

Multiples Across Competitors

AIRPORT Competitors Multiples Malaysia Airports Holdings Bhd Competitors

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Stocks

Malaysia Airports Holdings Bhd
KLSE:AIRPORT

AIRPORT Competitors Multiples
Malaysia Airports Holdings Bhd Competitors