Company Valuation: Thai Union Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 90,769 78,672 66,827 55,317 49,345 47,033 - -
Change - -13.33% -15.06% -17.22% -10.8% -4.69% - -
Enterprise Value (EV) 1 152,087 126,000 118,365 115,495 116,015 105,810 103,753 100,855
Change - -17.15% -6.06% -2.42% 0.45% -8.8% -1.94% -2.79%
P/E 11.7x 11.5x -4.76x 12x 11x 11x 10.2x 9.31x
PBR 1.53x 0.98x 1.16x 1.14x 1.11x 1.1x 1.05x 1.01x
PEG - -1x 0x -0x 1.49x -2.55x 1.38x 0.94x
Capitalization / Revenue 0.64x 0.51x 0.49x 0.4x 0.37x 0.34x 0.33x 0.32x
EV / Revenue 1.08x 0.81x 0.87x 0.83x 0.87x 0.77x 0.73x 0.69x
EV / EBITDA 12.2x 10.2x 10.7x 9.97x 11.2x 8.76x 8.09x 7.37x
EV / EBIT 18.4x 15.7x 17.1x 16x 18.8x 14.9x 13.4x 12.3x
EV / FCF 71.8x 237x 18.7x 10.5x 143x 15.5x 24.1x 19.8x
FCF Yield 1.39% 0.42% 5.34% 9.5% 0.7% 6.47% 4.15% 5.05%
Dividend per Share 2 0.95 0.84 0.54 0.66 0.7 0.6885 0.7568 0.8414
Rate of return 4.87% 4.97% 3.6% 5.08% 5.47% 5.64% 6.2% 6.9%
EPS 2 1.66 1.47 -3.15 1.08 1.16 1.11 1.192 1.311
Distribution rate 57.2% 57.1% -17.1% 61.1% 60.3% 62% 63.5% 64.2%
Net sales 1 141,048 155,586 136,153 138,433 132,719 136,772 141,961 145,358
EBITDA 1 12,440 12,374 11,103 11,587 10,380 12,083 12,833 13,690
EBIT 1 8,256 8,050 6,912 7,222 6,170 7,100 7,739 8,173
Net income 1 8,013 7,138 -13,933 4,985 4,609 4,582 5,070 5,598
Net Debt 1 61,318 47,328 51,538 60,178 66,670 58,777 56,720 53,822
Reference price 2 19.50 16.90 15.00 13.00 12.80 12.20 12.20 12.20
Nbr of stocks (in thousands) 4,654,815 4,655,133 4,455,133 4,255,133 3,855,094 3,855,133 - -
Announcement Date 2/23/22 2/20/23 2/19/24 2/17/25 2/19/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.31x1.92x8.9x4.01% 11.1B
18.64x2.91x9.81x4.15% 7.33B
13.48x0.94x6.37x6.43% 2.58B
13.86x0.68x9.35x2.55% 2.42B
8.39x0.65x3.79x7.6% 1.79B
7.84x0.33x3.81x3.48% 1.05B
Average 12.92x 1.24x 7.01x 4.7% 4.38B
Weighted average by Cap. 15.16x 1.84x 8.39x 4.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  5. Valuation Thai Union Group