Company Valuation: Forth Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026
Market Cap 1 19,830 30,166 21,514 9,915 5,378 13,844
Change - 52.12% -28.68% -53.91% -45.75% 157.39%
Enterprise Value (EV) 22,409 30,166 21,514 9,915 5,378 13,844
Change - 34.61% -28.68% -53.91% -45.75% 157.39%
P/E Ratio 27.5x 38.9x 37.7x 44.2x 6.53x 10.6x
PBR 12x - - - - -
PEG - 4.99x -1.4x -0.7x 0x 0.2x
Capitalization / Revenue 2.33x 3.2x 2.27x 1.13x 0.47x 0.93x
EV / Revenue 0x 0x 0x 0x 0x 0.93x
EV / EBITDA 0x 0x 0x 0x 0x 4.88x
EV / EBIT 0x 0x 0x 0x 0x 8.34x
EV / FCF - -0x 0x -0x 0x 17.4x
FCF Yield - -2.42% 2.75% -1.42% 18.8% 5.74%
Dividend per Share 2 0.45 0.52 0.47 - 0.21 0.8
Rate of return 2.12% 1.61% 2.04% - 3.65% 5.41%
EPS 2 0.77 0.83 0.61 0.24 0.88 1.4
Distribution rate 58.4% 62.7% 77% - 23.9% 57.1%
Net sales 1 8,513 9,431 9,492 8,767 11,350 14,918
EBITDA 1 1,337 1,553 1,493 1,162 2,044 2,838
EBIT 1 825.1 1,019 840.8 422.6 1,354 1,659
Net income 1 722.8 774.9 572.6 221.3 823.7 1,311
Net Debt 2,579 - - - - -
Reference price 2 21.20 32.25 23.00 10.60 5.75 14.80
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.21x - - 5.59% 42Cr
40.54x13.91x26.63x0.73% 11TCr
37.01x1.74x19.77x-.--% 5.49TCr
62.62x9.14x44x1.2% 5.43TCr
34.33x2.66x13.74x0.93% 4.15TCr
41.58x2.2x18.79x1.39% 3.02TCr
30.72x4.66x18.61x-.--% 2.9TCr
8.9x5.12x10.06x2.48% 2.26TCr
39.09x6.05x24.17x0.65% 1.98TCr
30.33x1.07x12x0.25% 1.62TCr
Average 33.53x 5.17x 20.86x 1.32% 3.79TCr
Weighted average by Cap. 39.41x 7.10x 23.73x 0.8%

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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