Company Valuation: Saha Pathana Inter-Holding

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 40,604 40,318 40,604 40,747 36,604 34,101
Change - -0.7% 0.71% 0.35% -10.17% -6.84%
Enterprise Value (EV) 1 49,552 51,267 54,661 56,645 53,730 52,228
Change - 3.46% 6.62% 3.63% -5.15% -2.8%
P/E 17.6x 11.5x 12.1x 13.2x 11x 14.9x
PBR 1.04x 0.96x 0.91x 0.88x 0.75x 0.69x
PEG - 0.2x -3.06x -1.66x 1.5x -0.5x
Capitalization / Revenue 7.8x 5.96x 5.44x 5.52x 5.2x 4.74x
EV / Revenue 9.52x 7.58x 7.33x 7.67x 7.63x 7.27x
EV / EBITDA 18x 13x 16.3x 13.5x 14.1x 15.2x
EV / EBIT 19.5x 13.8x 17.7x 14.3x 15.1x 16.6x
EV / FCF 30.6x 25.5x -137x 13.4x 18.7x 27.3x
FCF Yield 3.27% 3.92% -0.73% 7.48% 5.35% 3.66%
Dividend per Share 2 0.3111 0.3556 0.3556 0.3556 0.4 0.6
Rate of return 0.99% 1.13% 1.13% 1.12% 1.41% 2.26%
EPS 2 1.791 2.72 2.612 2.404 2.581 1.775
Distribution rate 17.4% 13.1% 13.6% 14.8% 15.5% 33.8%
Net sales 1 5,206 6,764 7,461 7,386 7,040 7,187
EBITDA 1 2,750 3,941 3,348 4,207 3,810 3,440
EBIT 1 2,545 3,714 3,092 3,968 3,548 3,137
Net income 1 2,306 3,501 3,361 3,095 3,321 2,284
Net Debt 1 8,948 10,949 14,057 15,897 17,126 18,127
Reference price 2 31.56 31.33 31.56 31.67 28.44 26.50
Nbr of stocks (in thousands) 1,286,754 1,286,754 1,286,754 1,286,754 1,286,849 1,286,842
Announcement Date 3/1/21 2/28/22 2/28/23 2/29/24 2/28/25 2/28/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.26B
10.27x - - - 1.51B
14.42x - - - 118M
6.11x0.69x3.27x3.66% 103M
Average 10.26x 0.69x 3.27x 3.66% 748M
Weighted average by Cap. 10.30x 0.69x 3.27x 3.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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