Company Valuation: Berli Jucker

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 124,242 141,275 100,195 93,382 57,712 71,740 - -
Change - 13.71% -29.08% -6.8% -38.2% 24.31% - -
Enterprise Value (EV) 1 272,964 299,754 255,625 249,202 213,601 221,773 219,059 218,532
Change - 9.81% -14.72% -2.51% -14.29% 3.83% -1.22% -0.24%
P/E 34.8x 28.2x 20.8x 23.3x 14.4x 13.2x 14.7x 13.6x
PBR 1.07x 1.19x 0.84x 0.78x 0.48x 0.58x 0.57x 0.57x
PEG - 0.7x -5.2x -1.4x - 0.4x -1.5x 1.71x
Capitalization / Revenue 0.9x 0.94x 0.65x 0.59x 0.37x 0.43x 0.42x 0.4x
EV / Revenue 1.97x 1.99x 1.65x 1.58x 1.39x 1.34x 1.28x 1.22x
EV / EBITDA 14.5x 15x 12.3x 11.1x 10.2x 9.97x 9.69x 9.42x
EV / EBIT 27.5x 27.2x 21.8x 19.1x 18.2x 17.3x 17.2x 16.3x
EV / FCF 20.4x 23.5x 23.3x 15.1x 19.5x 110x 30.7x 31.2x
FCF Yield 4.9% 4.26% 4.3% 6.61% 5.14% 0.91% 3.26% 3.2%
Dividend per Share 2 0.66 0.8 0.8 0.71 0.51 0.6602 0.6775 0.7341
Rate of return 2.13% 2.27% 3.2% 3.05% 3.54% 3.69% 3.78% 4.1%
EPS 2 0.89 1.25 1.2 1 1 1.356 1.219 1.316
Distribution rate 74.2% 64% 66.7% 71% 51% 48.7% 55.6% 55.8%
Net sales 1 138,465 150,338 154,672 157,727 154,020 164,981 171,470 179,178
EBITDA 1 18,773 20,013 20,736 22,404 20,977 22,246 22,608 23,191
EBIT 1 9,919 11,004 11,752 13,015 11,768 12,830 12,744 13,372
Net income 1 3,585 5,010 4,795 4,001 4,011 5,500 4,854 5,272
Net Debt 1 148,723 158,479 155,431 155,820 155,889 150,033 147,319 146,792
Reference price 2 31.00 35.25 25.00 23.30 14.40 17.90 17.90 17.90
Nbr of stocks (in thousands) 4,007,797 4,007,797 4,007,797 4,007,797 4,007,797 4,007,797 - -
Announcement Date 2/23/22 2/22/23 2/22/24 2/19/25 2/24/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.2x1.34x9.97x3.69% 2.15B
26.91x1.94x14.11x3.22% 58.69B
31.65x2.24x15.58x0.81% 13.66B
17.82x1.98x12.1x-.--% 12.26B
13.3x2.24x8.33x4.49% 8.85B
6.77x0.76x4.84x2.97% 8.19B
17.95x2.02x10.42x2.44% 7.41B
19.51x1.07x7.99x2.24% 5.42B
8.98x0.88x7.18x4.11% 2.16B
11.14x0.55x5.44x6.12% 2B
Average 16.72x 1.50x 9.60x 3.01% 12.08B
Weighted average by Cap. 22.46x 1.83x 12.18x 2.68%

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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