Company Valuation: STP&I

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,691 10,231 6,650 5,156 5,836 8,191
Change - 79.78% -35% -22.47% 13.17% 40.37%
Enterprise Value (EV) 1 7,138 8,300 5,614 5,981 9,380 11,334
Change - 16.28% -32.36% 6.54% 56.82% 20.83%
P/E -6.84x 31.9x -45.9x 25.6x 59.3x 42x
PBR 0.77x 1.33x 0.88x 0.67x 0.68x 0.94x
PEG - -0x 0x -0x -1x 0.4x
Capitalization / Revenue 3.23x 4.53x 1.76x 1.31x 2.33x 2.4x
EV / Revenue 4.05x 3.67x 1.48x 1.52x 3.74x 3.32x
EV / EBITDA -423x 36.8x 75.2x 12.7x 27.8x 17.2x
EV / EBIT -12.9x 3,378x -60.5x 19.8x 79.9x 38.2x
EV / FCF -24.1x 86x -24x 136x -69.8x 15.6x
FCF Yield -4.14% 1.16% -4.16% 0.73% -1.43% 6.42%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.5204 0.2004 -0.0906 0.1257 0.0543 0.1077
Distribution rate - - - - - -
Net sales 1 1,763 2,259 3,784 3,933 2,507 3,409
EBITDA 1 -16.87 225.3 74.64 471.9 337.8 659.2
EBIT 1 -555.3 2.457 -92.72 301.5 117.4 296.6
Net income 1 -836.7 320.3 -144.9 201 90.97 195.1
Net Debt 1 1,447 -1,931 -1,037 824.9 3,544 3,142
Reference price 2 3.560 6.400 4.160 3.220 3.220 4.520
Nbr of stocks (in thousands) 1,598,651 1,598,651 1,598,651 1,601,311 1,812,272 1,812,272
Announcement Date 3/1/21 A 3/1/22 A 2/28/23 A 3/1/24 A 2/28/25 A 3/2/26 A
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 348M
20.85x1.83x10.09x0.56% 32.54B
12.35x0.47x4.54x4.42% 19.29B
30.74x2.39x13.55x0.22% 11.59B
10.93x - - - 10.99B
58.44x5.45x29.87x0.45% 10.83B
16.36x0.89x7.45x5.75% 9.74B
9.04x0.56x4.02x5.23% 9.43B
80.64x1.42x13.76x1.29% 8.91B
Average 29.92x 1.86x 11.90x 2.56% 12.63B
Weighted average by Cap. 26.38x 1.78x 11.04x 2.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA