Company Valuation: NFC

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,068 4,134 5,657 3,372 1,784 1,338
Change - 34.75% 36.84% -40.38% -47.1% -25%
Enterprise Value (EV) 1 4,468 6,036 10,811 8,819 7,317 6,925
Change - 35.11% 79.1% -18.42% -17.04% -5.35%
P/E Ratio -350x 11.7x 37.6x 18.6x 42.6x 13.9x
PBR 3.31x 3.23x 3.97x 2.39x 1.03x 0.73x
PEG - -0x -0.7x 0.9x -0.6x 0x
Capitalization / Revenue 4.26x 3.03x 2.06x 1.87x 0.94x 0.62x
EV / Revenue 6.21x 4.42x 3.94x 4.89x 3.88x 3.22x
EV / EBITDA 63.6x 163x 54.1x 18.9x 15.7x 14x
EV / EBIT -329x -210x 70.9x 22.6x 20.2x 19.2x
EV / FCF -10.6x -6.22x 29x 95.3x 38.8x 32.5x
FCF Yield -9.43% -16.1% 3.45% 1.05% 2.57% 3.08%
Dividend per Share 2 - - 0.18 - - -
Rate of return - - 3.46% - - -
EPS 2 -0.008055 0.3244 0.1382 0.1664 0.0385 0.0885
Distribution rate - - 130% - - -
Net sales 1 719.3 1,364 2,746 1,803 1,888 2,152
EBITDA 1 70.3 37.05 199.9 465.5 467.3 496
EBIT 1 -13.58 -28.7 152.5 390.1 361.4 360.2
Net income 1 -8.763 352.9 150.4 181 41.87 96.3
Net Debt 1 1,400 1,902 5,154 5,447 5,533 5,587
Reference price 2 2.820 3.800 5.200 3.100 1.640 1.230
Nbr of stocks (in thousands) 1,087,833 1,087,833 1,087,833 1,087,833 1,087,833 1,087,833
Announcement Date 2/23/21 2/24/22 2/23/23 2/28/24 2/26/25 2/27/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 41.14M
29.16x4.94x14.14x1.4% 87.69B
17.17x0.92x7.92x4.64% 49.5B
66.21x10.84x45.61x0.83% 16.92B
16.76x1.03x7.85x2.3% 14.95B
16.72x0.69x8.03x3.2% 9.38B
35.41x0.83x7.38x2.85% 9.57B
36.31x4.72x20.97x0.32% 8.53B
6.07x0.7x3.42x-.--% 7.43B
30.5x1.5x8.06x2.39% 7.99B
Average 28.26x 2.91x 13.71x 1.99% 21.2B
Weighted average by Cap. 27.71x 3.54x 13.85x 2.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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