Company Valuation: TBSP

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,553 5,259 5,314 3,257 237.5 646.5
Change - 106% 1.05% -38.71% -92.71% 172.16%
Enterprise Value (EV) 1 3,151 5,286 5,840 3,902 735.5 663.2
Change - 67.77% 10.48% -33.19% -81.15% -9.83%
P/E -159x -13.1x 38.6x -193x -0.43x -0.47x
PBR 2.79x 4.12x 5.08x 3.16x 0.5x 2.31x
PEG - -0x -0x 2x -0x -0x
Capitalization / Revenue 1.58x 4.36x 4.6x 2.35x 0.35x 2.94x
EV / Revenue 1.95x 4.38x 5.05x 2.81x 1.09x 3.02x
EV / EBITDA 23x 14.5x 63.4x 32.3x -1.8x -3.99x
EV / EBIT 239x 19.6x -899x 155x -1.43x -2.21x
EV / FCF 12.2x -9.57x 8.38x -43.5x 3.08x -2.45x
FCF Yield 8.21% -10.5% 11.9% -2.3% 32.5% -40.8%
Dividend per Share 2 - 0.9 - - - -
Rate of return - 3.5% - - - -
EPS 2 -0.0785 -1.965 0.5622 -0.069 -2.234 -3.726
Distribution rate - -45.8% - - - -
Net sales 1 1,615 1,206 1,156 1,387 673.8 219.9
EBITDA 1 137.2 364.2 92.18 120.7 -407.5 -166.3
EBIT 1 13.2 269.1 -6.498 25.14 -515.1 -300.1
Net income 1 -13.02 -401.2 133 -16.89 -547.1 -1,097
Net Debt 1 598.2 27.62 526.4 645.2 498 16.7
Reference price 2 12.5000 25.7500 21.7000 13.3000 0.9700 1.7600
Nbr of stocks (in thousands) 204,220 204,220 244,871 244,871 244,871 367,307
Announcement Date 3/1/21 2/21/22 2/22/23 2/28/24 3/2/25 3/2/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 9.19M
14.47x - - 6.16% 20.44B
10.92x0.75x5.11x5.04% 19.97B
-2033.27x1.14x14.51x-.--% 14.23B
106.09x0.9x6.2x0.79% 13.65B
27.06x2.42x62.25x3.09% 12.37B
32.41x4.06x15.03x0.65% 9.28B
35.47x3.81x23.2x1.22% 6.94B
25.88x0.88x13.04x1.7% 6.45B
27.72x1.88x15.79x1.37% 6.05B
Average -194.81x 1.98x 19.39x 2.22% 10.94B
Weighted average by Cap. -235.44x 1.74x 18.48x 2.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA