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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 234M
3.95x1.36x - 4.69% 130B
6.53x4.91x - 5.53% 130B
12.32x - - 2.91% 96.23B
15.51x - - 3.09% 73.51B
13.55x1.03x1.04x4.29% 73.02B
14.74x - - 3.67% 69.72B
12.83x - - 2.33% 64.03B
16.87x3.19x - 2.04% 60.15B
17.36x - - 2.95% 57.74B
Average 12.63x 2.62x 1.04x 3.5% 75.45B
Weighted average by Cap. 11.33x 2.75x 1.04x 3.77%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thai Group Holdings

Historical PBR trend

Valuation ratios - PBR - Thai Group Holdings

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thai Group Holdings

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thai Group Holdings

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