Company Valuation: Thai Steel Cable

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 2,390 2,910 3,507 3,611 3,689 3,585
Change - 21.74% 20.54% 2.96% 2.16% -2.82%
Enterprise Value (EV) 1 2,000 2,479 3,119 3,195 3,166 3,018
Change - 23.94% 25.81% 2.45% -0.89% -4.69%
P/E 29x 12.3x 16.8x 13x 12.5x 10.4x
PBR 1.52x 1.83x 2.27x 2.32x 2.4x 2.28x
PEG - 0x -1.4x 0.4x 2.1x 0.6x
Capitalization / Revenue 1.17x 1.11x 1.33x 1.24x 1.37x 1.42x
EV / Revenue 0.98x 0.95x 1.18x 1.1x 1.18x 1.2x
EV / EBITDA 9.79x 7.08x 9.69x 8.48x 8.79x 7.32x
EV / EBIT 22.9x 10.4x 14.5x 11.8x 12.8x 9.57x
EV / FCF 34.2x 13.5x 19.9x 15.4x 12.1x 13.8x
FCF Yield 2.92% 7.4% 5.03% 6.51% 8.27% 7.26%
Dividend per Share 2 0.5 1 1 1.2 1.2 1.2
Rate of return 5.43% 8.93% 7.41% 8.63% 8.45% 8.7%
EPS 2 0.317 0.9126 0.803 1.072 1.136 1.33
Distribution rate 158% 110% 125% 112% 106% 90.2%
Net sales 1 2,049 2,613 2,644 2,907 2,683 2,517
EBITDA 1 204.3 350.2 321.7 376.6 360.1 412.2
EBIT 1 87.42 237.4 215.2 270.6 246.8 315.2
Net income 1 82.36 237.1 208.6 278.6 295.2 346.4
Net Debt 1 -390.1 -430.9 -388.7 -416.3 -522.7 -567.4
Reference price 2 9.20 11.20 13.50 13.90 14.20 13.80
Nbr of stocks (in thousands) 259,800 259,800 259,800 259,800 259,800 259,800
Announcement Date 24/11/20 23/11/21 22/11/22 21/11/23 21/11/24 18/11/25
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 118M
18.86x1.28x9.93x1.97% 42.38B
15.38x0.68x4.97x3.72% 33.3B
12.2x0.58x5.06x3.82% 30.37B
8.86x0.53x6.78x1.69% 27.06B
15.02x2.73x9.4x4.04% 21.08B
30.25x1.19x12.64x0.61% 18.17B
10.32x0.49x4.84x3.01% 17.46B
13.19x1.35x6.99x4.14% 16.02B
46.39x5.07x35.44x0.78% 14.74B
Average 18.94x 1.55x 10.67x 2.64% 22.07B
Weighted average by Cap. 17.51x 1.33x 9.38x 2.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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