Company Valuation: Samart Aviation Solutions

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 10,304 12,288 7,470 7,533 - -
Change - 19.25% -39.21% 0.85% - -
Enterprise Value (EV) 10,304 11,700 7,470 7,533 7,533 7,533
Change - 13.55% -36.16% 0.85% 0% 0%
P/E 35x 26.3x 13.8x 13.1x 12x 11.2x
PBR 8.08x 8.06x 5.43x 4.9x 4.56x 3.84x
PEG 1.1x 0.4x 0.8x 2.23x 1.35x 1.57x
Capitalization / Revenue 6.27x 7x 3.61x 3.81x 3.49x 3.19x
EV / Revenue 0x 0x 0x 3.81x 3.49x 3.19x
EV / EBITDA 0x 0x 0x 9.18x 8.28x 7.31x
EV / EBIT 0x 0x 0x 9.83x 8.97x -
EV / FCF 0x 0x 0x 14.5x 12.7x -
FCF Yield 2.94% 4.2% 8.79% 6.89% 7.88% -
Dividend per Share 2 0.75 1.1 0.9 0.78 0.84 0.84
Rate of return 4.66% 5.73% 7.69% 6.61% 7.12% 7.12%
EPS 2 0.46 0.73 0.85 0.9 0.98 1.05
Distribution rate 163% 151% 106% 86.7% 85.7% 80%
Net sales 1 1,644 1,756 2,071 1,980 2,157 2,360
EBITDA 1 579.1 710 826.2 820.3 909.7 1,031
EBIT 1 514.8 642.5 753.3 766.5 840 -
Net income 1 271.6 464.3 545.8 567.3 628.3 675
Net Debt - -588 - - - -
Reference price 2 16.10 19.20 11.70 11.80 11.80 11.80
Nbr of stocks (in thousands) 6,40,000 6,40,000 6,38,425 6,38,425 - -
Announcement Date 21/02/24 19/02/25 27/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.89x - - 6.72% 23Cr
46.62x13.77x24.24x1.26% 2.86TCr
20.53x3.18x9.94x1.53% 686.58Cr
22.93x4.35x11.09x3.2% 491.61Cr
13.48x5.6x8.62x5.72% 496.34Cr
142.5x - - 0.35% 484.73Cr
16.43x6.07x10.03x6.11% 385.7Cr
26.01x2.52x9.97x5.97% 310.44Cr
25.79x1.44x4.99x1.93% 284.83Cr
Average 36.36x 5.27x 11.27x 3.64% 668.73Cr
Weighted average by Cap. 42.59x 9.07x 17.09x 2.35%

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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  4. Valuation Samart Aviation Solutions