Company Valuation: Ingress Industrial (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: January 2020 2021 2022 2023 2024 2025
Market Cap 1 723.5 737.9 1,230 824.8 824.8 376.2
Change - 2% 66.67% -32.94% 0% -54.39%
Enterprise Value (EV) 1 1,349 1,857 2,622 3,545 3,234 2,656
Change - 37.66% 41.2% 35.18% -8.77% -17.87%
P/E -9.51x -3.33x -5.89x -2.74x 102x 8.52x
PBR 0.45x 0.56x 0.9x 0.8x 0.79x 0.3x
PEG - -0x 0.99x -0.1x -1x 0x
Capitalization / Revenue 0.25x 0.34x 0.46x 0.17x 0.12x 0.05x
EV / Revenue 0.48x 0.86x 0.98x 0.71x 0.48x 0.37x
EV / EBITDA 3.57x 18.9x 25.4x 22.2x 4.86x 3.06x
EV / EBIT 15x -11.6x -11.3x -13.4x 14.5x 5.67x
EV / FCF 10.2x -10.1x 3.07x -2.08x 5.33x 12.1x
FCF Yield 9.8% -9.89% 32.6% -48% 18.8% 8.28%
Dividend per Share 2 0.026 - - - - 0.022
Rate of return 5.2% - - - - 8.46%
EPS 2 -0.0526 -0.1534 -0.1442 -0.208 0.005613 0.0305
Distribution rate -49.4% - - - - 72.1%
Net sales 1 2,838 2,153 2,689 4,993 6,720 7,097
EBITDA 1 377.6 98.26 103.2 159.5 665.4 868.6
EBIT 1 90.22 -159.5 -231.6 -265 222.5 468
Net income 1 -76.09 -221.9 -208.7 -301 8.122 44.15
Net Debt 1 625.8 1,119 1,393 2,720 2,409 2,280
Reference price 2 0.5000 0.5100 0.8500 0.5700 0.5700 0.2600
Nbr of stocks (in thousands) 1,446,943 1,446,943 1,446,943 1,446,943 1,446,943 1,446,943
Announcement Date 5/5/20 3/30/21 3/31/22 3/30/23 3/28/24 3/27/25
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 4.33M
21.73x1.47x11.34x1.73% 46.13B
18.17x0.75x5.53x3.21% 36.18B
11.98x0.64x5.33x3.8% 31.97B
9.85x0.6x7.81x1.5% 27.47B
12.76x2.31x8.13x4.58% 18.86B
10.61x0.5x4.88x3.08% 17.51B
12.02x1.05x5.99x4.17% 16.44B
27.5x1.1x11.49x0.59% 15.76B
30.18x2.8x16.63x1.01% 14.28B
Average 17.20x 1.24x 8.57x 2.63% 22.46B
Weighted average by Cap. 16.93x 1.15x 8.30x 2.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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