Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,07,676 3,96,474 3,86,809 3,38,955 2,93,980 2,83,738 - -
Change - -2.75% -2.44% -12.37% -13.27% -3.48% - -
Enterprise Value (EV) 1 5,92,999 5,56,888 5,50,339 5,25,552 4,77,513 4,49,265 4,35,705 4,25,347
Change - -6.09% -1.18% -4.5% -9.14% -5.92% -3.02% -2.38%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 10.6x 9.92x 9.43x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 1.87x 1.73x 1.61x
PEG - 0.6x -1.54x -13.63x -1.79x 2.05x 1.39x 1.81x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.84x 0.81x 0.79x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.34x 1.25x 1.18x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.14x 7.73x 7.3x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10x 9.52x 8.88x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.1x 11.3x 10.5x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.89% 8.83% 9.51%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.6182 0.6442 0.667
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.48% 5.71% 5.91%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.062 1.138 1.197
Distribution rate 51% 50% 55% 57.4% 61.4% 58.2% 56.6% 55.7%
Net sales 1 2,40,543 2,72,359 2,79,085 3,40,289 3,33,286 3,35,891 3,48,490 3,59,984
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,211 56,377 58,281
EBIT 1 33,782 38,583 36,229 45,874 43,811 44,837 45,759 47,921
Net income 1 24,645 30,106 27,434 27,216 25,361 27,113 28,905 30,420
Net Debt 1 1,85,323 1,60,414 1,63,530 1,86,597 1,83,534 1,65,527 1,51,967 1,41,609
Reference price 2 16.23 15.78 15.40 13.49 11.70 11.29 11.29 11.29
Nbr of stocks (in thousands) 2,51,18,755 2,51,20,888 2,51,24,754 2,51,27,675 2,51,30,487 2,51,31,686 - -
Announcement Date 26/11/21 25/11/22 22/11/23 21/11/24 25/11/25 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.81x8.01x12.05x4.12% 23TCr
13.23x3.38x10.02x2.6% 4.7TCr
18.44x3.28x8.55x7.13% 4.05TCr
14.01x3.76x9.44x4.76% 2.1TCr
10.81x2.69x8.95x7.89% 1.67TCr
13.06x4.16x7.72x6.48% 1.58TCr
15.38x3.55x12.06x3.66% 1.2TCr
49.67x5.5x29.75x1.08% 984.62Cr
10.51x1.33x8.08x5.54% 833.69Cr
Average 18.22x 3.96x 11.85x 4.81% 4.51TCr
Weighted average by Cap. 17.80x 6.08x 11.38x 4.47%

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