Company Valuation: Thai Polycons

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,340 1,157 773.2 355.1 360.8 137.5
Change - -13.68% -33.17% -54.07% 1.61% -61.9%
Enterprise Value (EV) 1 5,502 6,325 7,218 5,459 5,403 4,714
Change - 14.95% 14.13% -24.37% -1.03% -12.75%
P/E Ratio 86.2x -3.67x -4.16x -1.51x -4.85x -0.35x
PBR 0.83x 0.88x 0.7x 0.4x 0.43x 0.62x
PEG - 0x 0.1x -0.1x 0.1x -0x
Capitalization / Revenue 0.34x 0.27x 0.15x 0.06x 0.11x 0.04x
EV / Revenue 1.38x 1.46x 1.44x 0.91x 1.66x 1.42x
EV / EBITDA 8.38x 14.7x 11x 10.3x 7.65x 7.94x
EV / EBIT 12.5x 74.9x 24.5x 29x 11.7x 13.8x
EV / FCF -15.4x -18.2x -31x -22.2x 19.2x 22x
FCF Yield -6.49% -5.49% -3.22% -4.5% 5.21% 4.54%
Dividend per Share 2 0.0106 - - - - -
Rate of return 0.46% - - - - -
EPS 2 0.0272 -0.5499 -0.3243 -0.4101 -0.1298 -0.6885
Distribution rate 39.2% - - - - -
Net sales 1 3,974 4,344 5,029 6,001 3,252 3,325
EBITDA 1 656.5 430.3 656.6 528.6 706.7 593.6
EBIT 1 440.2 84.48 294.9 188.2 463.1 342
Net income 1 15.55 -314.9 -185.7 -234.9 -74.35 -394.3
Net Debt 1 4,162 5,168 6,445 5,104 5,042 4,577
Reference price 2 2.3400 2.0200 1.3500 0.6200 0.6300 0.2400
Nbr of stocks (in thousands) 572,759 572,759 572,759 572,759 572,759 572,759
Announcement Date 2/25/21 2/24/22 2/24/23 2/23/24 2/20/25 2/28/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 2.08M
29.24x5.18x37.92x0.22% 244B
21.39x9.03x14.86x2.92% 177B
20.33x4.21x11.45x3.57% 156B
13.43x1.93x6.78x5.33% 112B
20.98x5.93x13.09x3.26% 105B
18.41x5.62x11.21x3.53% 96.82B
20.26x3.09x12.25x0.69% 88.1B
20.15x5.18x12.45x3.01% 69.91B
18.53x6.25x13.37x4% 58.65B
Average 20.30x 5.16x 14.82x 2.95% 110.73B
Weighted average by Cap. 21.55x 5.33x 17.71x 2.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Thai Polycons
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