Company Valuation: MBK

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 16,668 18,624 24,720 21,818 28,541 27,046
Change - 11.74% 32.73% -11.74% 30.81% -5.24%
Enterprise Value (EV) 1 43,906 43,967 51,466 54,007 60,539 58,576
Change - 0.14% 17.06% 4.94% 12.09% -3.24%
P/E 115x -22.5x 84.3x 15.6x 11.8x 6.58x
PBR 0.8x 0.91x 1.27x 1.12x 1.36x 1.03x
PEG - 0x -1x 0x 0.2x 0.1x
Capitalization / Revenue 1.98x 2.55x 2.81x 1.89x 2.12x 1.86x
EV / Revenue 5.22x 6.03x 5.84x 4.67x 4.49x 4.04x
EV / EBITDA 18.4x 23.8x 18.4x 13x 10.4x 8.66x
EV / EBIT 44.7x 207x 43.5x 20.5x 14.1x 11.2x
EV / FCF 20.7x 88.1x 19.8x 19.5x 18.5x 12.9x
FCF Yield 4.83% 1.13% 5.05% 5.13% 5.41% 7.74%
Dividend per Share 2 - - 0.8 0.8 0.95 1.1
Rate of return - - 4.52% 5.06% 4.63% 6.29%
EPS 2 0.11 -0.595 0.21 1.01 1.74 2.66
Distribution rate - - 381% 79.2% 54.6% 41.4%
Net sales 1 8,408 7,297 8,812 11,553 13,490 14,512
EBITDA 1 2,385 1,844 2,795 4,159 5,796 6,763
EBIT 1 983.1 212.5 1,182 2,634 4,304 5,240
Net income 1 149.2 -804.5 331.9 1,567 2,686 4,280
Net Debt 1 27,237 25,343 26,746 32,189 31,998 31,530
Reference price 2 12.60 13.40 17.70 15.80 20.50 17.50
Nbr of stocks (in thousands) 1,322,882 1,389,881 1,396,598 1,380,875 1,392,224 1,545,486
Announcement Date 3/1/21 A 2/28/22 A 2/28/23 A 2/29/24 A 2/27/25 A 2/26/26 A
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 927M
14.74x4.68x12.71x3.42% 42.2B
22.51x4.39x18.44x1.13% 30.61B
6.15x0.76x1.55x8.2% 29.36B
7.62x1.38x6.92x4.68% 27.43B
14.93x3.12x15.43x2.35% 24.88B
15.65x1x6.59x2.38% 21.73B
15.49x6.71x19.03x1.22% 20.41B
9.01x2.17x7.45x4.12% 19.67B
Average 13.26x 3.03x 11.01x 3.44% 24.13B
Weighted average by Cap. 13.43x 3.10x 11.09x 3.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA