Company Valuation: Asia Aviation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 25,092 37,223 25,571 35,466 14,392 10,666 - -
Change - 48.35% -31.3% 38.69% -59.42% -25.89% - -
Enterprise Value (EV) 1 64,871 80,180 67,349 43,299 22,285 11,270 10,946 9,786
Change - 23.6% -16% -35.71% -48.53% -49.43% -2.88% -10.59%
P/E -1.98x -4.42x 52.5x 10.2x 6.16x -5.02x 12.2x 6.76x
PBR 1.24x 4.68x 2.91x 3.12x 1.06x 0.92x 0.87x 0.76x
PEG - 0.1x -0x 0x -0.2x 0x -0x 0.1x
Capitalization / Revenue 6.55x 2.12x 0.62x 0.72x 0.31x 0.22x 0.21x 0.2x
EV / Revenue 16.9x 4.57x 1.63x 0.88x 0.49x 0.23x 0.21x 0.18x
EV / EBITDA -8.44x -88.9x 10.4x 4.01x 2.17x 1.76x 1.23x 1.22x
EV / EBIT -5.47x -9.46x 46x 6.47x 4.15x 26.8x 3.5x 2.65x
EV / FCF -14.6x -2,473x 11.3x 6.11x 2.43x 2.54x 2.15x 2.2x
FCF Yield -6.85% -0.04% 8.82% 16.4% 41.2% 39.3% 46.5% 45.6%
Dividend per Share 2 - - - - - - 0.0133 0.025
Rate of return - - - - - - 1.59% 2.98%
EPS 2 -1.283 -0.6921 0.0379 0.2707 0.1818 -0.1674 0.0687 0.1243
Distribution rate - - - - - - 19.4% 20.1%
Net sales 1 3,828 17,553 41,241 49,436 45,691 48,513 51,097 53,433
EBITDA 1 -7,685 -901.6 6,456 10,797 10,250 6,416 8,868 8,001
EBIT 1 -11,851 -8,476 1,463 6,697 5,368 420.5 3,123 3,699
Net income 1 -6,647 -8,030 465.8 3,478 2,336 -2,201 879.7 1,581
Net Debt 1 39,780 42,957 41,777 7,833 7,893 605 280 -879
Reference price 2 2.5400 3.0600 1.9900 2.7600 1.1200 0.8400 0.8400 0.8400
Nbr of stocks (in thousands) 98,78,571 1,21,64,286 1,28,50,000 1,28,50,000 1,28,50,000 1,28,50,000 - -
Announcement Date 24/02/22 24/02/23 22/02/24 25/02/25 24/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.51x0.93x7.57x0.9% 5.5TCr
10.45x0.79x6.89x-.--% 3.62TCr
13.73x1.37x6.27x1.85% 2.79TCr
8.36x0.82x3.89x2.14% 2.55TCr
63.25x2.22x12.89x0.07% 1.96TCr
28.61x1.09x5.82x3.69% 1.66TCr
11.54x1.17x4.87x - 1.49TCr
-11.8x1.51x9.79x-.--% 1.14TCr
8.35x0.39x3.83x3.72% 1.05TCr
Average 16.33x 1.14x 6.87x 1.55% 2.42TCr
Weighted average by Cap. 16.61x 1.10x 6.95x 1.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield