Company Valuation: AP (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 30,043 36,492 35,549 25,482 27,055 24,223 - -
Change - 21.47% -2.59% -28.32% 6.17% -10.47% - -
Enterprise Value (EV) 1 48,921 57,612 67,592 55,277 49,917 53,334 52,052 49,620
Change - 17.77% 17.32% -18.22% -9.7% 6.85% -2.4% -4.67%
P/E 6.63x 6.2x 5.89x 5.06x 6.28x 5.23x 4.83x 4.53x
PBR 0.93x 0.99x 0.87x 0.58x 0.59x 0.49x 0.46x 0.44x
PEG - 0.2x 2.2x -0.3x -0.4x 0.7x 0.58x 0.69x
Capitalization / Revenue 0.94x 0.95x 0.93x 0.69x 0.72x 0.62x 0.6x 0.58x
EV / Revenue 1.54x 1.49x 1.78x 1.49x 1.34x 1.37x 1.28x 1.18x
EV / EBITDA 10.3x 9.44x 10.4x 9.68x 9.19x 9.6x 9.03x 7.9x
EV / EBIT 10.5x 9.92x 10.9x 10.2x 9.6x 10.2x 9.5x 8.27x
EV / FCF 25.5x -28.4x -6.2x 21.8x 27.9x 18.5x 15.2x 15.2x
FCF Yield 3.92% -3.53% -16.1% 4.59% 3.58% 5.41% 6.59% 6.58%
Dividend per Share 2 0.5 0.65 0.7 0.6 0.52 0.5416 0.598 0.6429
Rate of return 5.24% 5.6% 6.19% 7.41% 6.05% 7.03% 7.77% 8.35%
EPS 2 1.44 1.87 1.92 1.6 1.37 1.472 1.594 1.699
Distribution rate 34.7% 34.8% 36.5% 37.5% 38% 36.8% 37.5% 37.8%
Net sales 1 31,794 38,539 38,045 36,988 37,345 38,977 40,522 41,957
EBITDA 1 4,760 6,101 6,500 5,712 5,433 5,556 5,766 6,281
EBIT 1 4,668 5,810 6,210 5,437 5,197 5,252 5,480 5,997
Net income 1 4,543 5,877 6,054 5,020 4,317 4,641 5,019 5,352
Net Debt 1 18,877 21,120 32,043 29,795 22,862 29,111 27,829 25,396
Reference price 2 9.550 11.600 11.300 8.100 8.600 7.700 7.700 7.700
Nbr of stocks (in thousands) 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 - -
Announcement Date 22/02/22 21/02/23 20/02/24 27/02/25 27/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
59.38x - - - 63.67B
11.17x3.76x9.99x-.--% 22.99B
7.8x16.38x19.65x5.98% 20.8B
4.36x0.22x0.45x7.78% 15.29B
8.6x17.07x - 6.15% 8.45B
7.99x0.82x6.73x2.45% 5.89B
-2.17x1.76x77.79x-.--% 5.12B
5.59x13.9x20.86x5.68% 4.63B
Average 12.84x 7.70x 22.58x 4% 18.35B
Weighted average by Cap. 29.97x 7.85x 15.79x 4.04%

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