Company Valuation: Thai Group Holdings

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 24,443 18,727 15,192 12,334 9,552 8,649
Change - -23.38% -18.88% -18.81% -22.56% -9.45%
Enterprise Value (EV) 1 37,817 32,214 30,471 29,475 25,636 23,259
Change - -14.82% -5.41% -3.27% -13.02% -9.27%
P/E 33.6x -5.74x 10.2x 223x 24.8x 8.07x
PBR 1.78x 1.88x 1.62x 1.43x 0.95x 0.81x
PEG - 0x -0x -2.3x 0x 0x
Capitalization / Revenue 1.05x 0.71x 0.77x 0.69x 0.54x 0.68x
EV / Revenue 1.62x 1.21x 1.53x 1.65x 1.46x 1.83x
EV / EBITDA 11.5x -3.94x 9.63x 10.5x 7.4x 5.6x
EV / EBIT 24.7x -3.22x 21.9x 33.9x 17.1x 11.4x
EV / FCF -6.4x -25.5x -4x -10.7x -46.8x 94.4x
FCF Yield -15.6% -3.93% -25% -9.33% -2.14% 1.06%
Dividend per Share 2 0.6 - - - - 0.1
Rate of return 1.85% - - - - 0.87%
EPS 2 0.9686 -4.335 1.974 0.0736 0.5119 1.425
Distribution rate 61.9% - - - - 7.02%
Net sales 1 23,300 26,531 19,859 17,855 17,614 12,736
EBITDA 1 3,294 -8,186 3,164 2,806 3,462 4,153
EBIT 1 1,534 -10,004 1,394 869.6 1,496 2,047
Net income 1 728.4 -3,260 1,485 55.33 385 1,072
Net Debt 1 13,374 13,486 15,278 17,141 16,084 14,610
Reference price 2 32.50 24.90 20.20 16.40 12.70 11.50
Nbr of stocks (in thousands) 752,098 752,098 752,098 752,098 752,098 752,098
Announcement Date 2/24/21 2/28/22 2/28/23 2/27/24 2/25/25 2/26/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 261M
4.95x1.41x - 3.93% 141B
12.19x - - 3.85% 55.16B
8.95x0.47x11x1.39% 55.31B
16.15x11.09x86.3x2.54% 40.56B
10.2x2.19x10.69x5.32% 23.43B
62.67x1.22x - 0.19% 19.25B
10.59x - - 5.13% 16.42B
16.52x0.85x - 3.39% 14.77B
11.43x2.65x9.76x0.69% 13.67B
Average 17.07x 2.84x 29.44x 2.94% 37.98B
Weighted average by Cap. 11.96x 2.59x 33.79x 3.21%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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