Company Valuation: Polyplex (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 20,700 22,230 15,840 8,730 9,270 9,450
Change - 7.39% -28.74% -44.89% 6.19% 1.94%
Enterprise Value (EV) 1 21,120 23,713 16,502 9,526 10,804 10,494
Change - 12.28% -30.41% -42.27% 13.41% -2.87%
P/E 6.97x 6.26x 7.56x 29x 8.03x -53.3x
PBR 1.35x 1.25x 0.83x 0.43x 0.48x 0.49x
PEG - 0.3x -0.2x -0.3x 0x 0x
Capitalization / Revenue 1.36x 1.03x 0.6x 0.42x 0.41x 0.46x
EV / Revenue 1.39x 1.1x 0.63x 0.46x 0.48x 0.51x
EV / EBITDA 5.04x 4.99x 4.81x 4.98x 4.41x 6.87x
EV / EBIT 6.48x 6.3x 7.03x 11.9x 7.66x 27.5x
EV / FCF 8.1x -19.1x 13.5x -14.7x -19.8x 17.8x
FCF Yield 12.3% -5.24% 7.39% -6.81% -5.04% 5.62%
Dividend per Share 2 1 1.31 0.84 0.24 0.4 0.12
Rate of return 4.35% 5.3% 4.77% 2.47% 3.88% 1.14%
EPS 2 3.3 3.944 2.329 0.3341 1.283 -0.1971
Distribution rate 30.3% 33.2% 36.1% 71.8% 31.2% -60.9%
Net sales 1 15,171 21,558 26,357 20,881 22,390 20,384
EBITDA 1 4,189 4,748 3,434 1,913 2,449 1,528
EBIT 1 3,260 3,763 2,346 803.4 1,410 382
Net income 1 2,970 3,550 2,096 300.7 1,155 -177.4
Net Debt 1 419.5 1,483 662.4 796.4 1,534 1,044
Reference price 2 23.00 24.70 17.60 9.70 10.30 10.50
Nbr of stocks (in thousands) 900,000 900,000 900,000 900,000 900,000 900,000
Announcement Date 24/05/21 23/05/22 23/05/23 16/05/24 27/05/25 22/05/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 388M
15.85x0.81x5.74x4.67% 21.55B
13.07x - - 6.5% 19.46B
-315.26x - - -.--% 14.16B
113.66x0.86x5.95x0.85% 13.15B
20.34x2.38x51.61x1.79% 12.34B
21.99x3.37x12.59x0.81% 7.47B
21.37x0.78x11.59x2.05% 5.42B
24.16x1.67x13.99x1.7% 5.29B
23.97x2.61x15.93x1.8% 4.7B
Average -6.76x 1.78x 16.77x 2.24% 10.39B
Weighted average by Cap. -15.47x 1.55x 16.37x 2.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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