Company Valuation: Dusit Thani

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025 2026 2027
Market Cap 1 9,383 7,312 8,960 9,214 9,129 -
Change - -22.07% 22.54% 2.83% -0.92% -
Enterprise Value (EV) 9,383 7,312 14,936 9,214 9,129 9,129
Change - -22.07% 104.28% -38.31% -0.92% 0%
P/E -18.8x -10.5x -25.2x -16x 5.84x 6.63x
PBR 2.28x 2.14x 1.24x - - -
PEG - -0.3x 0.5x -0.3x -0x -0.6x
Capitalization / Revenue 2.29x 1.36x 0.89x - 0.49x 0.63x
EV / Revenue 0x 0x 0x - 0.49x 0.63x
EV / EBITDA -0x -0x 0x - 2.45x 2.77x
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 - - - - 0.92 0.82
Rate of return - - - - 8.52% 7.59%
EPS 2 -0.59 -0.82 -0.42 -0.68 1.85 1.63
Distribution rate - - - - 49.7% 50.3%
Net sales 1 4,093 5,377 10,109 - 18,494 14,473
EBITDA 1 -139.9 -180.2 549.5 - 3,725 3,301
EBIT -1,074 -1,081 -414.2 - - -
Net income 1 -501.5 -569.8 -236.8 -453.3 1,570 1,389
Net Debt - - 5,976 - - -
Reference price 2 11.10 8.65 10.60 10.90 10.80 10.80
Nbr of stocks (in thousands) 845,285 845,285 845,285 845,285 845,285 -
Announcement Date 2/27/23 2/28/24 2/25/25 2/25/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.27x2.9x8.26x4.93% 13.12B
13.07x3.13x8.72x3.97% 5.3B
15.62x5.23x10.4x2.5% 5.14B
14.69x2.01x8.3x3.04% 4.46B
18.34x3.84x9.77x1.2% 4.32B
17.52x1.72x7.44x3.45% 2.82B
17.01x1.24x7.54x2.05% 2.43B
Average 16.07x 2.87x 8.63x 3.02% 5.37B
Weighted average by Cap. 15.92x 3.06x 8.69x 3.51%

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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