Company Valuation: Multibax

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,334 988.3 988.3 634.6 375.7 282.3
Change - -25.9% 0% -35.79% -40.8% -24.87%
Enterprise Value (EV) 1 1,789 1,568 1,575 1,237 1,080 876.3
Change - -12.4% 0.5% -21.46% -12.7% -18.87%
P/E 7.57x 15.8x 9.2x -16.4x -18.8x 7.66x
PBR 2.24x 1.8x 1.67x 1.27x 0.78x 0.55x
PEG - -0.2x 0.1x 0x 0.4x -0x
Capitalization / Revenue 0.71x 0.68x 0.5x 0.57x 0.27x 0.17x
EV / Revenue 0.95x 1.07x 0.8x 1.11x 0.79x 0.52x
EV / EBITDA 6.54x 11.6x 6.28x 39.1x 15.8x 6.55x
EV / EBIT 8.7x 24x 8.71x -34.7x 572x 12.6x
EV / FCF 21x -30x 66.4x 14.1x -11.2x 9.05x
FCF Yield 4.76% -3.34% 1.51% 7.08% -8.95% 11.1%
Dividend per Share 2 0.88 0.3 0.5 - - 0.1
Rate of return 12.7% 5.83% 9.71% - - 7.04%
EPS 2 0.9175 0.3252 0.56 -0.1952 -0.1007 0.1854
Distribution rate 95.9% 92.2% 89.3% - - 53.9%
Net sales 1 1,883 1,460 1,972 1,119 1,375 1,700
EBITDA 1 273.7 135.1 250.8 31.68 68.56 133.7
EBIT 1 205.7 65.22 180.9 -35.68 1.89 69.62
Net income 1 176.1 62.41 122.6 -38.16 -19.98 36.85
Net Debt 1 455.8 579.4 587.1 602.7 704.5 594.1
Reference price 2 6.950 5.150 5.150 3.200 1.890 1.420
Nbr of stocks (in thousands) 191,895 191,895 191,895 198,302 198,778 198,778
Announcement Date 17/02/21 17/02/22 15/02/23 13/02/24 06/02/25 12/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.48x1.33x8.09x6.25% 19.34B
17.84x2.87x8.07x3.44% 17.65B
16.08x1.38x9.55x1.42% 14.92B
17.84x1.74x10.64x2.34% 12.87B
14.27x1.21x7.86x1.32% 11.4B
18.27x2.18x10.34x1.53% 11.28B
30.22x1.12x8.28x2.73% 8.89B
22.49x2.01x9.66x1.62% 7.62B
Average 18.81x 1.73x 9.06x 2.58% 13B
Weighted average by Cap. 17.83x 1.76x 8.96x 2.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA