Company Valuation: Forth Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 19,830 30,166 21,514 9,915 5,378 15,901 -
Change - 52.12% -28.68% -53.91% -45.75% 195.65% -
Enterprise Value (EV) 1 22,409 30,166 21,514 9,915 5,378 19,459 19,375
Change - 34.61% -28.68% -53.91% -45.75% 261.81% -0.43%
P/E 27.5x 38.9x 37.7x 44.2x 6.53x 16.8x 14.4x
PBR 12x - - - - 4.47x 3.7x
PEG - 4.99x -1.4x -0.7x 0x 1.1x 0.9x
Capitalization / Revenue 2.33x 3.2x 2.27x 1.13x 0.47x 1.31x 1.25x
EV / Revenue 2.63x 3.2x 2.27x 1.13x 0.47x 1.6x 1.52x
EV / EBITDA 16.8x 19.4x 14.4x 8.54x 2.63x 7.57x 6.87x
EV / EBIT 27.2x 29.6x 25.6x 23.5x 3.97x 10.9x 9.65x
EV / FCF - -41.3x 36.3x -70.7x 5.31x 44.9x 52.5x
FCF Yield - -2.42% 2.75% -1.42% 18.8% 2.23% 1.9%
Dividend per Share 2 0.45 0.52 0.47 - 0.21 0.3 0.35
Rate of return 2.12% 1.61% 2.04% - 3.65% 1.76% 2.06%
EPS 2 0.77 0.83 0.61 0.24 0.88 1.01 1.18
Distribution rate 58.4% 62.7% 77% - 23.9% 29.7% 29.7%
Net sales 1 8,513 9,431 9,492 8,767 11,350 12,134 12,761
EBITDA 1 1,337 1,553 1,493 1,162 2,044 2,572 2,822
EBIT 1 825.1 1,019 840.8 422.6 1,354 1,792 2,007
Net income 1 722.8 774.9 572.6 221.3 823.7 949 1,107
Net Debt 1 2,579 - - - - 3,558 3,474
Reference price 2 21.20 32.25 23.00 10.60 5.75 17.00 17.00
Nbr of stocks (in thousands) 9,35,375 9,35,375 9,35,375 9,35,375 9,35,375 9,35,375 -
Announcement Date 28/02/22 27/02/23 28/02/24 02/03/25 02/03/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.83x1.6x7.57x1.76% 47Cr
33.83x11.56x21.57x0.84% 11TCr
29.33x1.37x15.68x-.--% 4.34TCr
46.41x6.96x32.67x1.7% 4.26TCr
24.93x2.03x9.74x1.33% 3.5TCr
31.35x4.79x19.07x-.--% 3.04TCr
34.54x2.23x15.93x1.51% 2.95TCr
9.42x5.43x11.15x2.05% 2.31TCr
31.58x4.84x19.3x0.73% 1.82TCr
28.51x1.55x13.52x0.44% 1.37TCr
Average 28.67x 4.23x 16.62x 1.04% 3.43TCr
Weighted average by Cap. 31.76x 6.14x 19.12x 0.94%

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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