Tenaga Nasional Berhad

KLSE:TENAGA Stock Report

Market Cap: RM 83.1b

Tenaga Nasional Berhad Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: TENAGA (MYR14.28) is trading below our estimate of future cash flow value (MYR20.43)

Significantly Below Future Cash Flow Value: TENAGA is trading below future cash flow 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 Ratio17.3x
EarningsRM 4.81b
Market CapRM 83.12b

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 Average17.5x
YTLPOWR YTL Power International Berhad
18.2x8.81%RM 37.9b
PETGAS PETRONAS Gas Berhad
20.4x4.90%RM 34.4b
YTL YTL Corporation Berhad
14.1x8.01%RM 24.2b
EDP EDP
17.1x5.48%€18.8b
TENAGA Tenaga Nasional Berhad
17.3x4.61%RM 83.1b

Price-To-Earnings vs Peers: TENAGA is good value based on its Price-To-Earnings Ratio (17.3x) compared to the peer average (17.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TENAGA 17.3xIndustry Avg. 15.6xNo. of Companies17PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TENAGA is expensive based on its Price-To-Earnings Ratio (17.3x) compared to the Asian Electric Utilities industry average (15.6x).

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 Ratio17.3x
Fair PE Ratio16.2x

Price-To-Earnings vs Fair Ratio: TENAGA is expensive based on its Price-To-Earnings Ratio (17.3x) compared to the estimated Fair Price-To-Earnings Ratio (16.2x).

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 14.28
RM 16.42
+14.96%
5.82%RM 18.15RM 14.18n/a21
Jun ’27RM 14.28
RM 16.41
+14.91%
5.81%RM 18.15RM 14.18n/a21
May ’27RM 14.54
RM 16.30
+12.14%
6.41%RM 18.00RM 14.18n/a21
Apr ’27RM 14.08
RM 16.20
+15.06%
6.50%RM 18.00RM 14.18n/a21
Mar ’27RM 14.38
RM 15.95
+10.93%
6.05%RM 17.84RM 14.18n/a21
Feb ’27RM 13.94
RM 15.89
+13.96%
5.86%RM 17.84RM 14.18n/a21
Jan ’27RM 13.72
RM 15.69
+14.33%
7.26%RM 17.84RM 12.90n/a21
Dec ’26RM 13.32
RM 15.74
+18.15%
7.98%RM 18.00RM 12.90n/a21
Nov ’26RM 13.28
RM 16.05
+20.84%
6.37%RM 18.00RM 14.18n/a20
Oct ’26RM 13.10
RM 16.10
+22.92%
6.38%RM 18.00RM 14.18n/a21
Sep ’26RM 13.20
RM 16.25
+23.11%
6.42%RM 18.00RM 14.18n/a21
Aug ’26RM 13.30
RM 16.37
+23.08%
6.78%RM 19.10RM 14.18n/a21
Jul ’26RM 14.90
RM 16.31
+9.46%
7.00%RM 19.10RM 14.18RM 14.2021
Jun ’26RM 14.00
RM 16.13
+15.24%
8.60%RM 19.10RM 12.60RM 14.2821
May ’26RM 13.86
RM 16.12
+16.30%
9.21%RM 19.10RM 12.60RM 14.5421
Apr ’26RM 13.38
RM 16.33
+22.05%
11.12%RM 20.60RM 12.60RM 14.0820
Mar ’26RM 13.60
RM 16.18
+18.96%
12.11%RM 20.60RM 12.60RM 14.3820
Feb ’26RM 13.60
RM 16.18
+18.96%
12.11%RM 20.60RM 12.60RM 13.9420
Jan ’26RM 14.94
RM 16.20
+8.43%
12.64%RM 20.60RM 12.00RM 13.7220
Dec ’25RM 13.66
RM 16.27
+19.13%
12.74%RM 20.60RM 12.00RM 13.3219
Nov ’25RM 13.90
RM 15.47
+11.31%
18.32%RM 20.60RM 7.90RM 13.2818
Oct ’25RM 14.40
RM 15.78
+9.56%
17.00%RM 20.60RM 7.90RM 13.1018
Sep ’25RM 14.64
RM 15.61
+6.66%
12.81%RM 20.49RM 11.52RM 13.2017
Aug ’25RM 14.10
RM 15.25
+8.13%
13.67%RM 20.49RM 11.52RM 13.3018
Jul ’25RM 14.00
RM 14.61
+4.39%
11.97%RM 18.30RM 11.52RM 14.9018
RM 16.42
Fair Value
13.0% undervalued intrinsic discount
21
Number of Analysts

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 Analysis2026/07/03 10:32
End of Day Share Price 2026/07/03 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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.

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 Github.

Analyst Sources

Tenaga Nasional Berhad is covered by 37 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
Huey GanAmInvestment Bank Berhad
null nullBIMB Securities Sdn. Bhd