Company Valuation: Thai President Foods

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 63,468 69,568 66,600 71,875 65,776 63,468
Change - 9.61% -4.27% 7.92% -8.49% -3.51%
Enterprise Value (EV) 1 52,100 57,579 54,478 57,183 48,134 44,226
Change - 10.52% -5.39% 4.97% -15.82% -8.12%
P/E 15.5x 19.5x 23.9x 19x 14.7x 17.1x
PBR 2.44x 2.47x 2.24x 2.26x 1.9x 1.75x
PEG - -1.5x -1.1x 0.5x 0.8x -1x
Capitalization / Revenue 2.68x 2.83x 2.5x 2.58x 2.21x 2.28x
EV / Revenue 2.2x 2.34x 2.05x 2.06x 1.62x 1.59x
EV / EBITDA 8.12x 9.95x 11.1x 9.19x 7.05x 7.72x
EV / EBIT 9.93x 12.5x 14.4x 11.2x 8.5x 9.79x
EV / FCF 17.8x 20.6x 32.1x 31.3x 10.6x 20.7x
FCF Yield 5.62% 4.85% 3.11% 3.19% 9.44% 4.82%
Dividend per Share 2 4.77 4.08 4.08 4.42 5.42 4.56
Rate of return 2.48% 1.93% 2.02% 2.03% 2.72% 2.37%
EPS 2 12.41 10.84 8.45 11.46 13.59 11.24
Distribution rate 38.5% 37.6% 48.3% 38.6% 39.9% 40.6%
Net sales 1 23,707 24,613 26,628 27,811 29,770 27,827
EBITDA 1 6,415 5,789 4,905 6,224 6,823 5,730
EBIT 1 5,246 4,613 3,786 5,105 5,663 4,517
Net income 1 4,090 3,575 2,786 3,778 4,482 3,708
Net Debt 1 -11,368 -11,989 -12,122 -14,692 -17,642 -19,242
Reference price 2 192.50 211.00 202.00 218.00 199.50 192.50
Nbr of stocks (in thousands) 329,704 329,704 329,704 329,704 329,704 329,704
Announcement Date 2/24/21 2/24/22 2/23/23 2/21/24 2/27/25 2/25/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 1.82B
20.87x2.88x14.24x3.89% 254B
21.14x2.46x14.51x3.42% 77.69B
18.45x1.89x10.67x3.33% 51.18B
18.66x0.57x10.78x2.4% 41.41B
21.83x3.23x13.17x3.31% 35.36B
12.23x1.96x9.63x6.25% 30.44B
36x3.04x17.99x0.99% 29.72B
67.31x10.28x42.59x1.14% 28.91B
Average 27.06x 3.29x 16.70x 3.09% 61.17B
Weighted average by Cap. 23.37x 2.92x 15.06x 3.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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