Company Valuation: J.R.W. Utility

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,548 5,852 5,472 4,066 1,657 1,300
Change - 5.48% -6.49% -25.69% -59.25% -21.56%
Enterprise Value (EV) 1 4,166 5,140 5,574 3,763 1,386 1,056
Change - 23.39% 8.44% -32.49% -63.18% -23.82%
P/E 43.9x 27x 36.6x 65.8x 25x 13.1x
PBR 3.8x 3.59x 3.27x 2.45x 0.98x 0.74x
PEG - 0.4x -1.2x -1.1x 3.46x 0.3x
Capitalization / Revenue 4.33x 2.72x 2.89x 2.07x 1.03x 0.67x
EV / Revenue 3.25x 2.39x 2.95x 1.92x 0.86x 0.54x
EV / EBITDA 37.4x 19x 28.9x 44.9x 15.1x 7.37x
EV / EBIT 38.7x 19.3x 29.8x 49.3x 16.7x 7.81x
EV / FCF -21.9x -8.26x -8.03x 5.99x -10.6x -165x
FCF Yield -4.57% -12.1% -12.5% 16.7% -9.48% -0.61%
Dividend per Share 2 0.06 0.14 0.09 0.04 0.04 0.055
Rate of return 0.82% 1.82% 1.25% 0.75% 1.83% 3.22%
EPS 2 0.1662 0.2856 0.1967 0.0813 0.0872 0.1309
Distribution rate 36.1% 49% 45.8% 49.2% 45.9% 42%
Net sales 1 1,282 2,150 1,891 1,962 1,602 1,938
EBITDA 1 111.5 270.7 193 83.85 91.82 143.2
EBIT 1 107.6 265.9 187.3 76.27 82.82 135.2
Net income 1 88.17 217 149.5 61.78 66.25 99.5
Net Debt 1 -1,382 -711.8 102 -303 -271.1 -244
Reference price 2 7.300 7.700 7.200 5.350 2.180 1.710
Nbr of stocks (in thousands) 7,60,000 7,60,000 7,60,000 7,60,000 7,60,000 7,60,000
Announcement Date 19/02/21 21/02/22 24/02/23 22/02/24 26/02/25 25/02/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 3.93Cr
67.67x2.92x28.54x0.07% 9.81TCr
13.11x1.06x5.82x4.48% 7.09TCr
42.44x5.21x28.87x0.16% 6.44TCr
25.18x1.93x18.74x1.24% 5.39TCr
55.04x4.58x29.3x1.67% 4.55TCr
32.32x0.77x12.81x1.95% 3.83TCr
26.25x1.7x16.42x0.18% 3.42TCr
4.84x0.3x5.82x5.89% 2.87TCr
14.82x0.4x4.46x4.5% 2.1TCr
Average 31.30x 2.10x 16.75x 2.24% 4.55TCr
Weighted average by Cap. 36.81x 2.45x 19.18x 1.81%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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