Company Valuation: Master Ad

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 4,005 6,657 4,384 5,764 4,627 4,871
Change - 66.22% -34.15% 31.48% -19.72% 5.26%
Enterprise Value (EV) 1 4,529 6,185 3,567 4,472 3,038 2,862
Change - 36.56% -42.32% 25.34% -32.07% -5.77%
P/E Ratio -4.04x 177x 32.8x 24.8x 14.3x 10.2x
PBR 1.32x 1.7x 1.13x 1.4x 1.08x 1.06x
PEG - -2x 0x 0.3x 0.4x 0.2x
Capitalization / Revenue 1.91x 3.06x 1.67x 2.2x 1.49x 1.42x
EV / Revenue 2.16x 2.85x 1.36x 1.7x 0.98x 0.83x
EV / EBITDA -19.1x 25.4x 9.61x 10.3x 5.67x 4.59x
EV / EBIT -10.3x 61.8x 15x 15.2x 7.99x 5.45x
EV / FCF 3.03x -7.3x 13.5x 12.2x 9.23x 7.77x
FCF Yield 33% -13.7% 7.4% 8.2% 10.8% 12.9%
Dividend per Share 2 - - - 0.013 0.0165 -
Rate of return - - - 1.83% 2.89% -
EPS 2 -0.1833 0.004638 0.0164 0.0287 0.04 0.0586
Distribution rate - - - 45.4% 41.3% -
Net sales 1 2,097 2,174 2,625 2,625 3,108 3,436
EBITDA 1 -237.1 243.5 371.1 435.9 535.9 623.2
EBIT 1 -437.7 100.1 238.5 295.2 380 525.1
Net income 1 -991.9 33.59 133.5 232.6 340.1 475.7
Net Debt 1 524.3 -471.6 -816.2 -1,292 -1,590 -2,009
Reference price 2 0.7400 0.8200 0.5400 0.7100 0.5700 0.6000
Nbr of stocks (in thousands) 5,411,981 8,117,972 8,117,972 8,117,976 8,117,976 8,117,977
Announcement Date 5/24/21 5/25/22 5/23/23 5/23/24 5/30/25 5/22/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 166M
26.52x4.25x14.83x2.48% 256B
12.66x1.35x7.08x3.82% 105B
13.87x2.53x9.34x6.01% 82.27B
-81.53x12.84x74.47x-.--% 80.68B
19.59x5.12x12.66x2.9% 58.94B
14.49x2.12x8.9x5.34% 47.53B
12.93x1.48x10.14x1.25% 35.3B
20.8x1.41x10.03x0.84% 32.12B
15.12x1.91x9x5.72% 31.59B
Average 6.05x 3.67x 17.38x 3.15% 72.9B
Weighted average by Cap. 8.39x 4.16x 18.45x 3.03%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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