Company Valuation: Saha Pathanapibul

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 21,167 20,912 21,385 20,356 19,335 18,975
Change - -1.21% 2.26% -4.81% -5.02% -1.86%
Enterprise Value (EV) 1 8,640 8,117 8,716 15,571 14,954 13,696
Change - -6.06% 7.39% 78.64% -3.96% -8.41%
P/E 12.5x 12x 13.2x 9.07x 7.12x 7.15x
PBR 0.9x 0.88x 0.88x 0.77x 0.71x 0.67x
PEG - 4.37x -2.05x 0.2x 0.3x -2.8x
Capitalization / Revenue 0.65x 0.62x 0.61x 0.54x 0.47x 0.46x
EV / Revenue 0.27x 0.24x 0.25x 0.41x 0.36x 0.33x
EV / EBITDA 4.32x 3.92x 4.65x 6.41x 5.35x 4.78x
EV / EBIT 4.71x 4.28x 5.07x 6.91x 5.73x 5.18x
EV / FCF 5.92x 8.46x 11.5x 9.24x 32.9x 66.1x
FCF Yield 16.9% 11.8% 8.73% 10.8% 3.04% 1.51%
Dividend per Share 2 1.6 1.6 1.5 2 2.4 2.4
Rate of return 2.48% 2.51% 2.29% 3.23% 4.09% 4.17%
EPS 2 5.175 5.318 4.976 6.834 8.253 8.042
Distribution rate 30.9% 30.1% 30.1% 29.3% 29.1% 29.8%
Net sales 1 32,461 33,762 35,260 37,898 41,057 41,374
EBITDA 1 2,001 2,071 1,875 2,428 2,795 2,867
EBIT 1 1,833 1,898 1,718 2,252 2,609 2,644
Net income 1 1,705 1,745 1,627 2,235 2,710 2,653
Net Debt 1 -12,527 -12,795 -12,669 -4,785 -4,381 -5,279
Reference price 2 64.50 63.75 65.50 62.00 58.75 57.50
Nbr of stocks (in thousands) 328,173 328,025 326,489 328,316 329,100 330,000
Announcement Date 3/1/21 2/28/22 2/28/23 2/29/24 3/28/25 2/24/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 550M
38.46x1.24x19.03x0.89% 888B
27.77x1.18x10.26x0.98% 51.53B
21.12x0.62x11.92x2.55% 40.46B
15.47x0.53x7.85x3.34% 39.49B
13.32x0.5x6.32x3.49% 36.54B
11.59x0.33x6.14x2.52% 35.86B
45.65x0.89x10.48x2.39% 33.39B
21.79x0.73x6.28x1.41% 26.31B
54.31x0.64x10.71x1% 24.98B
Average 27.72x 0.74x 9.89x 2.06% 117.68B
Weighted average by Cap. 35.19x 1.11x 16.54x 1.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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