Company Valuation: Thai Nam Plastic

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 239.6 786 695.3 494.2 293.1 289.7
Change - 228% -11.55% -28.92% -40.69% -1.16%
Enterprise Value (EV) 1 441.7 1,048 1,066 818.3 630.6 652.1
Change - 137.39% 1.66% -23.22% -22.94% 3.41%
P/E 103x 9.1x -112x 16.5x -2.16x -1.89x
PBR 0.54x 1.51x 1.38x 0.91x 0.52x 0.74x
PEG - 0x 1x -0x 0x -0.1x
Capitalization / Revenue 0.33x 0.74x 0.49x 0.31x 0.21x 0.22x
EV / Revenue 0.6x 0.99x 0.75x 0.51x 0.46x 0.48x
EV / EBITDA 7.2x 7.31x 14.4x 5.92x -9.05x -41.8x
EV / EBIT 26.7x 10.7x 37x 8.69x -5.52x -10.9x
EV / FCF 6.75x -17.4x -10.7x 20.5x 12.4x -194x
FCF Yield 14.8% -5.76% -9.38% 4.88% 8.08% -0.52%
Dividend per Share 2 0.0117 0.0469 0.02 0.018 - -
Rate of return 1.66% 2.03% 0.98% 1.24% - -
EPS 2 0.006804 0.2534 -0.0183 0.088 -0.3987 -0.4495
Distribution rate 172% 18.5% -109% 20.5% - -
Net sales 1 736.2 1,061 1,419 1,602 1,364 1,346
EBITDA 1 61.38 143.3 73.99 138.3 -69.66 -15.62
EBIT 1 16.52 98.3 28.84 94.21 -114.3 -59.88
Net income 1 2.319 86.35 -6.229 29.98 -135.9 -153.2
Net Debt 1 202 262.4 370.6 324.2 337.5 362.4
Reference price 2 0.7031 2.3062 2.0400 1.4500 0.8600 0.8500
Nbr of stocks (in thousands) 340,818 340,818 340,814 340,814 340,814 340,814
Announcement Date 3/1/21 3/1/22 3/1/23 2/29/24 3/2/25 3/3/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.9x6.64x16.98x1.36% 218B
27.29x4.24x13.66x2.12% 122B
29.59x3.6x18.45x0.97% 79.75B
82.4x6.21x14.44x2.59% 62.17B
18.11x5.84x29.01x3.79% 61.47B
62.51x1.28x8.53x6.36% 37.07B
10.79x1.15x6.26x3.07% 31.56B
9.02x3.02x7.09x4.68% 24.29B
44.34x5.63x30.14x1.29% 24.14B
Average 34.77x 4.18x 16.06x 2.92% 73.38B
Weighted average by Cap. 33.57x 4.98x 16.56x 2.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA