Company Valuation: Communication & System Solution

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,728 2,351 1,752 975.9 1,023 893.6
Change - 36.05% -25.5% -44.3% 4.82% -12.64%
Enterprise Value (EV) 1 1,594 2,176 1,464 431.2 108.2 251.7
Change - 36.52% -32.7% -70.55% -74.9% 132.53%
P/E 18.6x 9.56x 15.2x 48.2x 13.5x 24.4x
PBR 1.08x 1.28x 0.98x 0.56x 0.58x 0.53x
PEG - 0x -0.3x -0.6x 0x -0.5x
Capitalization / Revenue 0.49x 0.59x 0.38x 0.25x 0.25x 0.23x
EV / Revenue 0.45x 0.54x 0.31x 0.11x 0.03x 0.06x
EV / EBITDA 9.54x 6.65x 7.72x 14.2x 1.1x 6.82x
EV / EBIT 11x 7.07x 8.5x 41.7x 1.37x 14.4x
EV / FCF 2.57x -22.7x 7.49x 1.42x 0.32x -1.03x
FCF Yield 38.9% -4.4% 13.3% 70.4% 308% -97.3%
Dividend per Share 2 0.06 0.13 0.09 0.02 0.04 0.04
Rate of return 4.08% 6.5% 6.04% 2.41% 4.6% 5.26%
EPS 2 0.0788 0.2093 0.0978 0.0172 0.0644 0.0312
Distribution rate 76.1% 62.1% 92% 116% 62.1% 128%
Net sales 1 3,523 4,010 4,658 3,899 4,111 3,895
EBITDA 1 167.1 327.2 189.6 30.35 98.65 36.89
EBIT 1 144.8 307.9 172.3 10.35 79.17 17.54
Net income 1 92.7 246.1 115 20.24 75.7 36.64
Net Debt 1 -134.7 -175.9 -287.7 -544.7 -914.7 -641.9
Reference price 2 1.4700 2.0000 1.4900 0.8300 0.8700 0.7600
Nbr of stocks (in thousands) 1,175,739 1,175,739 1,175,739 1,175,739 1,175,739 1,175,739
Announcement Date 2/28/21 2/28/22 2/27/23 3/1/24 2/26/25 2/25/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.98x0.83x11.89x0.58% 16.77B
14.9x0.7x8.47x3.38% 12.11B
12.43x - - 2.91% 1.15B
13.94x - - 2.12% 870M
67.71x - - - 700M
Average 25.99x 0.77x 10.18x 2.25% 6.32B
Weighted average by Cap. 19.18x 0.78x 10.46x 1.81%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  5. Valuation Communication & System Solution
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