Company Valuation: Principal Capital

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 13,849 18,053 22,090 17,139 11,045 6,475
Change - 30.35% 22.36% -22.41% -35.56% -41.38%
Enterprise Value (EV) 1 18,029 21,517 26,805 23,411 13,627 10,317
Change - 19.35% 24.58% -12.66% -41.79% -24.29%
P/E -27.1x 219x 92x -24.8x 31.4x -15.9x
PBR 1.67x 1.84x 2.32x 1.95x 1.21x 0.74x
PEG - -2x 0x 0x -0x 0x
Capitalization / Revenue 5.22x 3.57x 3.3x 3.04x 1.94x 1.07x
EV / Revenue 6.8x 4.25x 4.01x 4.15x 2.39x 1.7x
EV / EBITDA 934x 27.6x 27.5x 136x 54.4x 34.2x
EV / EBIT -39.9x 73.3x 58.2x -55.9x -48.9x -38.7x
EV / FCF -57.1x -10.7x 21.2x -70.3x -15.5x -19x
FCF Yield -1.75% -9.35% 4.73% -1.42% -6.46% -5.25%
Dividend per Share 2 - - - - 0.01 0.012
Rate of return - - - - 0.34% 0.71%
EPS 2 -0.1478 0.0216 0.063 -0.1812 0.0923 -0.1066
Distribution rate - - - - 10.8% -11.3%
Net sales 1 2,651 5,059 6,685 5,640 5,703 6,064
EBITDA 1 19.3 779.9 973.8 171.9 250.5 301.6
EBIT 1 -452.3 293.5 461 -418.9 -278.5 -266.3
Net income 1 -511.7 79.38 240 -690.3 351.4 -406
Net Debt 1 4,179 3,465 4,716 6,273 2,582 3,843
Reference price 2 4.000 4.740 5.800 4.500 2.900 1.700
Nbr of stocks (in thousands) 3,462,337 3,808,571 3,808,571 3,808,571 3,808,571 3,808,571
Announcement Date 24/02/21 24/02/22 24/02/23 28/02/24 26/02/25 27/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.67x2.96x13.37x1.39% 17.86B
50.97x4.38x28.54x0.27% 13.25B
18.76x2.24x10.44x0.66% 11.8B
21.86x3.07x10.95x1.97% 11.75B
89.91x8.28x34.07x - 10.99B
24.58x1.99x16.08x0.16% 10.03B
19.47x2.81x11.65x4.18% 9.48B
13.24x1.31x8.02x2.08% 7.83B
38.21x1.01x8.37x1.7% 8.29B
Average 34.41x 3.12x 15.72x 1.55% 11.25B
Weighted average by Cap. 35.32x 3.25x 16.26x 1.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA