Company Valuation: Haad Thip

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,431 7,134 5,627 6,632 6,551 5,989
Change - 10.94% -21.13% 17.86% -1.21% -8.59%
Enterprise Value (EV) 1 6,596 7,330 6,076 7,222 7,529 7,258
Change - 11.13% -17.11% 18.86% 4.25% -3.61%
P/E 11.4x 13.3x 12.9x 11.1x 10.9x 10.5x
PBR 1.86x 1.98x 1.5x 1.69x 1.59x 1.41x
PEG - -2.43x -0.7x 0.3x 20.92x -1.89x
Capitalization / Revenue 1.23x 1.33x 0.96x 1.04x 0.8x 0.9x
EV / Revenue 1.26x 1.37x 1.04x 1.14x 0.92x 1.09x
EV / EBITDA 6.82x 8.27x 7.72x 7.08x 7x 6.45x
EV / EBIT 10.2x 11.4x 11.3x 9.59x 9.83x 9.67x
EV / FCF 9.66x 21.2x 109x 35.6x 73.8x -57.4x
FCF Yield 10.4% 4.71% 0.92% 2.81% 1.36% -1.74%
Dividend per Share 2 0.95 0.895 0.76 1.04 1.05 0.99
Rate of return 5.94% 5.04% 5.43% 6.3% 6.44% 6.64%
EPS 2 1.409 1.332 1.082 1.489 1.497 1.414
Distribution rate 67.4% 67.2% 70.2% 69.8% 70.1% 70%
Net sales 1 5,248 5,359 5,835 6,363 8,189 6,632
EBITDA 1 967.3 886.7 787.2 1,019 1,076 1,125
EBIT 1 649.2 641.4 535.5 752.9 765.6 750.4
Net income 1 566.3 535.4 435.1 598.6 601.7 568.2
Net Debt 1 165.6 196.3 449.2 590.7 978.2 1,269
Reference price 2 16.00 17.75 14.00 16.50 16.30 14.90
Nbr of stocks (in thousands) 401,921 401,921 401,921 401,920 401,920 401,921
Announcement Date 2/25/21 2/25/22 2/28/23 2/29/24 2/28/25 3/2/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 189M
25.25x7.85x22.27x2.56% 357B
15.07x2.64x11.06x3.09% 41.17B
20.13x1.77x11.14x2.23% 24.19B
15.94x1.46x7.14x4.65% 19.22B
45.7x6.15x26.65x0.41% 16.56B
10.43x1.76x10.15x4.62% 13.38B
16.1x0.68x5.12x2.6% 8.88B
27.01x1.97x9.05x2% 8.77B
Average 21.95x 3.03x 12.82x 2.77% 54.42B
Weighted average by Cap. 23.93x 6.40x 19.45x 2.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA