Company Valuation: Baan Rock Garden

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,630 2,050 1,743 1,712 1,517 1,312
Change - 25.79% -15% -1.76% -11.38% -13.51%
Enterprise Value (EV) 1 1,458 1,921 1,606 1,632 1,505 1,299
Change - 31.81% -16.43% 1.65% -7.76% -13.74%
P/E 47.3x 53.9x 73x -189x -96.2x -134x
PBR 1.3x 1.61x 1.36x 1.35x 1.21x 1.06x
PEG - 5.2x -2x 1x -1.3x 3.5x
Capitalization / Revenue 6.54x 8.25x 7.96x 23.7x 30.1x 14.8x
EV / Revenue 5.85x 7.73x 7.33x 22.6x 29.8x 14.7x
EV / EBITDA 29.8x 35.7x 47.5x -140x -93.2x -219x
EV / EBIT 31x 36.9x 49.2x -126x -86.3x -181x
EV / FCF 8.27x - 17.3x -55.6x -8.66x 94.1x
FCF Yield 12.1% - 5.76% -1.8% -11.5% 1.06%
Dividend per Share 2 0.02 0.01 0.01 - - -
Rate of return 1.26% 0.5% 0.59% - - -
EPS 2 0.0336 0.0371 0.0233 -0.00884 -0.0154 -0.009574
Distribution rate 59.6% 27% 42.9% - - -
Net sales 1 249 248.5 219 72.17 50.45 88.53
EBITDA 1 48.94 53.88 33.78 -11.67 -16.16 -5.932
EBIT 1 47.07 52.01 32.6 -12.93 -17.44 -7.158
Net income 1 34.42 38.01 23.87 -9.061 -15.77 -9.814
Net Debt 1 -172.1 -128.8 -136.9 -79.64 -11.53 -13.46
Reference price 2 1.590 2.000 1.700 1.670 1.480 1.280
Nbr of stocks (in thousands) 10,25,000 10,25,000 10,25,000 10,25,000 10,25,000 10,25,000
Announcement Date 21/02/21 20/02/22 22/02/23 22/02/24 24/02/25 26/02/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
54.72x - - - 5.85TCr
11.05x3.43x9.89x-.--% 2.27TCr
7.31x16.17x19.39x6.23% 2TCr
4.64x0.36x0.74x7.58% 1.63TCr
8.31x16.84x - 6.78% 819.46Cr
7.84x0.81x6.64x2.49% 579.44Cr
-2.14x1.59x69.89x-.--% 507.75Cr
6.1x13.9x20.99x5.72% 461.1Cr
Average 12.23x 7.58x 21.26x 4.11% 1.76TCr
Weighted average by Cap. 26.95x 7.53x 14.98x 4.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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