Company Valuation: Shrinkflex (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,980 3,102 2,112 1,795 1,179 941.6
Change - 56.67% -31.91% -15% -34.31% -20.15%
Enterprise Value (EV) 1 1,800 2,989 2,193 1,971 1,398 1,061
Change - 66.03% -26.61% -10.14% -29.07% -24.14%
P/E 16.7x 27.8x 33.5x 59.4x 48.9x 14.1x
PBR 3.01x 4.2x 2.79x 2.37x 1.55x 1.16x
PEG - -5.03x -0.8x -1.1x -2.4x 0x
Capitalization / Revenue 2.92x 3.89x 2.45x 1.94x 1.2x 0.89x
EV / Revenue 2.65x 3.75x 2.55x 2.13x 1.42x 1x
EV / EBITDA 12.7x 18x 18.1x 18.3x 13.7x 6.9x
EV / EBIT 16.3x 22.9x 27x 43.1x 38.6x 11.5x
EV / FCF -77.8x -43.3x -18.6x -19.2x 80.3x 10.8x
FCF Yield -1.28% -2.31% -5.37% -5.22% 1.25% 9.27%
Dividend per Share 2 0.0711 0.1015 0.07 0.0455 0.0341 0.07
Rate of return 1.58% 1.44% 1.46% 1.12% 1.27% 3.27%
EPS 2 0.2688 0.254 0.1433 0.0687 0.0549 0.1523
Distribution rate 26.4% 40% 48.8% 66.2% 62.2% 46%
Net sales 1 678.2 796.7 860.9 924.4 981.9 1,057
EBITDA 1 141.8 166.5 121.2 107.7 101.7 153.6
EBIT 1 110.3 130.7 81.34 45.78 36.25 91.84
Net income 1 78.18 111.7 63.06 30.22 24.14 67.01
Net Debt 1 -179.9 -113.3 81.41 175.9 218.9 119
Reference price 2 4.500 7.050 4.800 4.080 2.680 2.140
Nbr of stocks (in thousands) 440,000 440,000 440,000 440,000 440,000 440,000
Announcement Date 2/23/21 2/28/22 2/22/23 2/19/24 2/24/25 2/24/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 19.49M
16.21x1.39x9.61x1.41% 15.04B
17.89x1.75x10.67x2.33% 12.91B
14.55x1.22x7.96x1.3% 11.62B
18.27x2.18x10.32x1.53% 11.36B
31.14x1.15x8.53x2.62% 9.38B
14.68x - - 2.72% 4.36B
11.3x0.96x6.56x2.34% 3.8B
15.59x2.05x9.04x6.12% 2.79B
Average 17.45x 1.53x 8.96x 2.55% 7.92B
Weighted average by Cap. 18.16x 1.53x 9.30x 2.05%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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