Company Valuation: Thai Rung Union Car

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,210 2,894 3,896 2,258 2,301 2,579
Change - 30.96% 34.64% -42.03% 1.9% 12.05%
Enterprise Value (EV) 1 1,890 2,367 3,019 1,299 744.1 1,008
Change - 25.26% 27.55% -56.98% -42.7% 35.5%
P/E Ratio -24.2x 37.4x 9.92x 12.5x 6.05x 9.55x
PBR 0.69x 0.88x 1.06x 0.62x 0.59x 0.66x
PEG - -0x 0x -0.2x 0x -0.3x
Capitalization / Revenue 1.44x 1.46x 1.35x 0.94x 1.01x 1.41x
EV / Revenue 1.23x 1.2x 1.05x 0.54x 0.33x 0.55x
EV / EBITDA 42.3x 11.5x 5.44x 4.45x 2.42x 3.36x
EV / EBIT -23x 28.9x 6.99x 7.88x 3.7x 5.03x
EV / FCF 8.21x 11.2x 10.1x 6.71x 1.95x 6.97x
FCF Yield 12.2% 8.97% 9.88% 14.9% 51.3% 14.3%
Dividend per Share 2 0.0545 0.0909 0.3182 0.2 0.3 -
Rate of return 1.6% 2.06% 5.43% 5.92% 8.77% -
EPS 2 -0.1406 0.1182 0.5909 0.27 0.5656 0.4086
Distribution rate -38.8% 76.9% 53.9% 74.1% 53% -
Net sales 1 1,530 1,979 2,884 2,411 2,272 1,826
EBITDA 1 44.72 206 555.4 291.9 308 300.1
EBIT 1 -82.32 81.84 431.7 164.8 201.2 200.6
Net income 1 -91.36 78.43 394.1 183.2 380.2 275.1
Net Debt 1 -320.1 -526.9 -877.3 -959.7 -1,557 -1,570
Reference price 2 3.400 4.418 5.864 3.380 3.420 3.900
Nbr of stocks (in thousands) 6,49,932 6,54,992 6,64,468 6,68,182 6,72,899 6,61,180
Announcement Date 23/02/21 24/02/22 28/02/23 29/02/24 27/02/25 02/03/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 7.64Cr
27.32x1.78x14.68x1.15% 5.34TCr
18.56x0.76x5.61x3.14% 3.66TCr
12.74x0.79x10.46x1.15% 3.57TCr
11.1x0.62x5.08x3.88% 3.12TCr
13.15x2.42x8.5x4.46% 1.97TCr
10.98x0.51x5.03x2.97% 1.82TCr
12.05x1.05x6.1x4.28% 1.67TCr
37.29x1.3x14.33x0.59% 1.59TCr
32.89x3.04x18.16x0.93% 1.56TCr
Average 19.56x 1.36x 9.77x 2.5% 2.43TCr
Weighted average by Cap. 19.37x 1.29x 9.85x 2.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Thai Rung Union Car
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