Company Valuation: President Bakery

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 31,500 31,500 31,050 31,388 26,662 22,500
Change - 0% -1.43% 1.09% -15.05% -15.61%
Enterprise Value (EV) 1 27,321 26,903 25,710 25,463 19,559 15,521
Change - -1.53% -4.44% -0.96% -23.19% -20.64%
P/E 18.8x 18.7x 18.2x 18.4x 16.8x 17.9x
PBR 3.41x 3.11x 2.84x 2.67x 2.14x 1.75x
PEG - 34.85x 15.92x 393.66x -2.45x -0.9x
Capitalization / Revenue 4.39x 4.38x 4.11x 4.14x 3.54x 3.18x
EV / Revenue 3.81x 3.74x 3.4x 3.36x 2.6x 2.19x
EV / EBITDA 11.9x 12x 11.5x 11.6x 9.5x 9.02x
EV / EBIT 15x 14.7x 13.7x 13.8x 11.7x 12.1x
EV / FCF 16.8x 21.3x 19.3x 28.9x 18.3x -110x
FCF Yield 5.97% 4.7% 5.18% 3.46% 5.46% -0.91%
Dividend per Share 2 1.9 1.9 2 2 1.9 1.5
Rate of return 2.71% 2.71% 2.9% 2.87% 3.21% 3%
EPS 2 3.73 3.75 3.793 3.795 3.535 2.795
Distribution rate 50.9% 50.7% 52.7% 52.7% 53.8% 53.7%
Net sales 1 7,171 7,189 7,555 7,573 7,521 7,078
EBITDA 1 2,299 2,249 2,238 2,200 2,059 1,722
EBIT 1 1,819 1,835 1,871 1,842 1,672 1,280
Net income 1 1,679 1,688 1,707 1,708 1,591 1,258
Net Debt 1 -4,179 -4,597 -5,340 -5,924 -7,103 -6,979
Reference price 2 70.00 70.00 69.00 69.75 59.25 50.00
Nbr of stocks (in thousands) 450,000 450,000 450,000 450,000 450,000 450,000
Announcement Date 16/02/21 21/02/22 20/02/23 19/02/24 17/02/25 23/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 630M
20.05x2.75x13.71x4.12% 235B
18.46x2.4x14.31x3.47% 75.71B
15.62x1.66x9.43x4% 42.83B
14.7x0.53x9.46x2.63% 38.27B
19.54x2.99x12.15x3.58% 32.43B
34.08x2.96x17.22x1.09% 30.14B
24.87x5.2x16.58x3.37% 28.2B
-8.26x1.82x9.06x6.84% 27.81B
Average 17.38x 2.54x 12.74x 3.64% 56.77B
Weighted average by Cap. 18.56x 2.55x 13.13x 3.79%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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