Company Valuation: Matching Maximize Solution

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,212 1,462 1,532 1,126 867.6 640.9
Change - 20.65% 4.81% -26.53% -22.92% -26.13%
Enterprise Value (EV) 1 1,426 1,611 1,710 1,278 982.1 716.3
Change - 12.95% 6.12% -25.23% -23.17% -27.07%
P/E -7.13x -88.8x -23.5x 55.9x 69.9x -12.6x
PBR 0.91x 1.11x 1.22x 0.88x 0.67x 0.52x
PEG - 1x -0x -0x -1.8x 0x
Capitalization / Revenue 4.85x 4.17x 4.46x 2.5x 1.84x 2.24x
EV / Revenue 5.71x 4.59x 4.98x 2.84x 2.08x 2.51x
EV / EBITDA -15.4x 20.7x 72.8x 12.7x 10.1x -72.6x
EV / EBIT -7.63x -223x -30.3x 48x 39.5x -8.92x
EV / FCF -39.8x 23.1x -305x 362x 21.7x 64.6x
FCF Yield -2.51% 4.34% -0.33% 0.28% 4.61% 1.55%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.2173 -0.0211 -0.0835 0.0258 0.0159 -0.0651
Distribution rate - - - - - -
Net sales 1 249.7 350.8 343.1 450.8 472.6 285.8
EBITDA 1 -92.52 77.79 23.49 100.8 97.53 -9.868
EBIT 1 -186.8 -7.237 -56.44 26.61 24.86 -80.28
Net income 1 -169.9 -16.47 -65.26 20.13 12.42 -50.88
Net Debt 1 214.6 149.3 177.6 152.6 114.5 75.35
Reference price 2 1.5500 1.8700 1.9600 1.4400 1.1100 0.8200
Nbr of stocks (in thousands) 7,81,629 7,81,629 7,81,629 7,81,629 7,81,629 7,81,629
Announcement Date 22/02/21 23/02/22 22/02/23 22/02/24 26/02/25 26/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.72Cr
-357.89x1.53x16.09x-.--% 4.14TCr
-9.32x1.72x9.29x2.37% 3.98TCr
21.65x2.42x11.57x3.43% 3.2TCr
53.32x3.68x27.11x-.--% 2.32TCr
21.31x2.71x11.35x2.53% 1.59TCr
35.13x1.78x16.2x2.36% 1.16TCr
26.59x3.36x14.52x1.36% 877.79Cr
-245.72x10.43x301.77x-.--% 746.91Cr
122.63x3.1x6.75x0.35% 654.04Cr
Average -36.92x 3.42x 46.07x 1.38% 1.87TCr
Weighted average by Cap. -71.28x 2.60x 25.86x 1.53%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Matching Maximize Solution

Historical PBR trend

Valuation ratios - PBR - Matching Maximize Solution

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Matching Maximize Solution

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Matching Maximize Solution

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