Company Valuation: RS

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 16,565 20,778 15,369 14,869 11,893 436.4
Change - 25.43% -26.03% -3.25% -20.02% -96.33%
Enterprise Value (EV) 1 17,591 23,098 19,389 18,329 15,658 4,063
Change - 31.31% -16.06% -5.46% -14.58% -74.05%
P/E 31.4x 163x 112x 10.6x -38.6x -0.36x
PBR 8.27x 9.72x 7.68x 5.08x 4.32x 0.28x
PEG - -2.1x 14.9x 0x 0x -0x
Capitalization / Revenue 4.39x 5.82x 4.35x 4.07x 4.44x 0.23x
EV / Revenue 4.66x 6.46x 5.49x 5.02x 5.84x 2.17x
EV / EBITDA 22.4x 111x 61.4x 88.5x -23.1x -6.1x
EV / EBIT 25.5x 251x 91x 175x -20x -5.45x
EV / FCF 52.5x -44.3x -105x -23.2x -22.5x 19.3x
FCF Yield 1.9% -2.26% -0.96% -4.31% -4.44% 5.18%
Dividend per Share 2 - 0.1591 0.005 0.3 - -
Rate of return - 1.61% 0.07% 4.32% - -
EPS 2 0.2502 0.0605 0.065 0.6527 -0.1412 -0.5604
Distribution rate - 263% 7.69% 46% - -
Net sales 1 3,774 3,573 3,533 3,650 2,679 1,876
EBITDA 1 786.4 207.5 315.6 207.2 -679 -665.9
EBIT 1 688.9 92.15 213.1 105 -783.9 -745.3
Net income 1 528.3 127.4 137.1 1,395 -304.6 -1,223
Net Debt 1 1,026 2,320 4,020 3,460 3,765 3,627
Reference price 2 7.8636 9.8636 7.2727 6.9500 5.4500 0.2000
Nbr of stocks (in thousands) 2,106,493 2,106,493 2,113,219 2,139,491 2,182,218 2,182,218
Announcement Date 2/24/21 2/28/22 3/1/23 2/29/24 2/28/25 3/2/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.5x2.62x11.16x2.68% 15.12B
41.09x3.09x7.8x1.67% 13.63B
36.57x2.53x23.74x2.13% 13.2B
24.33x4.37x14.04x1.69% 3.41B
13.59x0.86x7.33x2.32% 3.01B
21.47x1.18x5.87x0.35% 2.22B
26.84x11.2x36.89x2.42% 2.2B
30.95x4.9x11.28x-.--% 2.11B
Average 26.92x 3.84x 14.76x 1.66% 6.86B
Weighted average by Cap. 30.03x 3.10x 14.14x 2.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA