Valuation Tipco Asphalt

Stocks

End-of-day quote Thailand S.E. 30/10/2026			5-day change	1st Jan Change
16.80 ^THB	-0.59%		-3.45%	+22.63%

10-12	Asia Plus Securities Upgrades Tipco Asphalt Public Company to Trading from Sell; Price Target is THB17.70	MT
09-15	Krungsri Securities Downgrades Tipco Asphalt to Neutral from Buy; Price Target is THB18.90	MT

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Market Cap ¹	28,568	26,674	25,885	28,568	21,624	26,516	-	-
Change	-	-6.63%	-2.96%	10.37%	-24.31%	22.63%	-	-
Enterprise Value (EV) ¹	30,767	27,836	25,615	29,876	23,440	28,687	28,009	27,267
Change	-	-9.53%	-7.98%	16.64%	-21.54%	22.39%	-2.37%	-2.65%
P/E	12.8x	11.3x	11.2x	20.1x	19x	16.5x	15.3x	15.6x
PBR	1.86x	1.59x	1.58x	1.8x	1.58x	1.85x	1.77x	1.75x
PEG	-	1.77x	-4.2x	-0.5x	-1x	0.4x	1.88x	-6.86x
Capitalization / Revenue	1.17x	0.89x	0.83x	1.02x	0.86x	0.92x	0.91x	0.91x
EV / Revenue	1.26x	0.93x	0.82x	1.07x	0.93x	1x	0.97x	0.93x
EV / EBITDA	6.68x	6.85x	6.45x	10.1x	10.5x	8.79x	8.13x	7.99x
EV / EBIT	9.13x	7.77x	9.22x	16.1x	19.6x	14.2x	13x	12.9x
EV / FCF	118x	11.2x	6.83x	105x	8.72x	30.6x	10.3x	23.2x
FCF Yield	0.85%	8.91%	14.6%	0.96%	11.5%	3.27%	9.73%	4.32%
Dividend per Share ²	1.05	1.25	1.25	1	1	0.9468	0.9982	0.86
Rate of return	5.8%	7.4%	7.62%	5.52%	7.3%	5.64%	5.94%	5.12%
EPS ²	1.41	1.5	1.46	0.9	0.72	1.017	1.1	1.075
Distribution rate	74.5%	83.3%	85.6%	111%	139%	93.1%	90.7%	80%
Net sales ¹	24,447	30,025	31,106	27,964	25,086	28,681	29,003	29,234
EBITDA ¹	4,607	4,066	3,972	2,969	2,236	3,263	3,445	3,413
EBIT ¹	3,370	3,581	2,777	1,857	1,198	2,018	2,157	2,110
Net income ¹	2,220	2,367	2,306	1,417	1,137	1,600	1,731	1,692
Net Debt ¹	2,199	1,162	-270.6	1,308	1,816	2,171	1,492	751
Reference price ²	18.10	16.90	16.40	18.10	13.70	16.80	16.80	16.80
Nbr of stocks (in thousands)	1,578,362	1,578,362	1,578,362	1,578,362	1,578,362	1,578,362	-	-
Announcement Date	17/02/22	17/02/23	16/02/24	17/02/25	19/02/26	-	-	-

¹THB in Million²THB

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
TIPCO ASPHALT	16.51x	1x	8.79x	5.64%	785M
HOLCIM LTD	19.06x	2.57x	10.18x	2.73%	46.3B
MARTIN MARIETTA MATERIALS, INC.	37.49x	6.4x	19.42x	0.64%	38.38B
VULCAN MATERIALS COMPANY	32.42x	4.97x	16.65x	0.73%	36.1B
ULTRATECH CEMENT LIMITED	33.99x	3.36x	17.87x	1.14%	34.22B
HEIDELBERG MATERIALS AG	11.9x	1.42x	6.65x	2.58%	29.47B
AMRIZE AG	17.94x	2.07x	8.29x	1.16%	21.88B
GRASIM INDUSTRIES LIMITED	68.77x	4.26x	66.01x	0.34%	21.3B
DANGOTE CEMENT PLC	16.96x	4.57x	8.99x	4.42%	17.68B
CHINA JUSHI CO., LTD.	13.42x	4.38x	8.84x	2.95%	16.5B
Average	26.85x	3.50x	17.17x	2.23%	26.26B
Weighted average by Cap.	28.17x	3.77x	17.23x	1.74%