Company Valuation: Tapaco

Data adjusted to current consolidation scope
Fiscal Period: October 2018 2019 2020 2021 2022 2023
Market Cap 1 2,734 2,965 1,211 1,738 1,318 543.7
Change - 8.46% -59.17% 43.54% -24.17% -58.75%
Enterprise Value (EV) 1 3,254 3,751 1,861 2,749 1,846 1,096
Change - 15.26% -50.37% 47.7% -32.87% -40.63%
P/E Ratio 42.2x 37.9x -25.6x -144x 11.9x -7.09x
PBR 2.71x 2.91x 1.28x 1.91x 1.33x 0.63x
PEG - 2x 0x 1.9x -0x 0x
Capitalization / Revenue 1.33x 1.62x 0.69x 0.68x 0.49x 0.3x
EV / Revenue 1.58x 2.05x 1.05x 1.07x 0.69x 0.61x
EV / EBITDA 18.8x 19.5x 21.7x 23.5x 11.4x 30.8x
EV / EBIT 33.7x 32.6x -70.9x 72.6x 28.8x -23.6x
EV / FCF -14.2x -42.8x 10x -8.2x 7.12x 27.6x
FCF Yield -7.04% -2.34% 9.97% -12.2% 14% 3.63%
Dividend per Share 2 0.11 0.06 0.01 0.01 0.02 0.04
Rate of return 1.63% 0.83% 0.34% 0.24% 0.63% 3.03%
EPS 2 0.16 0.19 -0.1149 -0.0292 0.2684 -0.1862
Distribution rate 68.8% 31.6% -8.71% -34.2% 7.45% -21.5%
Net sales 1 2,060 1,832 1,766 2,561 2,665 1,788
EBITDA 1 173.1 192.3 85.59 116.9 162 35.61
EBIT 1 96.52 114.9 -26.24 37.89 64.05 -46.43
Net income 1 71.76 79.23 -47.31 -12.04 110.5 -76.67
Net Debt 1 519.9 785.3 650.6 1,011 527.7 552.2
Reference price 2 6.7500 7.2000 2.9400 4.2200 3.2000 1.3200
Nbr of stocks (in thousands) 405,062 411,864 411,864 411,864 411,864 411,864
Announcement Date 1/3/19 1/2/20 1/4/21 1/6/22 1/29/23 3/27/24
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 6.55M
132.81x - - - 55.84B
10.54x3.29x9.48x-.--% 21.7B
7.25x16.14x19.22x6.3% 20.03B
4.42x0.1x0.21x7.77% 15.4B
8.35x16.87x - 6.75% 8.31B
7.94x0.81x6.7x2.47% 5.9B
-2.21x1.6x70.23x-.--% 5.28B
6.03x13.85x20.92x5.78% 4.61B
Average 21.89x 7.52x 21.13x 4.15% 15.23B
Weighted average by Cap. 58.29x 7.55x 15.10x 4.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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