Company Valuation: Pico (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: October 2020 2021 2022 2023 2024 2025
Market Cap 1 818.1 796.6 1,068 1,064 753.5 947.3
Change - -2.63% 34.05% -0.4% -29.15% 25.71%
Enterprise Value (EV) 1 658.5 698.9 1,004 905.2 497 639.6
Change - 6.14% 43.69% -9.87% -45.09% 28.7%
P/E -13.7x -28.2x 53.7x 49.3x 25.6x 48.1x
PBR 2.25x 2.37x 2.9x 2.73x 1.75x 2.19x
PEG - 0.5x -0x 5.84x 0.7x -1.5x
Capitalization / Revenue 1.12x 1.25x 0.97x 1.03x 0.58x 0.74x
EV / Revenue 0.9x 1.1x 0.91x 0.87x 0.38x 0.5x
EV / EBITDA -10.4x -26.1x 25.3x 25.8x 12.6x 28.2x
EV / EBIT -8.53x -19.4x 43.5x 42.1x 16.6x 47.2x
EV / FCF 14.3x -14.6x -18.9x 12x 5.64x 10.4x
FCF Yield 6.98% -6.84% -5.28% 8.32% 17.7% 9.65%
Dividend per Share 2 - - - - 0.1 0.05
Rate of return - - - - 2.86% 1.14%
EPS 2 -0.278 -0.1313 0.0924 0.1002 0.1367 0.0915
Distribution rate - - - - 73.2% 54.6%
Net sales 1 730.4 635.5 1,104 1,036 1,308 1,283
EBITDA 1 -63.42 -26.77 39.67 35.13 39.44 22.65
EBIT 1 -77.24 -36.06 23.11 21.51 29.87 13.54
Net income 1 -59.85 -28.27 19.9 21.58 29.43 19.7
Net Debt 1 -159.6 -97.67 -63.59 -158.4 -256.5 -307.7
Reference price 2 3.800 3.700 4.960 4.940 3.500 4.400
Nbr of stocks (in thousands) 215,295 215,295 215,295 215,295 215,295 215,295
Announcement Date 08/12/20 08/12/21 13/12/22 06/12/23 04/12/24 04/12/25
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 26.92M
13.67x1.48x6.76x4.15% 26.8B
8.89x0.98x5.55x4.5% 20.2B
11.98x5.2x9.02x7.18% 10.18B
131.89x0.54x89.06x - 6.62B
16.37x1.34x4.66x2.83% 5.95B
11.09x0.77x4.86x-.--% 5.89B
16.65x0.72x4.35x4% 5.39B
-52.88x1.76x7.39x0% 5.02B
Average 19.71x 1.60x 16.45x 3.24% 9.56B
Weighted average by Cap. 17.76x 1.64x 12.68x 3.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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