Company Valuation: Communication & System Solution

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,728 2,351 1,752 975.9 1,023 893.6
Change - 36.05% -25.5% -44.3% 4.82% -12.64%
Enterprise Value (EV) 1 1,594 2,176 1,464 431.2 108.2 251.7
Change - 36.52% -32.7% -70.55% -74.9% 132.53%
P/E 18.6x 9.56x 15.2x 48.2x 13.5x 24.4x
PBR 1.08x 1.28x 0.98x 0.56x 0.58x 0.53x
PEG - 0x -0.3x -0.6x 0x -0.5x
Capitalization / Revenue 0.49x 0.59x 0.38x 0.25x 0.25x 0.23x
EV / Revenue 0.45x 0.54x 0.31x 0.11x 0.03x 0.06x
EV / EBITDA 9.54x 6.65x 7.72x 14.2x 1.1x 6.82x
EV / EBIT 11x 7.07x 8.5x 41.7x 1.37x 14.4x
EV / FCF 2.57x -22.7x 7.49x 1.42x 0.32x -1.03x
FCF Yield 38.9% -4.4% 13.3% 70.4% 308% -97.3%
Dividend per Share 2 0.06 0.13 0.09 0.02 0.04 0.04
Rate of return 4.08% 6.5% 6.04% 2.41% 4.6% 5.26%
EPS 2 0.0788 0.2093 0.0978 0.0172 0.0644 0.0312
Distribution rate 76.1% 62.1% 92% 116% 62.1% 128%
Net sales 1 3,523 4,010 4,658 3,899 4,111 3,895
EBITDA 1 167.1 327.2 189.6 30.35 98.65 36.89
EBIT 1 144.8 307.9 172.3 10.35 79.17 17.54
Net income 1 92.7 246.1 115 20.24 75.7 36.64
Net Debt 1 -134.7 -175.9 -287.7 -544.7 -914.7 -641.9
Reference price 2 1.4700 2.0000 1.4900 0.8300 0.8700 0.7600
Nbr of stocks (in thousands) 1,175,739 1,175,739 1,175,739 1,175,739 1,175,739 1,175,739
Announcement Date 2/28/21 A 2/28/22 A 2/27/23 A 3/1/24 A 2/26/25 A 2/25/26 A
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.24x2.89x15.79x2.12% 226B
13.21x1.47x6.98x3.83% 177B
23.76x3.23x14.78x2.04% 150B
31.32x4.45x19.06x1.28% 133B
33.24x5.34x18.59x1.36% 90.56B
26.58x3.76x18.77x1.1% 87.94B
27.85x3.48x16.09x1.6% 83.58B
28.28x3.54x19.05x1.21% 81.79B
28.41x4.74x18.88x0.14% 70.41B
Average 26.32x 3.66x 16.44x 1.63% 122.23B
Weighted average by Cap. 25.02x 3.38x 15.56x 1.9%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Communication & System Solution

Historical PBR trend

Valuation ratios - PBR - Communication & System Solution

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Communication & System Solution

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Communication & System Solution

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