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 50,117 - -
Change - -13.33% -15.06% -17.22% -10.8% 1.56% - -
Enterprise Value (EV) 1 152,087 126,000 118,365 115,495 116,015 110,730 110,260 108,151
Change - -17.15% -6.06% -2.42% 0.45% -4.56% -0.42% -1.91%
P/E 11.7x 11.5x -4.76x 12x 11x 11.2x 10.4x 9.64x
PBR 1.53x 0.98x 1.16x 1.14x 1.11x 1.13x 1.07x 1.01x
PEG - -1x 0x -0x 1.49x 36.29x 1.45x 1.18x
Capitalization / Revenue 0.64x 0.51x 0.49x 0.4x 0.37x 0.36x 0.35x 0.34x
EV / Revenue 1.08x 0.81x 0.87x 0.83x 0.87x 0.8x 0.77x 0.74x
EV / EBITDA 12.2x 10.2x 10.7x 9.97x 11.2x 9.15x 8.59x 8.13x
EV / EBIT 18.4x 15.7x 17.1x 16x 18.8x 15.2x 14.1x 13x
EV / FCF 71.8x 237x 18.7x 10.5x 143x 15.8x 21.3x 20x
FCF Yield 1.39% 0.42% 5.34% 9.5% 0.7% 6.31% 4.7% 4.99%
Dividend per Share 2 0.95 0.84 0.54 0.66 0.7 0.739 0.7959 0.8664
Rate of return 4.87% 4.97% 3.6% 5.08% 5.47% 5.68% 6.12% 6.66%
EPS 2 1.66 1.47 -3.15 1.08 1.16 1.164 1.247 1.349
Distribution rate 57.2% 57.1% -17.1% 61.1% 60.3% 63.5% 63.8% 64.2%
Net sales 1 141,048 155,586 136,153 138,433 132,719 138,447 142,752 147,104
EBITDA 1 12,440 12,374 11,103 11,587 10,380 12,107 12,835 13,302
EBIT 1 8,256 8,050 6,912 7,222 6,170 7,269 7,818 8,341
Net income 1 8,013 7,138 -13,933 4,985 4,609 4,831 5,214 5,685
Net Debt 1 61,318 47,328 51,538 60,178 66,670 60,613 60,143 58,034
Reference price 2 19.50 16.90 15.00 13.00 12.80 13.00 13.00 13.00
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.($)
34.74x2.04x9.53x4.04% 11.76B
20.14x2.85x10.73x4.63% 7.96B
25.35x1.07x7.22x5.62% 2.84B
13.33x0.67x9.15x2.64% 2.47B
18.6x0.75x4.84x7.34% 1.92B
11.09x0.8x9.11x5.73% 1.52B
8.83x0.34x3.92x3.12% 1.24B
Average 18.87x 1.22x 7.79x 4.73% 4.24B
Weighted average by Cap. 24.82x 1.83x 9.04x 4.49%

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