Company Valuation: GMM Grammy

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 7,462 10,905 8,363 5,166 6,806 3,542
Change - 46.15% -23.31% -38.24% 31.75% -47.95%
Enterprise Value (EV) 1 7,870 12,107 9,782 6,902 6,987 4,132
Change - 53.84% -19.2% -29.44% 1.24% -40.86%
P/E -42.5x 21.8x 51x -39.4x 34.6x -54x
PBR 9.01x 7.99x 5.46x 3.67x 1.55x 0.81x
PEG - -0x -0.8x 0x -0x 0x
Capitalization / Revenue 1.48x 2.81x 1.58x 0.87x 1.1x 0.61x
EV / Revenue 1.56x 3.11x 1.84x 1.16x 1.13x 0.71x
EV / EBITDA 610x 120x 30.2x 23.1x 14.1x 13.5x
EV / EBIT -117x -589x 45.7x 35.5x 18x 21.6x
EV / FCF 19.9x -21.3x 15.3x 11.4x 17.2x -72.7x
FCF Yield 5.02% -4.7% 6.51% 8.74% 5.81% -1.38%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.2139 0.61 0.2 -0.16 0.24 -0.08
Distribution rate - - - - - -
Net sales 1 5,032 3,888 5,310 5,931 6,165 5,816
EBITDA 1 12.9 100.7 323.5 298.3 495 305.5
EBIT 1 -67.18 -20.57 214.2 194.4 387.4 191.4
Net income 1 -175.4 497.1 166.4 -132.6 195.6 -65.53
Net Debt 1 408.2 1,202 1,419 1,737 181.9 590
Reference price 2 9.100 13.300 10.200 6.300 8.300 4.320
Nbr of stocks (in thousands) 819,950 819,950 819,950 819,950 819,950 819,950
Announcement Date 2/28/21 2/25/22 2/27/23 2/28/24 2/27/25 2/27/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 87.71M
-1297.54x8.75x466.54x-.--% 9.51B
23.17x1.07x8.5x2.39% 9.38B
25.36x3x12.92x1.47% 7.84B
48.58x16.15x34.02x1.08% 5.32B
24.15x2.01x4.01x1.71% 4.62B
11.2x1.54x8.16x4.3% 4.49B
-694.4x1.64x14.85x-.--% 3.78B
47.78x3.65x19.99x1% 3.54B
14.27x3.73x5.41x-.--% 3.1B
Average -199.71x 4.62x 63.82x 1.33% 5.17B
Weighted average by Cap. -269.81x 4.84x 96.89x 1.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA