Company Valuation: Thai Ha

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 297.5 467 444.8 389.2 253 166.8
Change - 57.01% -4.76% -12.5% -35% -34.07%
Enterprise Value (EV) 1 501 753.9 658.6 663.4 553.7 478.8
Change - 50.5% -12.65% 0.74% -16.53% -13.53%
P/E -12.6x -6.77x -15.8x -4.62x -4.14x -2.32x
PBR 0.99x 1.98x 1.37x 1.62x 1.19x 1.18x
PEG - -0x 0.3x -0x 0.2x -0.1x
Capitalization / Revenue 0.49x 0.87x 0.93x 0.81x 0.67x 0.55x
EV / Revenue 0.82x 1.4x 1.38x 1.37x 1.46x 1.57x
EV / EBITDA -55.4x -14.8x -28.6x -14x -25.3x -15.1x
EV / EBIT -18.6x -11.1x -15.9x -9.62x -12.9x -9.05x
EV / FCF -39.1x -9.8x 28.7x -43x -198x 27.5x
FCF Yield -2.56% -10.2% 3.49% -2.33% -0.51% 3.64%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0849 -0.2482 -0.1012 -0.3029 -0.2198 -0.2581
Distribution rate - - - - - -
Net sales 1 609.4 537.7 476 483.4 378.5 304.6
EBITDA 1 -9.037 -50.82 -23.03 -47.51 -21.86 -31.79
EBIT 1 -26.98 -68.07 -41.48 -68.97 -42.92 -52.9
Net income 1 -23.59 -69.01 -28.14 -80.54 -57.41 -68.08
Net Debt 1 203.5 286.9 213.8 274.2 300.8 312
Reference price 2 1.0700 1.6800 1.6000 1.4000 0.9100 0.6000
Nbr of stocks (in thousands) 278,000 278,000 278,000 278,000 278,000 278,000
Announcement Date 2/25/21 A 2/22/22 A 2/27/23 A 2/27/24 A 2/25/25 A 2/25/26 A
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 6.05M
20.96x3.01x14.77x3.72% 271B
21.02x2.47x14.54x3.42% 78.19B
19.5x1.97x11.12x3.16% 54.19B
17.1x0.52x10.04x2.68% 37.01B
42.68x3.57x21.14x0.83% 35.89B
22.82x3.36x13.68x3.17% 36.95B
12.11x1.94x9.56x6.33% 30.08B
70.61x10.54x44.77x1.08% 29.29B
12.23x0.38x8.68x2.73% 20.66B
Average 26.56x 3.08x 16.48x 3.01% 59.3B
Weighted average by Cap. 23.72x 2.97x 15.43x 3.32%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA