Company Valuation: Thiensurat

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,871 1,604 2,120 761.2 229.6 102.7
Change - -14.24% 32.13% -64.09% -69.84% -55.26%
Enterprise Value (EV) 1 1,979 1,815 2,278 2,490 1,858 1,752
Change - -8.26% 25.48% 9.3% -25.37% -5.74%
P/E 13.1x 51.6x 29.5x -8.8x -0.32x -0.36x
PBR 1.47x 1.29x 1.6x 0.66x 1.89x -0.6x
PEG - -0.7x 0x 0x -0x 0x
Capitalization / Revenue 0.96x 0.95x 1.53x 0.45x 0.19x 0.12x
EV / Revenue 1.02x 1.07x 1.64x 1.47x 1.56x 2.08x
EV / EBITDA 9.09x 22.1x 18.7x 118x -5.25x -14.9x
EV / EBIT 10.9x 34.8x 22.9x -61.1x -4.33x -10.7x
EV / FCF 30.3x 44.5x 28.5x -7.83x 9.48x 17x
FCF Yield 3.3% 2.25% 3.5% -12.8% 10.6% 5.89%
Dividend per Share 2 0.15 0.0364 0.0101 - - -
Rate of return 4.82% 1.37% 0.29% - - -
EPS 2 0.2373 0.0514 0.1191 -0.1431 -1.183 -0.4665
Distribution rate 63.2% 70.8% 8.48% - - -
Net sales 1 1,943 1,693 1,387 1,690 1,188 840.3
EBITDA 1 217.8 82.06 121.5 21.1 -354.1 -117.2
EBIT 1 180.9 52.23 99.34 -40.78 -429.1 -163.8
Net income 1 143.1 31.01 71.99 -86.48 -715.2 -281.9
Net Debt 1 108.1 211 158.1 1,729 1,629 1,649
Reference price 2 3.1091 2.6545 3.5091 1.2600 0.3800 0.1700
Nbr of stocks (in thousands) 601,680 604,352 604,054 604,089 604,089 604,089
Announcement Date 25/02/21 24/02/22 07/03/23 01/03/24 03/03/25 16/03/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 731K
31.85x5.46x19.91x0.8% 125B
27.39x5.05x17.67x2.2% 35.3B
21.67x1.85x13.37x2.16% 31.51B
31.01x4.13x15.59x0.11% 30.49B
21.22x3.57x11.27x1.53% 27.63B
21.94x3.18x13.72x1.07% 26.76B
24.25x2.96x12.74x1.55% 25.99B
97.72x36.87x80.4x0.39% 25.4B
26.87x3.37x16.48x1.68% 24.89B
Average 33.77x 7.38x 22.35x 1.28% 35.34B
Weighted average by Cap. 32.67x 6.59x 21.16x 1.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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