Company Valuation: 3BB Internet Infrastructure Fund

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 82,400 64,400 50,000 41,600 50,400 51,600 51,600 -
Change - -21.84% -22.36% -16.8% 21.15% 2.38% 0% -
Enterprise Value (EV) 96,728 64,400 63,047 53,744 60,462 51,600 56,114 55,658
Change - -33.42% -2.1% -14.76% 12.5% -14.66% 8.75% -0.81%
P/E 9.58x 8.02x 13.7x -3.73x 9.55x 7.33x 33.9x 8.06x
PBR 0.93x 0.72x 0.59x 0.62x 0.75x 0.75x 0.78x 0.76x
PEG - -1.21x -0.3x 0x -0x 0.2x -0.4x 0x
Capitalization / Revenue 8.12x 6.35x 4.87x 4.41x 6.78x 6.92x 6.91x 6.87x
EV / Revenue 0x 0x 0x 0x 0x 6.93x 6.91x 6.87x
EV / EBITDA 0x 0x 0x 0x 0x 7.65x 7.66x 7.63x
EV / EBIT 0x 0x 0x 0x 0x 7.68x 7.61x 7.62x
EV / FCF - - 0x 0x 0x 7.95x 7.92x 7.8x
FCF Yield - - 18.7% 20.6% 16.9% 11.6% 12.6% 12.8%
Dividend per Share 2 0.99 0.95 0.92 0.69 - 0.5159 0.6248 0.6483
Rate of return 9.61% 11.8% 14.7% 13.3% - 8% 9.69% 10.1%
EPS 2 1.075 1.004 0.4563 -1.392 0.6599 0.8805 0.19 0.8001
Distribution rate 92.1% 94.6% 202% -49.6% - 58.6% 329% 81%
Net sales 1 10,144 10,144 10,269 9,437 7,429 7,459 7,472 7,509
EBITDA 1 9,531 9,519 9,617 8,770 6,723 6,753 6,734 6,759
EBIT 1 9,531 9,519 9,617 8,770 6,723 6,753 6,780 6,775
Net income 1 9,101 8,030 3,650 -11,139 5,279 7,044 1,522 6,448
Net Debt 14,328 - 13,047 12,144 10,062 - 4,514 4,058
Reference price 2 10.300 8.050 6.250 5.200 6.300 6.450 6.450 6.450
Nbr of stocks (in thousands) 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 -
Announcement Date 2/11/21 2/21/22 4/3/23 4/3/24 4/4/25 4/1/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.49x3.41x6.31x4.46% 10.49B
16.93x10.25x11.4x8.96% 6.63B
9.04x9.07x9.31x8.81% 3.25B
23.71x - - 1.27% 2.66B
-4.75x3.48x8.62x-.--% 2.43B
59.66x7.02x9.87x6.97% 2.29B
17.37x5.76x7x4.85% 2.1B
22.54x8.84x10.47x3.35% 1.88B
8.06x - - 9.33% 1.56B
Average 18.45x 6.83x 9.00x 5.33% 3.7B
Weighted average by Cap. 16.91x 6.41x 8.60x 5.56%

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

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