Company Valuation: Thai Optical Group

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,717 4,933 4,553 5,597 4,648 3,154
Change - 187.29% -7.69% 22.92% -16.95% -32.14%
Enterprise Value (EV) 1 1,996 5,325 4,942 6,720 5,994 4,516
Change - 166.81% -7.18% 35.97% -10.8% -24.66%
P/E 25x 15.9x 11.3x 13.1x 11.3x 9.43x
PBR 0.95x 2.52x 2.15x 2.5x 1.99x 1.28x
PEG - 0x 0.4x 2.4x -3.58x -0.5x
Capitalization / Revenue 0.93x 2.04x 1.54x 1.86x 1.32x 0.88x
EV / Revenue 1.08x 2.2x 1.67x 2.23x 1.71x 1.26x
EV / EBITDA 8.44x 11.5x 8.45x 10.4x 8.38x 6.59x
EV / EBIT 33.9x 18.3x 11.9x 13.7x 11.9x 10.9x
EV / FCF 12.7x -48.5x 48.8x -11.2x -509x 46.3x
FCF Yield 7.86% -2.06% 2.05% -8.91% -0.2% 2.16%
Dividend per Share 2 0.12 0.56 0.6 0.65 0.45 0.5
Rate of return 3.31% 5.38% 6.25% 5.51% 4.59% 7.52%
EPS 2 0.145 0.6538 0.8509 0.8974 0.8691 0.7051
Distribution rate 82.8% 85.6% 70.5% 72.4% 51.8% 70.9%
Net sales 1 1,849 2,417 2,959 3,012 3,515 3,591
EBITDA 1 236.4 464 584.7 644.9 715.4 685.6
EBIT 1 58.84 291.7 415.9 489.2 505.7 414.2
Net income 1 68.78 310.1 403.6 425.7 412.2 334.5
Net Debt 1 278.6 391.7 388.8 1,123 1,346 1,362
Reference price 2 3.620 10.400 9.600 11.800 9.800 6.650
Nbr of stocks (in thousands) 474,318 474,318 474,318 474,318 474,318 474,318
Announcement Date 2/17/21 2/17/22 2/15/23 2/14/24 2/28/25 2/17/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 101M
31.66x4.27x16.42x2.33% 191B
20.41x3.54x12.48x3.28% 116B
17.72x0.21x12.93x0.74% 61.75B
36.25x3.48x11.93x2.09% 51.24B
30.15x7.44x19.2x1.32% 51.51B
36.5x6.42x20.17x-.--% 34.36B
45.98x1.3x12.01x0.17% 30.73B
39.78x6.96x24.99x0.26% 24.01B
19.43x3x10.94x1.48% 23.23B
Average 30.88x 4.07x 15.68x 1.3% 58.39B
Weighted average by Cap. 29.11x 3.94x 15.24x 1.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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