Company Valuation: Thai Rung Union Car

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,210 2,894 3,896 2,258 2,301 2,579
Change - 30.96% 34.64% -42.03% 1.9% 12.05%
Enterprise Value (EV) 1 1,890 2,367 3,019 1,299 744.1 1,008
Change - 25.26% 27.55% -56.98% -42.7% 35.5%
P/E -24.2x 37.4x 9.92x 12.5x 6.05x 9.55x
PBR 0.69x 0.88x 1.06x 0.62x 0.59x 0.66x
PEG - -0x 0x -0.2x 0x -0.3x
Capitalization / Revenue 1.44x 1.46x 1.35x 0.94x 1.01x 1.41x
EV / Revenue 1.23x 1.2x 1.05x 0.54x 0.33x 0.55x
EV / EBITDA 42.3x 11.5x 5.44x 4.45x 2.42x 3.36x
EV / EBIT -23x 28.9x 6.99x 7.88x 3.7x 5.03x
EV / FCF 8.21x 11.2x 10.1x 6.71x 1.95x 6.97x
FCF Yield 12.2% 8.97% 9.88% 14.9% 51.3% 14.3%
Dividend per Share 2 0.0545 0.0909 0.3182 0.2 0.3 0.25
Rate of return 1.6% 2.06% 5.43% 5.92% 8.77% 6.41%
EPS 2 -0.1406 0.1182 0.5909 0.27 0.5656 0.4086
Distribution rate -38.8% 76.9% 53.9% 74.1% 53% 61.2%
Net sales 1 1,530 1,979 2,884 2,411 2,272 1,826
EBITDA 1 44.72 206 555.4 291.9 308 300.1
EBIT 1 -82.32 81.84 431.7 164.8 201.2 200.6
Net income 1 -91.36 78.43 394.1 183.2 380.2 275.1
Net Debt 1 -320.1 -526.9 -877.3 -959.7 -1,557 -1,570
Reference price 2 3.400 4.418 5.864 3.380 3.420 3.900
Nbr of stocks (in thousands) 649,932 654,992 664,468 668,182 672,899 661,180
Announcement Date 2/23/21 2/24/22 2/28/23 2/29/24 2/27/25 3/2/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.66x1.27x9.83x1.99% 42.64B
16.3x0.72x5.24x3.52% 34.75B
12.16x0.58x5.04x3.83% 30.79B
8.99x0.54x6.89x1.66% 27.71B
15.28x2.78x9.56x3.97% 21.46B
10.81x0.51x5.04x2.87% 18.29B
29.79x1.18x12.46x0.62% 17.9B
13.64x1.39x7.18x4.03% 16.63B
45.99x5.03x35.13x0.79% 14.62B
Average 19.07x 1.55x 10.71x 2.59% 24.98B
Weighted average by Cap. 17.54x 1.33x 9.34x 2.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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