Company Valuation: Master Ad

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 4,005 6,657 4,384 5,764 4,627 4,871
Change - 66.22% -34.15% 31.48% -19.72% 5.26%
Enterprise Value (EV) 1 4,529 6,185 3,567 4,472 3,038 2,862
Change - 36.56% -42.32% 25.34% -32.07% -5.77%
P/E -4.04x 177x 32.8x 24.8x 14.3x 10.2x
PBR 1.32x 1.7x 1.13x 1.4x 1.08x 1.06x
PEG - -2x 0x 0.3x 0.4x 0.2x
Capitalization / Revenue 1.91x 3.06x 1.67x 2.2x 1.49x 1.42x
EV / Revenue 2.16x 2.85x 1.36x 1.7x 0.98x 0.83x
EV / EBITDA -19.1x 25.4x 9.61x 10.3x 5.67x 4.52x
EV / EBIT -10.3x 61.8x 15x 15.2x 7.99x 5.35x
EV / FCF 3.03x -7.3x 13.5x 12.2x 9.23x 7.64x
FCF Yield 33% -13.7% 7.4% 8.2% 10.8% 13.1%
Dividend per Share 2 - - - 0.013 0.0165 0.0184
Rate of return - - - 1.83% 2.89% 3.07%
EPS 2 -0.1833 0.004638 0.0164 0.0287 0.04 0.0586
Distribution rate - - - 45.4% 41.3% 31.4%
Net sales 1 2,097 2,174 2,625 2,625 3,108 3,436
EBITDA 1 -237.1 243.5 371.1 435.9 535.9 633.2
EBIT 1 -437.7 100.1 238.5 295.2 380 535.1
Net income 1 -991.9 33.59 133.5 232.6 340.1 475.7
Net Debt 1 524.3 -471.6 -816.2 -1,292 -1,590 -2,009
Reference price 2 0.7400 0.8200 0.5400 0.7100 0.5700 0.6000
Nbr of stocks (in thousands) 5,411,981 8,117,972 8,117,972 8,117,976 8,117,976 8,117,977
Announcement Date 24/05/21 25/05/22 23/05/23 23/05/24 30/05/25 22/05/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 167M
21.83x3.49x12.38x3.17% 200B
-94.18x14.89x86.21x-.--% 93.2B
10.67x1.17x6.15x4.52% 87.86B
14.71x2.68x10.13x5.59% 85.25B
19.62x5.15x12.71x2.9% 59.17B
14.24x2.08x8.72x5.47% 46.1B
20.09x1.49x9.43x0.98% 35.57B
18.84x1.52x9.54x1.58% 35.24B
16.4x2.11x9.79x5.27% 33.83B
Average 4.69x 3.84x 18.34x 3.27% 67.63B
Weighted average by Cap. 2.26x 4.43x 20.81x 3.25%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA