Company Valuation: Syntec Construction

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,323 3,102 2,832 2,530 2,546 2,592
Change - 33.56% -8.72% -10.67% 0.63% 1.83%
Enterprise Value (EV) 1 2,542 3,400 2,788 769.5 283.6 112.5
Change - 33.74% -17.98% -72.4% -63.15% -60.34%
P/E 9.69x 24.8x -7.7x 13.2x 4.81x 4.4x
PBR 0.42x 0.55x 0.54x 0.48x 0.45x 0.43x
PEG - -0.5x 0x -0x 0x 0.4x
Capitalization / Revenue 0.29x 0.58x 0.55x 0.34x 0.31x 0.32x
EV / Revenue 0.32x 0.64x 0.54x 0.1x 0.03x 0.01x
EV / EBITDA 4.17x 7.69x -44.8x 1.7x 0.37x 0.11x
EV / EBIT 7.98x 17.8x -9.03x 3.02x 0.48x 0.14x
EV / FCF 2.44x -7.44x 14.7x 0.35x 1.7x 0.25x
FCF Yield 41% -13.4% 6.81% 288% 58.7% 407%
Dividend per Share 2 0.08 0.06 - 0.06 0.09 -
Rate of return 5.48% 3.08% - 3.77% 5.63% -
EPS 2 0.1507 0.0787 -0.2312 0.1205 0.3326 0.3724
Distribution rate 53.1% 76.2% - 49.8% 27.1% -
Net sales 1 7,981 5,309 5,146 7,430 8,215 8,077
EBITDA 1 609.1 442.1 -62.31 453.3 757.9 979.3
EBIT 1 318.4 190.9 -308.8 254.5 589.2 803
Net income 1 239.8 125.2 -367.8 191.8 529.2 590.2
Net Debt 1 219.2 297.2 -43.52 -1,760 -2,262 -2,480
Reference price 2 1.460 1.950 1.780 1.590 1.600 1.640
Nbr of stocks (in thousands) 1,590,957 1,590,957 1,590,957 1,590,957 1,590,957 1,580,597
Announcement Date 3/1/21 2/27/22 2/24/23 2/23/24 2/26/25 2/25/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 86.95M
65.05x2.81x27.51x0.07% 94.32B
13.09x1.06x5.81x4.48% 71.3B
38.8x4.75x26.33x0.17% 58.83B
25.27x1.93x18.78x1.23% 54.5B
55.39x4.6x29.44x1.64% 45.98B
33.09x0.78x13.13x1.92% 39.23B
27.88x0.54x8.68x2.14% 35.71B
25.4x1.65x15.86x0.19% 33.07B
4.66x0.29x6.25x6.11% 27.62B
Average 32.07x 2.05x 16.86x 2% 46.06B
Weighted average by Cap. 35.91x 2.28x 18.36x 1.75%

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 Syntec Construction