Company Valuation: Thai Wah

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2024 2025 2026 2027 2028
Market Cap 1 4,886 4,578 2,342 2,553 2,377 - -
Change - -6.31% - 9.02% -6.9% - -
Enterprise Value (EV) 1 4,886 4,578 2,342 2,885 2,510 2,159 1,843
Change - -6.31% - 23.17% -12.98% -13.98% -14.64%
P/E 15x 15.3x -33.3x 16.1x 10.8x 8.18x 7.11x
PBR 0.95x - - 0.53x 0.48x 0.46x 0.44x
PEG - -1.89x - -0x 0.3x 0.3x 0.5x
Capitalization / Revenue 0.54x 0.44x - 0.28x 0.21x 0.23x 0.22x
EV / Revenue 0.54x 0.44x - 0.31x 0.22x 0.21x 0.17x
EV / EBITDA 5.04x 4.97x - 4.03x 3.55x 2.67x 2.11x
EV / EBIT - - - 11.5x 9.88x 6.22x 4.63x
EV / FCF - - - 5.05x -6.18x -7.88x -5.05x
FCF Yield - - - 19.8% -16.2% -12.7% -19.8%
Dividend per Share 2 0.2159 - - 0.057 0.08 0.11 0.13
Rate of return 3.89% - - 1.97% 2.96% 4.07% 4.81%
EPS 2 0.37 0.34 -0.08 0.18 0.25 0.33 0.38
Distribution rate 58.4% - - 31.7% 32% 33.3% 34.2%
Net sales 1 9,105 10,421 - 9,206 11,220 10,515 10,866
EBITDA 1 969.5 920.4 - 715.4 707 810 872
EBIT 1 - - - 251.2 254 347 398
Net income 1 323 298.2 -71.41 155.9 219 289 331
Net Debt 1 - - - 331.3 133 -218 -534
Reference price 2 5.550 5.200 2.660 2.900 2.700 2.700 2.700
Nbr of stocks (in thousands) 880,421 880,421 880,421 880,421 880,421 - -
Announcement Date 2/22/22 A 2/21/23 A 2/17/25 A 2/24/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.38x2.28x9.77x2.87% 11.15B
19.33x2.59x14.44x2.53% 7.05B
13.91x1.16x9.29x3.04% 5.3B
12.18x3.19x7.8x4.75% 5.27B
14.44x2.16x7.28x5.04% 2.97B
8.49x2.78x7.06x10.36% 2.04B
9.67x1.88x4.45x3.91% 1.22B
Average 13.63x 2.29x 8.58x 4.64% 5B
Weighted average by Cap. 15.43x 2.31x 9.79x 3.77%

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