Company Valuation: Thai Union Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 90,769 78,672 66,827 55,317 49,345 50,502 - -
Change - -13.33% -15.06% -17.22% -10.8% 2.34% - -
Enterprise Value (EV) 1 152,087 126,000 118,365 115,495 116,015 111,115 110,646 108,536
Change - -17.15% -6.06% -2.42% 0.45% -4.22% -0.42% -1.91%
P/E 11.7x 11.5x -4.76x 12x 11x 11.1x 10.4x 9.71x
PBR 1.53x 0.98x 1.16x 1.14x 1.11x 1.14x 1.08x 1.02x
PEG - -1x 0x -0x 1.49x 6.43x 1.49x 1.41x
Capitalization / Revenue 0.64x 0.51x 0.49x 0.4x 0.37x 0.36x 0.35x 0.34x
EV / Revenue 1.08x 0.81x 0.87x 0.83x 0.87x 0.8x 0.77x 0.74x
EV / EBITDA 12.2x 10.2x 10.7x 9.97x 11.2x 9.23x 8.65x 8.16x
EV / EBIT 18.4x 15.7x 17.1x 16x 18.8x 15.3x 14.2x 13x
EV / FCF 71.8x 237x 18.7x 10.5x 143x 15.9x 21.4x 20.1x
FCF Yield 1.39% 0.42% 5.34% 9.5% 0.7% 6.29% 4.68% 4.97%
Dividend per Share 2 0.95 0.84 0.54 0.66 0.7 0.7447 0.8002 0.8664
Rate of return 4.87% 4.97% 3.6% 5.08% 5.47% 5.68% 6.11% 6.61%
EPS 2 1.66 1.47 -3.15 1.08 1.16 1.18 1.262 1.349
Distribution rate 57.2% 57.1% -17.1% 61.1% 60.3% 63.1% 63.4% 64.2%
Net sales 1 141,048 155,586 136,153 138,433 132,719 138,622 143,090 147,104
EBITDA 1 12,440 12,374 11,103 11,587 10,380 12,041 12,797 13,302
EBIT 1 8,256 8,050 6,912 7,222 6,170 7,269 7,818 8,341
Net income 1 8,013 7,138 -13,933 4,985 4,609 4,827 5,268 5,685
Net Debt 1 61,318 47,328 51,538 60,178 66,670 60,613 60,143 58,034
Reference price 2 19.50 16.90 15.00 13.00 12.80 13.10 13.10 13.10
Nbr of stocks (in thousands) 4,654,815 4,655,133 4,455,133 4,255,133 3,855,094 3,855,133 - -
Announcement Date 2/23/22 A 2/20/23 A 2/19/24 A 2/17/25 A 2/19/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.44x2.02x9.28x4.15% 11.39B
23.8x3.01x11.19x3.98% 8.14B
24.5x1.03x6.98x5.87% 2.71B
12.28x0.64x8.73x2.87% 2.32B
16.97x0.72x4.63x7.8% 1.8B
10.51x0.78x9x6.01% 1.44B
8.24x0.33x3.8x3.35% 1.17B
Average 18.53x 1.22x 7.66x 4.86% 4.14B
Weighted average by Cap. 25.02x 1.89x 9.04x 4.45%

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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  5. Valuation Thai Union Group
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