Company Valuation: Business Alignment

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,496 3,680 2,607 2,091 2,055 2,391
Change - 145.99% -29.15% -19.82% -1.72% 16.37%
Enterprise Value (EV) 1 1,705 3,631 2,565 1,540 1,799 2,587
Change - 112.96% -29.36% -39.95% 16.79% 43.85%
P/E 33.7x 8.8x 19.7x 10.5x 9.24x 7.8x
PBR 2.81x 4.64x 3.46x 2.51x 2.34x 2.46x
PEG - 0x -0.3x 0.2x 0.8x 0.2x
Capitalization / Revenue 1.96x 1.26x 2.12x 1.23x 1.2x 1.18x
EV / Revenue 2.23x 1.24x 2.09x 0.91x 1.05x 1.28x
EV / EBITDA 16.2x 6.46x 13.1x 5.53x 5.89x 6.3x
EV / EBIT 19.7x 6.68x 14.6x 5.93x 6.26x 6.57x
EV / FCF 8.91x 15.5x 13.1x 2.81x -74.9x -6.91x
FCF Yield 11.2% 6.47% 7.6% 35.6% -1.33% -14.5%
Dividend per Share 2 0.1 0.4519 0.2 0.3 0.35 0.5
Rate of return 4.01% 7.37% 4.61% 8.62% 10.2% 12.6%
EPS 2 0.074 0.6973 0.22 0.33 0.37 0.51
Distribution rate 135% 64.8% 90.9% 90.9% 94.6% 98%
Net sales 1 765.1 2,927 1,230 1,695 1,717 2,026
EBITDA 1 105.3 562.2 196.4 278.3 305.5 411
EBIT 1 86.51 543.5 175.5 259.8 287.5 393.5
Net income 1 44.4 420.3 133.4 201.2 224.2 305.6
Net Debt 1 208.9 -49.34 -42.65 -550.5 -256 196.3
Reference price 2 2.493 6.133 4.340 3.480 3.420 3.980
Nbr of stocks (in thousands) 600,000 600,000 600,735 600,735 600,735 600,735
Announcement Date 2/24/21 A 2/23/22 A 2/22/23 A 2/19/24 A 2/24/25 A 2/24/26 A
1THB in Million2THB
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 109M
22.53x0.94x11.06x-.--% 10.01B
13.6x0.23x5.15x2.72% 1.37B
19.04x1.37x10.57x2.66% 1.13B
Average 18.39x 0.85x 8.93x 1.8% 3.15B
Weighted average by Cap. 21.24x 0.90x 10.37x 0.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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