Company Valuation: FN Factory Outlet

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,180 2,100 1,910 1,670 770 490
Change - 77.97% -9.05% -12.57% -53.89% -36.36%
Enterprise Value (EV) 1 1,153 2,065 1,934 1,678 859.7 581.6
Change - 79.18% -6.36% -13.23% -48.77% -32.34%
P/E -42.6x -33.5x -22.2x -6.93x -9.03x -7.61x
PBR 0.82x 1.53x 1.49x 1.6x 0.8x 0.55x
PEG - -0x -0.6x -0x 0.1x 0.3x
Capitalization / Revenue 1.56x 3.87x 3.8x 3.46x 1.75x 0.98x
EV / Revenue 1.52x 3.81x 3.85x 3.47x 1.95x 1.16x
EV / EBITDA 24.6x -361x -86x -6.85x -86.5x -42.2x
EV / EBIT -41.6x -30.1x -23.9x -5.73x -16.6x -10.7x
EV / FCF 8.16x 35.8x 180x 16x 22.2x -67.1x
FCF Yield 12.2% 2.79% 0.55% 6.23% 4.51% -1.49%
Dividend per Share 2 0.0037 0.0037 - - - -
Rate of return 0.31% 0.18% - - - -
EPS 2 -0.0277 -0.0627 -0.0861 -0.2409 -0.0853 -0.0644
Distribution rate -13.3% -5.9% - - - -
Net sales 1 757.7 542.7 502.4 483 441.1 500.7
EBITDA 1 46.88 -5.725 -22.49 -244.9 -9.936 -13.78
EBIT 1 -27.69 -68.55 -80.77 -292.7 -51.74 -54.17
Net income 1 -27.72 -62.75 -86.05 -240.9 -85.26 -64.38
Net Debt 1 -27.29 -34.6 23.96 8.181 89.65 91.65
Reference price 2 1.1800 2.1000 1.9100 1.6700 0.7700 0.4900
Nbr of stocks (in thousands) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Announcement Date 2/24/21 2/25/22 2/22/23 2/20/24 2/21/25 2/25/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.2x1.36x9.26x3.68% 17.25B
72.22x6.27x35.02x0.17% 16.34B
13.87x1.2x9.15x5.92% 8.61B
12.86x1.22x9.15x3.88% 7.05B
10.94x0.35x4.27x2.98% 6.56B
13.3x0.95x5.64x2.51% 5.23B
21.25x1.39x7.99x0.73% 4.36B
11.78x1.72x7.49x5.81% 4.24B
Average 21.80x 1.81x 11.00x 3.21% 8.7B
Weighted average by Cap. 28.55x 2.38x 14.35x 2.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  3. FN Stock
  4. FN-R Stock
  5. Valuation FN Factory Outlet
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