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 2,342 - -
Change - -6.31% - 9.02% -8.28% - -
Enterprise Value (EV) 1 4,886 4,578 2,342 2,885 2,475 2,124 1,808
Change - -6.31% - 23.17% -14.2% -14.18% -14.88%
P/E 15x 15.3x -33.3x 16.1x 10.6x 8.06x 7x
PBR 0.95x - - 0.53x 0.47x 0.45x 0.44x
PEG - -1.89x - -0x 0.3x 0.3x 0.5x
Capitalization / Revenue 0.54x 0.44x - 0.28x 0.21x 0.22x 0.22x
EV / Revenue 0.54x 0.44x - 0.31x 0.22x 0.2x 0.17x
EV / EBITDA 5.04x 4.97x - 4.03x 3.5x 2.62x 2.07x
EV / EBIT - - - 11.5x 9.74x 6.12x 4.54x
EV / FCF - - - 5.05x -6.1x -7.75x -4.95x
FCF Yield - - - 19.8% -16.4% -12.9% -20.2%
Dividend per Share 2 0.2159 - - 0.057 0.08 0.11 0.13
Rate of return 3.89% - - 1.97% 3.01% 4.14% 4.89%
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 2.660 2.660 2.660
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.64x0.22x3.5x3.01% 71.2M
16.61x2.19x9.38x3.01% 10.68B
20.27x2.71x15.11x2.42% 7.41B
14.86x1.23x9.88x2.85% 5.57B
12.83x3.33x8.17x4.51% 5.55B
13.35x2.01x6.62x5.38% 2.78B
10.49x3.45x8.77x8.39% 2.54B
10.13x1.9x4.58x3.73% 1.28B
Average 13.65x 2.13x 8.25x 4.16% 4.49B
Weighted average by Cap. 15.58x 2.39x 10.02x 3.68%

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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