Company Valuation: Thaitheparos

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 9,090 11,520 10,440 13,950 13,680 13,950
Change - 26.73% -9.38% 33.62% -1.94% 1.97%
Enterprise Value (EV) 1 8,143 10,431 9,469 12,685 12,266 12,506
Change - 28.1% -9.22% 33.97% -3.31% 1.96%
P/E 16.7x 18.6x 16.5x 18.9x 18.4x 17.7x
PBR 3.45x 4.11x 3.65x 4.61x 4.34x 4.24x
PEG - 1.3x 7.77x 1.1x 32.08x 2.93x
Capitalization / Revenue 3.08x 3.68x 3.17x 3.93x 3.84x 3.92x
EV / Revenue 2.76x 3.33x 2.87x 3.58x 3.44x 3.52x
EV / EBITDA 10.4x 11.9x 10.7x 12.5x 12x 11.6x
EV / EBIT 12.2x 13.7x 12.2x 14x 13.3x 12.8x
EV / FCF 17.3x 23.6x 32.2x 17.9x 21.1x 25.1x
FCF Yield 5.78% 4.24% 3.1% 5.6% 4.74% 3.99%
Dividend per Share 2 1.25 1.6 1.65 1.72 1.79 1.81
Rate of return 4.95% 5% 5.69% 4.44% 4.71% 4.67%
EPS 2 1.509 1.719 1.756 2.054 2.066 2.191
Distribution rate 82.8% 93.1% 94% 83.7% 86.6% 82.6%
Net sales 1 2,954 3,128 3,298 3,546 3,564 3,556
EBITDA 1 780.1 873.9 887.4 1,012 1,023 1,079
EBIT 1 665.8 760.3 778.8 907.1 923 978.8
Net income 1 543.4 618.9 632.1 739.6 743.8 788.8
Net Debt 1 -946.8 -1,089 -971.1 -1,265 -1,414 -1,444
Reference price 2 25.25 32.00 29.00 38.75 38.00 38.75
Nbr of stocks (in thousands) 360,000 360,000 360,000 360,000 360,000 360,000
Announcement Date 23/02/21 24/02/22 27/02/23 23/02/24 26/02/25 26/02/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
26.64x5.84x18.62x3.17% 30.66B
48.59x3.58x17.19x1.91% 21.48B
25.23x1.96x13.68x1.44% 10.43B
20.73x2.18x12.87x1.55% 5.6B
24.36x1.13x10.37x1.49% 3.98B
18.56x1.65x8.23x3.67% 3.32B
9.67x0.72x4.95x4.66% 3.31B
17.57x - - 3.4% 3.18B
Average 23.92x 2.44x 12.27x 2.66% 10.24B
Weighted average by Cap. 30.34x 3.82x 15.74x 2.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA