Company Valuation: AP (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 30,043 36,492 35,549 25,482 27,055 24,066 - -
Change - 21.47% -2.59% -28.32% 6.17% -11.05% - -
Enterprise Value (EV) 1 48,921 57,612 67,592 55,277 49,917 53,177 51,895 49,462
Change - 17.77% 17.32% -18.22% -9.7% 6.53% -2.41% -4.69%
P/E 6.63x 6.2x 5.89x 5.06x 6.28x 5.17x 4.78x 4.49x
PBR 0.93x 0.99x 0.87x 0.58x 0.59x 0.49x 0.46x 0.43x
PEG - 0.2x 2.2x -0.3x -0.4x 0.64x 0.58x 0.71x
Capitalization / Revenue 0.94x 0.95x 0.93x 0.69x 0.72x 0.62x 0.59x 0.57x
EV / Revenue 1.54x 1.49x 1.78x 1.49x 1.34x 1.36x 1.28x 1.18x
EV / EBITDA 10.3x 9.44x 10.4x 9.68x 9.19x 9.47x 8.95x 7.85x
EV / EBIT 10.5x 9.92x 10.9x 10.2x 9.6x 10.1x 9.47x 8.25x
EV / FCF 25.5x -28.4x -6.2x 21.8x 27.9x 18.4x 15.1x 15.1x
FCF Yield 3.92% -3.53% -16.1% 4.59% 3.58% 5.42% 6.61% 6.61%
Dividend per Share 2 0.5 0.65 0.7 0.6 0.52 0.5507 0.598 0.6429
Rate of return 5.24% 5.6% 6.19% 7.41% 6.05% 7.2% 7.82% 8.4%
EPS 2 1.44 1.87 1.92 1.6 1.37 1.481 1.602 1.704
Distribution rate 34.7% 34.8% 36.5% 37.5% 38% 37.2% 37.3% 37.7%
Net sales 1 31,794 38,539 38,045 36,988 37,345 38,977 40,522 41,957
EBITDA 1 4,760 6,101 6,500 5,712 5,433 5,615 5,798 6,301
EBIT 1 4,668 5,810 6,210 5,437 5,197 5,252 5,480 5,997
Net income 1 4,543 5,877 6,054 5,020 4,317 4,670 5,042 5,368
Net Debt 1 18,877 21,120 32,043 29,795 22,862 29,111 27,829 25,396
Reference price 2 9.550 11.600 11.300 8.100 8.600 7.650 7.650 7.650
Nbr of stocks (in thousands) 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 - -
Announcement Date 2/22/22 2/21/23 2/20/24 2/27/25 2/27/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
58.66x - - - 62.82B
11.52x3.57x10.28x-.--% 23.68B
8.15x16.61x19.93x5.72% 21.74B
4.43x0.24x0.51x7.66% 15.53B
8.98x17.43x - 5.89% 8.83B
7.98x0.82x6.73x2.45% 5.9B
-2.16x1.59x69.92x-.--% 5.09B
5.94x14.17x21.26x5.35% 4.92B
Average 12.94x 7.77x 21.44x 3.87% 18.56B
Weighted average by Cap. 29.28x 8.01x 15.41x 3.92%

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