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 49,731 - -
Change - -13.33% -15.06% -17.22% -10.8% 0.78% - -
Enterprise Value (EV) 1 152,087 126,000 118,365 115,495 116,015 110,344 109,875 107,765
Change - -17.15% -6.06% -2.42% 0.45% -4.89% -0.43% -1.92%
P/E 11.7x 11.5x -4.76x 12x 11x 11.1x 10.3x 9.56x
PBR 1.53x 0.98x 1.16x 1.14x 1.11x 1.12x 1.06x 1x
PEG - -1x 0x -0x 1.49x 35.97x 1.43x 1.17x
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 0.73x
EV / EBITDA 12.2x 10.2x 10.7x 9.97x 11.2x 9.11x 8.56x 8.1x
EV / EBIT 18.4x 15.7x 17.1x 16x 18.8x 15.2x 14.1x 12.9x
EV / FCF 71.8x 237x 18.7x 10.5x 143x 15.8x 21.2x 20x
FCF Yield 1.39% 0.42% 5.34% 9.5% 0.7% 6.33% 4.71% 5.01%
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% 5.73% 6.17% 6.72%
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 12.90 12.90 12.90
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.($)
34.37x2.02x9.46x4.08% 11.63B
20.43x3x10.54x3.92% 7.77B
24.95x1.06x7.14x5.71% 2.8B
13.29x0.67x9.13x2.65% 2.46B
17.04x0.73x4.81x7.46% 1.89B
11.17x0.8x9.15x5.68% 1.53B
8.71x0.34x3.9x3.17% 1.22B
Average 18.57x 1.23x 7.73x 4.67% 4.19B
Weighted average by Cap. 24.60x 1.86x 8.95x 4.34%

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