Company Valuation: Pico (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: October 2020 2021 2022 2023 2024 2025
Market Cap 1 818.1 796.6 1,068 1,064 753.5 947.3
Change - -2.63% 34.05% -0.4% -29.15% 25.71%
Enterprise Value (EV) 1 658.5 698.9 1,004 905.2 497 639.6
Change - 6.14% 43.69% -9.87% -45.09% 28.7%
P/E -13.7x -28.2x 53.7x 49.3x 25.6x 48.1x
PBR 2.25x 2.37x 2.9x 2.73x 1.75x 2.19x
PEG - 0.5x -0x 5.84x 0.7x -1.5x
Capitalization / Revenue 1.12x 1.25x 0.97x 1.03x 0.58x 0.74x
EV / Revenue 0.9x 1.1x 0.91x 0.87x 0.38x 0.5x
EV / EBITDA -10.4x -26.1x 25.3x 25.8x 12.6x 28.2x
EV / EBIT -8.53x -19.4x 43.5x 42.1x 16.6x 47.2x
EV / FCF 14.3x -14.6x -18.9x 12x 5.64x 10.4x
FCF Yield 6.98% -6.84% -5.28% 8.32% 17.7% 9.65%
Dividend per Share 2 - - - - 0.1 0.05
Rate of return - - - - 2.86% 1.14%
EPS 2 -0.278 -0.1313 0.0924 0.1002 0.1367 0.0915
Distribution rate - - - - 73.2% 54.6%
Net sales 1 730.4 635.5 1,104 1,036 1,308 1,283
EBITDA 1 -63.42 -26.77 39.67 35.13 39.44 22.65
EBIT 1 -77.24 -36.06 23.11 21.51 29.87 13.54
Net income 1 -59.85 -28.27 19.9 21.58 29.43 19.7
Net Debt 1 -159.6 -97.67 -63.59 -158.4 -256.5 -307.7
Reference price 2 3.800 3.700 4.960 4.940 3.500 4.400
Nbr of stocks (in thousands) 215,295 215,295 215,295 215,295 215,295 215,295
Announcement Date 12/8/20 12/8/21 12/13/22 12/6/23 12/4/24 12/4/25
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.89x1.4x6.34x4.35% 25.65B
8.07x0.96x5.14x4.9% 20.34B
11.9x5.22x9.25x7.38% 10.71B
14.82x - - 3.5% 4.79B
15.4x0.53x5.2x1.57% 4.12B
8.46x0.63x3.78x5.53% 3.87B
25.93x3.5x9.88x-.--% 2.56B
Average 13.92x 2.04x 6.60x 3.89% 10.29B
Weighted average by Cap. 11.88x 1.86x 6.36x 4.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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