Company Valuation: Modernform Group

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,250 2,850 2,535 1,875 1,458 1,485
Change - 26.67% -11.05% -26.04% -22.24% 1.85%
Enterprise Value (EV) 1 1,799 2,384 2,424 1,520 1,132 1,024
Change - 32.52% 1.68% -37.3% -25.49% -9.53%
P/E 15.9x 32.4x 64.9x 31.2x 11.6x 15.5x
PBR 0.97x 1.23x 1.11x 0.82x 0.68x 0.7x
PEG - -0.9x -1.2x 0.6x 0x -0.7x
Capitalization / Revenue 0.76x 1.18x 1.04x 0.73x 0.58x 0.68x
EV / Revenue 0.61x 0.99x 1x 0.59x 0.45x 0.47x
EV / EBITDA 7.1x 10.9x 18.1x 9.58x 5.96x 7.65x
EV / EBIT 11.1x 17.6x 42.8x 18.3x 9.87x 13.4x
EV / FCF 5.15x 15.7x -15.1x 5.98x 4.74x 5.13x
FCF Yield 19.4% 6.37% -6.64% 16.7% 21.1% 19.5%
Dividend per Share 2 0.2 0.12 0.06 0.09 0.18 0.15
Rate of return 6.67% 3.16% 1.78% 3.6% 8.33% 6.82%
EPS 2 0.1888 0.1174 0.0521 0.08 0.186 0.1418
Distribution rate 106% 102% 115% 112% 96.8% 106%
Net sales 1 2,961 2,418 2,426 2,562 2,510 2,195
EBITDA 1 253.3 218.8 133.9 158.6 190 134
EBIT 1 161.8 135.1 56.65 83.15 114.7 76.42
Net income 1 141.6 88.08 39.05 60.03 134.9 102.9
Net Debt 1 -451.3 -466.3 -111.3 -355.2 -325.7 -460.6
Reference price 2 3.000 3.800 3.380 2.500 2.160 2.200
Nbr of stocks (in thousands) 750,000 750,000 750,000 750,000 675,000 675,000
Announcement Date 2/25/21 2/24/22 2/27/23 2/27/24 2/27/25 2/28/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.4x2.32x12.75x1.06% 13.52B
10.1x0.88x6.01x6.03% 2.99B
13.95x - - - 1.64B
10.35x1.99x6.76x1.86% 1.51B
5.59x0.34x4.69x3.67% 1.46B
9.89x1.02x5.51x7.45% 1.22B
13.69x - - 9.95% 1.11B
Average 12.28x 1.31x 7.14x 5% 3.35B
Weighted average by Cap. 17.35x 1.87x 10.34x 2.78%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA