Company Valuation: Thitikorn

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,000 4,575 4,200 2,700 2,320 2,190
Change - 14.38% -8.2% -35.71% -14.07% -5.6%
Enterprise Value (EV) 1 3,381 4,843 3,332 1,877 770.8 1,334
Change - 43.23% -31.19% -43.66% -58.95% 73.09%
P/E 10.9x 9.7x 11.4x 29.3x -146x 24.2x
PBR 0.75x 0.81x 0.73x 0.48x 0.43x 0.41x
PEG - 0.3x -0.5x -0.4x 1x -0x
Capitalization / Revenue 2.62x 3.38x 3.17x 3.08x 4.25x 3.82x
EV / Revenue 2.22x 3.58x 2.51x 2.14x 1.41x 2.33x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.42 0.5 0.42 0.25 0.2 0.2
Rate of return 5.25% 5.46% 5% 4.63% 4.31% 4.57%
EPS 2 0.7352 0.9435 0.7342 0.1843 -0.0318 0.1808
Distribution rate 57.1% 53% 57.2% 136% -629% 111%
Net sales 1 1,526 1,353 1,325 876.1 545.5 573.3
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 367.6 471.8 367.1 92.15 -15.89 90.4
Net Debt 1 -619 267.6 -867.8 -822.5 -1,549 -855.8
Reference price 2 8.000 9.150 8.400 5.400 4.640 4.380
Nbr of stocks (in thousands) 500,000 500,000 500,000 500,000 500,000 500,000
Announcement Date 23/02/21 22/02/22 21/02/23 29/02/24 25/02/25 25/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 65.85M
24.05x16.3x - 0.72% 64.67B
36.36x5.01x17.17x-.--% 34.46B
23.18x4.99x24.7x0.08% 29.54B
16.75x11.73x22.78x1.19% 24.53B
7.73x1.84x3.45x1.75% 23.73B
27.97x3.75x11.27x-.--% 21.41B
20.8x21.95x - 0.25% 14.92B
21.05x18.09x42.71x0.17% 14.79B
Average 22.24x 10.46x 20.35x 0.52% 25.35B
Weighted average by Cap. 23.28x 10.44x 19.10x 0.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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