Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 274,607 - -
Change - -2.75% -2.44% -12.37% -13.27% -6.59% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 437,882 424,602 414,686
Change - -6.09% -1.18% -4.5% -9.14% -8.3% -3.03% -2.34%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 10.4x 9.62x 9.15x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 1.81x 1.67x 1.56x
PEG - 0.6x -1.54x -13.63x -1.79x 2.55x 1.2x 1.77x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.82x 0.79x 0.76x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.3x 1.22x 1.15x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 7.96x 7.52x 7.09x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 9.81x 9.27x 8.63x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 9.86x 11x 10.2x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 10.1% 9.06% 9.76%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.618 0.6469 0.6737
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.66% 5.92% 6.17%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.051 1.135 1.194
Distribution rate 51% 50% 55% 57.4% 61.4% 58.8% 57% 56.4%
Net sales 1 240,543 272,359 279,085 340,289 333,286 335,637 348,706 360,528
EBITDA 1 41,613 46,344 43,971 56,074 54,157 54,990 56,456 58,464
EBIT 1 33,782 38,583 36,229 45,874 43,811 44,616 45,804 48,067
Net income 1 24,645 30,106 27,434 27,216 25,361 26,925 28,872 30,378
Net Debt 1 185,323 160,414 163,530 186,597 183,534 163,275 149,994 140,079
Reference price 2 16.23 15.78 15.40 13.49 11.70 10.93 10.93 10.93
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.29x1.31x7.97x5.65% 8.13B
19.93x8.54x12.85x3.89% 250B
14.61x3.62x10.72x2.35% 51.45B
21.13x3.65x10.28x6.81% 42.15B
13.99x3.86x9.65x4.62% 20.42B
12.35x2.89x9.56x7.09% 18.59B
13.78x4.27x7.95x6.53% 15.27B
16.44x3.77x12.79x3.42% 12.86B
44.31x4.92x26.69x1.18% 9.15B
24.23x3.15x12.59x1.63% 8.77B
Average 19.11x 4.00x 12.11x 4.32% 43.63B
Weighted average by Cap. 18.91x 6.42x 12.08x 4.17%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thai Beverage

Historical PBR trend

Valuation ratios - PBR - Thai Beverage

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thai Beverage

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thai Beverage


Year-on-year evolution of the Yield

Valuation ratios - Yield - Thai Beverage
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