Company Valuation: Smart Concrete

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 483 937.4 739.5 1,146 770.8 500
Change - 94.08% -21.11% 54.93% -32.73% -35.14%
Enterprise Value (EV) 1 532.9 858.5 650.2 964.4 545.5 269.8
Change - 61.1% -24.27% 48.33% -43.44% -50.54%
P/E 10.5x 21.5x 19x 10.7x 8.86x 15.5x
PBR 0.94x 1.54x 1.22x 1.71x 1.16x 0.78x
PEG - -1.4x -1.8x 0x -0.5x -0.2x
Capitalization / Revenue 1.15x 2.04x 1.29x 1.61x 1.33x 1.16x
EV / Revenue 1.27x 1.87x 1.14x 1.35x 0.94x 0.63x
EV / EBITDA 5.92x 9.2x 7.04x 5.15x 3.62x 3.57x
EV / EBIT 11.4x 17x 12.7x 6.61x 5.06x 6.97x
EV / FCF 19.9x 14.4x 9.83x 9.94x 5.43x 6.04x
FCF Yield 5.03% 6.96% 10.2% 10.1% 18.4% 16.5%
Dividend per Share 2 0.06 0.04 0.0365 0.0912 0.0485 0.0675
Rate of return 11.4% 4.44% 5.14% 8.29% 6.55% 14.1%
EPS 2 0.0498 0.0419 0.0374 0.1023 0.0835 0.031
Distribution rate 121% 95.4% 97.6% 89.1% 58.1% 218%
Net sales 1 419.2 459.5 572.3 713.8 581.7 429.2
EBITDA 1 90.06 93.27 92.39 187.2 150.7 75.51
EBIT 1 46.8 50.39 51.16 145.8 107.9 38.69
Net income 1 45.81 39.87 38.96 106.6 87.02 32.3
Net Debt 1 49.9 -78.9 -89.33 -181.3 -225.3 -230.1
Reference price 2 0.5250 0.9000 0.7100 1.1000 0.7400 0.4800
Nbr of stocks (in thousands) 920,000 1,041,567 1,041,567 1,041,567 1,041,567 1,041,567
Announcement Date 2/18/21 2/17/22 2/21/23 2/15/24 2/27/25 2/18/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 16.82M
20.82x2.77x10.95x2.5% 50.52B
23.5x3.34x12.08x-.--% 14.1B
10.55x0.48x2.17x4.84% 12.74B
12.9x3.48x7.06x5.96% 12.72B
46.6x3.98x18.7x0.59% 9.96B
9.33x1.43x5.38x1.74% 9.01B
22.68x7.45x13.83x4.25% 7.52B
15.87x3.41x10.68x0.49% 6.34B
25.53x1.29x6.32x3.61% 5.34B
Average 20.86x 3.07x 9.68x 2.66% 12.83B
Weighted average by Cap. 20.56x 2.92x 9.99x 2.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Smart Concrete