Company Valuation: Principal Capital

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 13,849 18,053 22,090 17,139 11,045 6,475
Change - 30.35% 22.36% -22.41% -35.56% -41.38%
Enterprise Value (EV) 1 18,029 21,517 26,805 23,411 13,627 10,317
Change - 19.35% 24.58% -12.66% -41.79% -24.29%
P/E -27.1x 219x 92x -24.8x 31.4x -15.9x
PBR 1.67x 1.84x 2.32x 1.95x 1.21x 0.74x
PEG - -2x 0x 0x -0x 0x
Capitalization / Revenue 5.22x 3.57x 3.3x 3.04x 1.94x 1.07x
EV / Revenue 6.8x 4.25x 4.01x 4.15x 2.39x 1.7x
EV / EBITDA 934x 27.6x 27.5x 136x 54.4x 34.2x
EV / EBIT -39.9x 73.3x 58.2x -55.9x -48.9x -38.7x
EV / FCF -57.1x -10.7x 21.2x -70.3x -15.5x -19x
FCF Yield -1.75% -9.35% 4.73% -1.42% -6.46% -5.25%
Dividend per Share 2 - - - - 0.01 0.012
Rate of return - - - - 0.34% 0.71%
EPS 2 -0.1478 0.0216 0.063 -0.1812 0.0923 -0.1066
Distribution rate - - - - 10.8% -11.3%
Net sales 1 2,651 5,059 6,685 5,640 5,703 6,064
EBITDA 1 19.3 779.9 973.8 171.9 250.5 301.6
EBIT 1 -452.3 293.5 461 -418.9 -278.5 -266.3
Net income 1 -511.7 79.38 240 -690.3 351.4 -406
Net Debt 1 4,179 3,465 4,716 6,273 2,582 3,843
Reference price 2 4.000 4.740 5.800 4.500 2.900 1.700
Nbr of stocks (in thousands) 34,62,337 38,08,571 38,08,571 38,08,571 38,08,571 38,08,571
Announcement Date 24/02/21 24/02/22 24/02/23 28/02/24 26/02/25 27/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 19Cr
31.28x2.94x13.2x1.4% 1.74TCr
51.36x4.43x28.81x0.27% 1.33TCr
19.15x2.27x10.61x0.65% 1.2TCr
24.61x2.88x10.04x1.64% 1.09TCr
79.69x7.88x31.88x - 1.02TCr
24.55x1.99x16.06x0.16% 1TCr
19.65x2.86x11.77x4.08% 948.55Cr
42.46x1.08x8.93x1.53% 898.28Cr
14.05x1.35x7.96x1.88% 862.12Cr
Average 34.09x 3.07x 15.47x 1.45% 1.01TCr
Weighted average by Cap. 34.40x 3.14x 15.81x 1.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  4. Valuation Principal Capital