Company Valuation: Polyplex (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 20,700 22,230 15,840 8,730 9,270 9,450
Change - 7.39% -28.74% -44.89% 6.19% 1.94%
Enterprise Value (EV) 1 21,120 23,713 16,502 9,526 10,804 10,494
Change - 12.28% -30.41% -42.27% 13.41% -2.87%
P/E 6.97x 6.26x 7.56x 29x 8.03x -53.3x
PBR 1.35x 1.25x 0.83x 0.43x 0.48x 0.49x
PEG - 0.3x -0.2x -0.3x 0x 0x
Capitalization / Revenue 1.36x 1.03x 0.6x 0.42x 0.41x 0.46x
EV / Revenue 1.39x 1.1x 0.63x 0.46x 0.48x 0.51x
EV / EBITDA 5.04x 4.99x 4.81x 4.98x 4.41x 6.87x
EV / EBIT 6.48x 6.3x 7.03x 11.9x 7.66x 27.5x
EV / FCF 8.1x -19.1x 13.5x -14.7x -19.8x 17.8x
FCF Yield 12.3% -5.24% 7.39% -6.81% -5.04% 5.62%
Dividend per Share 2 1 1.31 0.84 0.24 0.4 0.12
Rate of return 4.35% 5.3% 4.77% 2.47% 3.88% 1.14%
EPS 2 3.3 3.944 2.329 0.3341 1.283 -0.1971
Distribution rate 30.3% 33.2% 36.1% 71.8% 31.2% -60.9%
Net sales 1 15,171 21,558 26,357 20,881 22,390 20,384
EBITDA 1 4,189 4,748 3,434 1,913 2,449 1,528
EBIT 1 3,260 3,763 2,346 803.4 1,410 382
Net income 1 2,970 3,550 2,096 300.7 1,155 -177.4
Net Debt 1 419.5 1,483 662.4 796.4 1,534 1,044
Reference price 2 23.00 24.70 17.60 9.70 10.30 10.50
Nbr of stocks (in thousands) 900,000 900,000 900,000 900,000 900,000 900,000
Announcement Date 5/24/21 A 5/23/22 A 5/23/23 A 5/16/24 A 5/27/25 A 5/22/26 A
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 388M
28.9x6.64x16.98x1.36% 218B
27.29x4.24x13.66x2.12% 122B
29.59x3.6x18.45x0.97% 79.75B
82.4x6.21x14.44x2.59% 62.17B
18.11x5.84x29.01x3.79% 61.47B
62.51x1.28x8.53x6.36% 37.07B
10.79x1.15x6.26x3.07% 31.56B
9.02x3.02x7.09x4.68% 24.29B
44.34x5.63x30.14x1.29% 24.14B
Average 34.77x 4.18x 16.06x 2.92% 66.08B
Weighted average by Cap. 33.57x 4.98x 16.56x 2.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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