Company Valuation: Karmarts

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,485 3,274 6,996 14,410 14,117 11,397
Change - -6.06% 113.71% 105.98% -2.04% -19.26%
Enterprise Value (EV) 1 3,747 3,383 7,367 13,200 13,307 11,959
Change - -9.72% 117.8% 79.18% 0.81% -10.13%
P/E 26.2x 11.2x 21.4x 18.4x 20.8x 16.2x
PBR 3.49x 2.84x 5.37x 4.45x 4.12x 3.31x
PEG - 0x 1.8x 0.2x -1.6x 3.55x
Capitalization / Revenue 2.63x 2.52x 3.73x 5.87x 4.41x 3.27x
EV / Revenue 2.83x 2.6x 3.93x 5.38x 4.15x 3.43x
EV / EBITDA 17.6x 8.33x 17.2x 18.5x 14.6x 13.1x
EV / EBIT 20.9x 9.1x 18.9x 19.5x 15.3x 13.8x
EV / FCF 24.5x 12.1x -46.6x 47.1x 860x 66.9x
FCF Yield 4.08% 8.23% -2.14% 2.12% 0.12% 1.49%
Dividend per Share 2 0.12 0.1543 0.2229 0.3086 0.41 0.44
Rate of return 3.54% 4.84% 3.27% 2.75% 3.73% 4.92%
EPS 2 0.1294 0.2853 0.3185 0.6096 0.5283 0.5524
Distribution rate 92.8% 54.1% 70% 50.6% 77.6% 79.7%
Net sales 1 1,326 1,301 1,875 2,455 3,204 3,484
EBITDA 1 212.4 406 427.3 714.1 909.9 911.4
EBIT 1 178.9 371.8 389.6 676 869.9 867.4
Net income 1 132.8 292.9 327 661 678 706.7
Net Debt 1 262.1 109 371.3 -1,210 -809.2 561.7
Reference price 2 3.394 3.189 6.814 11.229 11.000 8.950
Nbr of stocks (in thousands) 1,026,664 1,026,664 1,026,664 1,283,333 1,283,331 1,273,421
Announcement Date 2/25/21 2/24/22 2/24/23 2/28/24 2/24/25 2/26/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 252M
21.29x4.07x14.88x3.03% 337B
28.62x4.4x18.16x2.08% 223B
17.73x2.66x11.72x3.6% 128B
23.18x3.45x14.51x2.52% 67.17B
51.2x7.23x27.86x0.31% 45.15B
38.12x6.13x26.61x2.45% 44.87B
31.81x2.4x13.47x1.69% 33.27B
18.12x2.57x10.73x4.91% 33.04B
14.14x2.31x10.68x5.47% 31.38B
Average 27.13x 3.91x 16.51x 2.9% 94.28B
Weighted average by Cap. 24.93x 3.99x 16.05x 2.79%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA