Company Valuation: Ramkhamhaeng Hospital

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 47,700 64,500 43,200 27,120 22,080 21,240 - -
Change - 35.22% -33.02% -37.22% -18.58% -3.8% - -
Enterprise Value (EV) 1 47,700 64,500 52,149 36,730 37,453 34,925 34,613 34,213
Change - 35.22% -19.15% -29.57% 1.97% -6.75% -0.89% -1.16%
P/E 11.4x 30.9x 27.9x 37x 7.9x 15.9x 14.8x 13.7x
PBR 2.78x 3.33x 2.33x 1.01x 1.01x 0.95x 0.92x 0.89x
PEG - -0.6x -1.1x -0.7x 0x -0.3x 2.06x 1.72x
Capitalization / Revenue 3.77x 6.75x 4.48x 3.02x 1.5x 0.96x 0.93x 0.91x
EV / Revenue 3.77x 6.75x 5.41x 4.1x 2.54x 1.58x 1.52x 1.46x
EV / EBITDA 6.76x 23x 31.6x 19x 13.8x 9.83x 9.21x 8.57x
EV / EBIT 7.86x 35.7x 84.9x 41.1x 30.6x 17.9x 16.6x 15.4x
EV / FCF 19.8x - -201x -1,032x 35.3x 13.8x 29.4x 27.4x
FCF Yield 5.06% - -0.5% -0.1% 2.83% 7.24% 3.4% 3.65%
Dividend per Share 2 0.76 1.1 - - 0.1 0.625 0.64 0.67
Rate of return 1.91% 2.05% - - 0.54% 3.53% 3.62% 3.79%
EPS 2 3.49 1.74 1.29 0.61 2.33 1.115 1.195 1.29
Distribution rate 21.8% 63.2% - - 4.29% 56.1% 53.6% 51.9%
Net sales 1 12,664 9,561 9,634 8,965 14,752 22,078 22,750 23,450
EBITDA 1 7,054 2,805 1,650 1,932 2,711 3,552 3,758 3,994
EBIT 1 6,068 1,807 614.3 894.6 1,224 1,956 2,082 2,228
Net income 1 4,193 2,088 1,551 727.8 2,798 1,342 1,430 1,546
Net Debt 1 - - 8,949 9,610 15,373 13,685 13,373 12,973
Reference price 2 39.75 53.75 36.00 22.60 18.40 17.70 17.70 17.70
Nbr of stocks (in thousands) 12,00,000 12,00,000 12,00,000 12,00,000 12,00,000 12,00,000 - -
Announcement Date 01/03/22 02/03/23 01/03/24 03/03/25 02/03/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.96x1.59x9.87x3.51% 65Cr
13.89x0.41x8.68x2.82% 12TCr
14.43x1.81x9.06x0.73% 9.08TCr
14.15x1.53x9.25x2.52% 3.03TCr
24.11x2.67x13.55x1.34% 2.7TCr
33.08x5.94x24.4x2.1% 2.25TCr
8.32x1.47x6.69x-.--% 2.16TCr
16.27x1.5x7.59x4.87% 1.49TCr
13.9x1x5.63x3.54% 1.24TCr
12.35x1.58x7.64x0.93% 1.14TCr
Average 16.65x 1.95x 10.23x 2.24% 3.5TCr
Weighted average by Cap. 15.78x 1.57x 9.90x 1.97%

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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