Company Valuation: KCE Electronics

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,03,980 54,961 65,015 28,961 21,514 67,675 - -
Change - -47.14% 18.29% -55.45% -25.71% 214.56% - -
Enterprise Value (EV) 1 1,05,683 57,642 65,475 28,511 20,981 67,353 67,108 67,486
Change - -45.46% 13.59% -56.45% -26.41% 221.02% -0.36% 0.56%
P/E 42.9x 23.7x 37.9x 17.6x 26x 49.3x 33.9x 31.9x
PBR 7.75x 4.1x 4.75x 2.11x 1.64x 5.11x 4.91x 4.71x
PEG - -5.4x -1.5x -4.25x -0.5x 0.7x 0.7x 5.27x
Capitalization / Revenue 6.96x 2.98x 3.98x 1.95x 1.65x 4.6x 4.04x 3.86x
EV / Revenue 7.07x 3.12x 4.01x 1.92x 1.6x 4.57x 4x 3.85x
EV / EBITDA 28.3x 17.3x 24x 11.3x 11.5x 24.8x 19.2x 18.7x
EV / EBIT 39x 26x 40.2x 19.6x 28.9x 43.9x 30.5x 29.3x
EV / FCF 10,304x 56.8x 17.4x 11.4x 13.2x 39.9x 40.4x 24.4x
FCF Yield 0.01% 1.76% 5.76% 8.8% 7.56% 2.51% 2.48% 4.1%
Dividend per Share 2 1 1.6 1.2 1.3 1.2 1.18 1.395 1.421
Rate of return 1.14% 3.44% 2.18% 5.31% 6.59% 2.06% 2.44% 2.48%
EPS 2 2.05 1.96 1.45 1.39 0.7 1.162 1.691 1.793
Distribution rate 48.8% 81.6% 82.8% 93.5% 171% 102% 82.5% 79.2%
Net sales 1 14,938 18,456 16,344 14,833 13,075 14,723 16,764 17,549
EBITDA 1 3,733 3,328 2,724 2,522 1,824 2,718 3,488 3,610
EBIT 1 2,709 2,214 1,629 1,455 725 1,534 2,203 2,300
Net income 1 2,426 2,317 1,720 1,648 832.7 1,381 2,001 2,119
Net Debt 1 1,703 2,680 460.4 -449.9 -533 -322 -566.5 -188.5
Reference price 2 88.00 46.50 55.00 24.50 18.20 57.25 57.25 57.25
Nbr of stocks (in thousands) 11,81,590 11,81,966 11,82,089 11,82,089 11,82,089 11,82,089 - -
Announcement Date 08/02/22 07/02/23 13/02/24 24/02/25 10/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.51x12.81x19.39x0.33% 5,41900Cr
22.21x10.89x14.76x1.14% 1,94700Cr
40.67x16.73x24.59x0.71% 1,74700Cr
13.16x7.99x9.65x0.06% 1,08000Cr
4.61x2.85x3.43x0.23% 87TCr
79.77x14.44x54.28x-.--% 75TCr
-39.03x7.87x21.89x-.--% 47TCr
186.88x40.73x83.05x-.--% 25TCr
Average 41.35x 14.29x 28.88x 0.31% 1,56600Cr
Weighted average by Cap. 27.33x 12.42x 20.90x 0.44%

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