Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 296,424 - -
Change - -2.75% -2.44% -12.37% -13.27% 0.83% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 462,429 448,848 438,813
Change - -6.09% -1.18% -4.5% -9.14% -3.16% -2.94% -2.24%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 11.1x 10.3x 9.74x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 1.95x 1.81x 1.68x
PEG - 0.6x -1.54x -13.63x -1.79x 2.02x 1.36x 1.73x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.88x 0.84x 0.81x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.37x 1.28x 1.2x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.38x 7.91x 7.47x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10.3x 9.7x 9.03x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.4x 10.9x 10.8x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.61% 9.19% 9.22%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.618 0.6315 0.6595
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.24% 5.35% 5.59%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.065 1.146 1.211
Distribution rate 51% 50% 55% 57.4% 61.4% 58% 55.1% 54.5%
Net sales 1 240,543 272,359 279,085 340,289 333,286 337,115 351,695 365,387
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,188 56,727 58,767
EBIT 1 33,782 38,583 36,229 45,874 43,811 45,012 46,290 48,581
Net income 1 24,645 30,106 27,434 27,216 25,361 27,067 28,882 30,364
Net Debt 1 185,323 160,414 163,530 186,597 183,534 166,005 152,424 142,389
Reference price 2 16.23 15.78 15.40 13.49 11.70 11.79 11.79 11.79
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.($)
13.72x3.43x10.58x2.53% 47.08B
11.79x2.8x9.32x7.2% 18.55B
16.33x3.69x12.66x3.47% 12.66B
70.73x8.02x45.03x0.21% 5.8B
40.98x4.74x25.5x0.65% 4.02B
26.63x3.21x14.26x2.02% 2.73B
30.12x2.12x17.05x2.26% 1.23B
22.11x - - 3.89% 983M
Average 29.05x 4.00x 19.20x 2.78% 11.63B
Weighted average by Cap. 19.10x 3.66x 13.63x 3.36%

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