Company Valuation: Ditto (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025
Market Cap 1 11,990 31,419 18,004 9,854 7,564
Change - 162.05% -42.7% -45.27% -23.24%
Enterprise Value (EV) 1 11,638 30,746 17,369 9,566 7,160
Change - 164.19% -43.51% -44.93% -25.15%
P/E 56.2x 130x 52.7x 21.4x 12.6x
PBR 11.6x 24.8x 7.31x 2.77x 1.99x
PEG 1.4x 10x 1.5x 0.7x 0.4x
Capitalization / Revenue 11x 25.4x 9.91x 4.05x 2.39x
EV / Revenue 10.7x 24.9x 9.56x 3.93x 2.26x
EV / EBITDA 46.3x 92.8x 39.5x 18x 10.4x
EV / EBIT 57.1x 105x 43.2x 19.2x 11x
EV / FCF 176x 110x -599x -34.5x 22.4x
FCF Yield 0.57% 0.91% -0.17% -2.9% 4.47%
Dividend per Share 2 0.0077 0.0093 0.25 0.25 0.5
Rate of return 0.04% 0.02% 0.92% 1.76% 4.59%
EPS 2 0.3365 0.3804 0.517 0.665 0.8636
Distribution rate 2.29% 2.44% 48.4% 37.6% 57.9%
Net sales 1 1,091 1,237 1,817 2,432 3,169
EBITDA 1 251.6 331.2 439.5 531.6 688.5
EBIT 1 203.9 291.7 402.2 497.9 651.6
Net income 1 200.7 234.7 335.1 458.3 599.2
Net Debt 1 -352.1 -673.5 -635.7 -287.8 -403.9
Reference price 2 18.92 49.58 27.25 14.20 10.90
Nbr of stocks (in thousands) 633,600 633,667 660,714 693,914 693,914
Announcement Date 2/28/22 2/27/23 2/27/24 2/26/25 2/26/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 330M
22.19x3.61x12.6x3.02% 211B
-102.72x16.28x94.23x-.--% 102B
12.28x1.36x7.12x3.91% 102B
15.34x2.8x10.59x5.36% 89.66B
20.46x5.35x13.13x2.8% 61.3B
14.8x2.16x9.15x5.28% 47.94B
20.64x1.69x10.75x1.42% 39.83B
21.15x1.56x9.88x0.9% 39.45B
18.35x2.36x11.29x4.71% 38.18B
Average 4.72x 4.13x 19.86x 3.04% 73.06B
Weighted average by Cap. 1.61x 4.73x 22.46x 3.03%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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