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 25,482 - -
Change - 21.47% -2.59% -28.32% 6.17% -5.81% - -
Enterprise Value (EV) 1 48,921 57,612 67,592 55,277 49,917 54,593 53,311 50,878
Change - 17.77% 17.32% -18.22% -9.7% 9.37% -2.35% -4.56%
P/E 6.63x 6.2x 5.89x 5.06x 6.28x 5.5x 5.08x 4.77x
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 0.74x 0.61x 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 1.4x 1.32x 1.21x
EV / EBITDA 10.3x 9.44x 10.4x 9.68x 9.19x 10.1x 9.12x 7.81x
EV / EBIT 10.5x 9.92x 10.9x 10.2x 9.6x 10.6x 9.73x 8.48x
EV / FCF 25.5x -28.4x -6.2x 21.8x 27.9x 18.9x 15.5x 15.6x
FCF Yield 3.92% -3.53% -16.1% 4.59% 3.58% 5.28% 6.43% 6.42%
Dividend per Share 2 0.5 0.65 0.7 0.6 0.52 0.5473 0.6091 0.6667
Rate of return 5.24% 5.6% 6.19% 7.41% 6.05% 6.76% 7.52% 8.23%
EPS 2 1.44 1.87 1.92 1.6 1.37 1.472 1.595 1.699
Distribution rate 34.7% 34.8% 36.5% 37.5% 38% 37.2% 38.2% 39.2%
Net sales 1 31,794 38,539 38,045 36,988 37,345 38,977 40,522 41,957
EBITDA 1 4,760 6,101 6,500 5,712 5,433 5,405 5,847 6,511
EBIT 1 4,668 5,810 6,210 5,437 5,197 5,127 5,481 5,997
Net income 1 4,543 5,877 6,054 5,020 4,317 4,641 5,021 5,352
Net Debt 1 18,877 21,120 32,043 29,795 22,862 29,111 27,829 25,396
Reference price 2 9.550 11.600 11.300 8.100 8.600 8.100 8.100 8.100
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.($)
5.5x1.4x10.1x6.76% 758M
58.58x - - - 62.74B
10.68x3.61x9.59x-.--% 21.95B
7.67x16.3x19.57x6.08% 20.48B
4.08x0.12x0.24x8.32% 14.29B
8.51x17x - 6.21% 8.38B
7.96x0.82x6.71x2.46% 5.84B
-1.8x1.93x113.63x-.--% 5.15B
5.49x13.82x20.57x5.78% 4.55B
Average 11.85x 6.87x 25.77x 4.45% 16.01B
Weighted average by Cap. 29.58x 7.81x 18.35x 4.19%

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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  4. Valuation AP (Thailand)