Company Valuation: Ratch Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 65,250 92,981 68,512 65,250 64,162 83,737 - -
Change - 42.5% -26.32% -4.76% -1.67% 30.51% - -
Enterprise Value (EV) 1 119,408 157,615 134,919 149,654 164,148 181,689 166,002 160,082
Change - 32% -14.4% 10.92% 9.68% 10.69% -8.63% -3.57%
P/E 8.4x 13.6x 13.2x 10.6x 10.3x 13x 11.9x 11.5x
PBR 0.93x 0.95x 0.7x 0.68x 0.69x 0.84x 0.8x 0.78x
PEG - -0.3x -0.5x 0.6x 7.26x 3.58x 1.28x 3.21x
Capitalization / Revenue 1.75x 1.24x 1.57x 1.97x 2.37x 2.38x 2.47x 2.06x
EV / Revenue 3.2x 2.11x 3.09x 4.52x 6.06x 5.15x 4.89x 3.93x
EV / EBITDA 25.7x 27.7x 19.4x 22.6x 28.4x 19.3x 17x 16.1x
EV / EBIT 47.6x 59.3x 46.8x 58x 78.9x 45.6x 37.3x 35.9x
EV / FCF 22.7x 30.7x 17.5x 24.5x 15x 8.34x 7.58x 6.92x
FCF Yield 4.41% 3.25% 5.71% 4.08% 6.65% 12% 13.2% 14.5%
Dividend per Share 2 2.5 1.6 1.6 1.6 1.6 1.606 1.626 1.627
Rate of return 5.56% 3.74% 5.08% 5.33% 5.42% 4.17% 4.22% 4.23%
EPS 2 5.36 3.15 2.38 2.82 2.86 2.964 3.24 3.356
Distribution rate 46.6% 50.8% 67.2% 56.7% 55.9% 54.2% 50.2% 48.5%
Net sales 1 37,327 74,725 43,675 33,133 27,082 35,253 33,914 40,691
EBITDA 1 4,653 5,697 6,948 6,609 5,789 9,406 9,762 9,958
EBIT 1 2,508 2,660 2,883 2,581 2,082 3,988 4,446 4,462
Net income 1 7,772 5,782 5,167 6,127 6,220 6,466 7,057 7,296
Net Debt 1 54,158 64,634 66,407 84,404 99,985 97,952 82,265 76,345
Reference price 2 45.00 42.75 31.50 30.00 29.50 38.50 38.50 38.50
Nbr of stocks (in thousands) 1,450,000 2,175,000 2,175,000 2,175,000 2,175,000 2,175,000 - -
Announcement Date 2/23/22 A 2/28/23 A 2/27/24 A 2/25/25 A 2/27/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.26x7.25x19.65x-.--% 41.46B
14.2x2.81x10.49x2.9% 33.37B
15.25x4.94x9.81x3.68% 17.21B
15.07x4.99x10.44x-.--% 14.05B
7.82x2.85x7.71x5.25% 12.4B
11.15x1.47x8.13x4.52% 7.94B
4.22x0.63x3.11x3.04% 7.75B
51.16x4.1x9.7x4.52% 6.93B
Average 18.77x 3.63x 9.88x 2.99% 17.64B
Weighted average by Cap. 19.96x 4.47x 12.27x 2.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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