Company Valuation: AP (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 30,043 36,492 35,549 25,482 27,055 25,639 - -
Change - 21.47% -2.59% -28.32% 6.17% -5.23% - -
Enterprise Value (EV) 1 48,921 57,612 67,592 55,277 49,917 55,635 54,966 51,035
Change - 17.77% 17.32% -18.22% -9.7% 11.46% -1.2% -7.15%
P/E 6.63x 6.2x 5.89x 5.06x 6.28x 5.65x 5.19x 4.87x
PBR 0.93x 0.99x 0.87x 0.58x 0.59x 0.52x 0.49x 0.46x
PEG - 0.2x 2.2x -0.3x -0.4x 1.05x 0.59x 0.73x
Capitalization / Revenue 0.94x 0.95x 0.93x 0.69x 0.72x 0.65x 0.63x 0.61x
EV / Revenue 1.54x 1.49x 1.78x 1.49x 1.34x 1.41x 1.35x 1.22x
EV / EBITDA 10.3x 9.44x 10.4x 9.68x 9.19x 10.4x 9.45x 7.84x
EV / EBIT 10.5x 9.92x 10.9x 10.2x 9.6x 11x 10.2x 8.65x
EV / FCF 25.5x -28.4x -6.2x 21.8x 27.9x 20.1x 15.6x 15.6x
FCF Yield 3.92% -3.53% -16.1% 4.59% 3.58% 4.97% 6.41% 6.4%
Dividend per Share 2 0.5 0.65 0.7 0.6 0.52 0.5423 0.6046 0.6667
Rate of return 5.24% 5.6% 6.19% 7.41% 6.05% 6.65% 7.42% 8.18%
EPS 2 1.44 1.87 1.92 1.6 1.37 1.444 1.57 1.674
Distribution rate 34.7% 34.8% 36.5% 37.5% 38% 37.6% 38.5% 39.8%
Net sales 1 31,794 38,539 38,045 36,988 37,345 39,321 40,857 41,957
EBITDA 1 4,760 6,101 6,500 5,712 5,433 5,370 5,815 6,511
EBIT 1 4,668 5,810 6,210 5,437 5,197 5,063 5,414 5,898
Net income 1 4,543 5,877 6,054 5,020 4,317 4,548 4,959 5,292
Net Debt 1 18,877 21,120 32,043 29,795 22,862 29,996 29,327 25,396
Reference price 2 9.550 11.600 11.300 8.100 8.600 8.150 8.150 8.150
Nbr of stocks (in thousands) 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 - -
Announcement Date 2/22/22 A 2/21/23 A 2/20/24 A 2/27/25 A 2/27/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.65x1.41x10.36x6.65% 778M
57.25x - - - 61.52B
8.44x3.54x7.14x-.--% 22.88B
8.02x16.31x19.33x6.01% 20.65B
4.29x0.12x0.23x8.08% 14.57B
8.51x16.99x - 6.22% 8.45B
7.85x0.81x6.71x2.46% 6B
-1.8x1.6x114.12x-.--% 5.34B
6.42x14.48x19.98x5.74% 4.61B
9.25x0.56x7.41x4.11% 3.92B
Average 11.39x 6.20x 23.16x 4.36% 14.87B
Weighted average by Cap. 27.72x 7.41x 17.08x 4.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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