Company Valuation: Areeya Property

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,900 4,900 4,880 4,998 4,802 4,763
Change - 0% -0.4% 2.41% -3.92% -0.82%
Enterprise Value (EV) 1 12,920 13,008 13,564 14,114 13,973 15,442
Change - 0.68% 4.27% 4.05% -1% 10.51%
P/E 25.1x -13.5x 40.3x -12.9x -10.9x -3.77x
PBR 1.5x 1.7x 1.62x 1.87x 2.14x 4.78x
PEG - 0x -0x 0x -0.8x -0x
Capitalization / Revenue 0.86x 1.5x 1.47x 1.89x 3.55x 7.08x
EV / Revenue 2.26x 3.98x 4.1x 5.35x 10.3x 23x
EV / EBITDA 19.8x 385x 44x -238x -130x -48.2x
EV / EBIT 20.5x 397x 44.1x -232x -124x -46x
EV / FCF 7.49x -16.2x -262x 24.5x 47.1x 45.5x
FCF Yield 13.3% -6.18% -0.38% 4.08% 2.12% 2.2%
Dividend per Share 2 0.03 - - - - -
Rate of return 0.6% - - - - -
EPS 2 0.1988 -0.3701 0.1235 -0.3954 -0.4487 -1.288
Distribution rate 15.1% - - - - -
Net sales 1 5,716 3,265 3,309 2,639 1,352 672.5
EBITDA 1 652.7 33.79 308.1 -59.23 -107.5 -320.5
EBIT 1 630.6 32.75 307.3 -60.92 -112.6 -336
Net income 1 194.9 -345.6 134.3 -374.3 -426.4 -1,249
Net Debt 1 8,020 8,108 8,684 9,116 9,171 10,679
Reference price 2 5.000 5.000 4.980 5.100 4.900 4.860
Nbr of stocks (in thousands) 980,000 980,000 980,000 980,000 980,000 980,000
Announcement Date 3/1/21 3/1/22 2/27/23 2/22/24 2/28/25 4/16/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 80.95M
56.74x - - - 60.69B
9.88x3.37x8.95x-.--% 20.28B
7.55x16.21x19.16x6.18% 20.02B
4.24x0.09x0.18x8.22% 14.33B
8.39x16.87x - 6.31% 8.21B
7.83x0.81x6.63x2.5% 5.7B
-1.78x1.76x129.58x-.--% 5.09B
5.38x13.74x20.44x5.91% 4.44B
Average 12.28x 7.55x 30.82x 4.16% 15.43B
Weighted average by Cap. 28.72x 7.78x 19.40x 4.28%

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 Areeya Property