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 2,536 - -
Change - -6.31% - 9.02% -0.69% - -
Enterprise Value (EV) 1 4,886 4,578 2,342 2,885 2,669 2,318 2,002
Change - -6.31% - 23.17% -7.49% -13.15% -13.63%
P/E 15x 15.3x -33.3x 16.1x 11.5x 8.73x 7.58x
PBR 0.95x - - 0.53x 0.51x 0.49x 0.47x
PEG - -1.89x - -0x 0.3x 0.3x 0.5x
Capitalization / Revenue 0.54x 0.44x - 0.28x 0.23x 0.24x 0.23x
EV / Revenue 0.54x 0.44x - 0.31x 0.24x 0.22x 0.18x
EV / EBITDA 5.04x 4.97x - 4.03x 3.77x 2.86x 2.3x
EV / EBIT - - - 11.5x 10.5x 6.68x 5.03x
EV / FCF - - - 5.05x -6.57x -8.46x -5.48x
FCF Yield - - - 19.8% -15.2% -11.8% -18.2%
Dividend per Share 2 0.2159 - - 0.057 0.08 0.11 0.13
Rate of return 3.89% - - 1.97% 2.78% 3.82% 4.51%
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 2.880 2.880 2.880
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.($)
11.52x0.24x3.77x2.78% 75.56M
18.77x2.28x10.35x2.76% 11.38B
19.59x2.59x14.63x2.53% 7.04B
16.62x1.43x11.08x2.46% 6.6B
10.52x2.73x6.67x5.34% 4.15B
12.76x1.85x6.32x5.95% 2.43B
7.22x2.38x6.04x11.47% 1.73B
14.9x3.16x9.63x3.57% 1.22B
Average 13.98x 2.08x 8.56x 4.61% 4.33B
Weighted average by Cap. 16.38x 2.24x 10.38x 3.65%

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