Company Valuation: Synnex (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 30,929 13,897 8,813 13,049 8,431 8,092 - -
Change - -55.07% -36.59% 48.08% -35.39% -4.02% - -
Enterprise Value (EV) 1 33,573 18,929 14,728 20,111 15,669 15,186 15,211 8,092
Change - -43.62% -22.19% 36.55% -22.08% -3.08% 0.16% -46.8%
P/E 35.8x 17.1x 17x 20.8x 10.9x 10.7x 9.93x 9.46x
PBR 7.88x 3.39x 2.16x 2.93x 1.75x 1.56x 1.46x 1.36x
PEG - -2.91x -0.5x 1x 0.5x -6.95x 1.35x 1.9x
Capitalization / Revenue 0.83x 0.36x 0.24x 0.31x 0.18x 0.16x 0.15x 0.14x
EV / Revenue 0.91x 0.48x 0.4x 0.48x 0.33x 0.3x 0.28x 0.14x
EV / EBITDA 38.3x 21x 24.1x 27.6x 19.7x 15.4x 14.4x 7.38x
EV / EBIT 42.7x 22.1x 26.1x 29.7x 21.1x 18.3x 16.4x 8.13x
EV / FCF -73.6x -15.3x -220x -33.4x 44.1x 360x 97.6x 62.4x
FCF Yield -1.36% -6.55% -0.45% -3% 2.27% 0.28% 1.02% 1.6%
Dividend per Share 2 0.7 0.7 0.36 0.44 0.48 0.466 0.498 0.52
Rate of return 1.92% 4.27% 3.46% 2.86% 4.82% 4.88% 5.21% 5.45%
EPS 2 1.02 0.96 0.61 0.74 0.91 0.896 0.962 1.01
Distribution rate 68.6% 72.9% 59% 59.5% 52.7% 52% 51.8% 51.5%
Net sales 1 37,085 39,061 36,534 41,904 47,393 50,611 53,953 57,881
EBITDA 1 876.8 900.2 611.8 729.9 793.4 984.6 1,055 1,096
EBIT 1 786.3 854.7 563.8 676.6 743.2 828.5 926.8 995.7
Net income 1 856.5 816.1 513.3 627.7 769.8 761.2 815.2 857.5
Net Debt 1 2,644 5,033 5,915 7,061 7,238 7,094 7,119 -
Reference price 2 36.500 16.400 10.400 15.400 9.950 9.550 9.550 9.550
Nbr of stocks (in thousands) 847,361 847,361 847,361 847,361 847,361 847,361 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/26/25 2/24/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.66x0.3x15.42x4.88% 243M
23.22x1.96x15.42x0.45% 361B
25.02x10.13x17.95x0.35% 195B
21.51x2.03x10.36x0.93% 80.66B
20.42x0.53x9.54x1.57% 59.42B
33.24x5.83x19.79x1.26% 42.3B
35.97x21.99x27.23x1.24% 37.41B
13.75x0.6x7.32x3.49% 31.02B
12.43x0.65x9.69x5.41% 22.4B
16.75x0.32x9.55x0.72% 21.28B
Average 21.30x 4.43x 14.23x 2.03% 85.12B
Weighted average by Cap. 23.54x 4.69x 15.26x 0.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

  1. Stock Market
  2. Stocks
  3. SYNEX Stock
  4. Valuation Synnex (Thailand)
-40%: Exceptional extension
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