Company Valuation: Thai Rung Union Car

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,210 2,894 3,896 2,258 2,301 2,579
Change - 30.96% 34.64% -42.03% 1.9% 12.05%
Enterprise Value (EV) 1 1,890 2,367 3,019 1,299 744.1 1,008
Change - 25.26% 27.55% -56.98% -42.7% 35.5%
P/E -24.2x 37.4x 9.92x 12.5x 6.05x 9.55x
PBR 0.69x 0.88x 1.06x 0.62x 0.59x 0.66x
PEG - -0x 0x -0.2x 0x -0.3x
Capitalization / Revenue 1.44x 1.46x 1.35x 0.94x 1.01x 1.41x
EV / Revenue 1.23x 1.2x 1.05x 0.54x 0.33x 0.55x
EV / EBITDA 42.3x 11.5x 5.44x 4.45x 2.42x 3.36x
EV / EBIT -23x 28.9x 6.99x 7.88x 3.7x 5.03x
EV / FCF 8.21x 11.2x 10.1x 6.71x 1.95x 6.97x
FCF Yield 12.2% 8.97% 9.88% 14.9% 51.3% 14.3%
Dividend per Share 2 0.0545 0.0909 0.3182 0.2 0.3 0.25
Rate of return 1.6% 2.06% 5.43% 5.92% 8.77% 6.41%
EPS 2 -0.1406 0.1182 0.5909 0.27 0.5656 0.4086
Distribution rate -38.8% 76.9% 53.9% 74.1% 53% 61.2%
Net sales 1 1,530 1,979 2,884 2,411 2,272 1,826
EBITDA 1 44.72 206 555.4 291.9 308 300.1
EBIT 1 -82.32 81.84 431.7 164.8 201.2 200.6
Net income 1 -91.36 78.43 394.1 183.2 380.2 275.1
Net Debt 1 -320.1 -526.9 -877.3 -959.7 -1,557 -1,570
Reference price 2 3.400 4.418 5.864 3.380 3.420 3.900
Nbr of stocks (in thousands) 649,932 654,992 664,468 668,182 672,899 661,180
Announcement Date 2/23/21 A 2/24/22 A 2/28/23 A 2/29/24 A 2/27/25 A 3/2/26 A
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 75.3M
18.07x1.23x9.58x2.05% 42.2B
15.76x0.7x5.1x3.87% 34.05B
12.22x0.58x5.09x3.82% 31.36B
8.86x0.53x6.78x1.69% 27.41B
14.39x2.63x9.05x4.22% 20.37B
30.49x1.2x12.74x0.6% 18.11B
10.6x0.5x4.85x3% 17.54B
13.45x1.37x7.1x4.09% 16.37B
47.55x5.2x36.34x0.76% 14.94B
Average 19.04x 1.55x 10.74x 2.68% 22.24B
Weighted average by Cap. 17.48x 1.32x 9.37x 2.75%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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