Company Valuation: Thai Packaging & Printing

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 435 697.5 765 540 457.5 408.8
Change - 60.34% 9.68% -29.41% -15.28% -10.66%
Enterprise Value (EV) 1 238.8 373.1 446.6 209.1 125.6 71.26
Change - 56.28% 19.68% -53.18% -39.95% -43.25%
P/E -113x 23.9x 25.6x 45x 19.4x 8.32x
PBR 0.49x 0.76x 0.85x 0.59x 0.49x 0.42x
PEG - -0x 10.37x -0.8x 0.2x 0x
Capitalization / Revenue 1.77x 2.7x 2.81x 2.49x 1.81x 1.48x
EV / Revenue 0.97x 1.44x 1.64x 0.96x 0.5x 0.26x
EV / EBITDA 9.86x 8.23x 8.98x 7.29x 2.28x 0.98x
EV / EBIT 20.3x 11.1x 11.3x 10.8x 2.8x 1.13x
EV / FCF 6.83x 13.5x 11.9x 4.91x 7.11x 3.01x
FCF Yield 14.7% 7.42% 8.37% 20.4% 14.1% 33.2%
Dividend per Share 2 0.4 2 0.5 0.22 0.45 1
Rate of return 3.45% 10.8% 2.45% 1.53% 3.69% 9.17%
EPS 2 -0.1026 0.7772 0.7964 0.3196 0.6295 1.31
Distribution rate -390% 257% 62.8% 68.8% 71.5% 76.4%
Net sales 1 245.4 258.7 272.1 217.2 252.2 276.9
EBITDA 1 24.22 45.32 49.73 28.69 55.03 72.39
EBIT 1 11.77 33.61 39.54 19.38 44.89 62.99
Net income 1 -3.848 29.14 29.86 11.99 23.61 49.11
Net Debt 1 -196.2 -324.4 -318.4 -330.9 -331.9 -337.5
Reference price 2 11.60 18.60 20.40 14.40 12.20 10.90
Nbr of stocks (in thousands) 37,500 37,500 37,500 37,500 37,500 37,500
Announcement Date 3/1/21 2/25/22 2/28/23 2/29/24 2/28/25 2/26/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.07x1.14x7.38x4.07% 23.61B
24.16x2.39x11.49x2.29% 20.77B
27.49x1.1x8.37x5.28% 18.01B
20.12x2.3x9.37x1.86% 6.28B
19.84x2.33x13.91x2.76% 5.28B
12.68x1.15x6.66x4.28% 4.94B
-77.36x0.84x8.04x2.13% 4.72B
19.1x1.33x8.66x2.56% 3.86B
14.03x1.06x7.22x3.95% 3.55B
Average 9.35x 1.52x 9.01x 3.24% 10.11B
Weighted average by Cap. 17.77x 1.56x 9.08x 3.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  5. Valuation Thai Packaging & Printing