Company Valuation: Master Style

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 15,312 13,652 2,248 2,580 - -
Change - -10.84% -83.54% 14.77% - -
Enterprise Value (EV) 1 13,866 13,760 2,426 2,806 2,889 2,580
Change - -0.76% -82.37% 15.69% 2.95% -10.71%
P/E 36.5x 26.2x 11.3x 11.5x 10.6x 9.03x
PBR 5.12x 3.89x 0.65x 0.7x 0.68x -
PEG -30.77x 1.1x -0.2x 1.1x 1.23x 0.5x
Capitalization / Revenue 7.99x 6.39x 1.19x 1.34x 1.27x 1.21x
EV / Revenue 7.23x 6.44x 1.29x 1.45x 1.43x 1.21x
EV / EBITDA 23.6x 19.5x 6.21x 6.7x 6.51x 5.39x
EV / EBIT 26.4x 23.8x 10.4x 11.2x 11x -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.3588 0.16 0.4 0.399 0.4617 0.56
Rate of return 0.71% 0.35% 5.37% 4.75% 5.5% 6.67%
EPS 2 1.391 1.73 0.66 0.7277 0.7903 0.93
Distribution rate 25.8% 9.25% 60.6% 54.8% 58.4% 60.2%
Net sales 1 1,917 2,135 1,885 1,930 2,025 2,128
EBITDA 1 586.4 704.6 390.7 418.8 443.8 479
EBIT 1 524.8 577.4 233.8 250.7 261.7 -
Net income 1 416.3 522.4 198 219.1 238.2 280
Net Debt 1 -1,446 108 177.8 226.6 309.4 -
Reference price 2 50.750 45.250 7.450 8.400 8.400 8.400
Nbr of stocks (in thousands) 301,714 301,712 301,712 301,712 - -
Announcement Date 22/02/24 26/02/25 26/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.54x1.43x6.59x4.75% 76M
32.94x3.16x14.08x1.36% 18.39B
64.8x5.11x34.6x0.27% 13.09B
20.16x2.91x10.39x2.08% 11.32B
16.25x1.92x8.99x0.77% 9.89B
23.43x1.89x15.73x0.16% 9.61B
17.79x2.62x10.72x4.54% 8.77B
67.33x8.08x35.21x0.13% 7.64B
12.61x1.1x6.68x2.07% 6.81B
32.32x0.88x7.35x2% 6.8B
Average 29.92x 2.91x 15.04x 1.81% 9.24B
Weighted average by Cap. 32.96x 3.18x 16.54x 1.41%

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

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