Company Valuation: FN Factory Outlet

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,180 2,100 1,910 1,670 770 490
Change - 77.97% -9.05% -12.57% -53.89% -36.36%
Enterprise Value (EV) 1 1,153 2,065 1,934 1,678 859.7 581.6
Change - 79.18% -6.36% -13.23% -48.77% -32.34%
P/E -42.6x -33.5x -22.2x -6.93x -9.03x -7.61x
PBR 0.82x 1.53x 1.49x 1.6x 0.8x 0.55x
PEG - -0x -0.6x -0x 0.1x 0.3x
Capitalization / Revenue 1.56x 3.87x 3.8x 3.46x 1.75x 0.98x
EV / Revenue 1.52x 3.81x 3.85x 3.47x 1.95x 1.16x
EV / EBITDA 24.6x -361x -86x -6.85x -86.5x -42.2x
EV / EBIT -41.6x -30.1x -23.9x -5.73x -16.6x -10.7x
EV / FCF 8.16x 35.8x 180x 16x 22.2x -67.1x
FCF Yield 12.2% 2.79% 0.55% 6.23% 4.51% -1.49%
Dividend per Share 2 0.0037 0.0037 - - - -
Rate of return 0.31% 0.18% - - - -
EPS 2 -0.0277 -0.0627 -0.0861 -0.2409 -0.0853 -0.0644
Distribution rate -13.3% -5.9% - - - -
Net sales 1 757.7 542.7 502.4 483 441.1 500.7
EBITDA 1 46.88 -5.725 -22.49 -244.9 -9.936 -13.78
EBIT 1 -27.69 -68.55 -80.77 -292.7 -51.74 -54.17
Net income 1 -27.72 -62.75 -86.05 -240.9 -85.26 -64.38
Net Debt 1 -27.29 -34.6 23.96 8.181 89.65 91.65
Reference price 2 1.1800 2.1000 1.9100 1.6700 0.7700 0.4900
Nbr of stocks (in thousands) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Announcement Date 24/02/21 25/02/22 22/02/23 20/02/24 21/02/25 25/02/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
79.88x6.94x38.77x0.16% 18.11B
18.11x1.36x9.21x3.7% 16.89B
13.96x1.21x9.22x5.88% 8.67B
12.87x1.22x9.16x3.87% 6.97B
10.59x0.34x4.15x3.08% 6.35B
66.62x4.23x28.9x0.34% 5.88B
13.14x0.95x5.64x2.54% 5.09B
11.83x1.73x7.51x5.79% 4.22B
16.64x1.73x9.32x1.78% 4.11B
Average 27.07x 2.19x 13.54x 3.02% 8.48B
Weighted average by Cap. 34.18x 2.80x 16.99x 2.75%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation FN Factory Outlet
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