Company Valuation: Netbay

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,720 5,000 4,960 3,400 4,260 2,420 - -
Change - 5.93% -0.8% -31.45% 25.29% -43.19% - -
Enterprise Value (EV) 1 4,720 4,938 4,878 3,292 4,068 2,214 2,097 2,043
Change - 4.62% -1.22% -32.5% 23.57% -45.58% -5.27% -2.57%
P/E 28.4x 29.4x 27.6x 15.7x 16x 16.1x 9.76x 8.83x
PBR 9.79x - - - - - - -
PEG - 12.2x 4.69x 0.8x 0.7x -0.4x 0.1x 0.8x
Capitalization / Revenue 11.8x 10.9x 10.2x 5.85x 5.85x 4.45x 3.08x 2.84x
EV / Revenue 11.8x 10.8x 10x 5.66x 5.59x 4.07x 2.67x 2.4x
EV / EBITDA 23.4x 21.9x 20.6x 11.1x 11.2x 9.97x 6.04x 5.36x
EV / EBIT 25.2x 23.3x 22.1x 12.1x 12.2x 11.7x 6.72x 5.94x
EV / FCF 23.1x 36.8x 25.1x 27.2x 14.7x 12.4x 8.22x 7.25x
FCF Yield 4.33% 2.72% 3.98% 3.67% 6.82% 8.04% 12.2% 13.8%
Dividend per Share 2 0.7945 0.8162 0.8983 1.179 1.579 0.67 1.12 1.23
Rate of return 3.37% 3.26% 3.62% 6.94% 7.41% 5.54% 9.26% 10.2%
EPS 2 0.83 0.85 0.9 1.08 1.33 0.75 1.24 1.37
Distribution rate 95.7% 96% 99.8% 109% 119% 89.3% 90.3% 89.8%
Net sales 1 400.5 457.2 487.4 581.5 728.2 544 786 853
EBITDA 1 201.9 225.5 236.6 296.7 364.3 222 347 381
EBIT 1 187.1 211.7 220.8 271 333.7 189 312.1 343.9
Net income 1 165.6 169.7 180.3 215.9 265.6 150 248 273
Net Debt 1 - -61.81 -82.15 -107.6 -191.5 -206 -322.7 -376.7
Reference price 2 23.60 25.00 24.80 17.00 21.30 12.10 12.10 12.10
Nbr of stocks (in thousands) 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 - -
Announcement Date 24/02/22 23/02/23 22/02/24 21/02/25 25/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.13x4.07x9.97x5.54% 7.33Cr
23.78x4.97x12.19x0.7% 20TCr
-528.8x37.56x154.3x-.--% 11TCr
-17.2x7.44x12.73x-.--% 4.91TCr
61.96x5.99x23.78x-.--% 1.78TCr
61.56x5.83x19.38x-.--% 1.48TCr
240.56x13.04x33.45x-.--% 1.45TCr
-40.48x142.41x-47.94x - 625.7Cr
18.48x3.69x9.88x-.--% 543.55Cr
26.04x6.11x13.42x-.--% 519.89Cr
Average -13.80x 23.11x 24.12x 0.69% 4.26TCr
Weighted average by Cap. -113.21x 15.96x 49.21x 0.34%

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

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