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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 1.89Cr
41.95x3.15x8x1.6% 1.43TCr
17.33x2.3x9.72x3.12% 1.3TCr
33.61x1.94x16.26x2.31% 1.23TCr
25.17x4.66x14.5x1.63% 367.2Cr
15.7x1.04x8.54x2% 352.05Cr
40.15x6.46x14.57x-.--% 281.45Cr
22.17x1.24x5.89x0.34% 231.12Cr
Average 28.01x 2.97x 11.07x 1.57% 648.45Cr
Weighted average by Cap. 29.87x 2.71x 11.15x 2.03%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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