Company Valuation: Metro Systems Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,232 2,430 3,384 3,186 2,880 2,826
Change - 8.87% 39.26% -5.85% -9.6% -1.88%
Enterprise Value (EV) 1 2,022 2,244 3,696 2,941 3,421 2,809
Change - 10.99% 64.73% -20.44% 16.33% -17.91%
P/E 14.3x 12.3x 13.8x 11.2x 11.3x 16.7x
PBR 1.18x 1.23x 1.63x 1.44x 1.26x 1.25x
PEG - 0.5x 0.6x 0.7x -1.1x -0.5x
Capitalization / Revenue 0.3x 0.34x 0.36x 0.34x 0.32x 0.31x
EV / Revenue 0.28x 0.31x 0.39x 0.31x 0.38x 0.31x
EV / EBITDA 5.87x 7.81x 10.1x 7x 8.73x 9.35x
EV / EBIT 8.02x 10.4x 11.8x 8x 10.2x 11.5x
EV / FCF 7.5x 57.7x -9.57x 4.34x -27.7x 5.2x
FCF Yield 13.3% 1.73% -10.4% 23% -3.61% 19.2%
Dividend per Share 2 0.3 0.38 0.4 0.5 0.5 0.35
Rate of return 4.84% 5.63% 4.26% 5.65% 6.25% 4.46%
EPS 2 0.4328 0.548 0.6802 0.7918 0.7108 0.4702
Distribution rate 69.3% 69.3% 58.8% 63.1% 70.3% 74.4%
Net sales 1 7,330 7,199 9,368 9,479 8,932 9,167
EBITDA 1 344.3 287.2 366.3 420.1 392.1 300.4
EBIT 1 252.2 215.3 314.3 367.7 334.4 243.2
Net income 1 155.8 197.3 244.9 285 255.9 169.3
Net Debt 1 -210.3 -186.1 312.4 -245.1 541.3 -17.4
Reference price 2 6.200 6.750 9.400 8.850 8.000 7.850
Nbr of stocks (in thousands) 360,000 360,000 360,000 360,000 360,000 360,000
Announcement Date 2/22/21 2/24/22 2/20/23 2/22/24 2/24/25 2/24/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.09x0.4x6.39x4.39% 18.45B
16.13x0.71x8.03x4.69% 5.36B
9.85x0.45x6.07x2.86% 4.14B
9.45x - - - 3.76B
12.92x0.38x8.21x2.63% 2.98B
8.12x0.14x2.87x2.24% 2.4B
14.77x0.86x11.39x4.16% 2.14B
Average 12.04x 0.49x 7.16x 3.49% 5.6B
Weighted average by Cap. 12.59x 0.46x 6.82x 3.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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