Company Valuation: Thai Mitsuwa

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,456 1,416 1,586 2,404 2,155 2,204
Change - -2.74% 11.97% 51.57% -10.37% 2.31%
Enterprise Value (EV) 1 1,193 1,062 922.3 1,434 1,063 1,067
Change - -10.96% -13.18% 55.43% -25.88% 0.46%
P/E 23.9x 11.9x 7.05x 4.36x 4.5x 4.08x
PBR 0.59x 0.56x 0.58x 0.75x 0.61x 0.56x
PEG - 0.1x 0.1x 0x -0.3x 0.3x
Capitalization / Revenue 0.59x 0.46x 0.43x 0.59x 0.55x 0.52x
EV / Revenue 0.48x 0.35x 0.25x 0.35x 0.27x 0.25x
EV / EBITDA 3.61x 3.06x 2.01x 1.73x 1.28x 1.14x
EV / EBIT 10.1x 7.22x 3.68x 2.36x 1.79x 1.64x
EV / FCF 3.74x 64x 2.67x 6.77x 5.32x 5.3x
FCF Yield 26.7% 1.56% 37.5% 14.8% 18.8% 18.9%
Dividend per Share 2 0.46 0.9 1.7 4.15 3.61 4.07
Rate of return 1.26% 2.54% 4.28% 6.89% 6.69% 7.37%
EPS 2 1.525 2.982 5.636 13.82 12 13.54
Distribution rate 30.2% 30.2% 30.2% 30% 30.1% 30%
Net sales 1 2,483 3,079 3,709 4,059 3,919 4,219
EBITDA 1 330.6 347.2 459.3 828 833 935.9
EBIT 1 118 147.1 250.5 607.5 595 651.2
Net income 1 60.84 119 224.9 551.6 479 540.4
Net Debt 1 -263.2 -354.1 -663.7 -970.4 -1,092 -1,137
Reference price 2 36.50 35.50 39.75 60.25 54.00 55.25
Nbr of stocks (in thousands) 39,900 39,900 39,900 39,900 39,900 39,900
Announcement Date 31/05/21 31/05/22 29/05/23 29/05/24 30/05/25 28/05/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 6.82Cr
16.95x0.8x5.67x4.73% 2.13TCr
25.01x3.89x12.56x6.66% 1.9TCr
-90.58x0.87x6.48x0.8% 1.55TCr
-315.26x - - -.--% 1.45TCr
18.41x2.51x54.34x1.9% 1.33TCr
21.05x3.18x11x2.22% 702.91Cr
22.68x2.24x14.64x1.74% 562.46Cr
22.44x0.77x11.43x2.85% 543.67Cr
24.86x2.55x16.28x2.14% 464.15Cr
Average -28.27x 2.10x 16.55x 2.56% 1.06TCr
Weighted average by Cap. -41.10x 2.05x 16.11x 2.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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