Company Valuation: WHA Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 52,613 60,983 79,218 82,208 49,026 68,755 - -
Change - 15.91% 29.9% 3.77% -40.36% 40.24% - -
Enterprise Value (EV) 1 87,823 82,513 106,619 112,505 94,867 116,693 117,796 119,367
Change - -6.05% 29.22% 5.52% -15.68% 23.01% 0.95% 1.33%
P/E 20.3x 15.1x 17.9x 18.9x 9.55x 13.6x 12.1x 12.6x
PBR 1.72x 1.9x 2.37x 2.36x 1.33x 1.76x 1.66x 1.61x
PEG - 0.3x 1.91x -12.72x 0.5x -9.06x 1x -3.02x
Capitalization / Revenue 5.05x 4.44x 5.33x 7.25x 3.21x 4.29x 3.74x 3.56x
EV / Revenue 8.43x 6.01x 7.17x 9.93x 6.21x 7.28x 6.4x 6.18x
EV / EBITDA 23.3x 17.3x 19.3x 22.2x 15.9x 17.5x 15.2x 15.2x
EV / EBIT 27.9x 19.9x 22.2x 27.1x 19.2x 20.7x 17.6x 17.6x
EV / FCF 46.3x 28.7x 29.9x 142x -124x 20.4x 17.5x 20.3x
FCF Yield 2.16% 3.49% 3.35% 0.71% -0.81% 4.9% 5.72% 4.93%
Dividend per Share 2 0.02 - 0.1839 0.1906 - 0.2083 0.226 0.2287
Rate of return 0.57% - 3.47% 3.47% - 4.53% 4.91% 4.97%
EPS 2 0.1733 0.2707 0.2961 0.2917 0.3436 0.3384 0.3807 0.3648
Distribution rate 11.5% - 62.1% 65.3% - 61.5% 59.4% 62.7%
Net sales 1 10,417 13,729 14,875 11,335 15,265 16,026 18,399 19,313
EBITDA 1 3,770 4,765 5,513 5,065 5,964 6,656 7,773 7,854
EBIT 1 3,150 4,155 4,803 4,150 4,935 5,636 6,702 6,782
Net income 1 2,590 4,046 4,426 4,359 5,135 5,091 5,639 5,413
Net Debt 1 35,211 21,530 27,401 30,297 45,842 47,937 49,041 50,611
Reference price 2 3.520 4.080 5.300 5.500 3.280 4.600 4.600 4.600
Nbr of stocks (in thousands) 14,946,835 14,946,835 14,946,835 14,946,835 14,946,835 14,946,835 - -
Announcement Date 2/24/22 A 2/23/23 A 2/23/24 A 2/21/25 A 2/26/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
60.56x - - - 64.64B
13.75x4.48x12.05x3.68% 39.14B
8.05x1.45x8.04x4.4% 26.73B
17.28x3.88x15.6x1.42% 26.68B
5.61x0.73x1.51x8.77% 27.43B
13.18x3.02x14.44x2.65% 24.33B
9.11x3.46x7.66x-.--% 21.47B
10.19x2x8.23x4.12% 20.47B
7.95x0.88x3.21x2.81% 20.33B
Average 16.19x 2.49x 8.84x 3.48% 30.14B
Weighted average by Cap. 22.75x 2.63x 9.17x 3.61%

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