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 Ratio -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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 14.55M
17.83x1.33x9.2x3.97% 16.49B
67.69x5.87x32.76x0.18% 15.1B
15.46x1.35x10.29x5.31% 9.59B
12.76x1.21x9.12x3.91% 7B
11.76x0.36x4.29x2.97% 6.59B
12.23x0.88x5.26x2.73% 4.73B
11.54x1.7x7.37x5.94% 4.11B
8.46x1.08x5.12x5.6% 4.01B
19.91x1.32x7.64x0.8% 4B
Average 19.74x 1.68x 10.12x 3.49% 7.16B
Weighted average by Cap. 25.83x 2.17x 13.17x 3.2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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