Company Valuation: Thai Mitsuwa

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,456 1,416 1,586 2,404 2,155 2,204
Change - -2.74% 11.97% 51.57% -10.37% 2.31%
Enterprise Value (EV) 1 1,193 1,062 922.3 1,434 1,063 1,067
Change - -10.96% -13.18% 55.43% -25.88% 0.46%
P/E 23.9x 11.9x 7.05x 4.36x 4.5x 4.08x
PBR 0.59x 0.56x 0.58x 0.75x 0.61x 0.56x
PEG - 0.1x 0.1x 0x -0.3x 0.3x
Capitalization / Revenue 0.59x 0.46x 0.43x 0.59x 0.55x 0.52x
EV / Revenue 0.48x 0.35x 0.25x 0.35x 0.27x 0.25x
EV / EBITDA 3.61x 3.06x 2.01x 1.73x 1.28x 1.14x
EV / EBIT 10.1x 7.22x 3.68x 2.36x 1.79x 1.64x
EV / FCF 3.74x 64x 2.67x 6.77x 5.32x 5.3x
FCF Yield 26.7% 1.56% 37.5% 14.8% 18.8% 18.9%
Dividend per Share 2 0.46 0.9 1.7 4.15 3.61 4.07
Rate of return 1.26% 2.54% 4.28% 6.89% 6.69% 7.37%
EPS 2 1.525 2.982 5.636 13.82 12 13.54
Distribution rate 30.2% 30.2% 30.2% 30% 30.1% 30%
Net sales 1 2,483 3,079 3,709 4,059 3,919 4,219
EBITDA 1 330.6 347.2 459.3 828 833 935.9
EBIT 1 118 147.1 250.5 607.5 595 651.2
Net income 1 60.84 119 224.9 551.6 479 540.4
Net Debt 1 -263.2 -354.1 -663.7 -970.4 -1,092 -1,137
Reference price 2 36.50 35.50 39.75 60.25 54.00 55.25
Nbr of stocks (in thousands) 39,900 39,900 39,900 39,900 39,900 39,900
Announcement Date 5/31/21 5/31/22 5/29/23 5/29/24 5/30/25 5/28/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 67.18M
13.78x0.77x5.58x4.97% 20.24B
18.56x3.83x11.89x6.61% 19.27B
-316.32x - - -.--% 14.22B
-76.57x0.83x6.17x0.89% 13.78B
14.54x2.5x52.84x1.96% 12.84B
19.83x3.03x10.42x1.36% 6.74B
21.95x2x13.48x1.69% 5.4B
21.43x0.75x11.1x2.98% 5.19B
27.03x2.76x17.63x1.97% 5.05B
Average -28.42x 2.06x 16.14x 2.49% 10.28B
Weighted average by Cap. -41.18x 2.06x 15.76x 3.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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