Company Valuation: Sherwood Corporation (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,543 2,943 2,924 2,290 1,426 1,945
Change - 90.8% -0.65% -21.71% -37.7% 36.36%
Enterprise Value (EV) 1 1,478 2,757 2,800 2,151 1,004 1,508
Change - 86.48% 1.58% -23.19% -53.31% 50.13%
P/E 32.3x 26.5x 215x 42.1x 11.9x 12.1x
PBR 2.37x 4.24x 4.22x 3.59x 1.89x 2.48x
PEG - 0x -2.4x 0x 0x 0.3x
Capitalization / Revenue 1.19x 1.61x 1.72x 1.34x 0.84x 1.12x
EV / Revenue 1.14x 1.5x 1.65x 1.26x 0.59x 0.87x
EV / EBITDA 10.7x 11.4x 32.5x 15.6x 4.69x 5.73x
EV / EBIT 13.6x 12.9x 49.6x 20.7x 5.56x 6.58x
EV / FCF 10.8x 13x 349x 15.5x 3.7x 8.46x
FCF Yield 9.24% 7.72% 0.29% 6.46% 27.1% 11.8%
Dividend per Share 2 0.3409 0.3545 0.3409 0.0051 0.125 0.325
Rate of return 7.75% 4.33% 5.81% 0.11% 4.37% 8.33%
EPS 2 0.1364 0.3091 0.0273 0.1091 0.2394 0.3228
Distribution rate 250% 115% 1,249% 4.67% 52.2% 101%
Net sales 1 1,301 1,832 1,696 1,713 1,690 1,737
EBITDA 1 137.7 241.3 86.29 137.9 214.1 263.1
EBIT 1 109.1 213.7 56.46 104 180.7 229
Net income 1 67.68 146.2 17.26 55.88 119.4 161
Net Debt 1 -64.26 -186.5 -124 -138.6 -422.1 -437.3
Reference price 2 4.400 8.182 5.864 4.591 2.860 3.900
Nbr of stocks (in thousands) 350,604 359,749 498,732 498,732 498,732 498,732
Announcement Date 2/24/21 2/28/22 2/23/23 2/20/24 2/25/25 2/24/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 74.31M
34.19x3.2x13.75x0.84% 58.62B
10.42x1.26x6.26x4.92% 8.36B
15.61x1.14x6.02x1.53% 5.2B
30.23x4.65x19.78x0.59% 3.98B
Average 22.61x 2.56x 11.45x 1.97% 15.25B
Weighted average by Cap. 30.10x 2.92x 12.71x 1.33%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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