Company Valuation: Bangkok Dusit Medical Services

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,65,516 4,60,868 4,41,003 3,89,354 3,06,716 2,86,056 - -
Change - 26.09% -4.31% -11.71% -21.22% -6.74% - -
Enterprise Value (EV) 1 3,73,412 4,71,794 4,44,024 4,00,339 3,17,482 2,95,515 2,95,448 2,97,730
Change - 26.35% -5.89% -9.84% -20.7% -6.92% -0.02% 0.77%
P/E Ratio 46x 36.7x 30.8x 24.3x 19.3x 17.4x 16.4x 15.4x
PBR 4.36x 5.13x 4.63x 3.89x 2.9x 2.63x 2.55x 2.44x
PEG - 0.6x 2.2x 2x -19.49x 5.1x 2.62x 2.4x
Capitalization / Revenue 4.91x 5.01x 4.37x 3.61x 2.75x 2.47x 2.35x 2.23x
EV / Revenue 5.02x 5.13x 4.4x 3.71x 2.85x 2.55x 2.43x 2.33x
EV / EBITDA 22.9x 21.5x 18.9x 15.1x 12.5x 10.4x 9.89x 9.47x
EV / EBIT 37.5x 29.6x 25.2x 21.1x 17.2x 14x 13.2x 12.6x
EV / FCF 35.3x 29.7x 34.1x 32.7x 24.5x 19.8x 19.5x 17.8x
FCF Yield 2.83% 3.36% 2.94% 3.05% 4.08% 5.04% 5.12% 5.62%
Dividend per Share 2 0.45 0.5 0.65 0.75 1 0.8355 0.8134 0.8768
Rate of return 1.96% 1.72% 2.34% 3.06% 5.18% 4.64% 4.52% 4.87%
EPS 2 0.5 0.79 0.9 1.01 1 1.034 1.099 1.169
Distribution rate 90% 63.3% 72.2% 74.3% 100% 80.8% 74% 75%
Net sales 1 74,451 91,934 1,00,853 1,07,867 1,11,507 1,15,900 1,21,749 1,28,030
EBITDA 1 16,282 21,899 23,483 26,584 25,311 28,392 29,883 31,424
EBIT 1 9,961 15,950 17,635 18,968 18,463 21,147 22,301 23,660
Net income 1 7,936 12,606 14,375 15,987 15,848 16,549 17,526 18,607
Net Debt 1 7,896 10,926 3,021 10,985 10,766 9,459 9,392 11,674
Reference price 2 23.00 29.00 27.75 24.50 19.30 18.00 18.00 18.00
Nbr of stocks (in thousands) 1,58,92,002 1,58,92,002 1,58,92,002 1,58,92,002 1,58,92,002 1,58,92,002 - -
Announcement Date 23/02/22 22/02/23 21/02/24 26/02/25 25/02/26 - - -
1THB in Million2THB
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.41x2.55x10.41x4.64% 874.45Cr
33.94x3.22x14.35x1.33% 1.91TCr
64.09x5.06x34.24x0.27% 1.29TCr
20.6x2.98x10.64x2.03% 1.16TCr
16.54x1.94x9.12x0.76% 1.01TCr
21.11x1.73x14.38x0.18% 865.74Cr
69.84x8.38x36.49x0.12% 786.61Cr
12.33x1.08x6.57x2.12% 665.5Cr
29.62x0.84x6.96x2.18% 629.56Cr
Average 31.72x 3.09x 15.91x 1.51% 1.02TCr
Weighted average by Cap. 32.99x 3.23x 16.54x 1.43%

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

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