Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 284,292 - -
Change - -2.75% -2.44% -12.37% -13.27% -3.3% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 449,819 436,259 425,901
Change - -6.09% -1.18% -4.5% -9.14% -5.8% -3.01% -2.37%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 10.6x 9.94x 9.45x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 1.87x 1.73x 1.61x
PEG - 0.6x -1.54x -13.63x -1.79x 2.05x 1.4x 1.81x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.85x 0.82x 0.79x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.34x 1.25x 1.18x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.15x 7.74x 7.31x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10x 9.53x 8.89x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.1x 11.3x 10.5x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.88% 8.82% 9.5%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.6182 0.6442 0.667
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.46% 5.69% 5.9%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.062 1.138 1.197
Distribution rate 51% 50% 55% 57.4% 61.4% 58.2% 56.6% 55.7%
Net sales 1 240,543 272,359 279,085 340,289 333,286 335,891 348,490 359,984
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,211 56,377 58,281
EBIT 1 33,782 38,583 36,229 45,874 43,811 44,837 45,759 47,921
Net income 1 24,645 30,106 27,434 27,216 25,361 27,113 28,905 30,420
Net Debt 1 185,323 160,414 163,530 186,597 183,534 165,527 151,967 141,609
Reference price 2 16.23 15.78 15.40 13.49 11.70 11.31 11.31 11.31
Nbr of stocks (in thousands) 25,118,755 25,120,888 25,124,754 25,127,675 25,130,487 25,131,686 - -
Announcement Date 26/11/21 25/11/22 22/11/23 21/11/24 25/11/25 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.76x1.35x8.2x5.41% 8.55B
18.35x7.78x11.73x4.2% 230B
13.32x3.4x10.07x2.59% 47.29B
18.1x3.17x8.28x7.26% 39.78B
13.51x3.62x9.08x4.94% 20.27B
10.99x2.71x9.03x7.75% 17.11B
12.54x3.95x7.33x6.76% 15.22B
15.57x3.59x12.18x3.61% 12.16B
50.99x5.65x30.5x1.06% 10.09B
28.16x2.76x13.63x3.35% 8.28B
Average 19.23x 3.80x 12.00x 4.69% 40.89B
Weighted average by Cap. 17.74x 5.85x 11.23x 4.5%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

  1. Stock Market
  2. Stocks
  3. Y92 Stock
  4. Valuation Thai Beverage