Company Valuation: Phatra Leasing

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,324 1,575 1,515 1,288 912.7 757.6
Change - 18.92% -3.79% -14.96% -29.17% -16.99%
Enterprise Value (EV) 1 9,544 8,449 7,975 9,605 9,925 9,094
Change - -11.47% -5.61% 20.44% 3.32% -8.37%
P/E 17.4x 13.1x 12.6x 12x -8.65x 12.3x
PBR 0.44x 0.51x 0.48x 0.41x 0.3x 0.25x
PEG - 0.2x 31.14x -1.1x 0x -0x
Capitalization / Revenue 0.37x 0.49x 0.51x 0.48x 0.34x 0.28x
EV / Revenue 2.63x 2.61x 2.69x 3.56x 3.67x 3.41x
EV / EBITDA 4.79x 4.81x 4.98x 21.8x 41.6x 18.6x
EV / EBIT 30.4x 27x 23.3x 23.7x 48.6x 20.7x
EV / FCF 5.67x 5.82x 7.64x 9.32x 15x 6.52x
FCF Yield 17.6% 17.2% 13.1% 10.7% 6.66% 15.3%
Dividend per Share 2 0.08 0.11 0.11 0.11 - 0.062
Rate of return 3.6% 4.17% 4.33% 5.09% - 4.88%
EPS 2 0.1275 0.2014 0.2022 0.1801 -0.1769 0.103
Distribution rate 62.7% 54.6% 54.4% 61.1% - 60.2%
Net sales 1 3,625 3,237 2,966 2,699 2,702 2,670
EBITDA 1 1,992 1,756 1,603 440.9 238.6 489.2
EBIT 1 313.5 313.4 341.6 406.1 204.1 438.9
Net income 1 76.06 120.1 120.6 107.4 -105.5 61.44
Net Debt 1 8,220 6,875 6,460 8,317 9,012 8,337
Reference price 2 2.220 2.640 2.540 2.160 1.530 1.270
Nbr of stocks (in thousands) 596,510 596,510 596,510 596,510 596,510 596,510
Announcement Date 2/24/21 2/24/22 2/23/23 2/23/24 2/27/25 2/23/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 24.54M
24.35x16.42x - 0.71% 65.42B
39.8x4.62x15.64x-.--% 37.35B
24.29x5.07x25.1x0.08% 30.92B
16.45x11.6x22.54x1.21% 24.07B
8.09x1.9x3.58x1.68% 24.75B
28.73x3.87x11.66x-.--% 22.05B
22.75x18.64x44.01x0.16% 15.98B
21.65x22.24x - 0.24% 15.53B
Average 23.26x 10.55x 20.42x 0.51% 26.23B
Weighted average by Cap. 24.40x 10.41x 19.03x 0.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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