Company Valuation: Thai Plaspac

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,049 5,127 4,245 5,421 3,168 2,678
Change - 26.61% -17.2% 27.69% -41.57% -15.46%
Enterprise Value (EV) 1 5,881 7,908 7,220 8,346 6,300 5,476
Change - 34.46% -8.69% 15.6% -24.52% -13.07%
P/E 12.6x 33.5x 13.3x 11.1x 7.65x 5.61x
PBR 1.96x 2.4x 1.92x 2.22x 1.12x 0.92x
PEG - -0.6x 0x 0.2x -0.5x 0.4x
Capitalization / Revenue 1x 0.98x 0.6x 0.79x 0.43x 0.39x
EV / Revenue 1.46x 1.51x 1.02x 1.21x 0.86x 0.79x
EV / EBITDA 6.96x 8.32x 6.96x 6.48x 5.04x 4.2x
EV / EBIT 11x 14.6x 12.5x 10.2x 8.59x 6.83x
EV / FCF 28.1x 56.9x 103x 36.3x 37.9x 10.5x
FCF Yield 3.56% 1.76% 0.98% 2.75% 2.64% 9.48%
Dividend per Share 2 0.292 0.141 0.293 0.45 0.38 0.438
Rate of return 2.35% 0.9% 2.25% 2.71% 3.92% 5.34%
EPS 2 0.986 0.4683 0.9764 1.501 1.268 1.461
Distribution rate 29.6% 30.1% 30% 30% 30% 30%
Net sales 1 4,033 5,253 7,074 6,893 7,299 6,891
EBITDA 1 845.2 950.4 1,038 1,288 1,251 1,303
EBIT 1 535.3 539.8 575.5 817.3 733.3 802
Net income 1 322 152.9 318.8 490.2 414.1 477
Net Debt 1 1,832 2,781 2,975 2,926 3,132 2,798
Reference price 2 12.40 15.70 13.00 16.60 9.70 8.20
Nbr of stocks (in thousands) 3,26,550 3,26,550 3,26,550 3,26,550 3,26,550 3,26,550
Announcement Date 25/02/21 27/02/22 24/02/23 23/02/24 28/02/25 27/02/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.7x2.19x10.57x1.48% 837.55Cr
9.97x1.55x8.14x3.52% 145.29Cr
14.38x1.08x7.33x2.79% 139.19Cr
10x - - - 134.95Cr
23.64x - - - 120.94Cr
Average 16.54x 1.61x 8.68x 2.6% 275.58Cr
Weighted average by Cap. 20.57x 1.97x 9.85x 1.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA