Company Valuation: Polynet

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025
Market Cap 1 5,490 4,005 4,005 3,150
Change - -27.05% 0% -21.35%
Enterprise Value (EV) 1 5,380 3,798 3,754 2,901
Change - -29.4% -1.17% -22.71%
P/E 26.1x 22.9x 18.7x 11.8x
PBR 4.56x 3.08x 3.09x 2.37x
PEG 0.9x -1.4x 0.8x 0.5x
Capitalization / Revenue 5.07x 4.17x 3.91x 2.63x
EV / Revenue 4.97x 3.95x 3.67x 2.42x
EV / EBITDA 19.6x 15.8x 11.8x 7.51x
EV / EBIT 28.2x 25.3x 16.7x 9.86x
EV / FCF 100x 70.3x 24.5x 18.8x
FCF Yield 1% 1.42% 4.08% 5.33%
Dividend per Share 2 0.16 0.38 0.45 0.57
Rate of return 1.31% 4.27% 5.06% 8.14%
EPS 2 0.4676 0.389 0.4758 0.5957
Distribution rate 34.2% 97.7% 94.6% 95.7%
Net sales 1 1,082 961.3 1,024 1,199
EBITDA 1 273.9 239.9 318.2 386.2
EBIT 1 191 150.4 224.6 294.3
Net income 1 161.7 175 214.1 268.1
Net Debt 1 -110.2 -206.9 -251.3 -248.8
Reference price 2 12.200 8.900 8.900 7.000
Nbr of stocks (in thousands) 450,000 450,000 450,000 450,000
Announcement Date 2/24/23 2/23/24 2/21/25 2/24/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.33x1.01x5.42x3.49% 30.66B
13.83x1x5.62x3.98% 25.97B
14.59x1.25x5.41x3.95% 8.25B
8.42x1.14x5.41x3.34% 7.16B
9.81x1x5.72x3.02% 6.22B
8.69x - - 3.5% 5.73B
24.07x1.58x11.95x0.18% 5.54B
5.48x0.48x2.99x5.33% 5.31B
18.66x - - 3% 5.13B
Average 12.99x 1.06x 6.07x 3.31% 11.11B
Weighted average by Cap. 13.18x 1.04x 5.76x 3.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA