Company Valuation: Thai Rung Union Car

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,210 2,894 3,896 2,258 2,301 2,579
Change - 30.96% 34.64% -42.03% 1.9% 12.05%
Enterprise Value (EV) 1 1,890 2,367 3,019 1,299 744.1 1,008
Change - 25.26% 27.55% -56.98% -42.7% 35.5%
P/E -24.2x 37.4x 9.92x 12.5x 6.05x 9.55x
PBR 0.69x 0.88x 1.06x 0.62x 0.59x 0.66x
PEG - -0x 0x -0.2x 0x -0.3x
Capitalization / Revenue 1.44x 1.46x 1.35x 0.94x 1.01x 1.41x
EV / Revenue 1.23x 1.2x 1.05x 0.54x 0.33x 0.55x
EV / EBITDA 42.3x 11.5x 5.44x 4.45x 2.42x 3.36x
EV / EBIT -23x 28.9x 6.99x 7.88x 3.7x 5.03x
EV / FCF 8.21x 11.2x 10.1x 6.71x 1.95x 6.97x
FCF Yield 12.2% 8.97% 9.88% 14.9% 51.3% 14.3%
Dividend per Share 2 0.0545 0.0909 0.3182 0.2 0.3 0.25
Rate of return 1.6% 2.06% 5.43% 5.92% 8.77% 6.41%
EPS 2 -0.1406 0.1182 0.5909 0.27 0.5656 0.4086
Distribution rate -38.8% 76.9% 53.9% 74.1% 53% 61.2%
Net sales 1 1,530 1,979 2,884 2,411 2,272 1,826
EBITDA 1 44.72 206 555.4 291.9 308 300.1
EBIT 1 -82.32 81.84 431.7 164.8 201.2 200.6
Net income 1 -91.36 78.43 394.1 183.2 380.2 275.1
Net Debt 1 -320.1 -526.9 -877.3 -959.7 -1,557 -1,570
Reference price 2 3.400 4.418 5.864 3.380 3.420 3.900
Nbr of stocks (in thousands) 649,932 654,992 664,468 668,182 672,899 661,180
Announcement Date 23/02/21 24/02/22 28/02/23 29/02/24 27/02/25 02/03/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 69.93M
18.65x2.03x11.15x1.58% 73.05B
15.72x1.09x8.37x2.37% 36.16B
11.79x0.56x4.87x4.02% 29.09B
12.3x0.51x3.69x4.77% 27.23B
7.26x0.42x5.43x2.09% 22.16B
15.6x2.64x9.36x3.88% 19.78B
29.12x1.16x12.25x0.63% 17.48B
20.4x0.83x10.11x3.48% 16.79B
10.31x0.48x4.74x3.09% 17.02B
Average 15.68x 1.08x 7.78x 2.88% 25.88B
Weighted average by Cap. 15.86x 1.24x 8.23x 2.68%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thai Rung Union Car

Historical PBR trend

Valuation ratios - PBR - Thai Rung Union Car

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thai Rung Union Car

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thai Rung Union Car

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