Company Valuation: Mitsib Leasing

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 714.6 832.9 915.5 787.9 960.8 809.9
Change - 16.55% 9.91% -13.93% 21.95% -15.71%
Enterprise Value (EV) 1 1,387 1,561 1,689 1,845 1,793 1,629
Change - 12.54% 8.15% 9.24% -2.79% -9.14%
P/E 27x 64.3x 42.6x 22.5x 69.7x 14.8x
PBR 0.95x 1.14x 1.24x 1.02x 0.81x 0.66x
PEG - -1.3x 0.6x 0.4x -0.9x 0x
Capitalization / Revenue 1.46x 1.5x 1.85x 1.15x 1.16x 1.27x
EV / Revenue 2.83x 2.81x 3.41x 2.69x 2.17x 2.55x
EV / EBITDA 14x 26.2x 23x 19.1x 22.1x 13.5x
EV / EBIT 14.7x 29.7x 24.9x 20.1x 23.3x 13.9x
EV / FCF 26.2x -9.57x -18.1x -23.2x -34.2x 28.2x
FCF Yield 3.81% -10.4% -5.52% -4.3% -2.92% 3.54%
Dividend per Share 2 0.0419 0.0143 0.0026 - 0.015 0.02
Rate of return 4.62% 1.35% 0.22% - 2.14% 3.39%
EPS 2 0.0336 0.0164 0.0273 0.0445 0.01 0.04
Distribution rate 125% 87% 9.54% - 149% 50%
Net sales 1 490.8 555.7 495.1 686.5 825.3 640.1
EBITDA 1 99.45 59.54 73.46 96.76 80.97 120.6
EBIT 1 94.19 52.6 67.69 92 77 117
Net income 1 25.79 12.95 21.48 35.07 11.99 54.86
Net Debt 1 672.7 728.5 773.1 1,057 832.3 819.4
Reference price 2 0.9070 1.0571 1.1619 1.0000 0.7000 0.5900
Nbr of stocks (in thousands) 787,893 787,893 787,893 787,893 1,372,639 1,372,639
Announcement Date 2/24/21 2/28/22 2/27/23 2/27/24 2/20/25 2/24/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.66x7.31x8.42x1.1% 22.59B
9.69x4.2x41.97x3.49% 7.86B
7.9x9.09x9.73x4.95% 6.47B
17.34x7.45x12.03x1.49% 6.25B
21.11x3.2x8.03x1.26% 4.01B
8.6x - - 3.76% 2.49B
2.94x - - - 2.38B
Average 10.89x 6.25x 16.04x 2.68% 7.44B
Weighted average by Cap. 10.46x 6.70x 14.64x 2.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA