Valuation Thai Beverage

Equities

Market Closed - Singapore S.E. Other stock markets 04:08:23 2025-12-16 EST			5-day change	1st Jan Change
0.4700 ^SGD	0.00%		+1.08%	-13.76%

11-27	RHB Bank Singapore Adjusts Thai Beverage Public Company's Price Target to SG$0.62 from SG$0.65, Keeps at Buy	MT
11-26	Thai Beverage Public Company Limited, 2025 Earnings Call, Nov 26, 2025

Data adjusted to current consolidation scope

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	407,676	396,474	386,809	338,955	293,980	287,962	-	-
Change	-	-2.75%	-2.44%	-12.37%	-13.27%	-2.05%	-	-
Enterprise Value (EV) ¹	592,999	556,888	550,339	525,552	477,513	449,221	434,238	424,353
Change	-	-6.09%	-1.18%	-4.5%	-9.14%	-5.92%	-3.34%	-2.28%
P/E ratio	16.6x	13.2x	14.1x	12.5x	11.6x	10.7x	9.84x	9.53x
PBR	2.38x	1.93x	1.92x	2.27x	2.08x	1.77x	1.62x	1.55x
PEG	-	0.6x	-1.54x	-13.63x	-1.79x	1.65x	1.2x	2.89x
Capitalization / Revenue	1.69x	1.46x	1.39x	1x	0.88x	0.84x	0.79x	0.76x
EV / Revenue	2.47x	2.04x	1.97x	1.54x	1.43x	1.32x	1.19x	1.12x
EV / EBITDA	14.3x	12x	12.5x	9.37x	8.82x	8.04x	7.47x	7.03x
EV / EBIT	17.6x	14.4x	15.2x	11.5x	10.9x	10.1x	9.43x	8.85x
EV / FCF	20.7x	13.4x	20.2x	18.1x	14.5x	10.5x	11.6x	12x
FCF Yield	4.84%	7.48%	4.96%	5.54%	6.92%	9.52%	8.63%	8.33%
Dividend per Share ²	0.5	0.6	0.6	0.62	0.62	0.6213	0.6513	0.6483
Rate of return	3.08%	3.8%	3.9%	4.6%	5.3%	5.42%	5.68%	5.66%
EPS ²	0.98	1.2	1.09	1.08	1.01	1.076	1.164	1.202
Distribution rate	51%	50%	55%	57.4%	61.4%	57.8%	56%	53.9%
Net sales ¹	240,543	272,359	279,085	340,289	333,286	341,317	365,628	379,284
EBITDA ¹	41,613	46,344	43,971	56,074	54,157	55,905	58,092	60,324
EBIT ¹	33,782	38,583	36,229	45,874	43,811	44,304	46,046	47,962
Net income ¹	24,645	30,106	27,434	27,216	25,361	27,300	30,747	33,070
Net Debt ¹	185,323	160,414	163,530	186,597	183,534	161,259	146,277	136,392
Reference price ²	16.23	15.78	15.40	13.49	11.70	11.46	11.46	11.46
Nbr of stocks (in thousands)	25,118,755	25,120,888	25,124,754	25,127,675	25,130,487	25,130,487	-	-
Announcement Date	11/26/21	11/25/22	11/22/23	11/21/24	11/25/25	-	-	-

¹THB in Million²THB

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
THAI BEVERAGE	10.67x	1.32x	8.04x	5.41%	9.16B
DIAGEO PLC	13.47x	3.55x	10.9x	4.67%	49.47B
PERNOD RICARD	12.56x	2.95x	9.75x	6.11%	22.58B
BROWN-FORMAN CORPORATION	18.64x	4.17x	13.55x	3.05%	14B
RADICO KHAITAN LIMITED	76.53x	7.18x	46.28x	0.18%	4.76B
EMPERADOR INC.	37.78x	4.38x	23.47x	1.26%	4.07B
RÉMY COINTREAU	21.93x	2.84x	12.53x	3.08%	2.29B
ALLIED BLENDERS AND DISTILLERS LIMITED	66.21x	4.61x	34.99x	0.73%	1.93B
KUAIJISHAN SHAOXING RICE WINE CO., LTD.	46.14x	-	-	2.18%	1.44B
Average	33.77x	3.88x	19.94x	2.96%	12.19B
Weighted average by Cap.	18.88x	3.51x	13.25x	4.37%