Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 298,513 - -
Change - -2.75% -2.44% -12.37% -13.27% 1.54% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 464,138 450,571 440,267
Change - -6.09% -1.18% -4.5% -9.14% -2.8% -2.92% -2.29%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 11.2x 10.4x 9.9x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 1.96x 1.82x 1.69x
PEG - 0.6x -1.54x -13.63x -1.79x 2.14x 1.44x 1.85x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.89x 0.86x 0.83x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.38x 1.29x 1.22x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.4x 7.98x 7.54x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10.3x 9.83x 9.17x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.4x 11.7x 10.9x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.57% 8.54% 9.19%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.6183 0.6448 0.6684
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.21% 5.43% 5.63%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.063 1.139 1.2
Distribution rate 51% 50% 55% 57.4% 61.4% 58.2% 56.6% 55.7%
Net sales 1 240,543 272,359 279,085 340,289 333,286 336,315 349,064 360,936
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,242 56,444 58,384
EBIT 1 33,782 38,583 36,229 45,874 43,811 44,867 45,830 48,034
Net income 1 24,645 30,106 27,434 27,216 25,361 27,113 28,905 30,420
Net Debt 1 185,323 160,414 163,530 186,597 183,534 165,625 152,058 141,754
Reference price 2 16.23 15.78 15.40 13.49 11.70 11.88 11.88 11.88
Nbr of stocks (in thousands) 25,118,755 25,120,888 25,124,754 25,127,675 25,130,487 25,131,686 - -
Announcement Date 11/26/21 11/25/22 11/22/23 11/21/24 11/25/25 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.71x3.66x10.85x2.33% 52.64B
12.23x2.86x9.54x6.94% 19.74B
16.84x3.77x12.95x3.37% 13.06B
11.28x1.39x8.45x5.16% 9.2B
69.07x8.93x44.82x0.23% 6.5B
40.68x4.8x25.53x0.64% 4.08B
26.8x3.22x14.32x1.87% 2.83B
30.78x - - 2.79% 1.38B
Average 27.80x 4.09x 18.07x 2.92% 13.68B
Weighted average by Cap. 18.94x 3.68x 13.35x 3.33%

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