Company Valuation: FN Factory Outlet

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,180 2,100 1,910 1,670 770 490
Change - 77.97% -9.05% -12.57% -53.89% -36.36%
Enterprise Value (EV) 1 1,153 2,065 1,934 1,678 859.7 581.6
Change - 79.18% -6.36% -13.23% -48.77% -32.34%
P/E -42.6x -33.5x -22.2x -6.93x -9.03x -7.61x
PBR 0.82x 1.53x 1.49x 1.6x 0.8x 0.55x
PEG - -0x -0.6x -0x 0.1x 0.3x
Capitalization / Revenue 1.56x 3.87x 3.8x 3.46x 1.75x 0.98x
EV / Revenue 1.52x 3.81x 3.85x 3.47x 1.95x 1.16x
EV / EBITDA 24.6x -361x -86x -6.85x -86.5x -42.2x
EV / EBIT -41.6x -30.1x -23.9x -5.73x -16.6x -10.7x
EV / FCF 8.16x 35.8x 180x 16x 22.2x -67.1x
FCF Yield 12.2% 2.79% 0.55% 6.23% 4.51% -1.49%
Dividend per Share 2 0.0037 0.0037 - - - -
Rate of return 0.31% 0.18% - - - -
EPS 2 -0.0277 -0.0627 -0.0861 -0.2409 -0.0853 -0.0644
Distribution rate -13.3% -5.9% - - - -
Net sales 1 757.7 542.7 502.4 483 441.1 500.7
EBITDA 1 46.88 -5.725 -22.49 -244.9 -9.936 -13.78
EBIT 1 -27.69 -68.55 -80.77 -292.7 -51.74 -54.17
Net income 1 -27.72 -62.75 -86.05 -240.9 -85.26 -64.38
Net Debt 1 -27.29 -34.6 23.96 8.181 89.65 91.65
Reference price 2 1.1800 2.1000 1.9100 1.6700 0.7700 0.4900
Nbr of stocks (in thousands) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Announcement Date 2/24/21 A 2/25/22 A 2/22/23 A 2/20/24 A 2/21/25 A 2/25/26 A
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
80.21x6.97x38.85x0.15% 18.19B
17.65x1.33x9.03x3.8% 16.07B
14.55x1.26x9.63x5.65% 9.03B
13.48x1.24x9.34x3.7% 7.28B
11.27x0.37x4.37x2.86% 6.83B
65.35x4.14x28.33x0.35% 5.77B
25.96x2.5x12.15x1.74% 4.99B
12.68x0.92x5.47x2.63% 4.91B
18.9x1.91x10.29x1.57% 4.66B
Average 28.89x 2.29x 14.16x 2.49% 8.64B
Weighted average by Cap. 34.81x 2.84x 17.18x 2.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation FN Factory Outlet