Company Valuation: Thai Ha

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 297.5 467 444.8 389.2 253 166.8
Change - 57.01% -4.76% -12.5% -35% -34.07%
Enterprise Value (EV) 1 501 753.9 658.6 663.4 553.7 478.8
Change - 50.5% -12.65% 0.74% -16.53% -13.53%
P/E -12.6x -6.77x -15.8x -4.62x -4.14x -2.32x
PBR 0.99x 1.98x 1.37x 1.62x 1.19x 1.18x
PEG - -0x 0.3x -0x 0.2x -0.1x
Capitalization / Revenue 0.49x 0.87x 0.93x 0.81x 0.67x 0.55x
EV / Revenue 0.82x 1.4x 1.38x 1.37x 1.46x 1.57x
EV / EBITDA -55.4x -14.8x -28.6x -14x -25.3x -15.1x
EV / EBIT -18.6x -11.1x -15.9x -9.62x -12.9x -9.05x
EV / FCF -39.1x -9.8x 28.7x -43x -198x 27.5x
FCF Yield -2.56% -10.2% 3.49% -2.33% -0.51% 3.64%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0849 -0.2482 -0.1012 -0.3029 -0.2198 -0.2581
Distribution rate - - - - - -
Net sales 1 609.4 537.7 476 483.4 378.5 304.6
EBITDA 1 -9.037 -50.82 -23.03 -47.51 -21.86 -31.79
EBIT 1 -26.98 -68.07 -41.48 -68.97 -42.92 -52.9
Net income 1 -23.59 -69.01 -28.14 -80.54 -57.41 -68.08
Net Debt 1 203.5 286.9 213.8 274.2 300.8 312
Reference price 2 1.0700 1.6800 1.6000 1.4000 0.9100 0.6000
Nbr of stocks (in thousands) 2,78,000 2,78,000 2,78,000 2,78,000 2,78,000 2,78,000
Announcement Date 25/02/21 22/02/22 27/02/23 27/02/24 25/02/25 25/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 59.83L
20.32x2.78x13.85x4.07% 24TCr
19.18x2.43x14.47x3.41% 7.69TCr
15.84x1.67x9.43x3.95% 4.37TCr
15.02x0.54x9.63x2.57% 3.91TCr
20.14x3.07x12.48x3.47% 3.34TCr
34.61x3x17.45x1.07% 3.06TCr
-8.33x1.83x9.11x6.79% 2.8TCr
63.23x9.7x40.23x1.2% 2.75TCr
11.11x0.37x8.41x2.64% 2.09TCr
Average 21.24x 2.82x 15.01x 3.24% 5.4TCr
Weighted average by Cap. 20.55x 2.72x 14.28x 3.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA