Company Valuation: Ubis (Asia)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,231 1,505 1,037 535.8 427.5 256.5
Change - 22.22% -31.06% -48.35% -20.21% -40%
Enterprise Value (EV) 1 1,343 1,728 1,164 579 362 368.3
Change - 28.6% -32.61% -50.27% -37.49% 1.75%
P/E 10.3x 27.5x -50.3x -7.26x 19.4x 25.1x
PBR 2.59x 3.01x 1.47x 0.85x 0.66x 0.39x
PEG - -0.5x 0x -0x -0x -0.5x
Capitalization / Revenue 1.2x 1.3x 0.99x 0.6x 0.47x 0.32x
EV / Revenue 1.31x 1.49x 1.12x 0.65x 0.4x 0.46x
EV / EBITDA 9.32x 32.6x 86x -16x 6.6x 7.7x
EV / EBIT 10.2x 44.9x -438x -10.6x 9.93x 13.1x
EV / FCF 18.9x -18.3x -10.8x 4.58x 5.26x 18.5x
FCF Yield 5.29% -5.47% -9.26% 21.8% 19% 5.4%
Dividend per Share 2 0.4 0.2 - - - -
Rate of return 7.41% 3.03% - - - -
EPS 2 0.5264 0.2399 -0.0724 -0.2588 0.0772 0.0359
Distribution rate 76% 83.4% - - - -
Net sales 1 1,023 1,159 1,043 888.3 904.1 807.9
EBITDA 1 144.2 53.08 13.54 -36.29 54.8 47.81
EBIT 1 131.7 38.46 -2.66 -54.63 36.47 28.16
Net income 1 120 54.7 -20.11 -73.76 22 10.22
Net Debt 1 112.3 223 126.9 43.25 -65.52 111.8
Reference price 2 5.400 6.600 3.640 1.880 1.500 0.900
Nbr of stocks (in thousands) 228,000 228,000 285,000 285,000 285,000 285,000
Announcement Date 2/18/21 A 2/28/22 A 2/28/23 A 2/27/24 A 2/25/25 A 2/26/26 A
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.16x4.21x13.54x2.13% 124B
17.39x6.24x32.61x2.73% 59.53B
58.2x1.35x9.51x6.06% 39.53B
12.84x1.29x7.03x2.63% 36.79B
10.3x3.33x7.81x4.21% 27B
78.93x14.33x52.14x0.06% 21.26B
8.82x0.88x5.4x4.28% 20.84B
18.35x0.83x6.18x1.68% 21.6B
11.37x1.02x8.22x3.68% 20.04B
Average 27.04x 3.72x 15.83x 3.05% 41.23B
Weighted average by Cap. 26.82x 3.90x 16.15x 2.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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