Company Valuation: Business Online

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,415 12,800 9,108 7,385 4,431 4,226
Change - 136.36% -28.85% -18.92% -40% -4.63%
Enterprise Value (EV) 1 5,138 12,414 8,708 6,963 3,976 3,944
Change - 141.6% -29.85% -20.04% -42.89% -0.83%
P/E 30.3x 54.9x 33.6x 25.4x 16.1x 14.5x
PBR 7.62x 16.9x 10.3x 7.17x 4.25x 3.85x
PEG - 1.8x 2.1x 3.5x -3.21x 2.62x
Capitalization / Revenue 8.67x 19.7x 13.1x 9.43x 6.12x 5.24x
EV / Revenue 8.23x 19.1x 12.5x 8.89x 5.5x 4.89x
EV / EBITDA 23.1x 42.6x 26.5x 19.3x 12.3x 11.8x
EV / EBIT 24.8x 45.2x 27.5x 19.9x 12.7x 12.3x
EV / FCF 31.3x 53.2x 39.1x 36.6x 26x 72.1x
FCF Yield 3.19% 1.88% 2.56% 2.73% 3.85% 1.39%
Dividend per Share 2 0.195 0.255 0.295 0.32 0.31 0.325
Rate of return 2.95% 1.63% 2.66% 3.56% 5.74% 6.31%
EPS 2 0.2175 0.2842 0.3299 0.3538 0.3361 0.3546
Distribution rate 89.6% 89.7% 89.4% 90.4% 92.2% 91.6%
Net sales 1 624.7 649.3 697.3 783.3 723.5 806.1
EBITDA 1 222.5 291.1 328.9 361.2 323 333.2
EBIT 1 207.2 274.7 316.1 350.8 312.3 320.1
Net income 1 178.5 233.2 270.7 290.3 275.7 291
Net Debt 1 -277.2 -386 -399.6 -421.6 -454.2 -282.1
Reference price 2 6.600 15.600 11.100 9.000 5.400 5.150
Nbr of stocks (in thousands) 820,506 820,506 820,506 820,506 820,506 820,506
Announcement Date 2/11/21 2/11/22 2/14/23 2/13/24 2/14/25 2/11/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 123M
24.56x8.91x16.88x0.99% 117B
23.96x5.46x13.68x2.64% 42.12B
27.19x12.88x20.89x1.52% 39.46B
13.02x3.01x9.02x4% 17.1B
21.81x3.27x10.34x1.54% 17.13B
20.8x4.88x12.22x3.19% 16.45B
15.52x3.31x9.38x0.77% 12.68B
17.77x4.31x11.5x1.68% 9.52B
49.33x - - - 3.9B
Average 23.77x 5.75x 12.99x 2.04% 27.52B
Weighted average by Cap. 23.43x 7.55x 15.23x 1.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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