Company Valuation: Asefa

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,878 2,248 1,899 2,014 1,622 1,819
Change - 19.68% -15.53% 6.05% -19.47% 12.2%
Enterprise Value (EV) 1 1,833 2,332 2,173 2,622 2,100 2,297
Change - 27.23% -6.82% 20.65% -19.9% 9.37%
P/E 8.64x 16.3x 18.4x 12.1x 23x 8.4x
PBR 1.13x 1.37x 1.18x 1.25x 0.85x 0.92x
PEG - -0.4x -0.7x 0.2x -0.4x 0x
Capitalization / Revenue 0.7x 0.86x 0.61x 0.59x 0.51x 0.55x
EV / Revenue 0.68x 0.9x 0.7x 0.76x 0.67x 0.69x
EV / EBITDA 6.56x 11.1x 12.9x 10.3x 15.5x 6.26x
EV / EBIT 7.87x 13.8x 16.3x 12.1x 21.4x 7.65x
EV / FCF 75.3x 18.5x -13.6x -16.1x 6.59x 9.69x
FCF Yield 1.33% 5.39% -7.37% -6.23% 15.2% 10.3%
Dividend per Share 2 0.28 0.22 0.18 0.19 0.14 0.35
Rate of return 8.14% 5.34% 5.17% 5% 4.58% 9.94%
EPS 2 0.3981 0.2535 0.1894 0.3136 0.1328 0.4192
Distribution rate 70.3% 86.8% 95.1% 60.6% 105% 83.5%
Net sales 1 2,689 2,599 3,091 3,433 3,149 3,306
EBITDA 1 279.5 209.7 168.9 253.6 135.3 367.1
EBIT 1 233 169.6 133.3 216.7 98.03 300.3
Net income 1 218.5 138.3 103.3 168.4 70.4 219.2
Net Debt 1 -45.39 84.2 274.4 608.2 478.7 477.7
Reference price 2 3.440 4.120 3.480 3.800 3.060 3.520
Nbr of stocks (in thousands) 546,066 545,648 545,648 529,948 529,948 516,878
Announcement Date 18/02/21 17/02/22 16/02/23 15/02/24 13/02/25 23/02/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
36.97x5.62x27.42x0.18% 7.22B
22.26x - - 0.49% 1.92B
34.69x1.99x18.82x2.01% 1.62B
13.75x - - 3.63% 1.04B
29.9x - - - 955M
Average 27.51x 3.80x 23.12x 1.58% 2.55B
Weighted average by Cap. 32.05x 4.95x 25.85x 0.78%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA