Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 305,419 - -
Change - -2.75% -2.44% -12.37% -13.27% 3.89% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 471,329 457,719 447,621
Change - -6.09% -1.18% -4.5% -9.14% -1.3% -2.89% -2.21%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 11.4x 10.6x 10x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 2.01x 1.86x 1.73x
PEG - 0.6x -1.54x -13.63x -1.79x 2x 1.43x 1.74x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.91x 0.87x 0.84x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.4x 1.3x 1.23x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.53x 8.07x 7.61x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10.5x 9.89x 9.21x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.6x 11.1x 11.1x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.43% 9.01% 9.04%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.618 0.6315 0.6595
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.09% 5.2% 5.43%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.067 1.147 1.213
Distribution rate 51% 50% 55% 57.4% 61.4% 57.9% 55.1% 54.4%
Net sales 1 240,543 272,359 279,085 340,289 333,286 336,893 351,406 365,084
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,278 56,739 58,798
EBIT 1 33,782 38,583 36,229 45,874 43,811 45,102 46,303 48,615
Net income 1 24,645 30,106 27,434 27,216 25,361 27,113 28,905 30,420
Net Debt 1 185,323 160,414 163,530 186,597 183,534 165,910 152,300 142,202
Reference price 2 16.23 15.78 15.40 13.49 11.70 12.15 12.15 12.15
Nbr of stocks (in thousands) 25,118,755 25,120,888 25,124,754 25,127,675 25,130,487 25,131,686 - -
Announcement Date 11/26/21 A 11/25/22 A 11/22/23 A 11/21/24 A 11/25/25 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.38x1.4x8.53x5.09% 9.25B
14.96x3.65x11.26x2.32% 51.35B
12.39x2.89x9.61x6.85% 19.85B
16.49x3.69x12.68x3.45% 12.73B
70.02x9.05x45.44x0.22% 6.57B
39.1x4.55x24.47x0.68% 3.85B
27.15x3.25x14.47x1.85% 2.84B
29x - - 2.96% 1.3B
31.25x2.21x17.71x2.2% 1.29B
Average 27.97x 3.84x 18.02x 2.85% 12.11B
Weighted average by Cap. 19.22x 3.65x 13.61x 3.32%

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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