Company Valuation: Multibax

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,334 988.3 988.3 634.6 375.7 282.3
Change - -25.9% 0% -35.79% -40.8% -24.87%
Enterprise Value (EV) 1 1,789 1,568 1,575 1,237 1,080 876.3
Change - -12.4% 0.5% -21.46% -12.7% -18.87%
P/E 7.57x 15.8x 9.2x -16.4x -18.8x 7.66x
PBR 2.24x 1.8x 1.67x 1.27x 0.78x 0.55x
PEG - -0.2x 0.1x 0x 0.4x -0x
Capitalization / Revenue 0.71x 0.68x 0.5x 0.57x 0.27x 0.17x
EV / Revenue 0.95x 1.07x 0.8x 1.11x 0.79x 0.52x
EV / EBITDA 6.54x 11.6x 6.28x 39.1x 15.8x 6.55x
EV / EBIT 8.7x 24x 8.71x -34.7x 572x 12.6x
EV / FCF 21x -30x 66.4x 14.1x -11.2x 9.05x
FCF Yield 4.76% -3.34% 1.51% 7.08% -8.95% 11.1%
Dividend per Share 2 0.88 0.3 0.5 - - 0.1
Rate of return 12.7% 5.83% 9.71% - - 7.04%
EPS 2 0.9175 0.3252 0.56 -0.1952 -0.1007 0.1854
Distribution rate 95.9% 92.2% 89.3% - - 53.9%
Net sales 1 1,883 1,460 1,972 1,119 1,375 1,700
EBITDA 1 273.7 135.1 250.8 31.68 68.56 133.7
EBIT 1 205.7 65.22 180.9 -35.68 1.89 69.62
Net income 1 176.1 62.41 122.6 -38.16 -19.98 36.85
Net Debt 1 455.8 579.4 587.1 602.7 704.5 594.1
Reference price 2 6.950 5.150 5.150 3.200 1.890 1.420
Nbr of stocks (in thousands) 191,895 191,895 191,895 198,302 198,778 198,778
Announcement Date 2/17/21 2/17/22 2/15/23 2/13/24 2/6/25 2/12/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 12.65M
17.09x1.44x9.99x1.33% 15.86B
17.79x1.74x10.62x2.34% 12.84B
15.16x1.26x8.2x1.24% 12.11B
18.22x2.17x10.29x1.53% 11.54B
30.31x1.13x8.35x2.69% 9.3B
14.62x - - 2.73% 4.29B
12.15x1x6.84x2.18% 4.08B
15.64x2.06x9.07x6.08% 2.86B
Average 17.62x 1.54x 9.05x 2.52% 8.1B
Weighted average by Cap. 18.28x 1.55x 9.39x 2.02%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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