Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 297,833 - -
Change - -2.75% -2.44% -12.37% -13.27% 1.31% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 463,838 450,256 440,222
Change - -6.09% -1.18% -4.5% -9.14% -2.86% -2.93% -2.23%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 11.1x 10.3x 9.79x
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 2.02x 1.36x 1.73x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.88x 0.85x 0.82x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.38x 1.28x 1.2x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.4x 7.94x 7.49x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10.3x 9.73x 9.06x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.4x 10.9x 10.9x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.58% 9.16% 9.19%
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% 5.21% 5.33% 5.57%
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 11.85 11.85 11.85
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.($)
13.72x3.43x10.59x2.53% 47.09B
11.76x2.81x9.33x7.15% 18.79B
15.05x3.47x11.78x3.72% 11.83B
69.85x7.92x44.47x0.22% 5.7B
40.09x4.65x25.01x0.67% 3.93B
26.65x3.21x14.26x2.02% 2.75B
52.75x4.04x28.19x0.88% 1.79B
30.09x2.15x17.25x2.28% 1.25B
Average 32.50x 3.96x 20.11x 2.43% 11.64B
Weighted average by Cap. 19.40x 3.63x 13.71x 3.35%

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