Company Valuation: Krungthai Car Rent and Lease

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,250 2,075 2,162 1,925 1,135 1,338
Change - -7.78% 4.22% -10.98% -41.04% 17.84%
Enterprise Value (EV) 1 5,163 4,916 4,797 5,018 4,189 3,693
Change - -4.78% -2.41% 4.6% -16.51% -11.85%
P/E 10.2x 9.18x 11.8x 9.99x 11.8x 7.91x
PBR 1.06x 0.92x 0.93x 0.81x 0.47x 0.53x
PEG - 4.17x -0.6x 1.93x -0.2x 0.1x
Capitalization / Revenue 1.03x 0.95x 0.96x 0.89x 0.55x 0.53x
EV / Revenue 2.37x 2.24x 2.12x 2.33x 2.02x 1.47x
EV / EBITDA 4.5x 4.06x 4.07x 4.24x 3.74x 3.1x
EV / EBIT 18.9x 14.7x 15.5x 15.4x 18.4x 12.1x
EV / FCF 4.76x 5.57x 4.21x 5.38x 6.49x 2.96x
FCF Yield 21% 18% 23.7% 18.6% 15.4% 33.8%
Dividend per Share 2 0.44 0.43 0.49 0.37 0.19 0.33
Rate of return 4.89% 5.18% 5.66% 4.81% 4.19% 6.17%
EPS 2 0.885 0.9045 0.7329 0.7708 0.3843 0.6761
Distribution rate 49.7% 47.5% 66.9% 48% 49.4% 48.8%
Net sales 1 2,175 2,193 2,264 2,154 2,074 2,504
EBITDA 1 1,147 1,211 1,179 1,183 1,121 1,191
EBIT 1 272.9 335.4 310 326.4 227.9 305.7
Net income 1 221.2 226.1 183.2 192.7 96.08 169
Net Debt 1 2,913 2,841 2,635 3,093 3,054 2,356
Reference price 2 9.000 8.300 8.650 7.700 4.540 5.350
Nbr of stocks (in thousands) 2,50,000 2,50,000 2,50,000 2,50,000 2,50,000 2,50,000
Announcement Date 25/02/21 24/02/22 27/02/23 28/02/24 27/02/25 25/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.61Cr
8.97x1.49x4.71x6.14% 774.13Cr
90.59x0.74x10.26x-.--% 415.82Cr
9.59x1.4x4.33x5.45% 337.93Cr
13.03x1.94x4.15x2.51% 127.81Cr
11.39x1.78x2.85x3.74% 83Cr
-2.49x1.98x77.55x-.--% 65Cr
5.4x1.35x3.29x3.51% 61Cr
17.3x1.64x4.08x1.5% 38Cr
Average 19.22x 1.54x 13.90x 2.85% 211.83Cr
Weighted average by Cap. 26.95x 1.37x 8.16x 3.94%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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