Company Valuation: Ratchaphruek Hospital

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,030 3,331 3,303 3,494 2,996 2,631
Change - 9.91% -0.82% 5.79% -14.26% -12.19%
Enterprise Value (EV) 1 3,189 3,307 3,132 3,124 2,559 2,254
Change - 3.68% -5.3% -0.23% -18.1% -11.93%
P/E 32.3x 8.26x 11.5x 18.9x 17.4x 14.5x
PBR 2.24x 1.98x 1.92x 1.98x 1.7x 1.53x
PEG - 0x -0.4x -0.5x -2.7x 1.76x
Capitalization / Revenue 3.79x 2.36x 2.49x 3.01x 2.66x 2.26x
EV / Revenue 3.99x 2.34x 2.36x 2.69x 2.27x 1.94x
EV / EBITDA 16.1x 5.66x 7.11x 10.3x 9.59x 7.46x
EV / EBIT 28.7x 6.64x 8.96x 14.3x 13.3x 9.91x
EV / FCF 62.1x 19.8x 9.7x 11x 14.2x 16.2x
FCF Yield 1.61% 5.06% 10.3% 9.09% 7.04% 6.16%
Dividend per Share 2 0.13 0.3 0.35 0.3 0.29 0.28
Rate of return 2.34% 4.92% 5.79% 4.69% 5.27% 5.65%
EPS 2 0.1719 0.7381 0.5247 0.3378 0.316 0.342
Distribution rate 75.6% 40.6% 66.7% 88.8% 91.8% 81.9%
Net sales 1 799.3 1,413 1,326 1,161 1,125 1,162
EBITDA 1 197.8 584.5 440.3 303.5 266.9 302.1
EBIT 1 111.1 497.9 349.7 218.5 192.5 227.4
Net income 1 93.84 403 286.5 184.5 172.5 182.4
Net Debt 1 159.1 -23.88 -171.7 -370.1 -437.4 -377.2
Reference price 2 5.550 6.100 6.050 6.400 5.500 4.960
Nbr of stocks (in thousands) 546,000 546,000 546,000 546,000 544,753 530,407
Announcement Date 2/22/21 2/20/22 2/27/23 2/18/24 2/17/25 2/17/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 79.68M
32.52x3.09x13.81x1.34% 18.18B
53.19x4.54x29.82x0.26% 13.68B
22.62x3.21x11.49x1.88% 12.27B
17.94x2.08x9.69x0.7% 10.96B
24.95x2.02x16.28x0.15% 10.18B
19.12x2.78x11.45x4.18% 9.31B
51.35x6.76x28.2x0.13% 7.4B
33.6x0.93x7.74x1.92% 7.1B
12.56x1.2x8.05x2.25% 7.23B
Average 29.76x 2.96x 15.17x 1.42% 9.64B
Weighted average by Cap. 30.47x 3.03x 15.58x 1.35%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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