Company Valuation: Thai Wacoal

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,370 4,710 4,200 3,780 3,060 2,088
Change - -12.29% -10.83% -10% -19.05% -31.76%
Enterprise Value (EV) 1 4,958 4,317 3,604 3,588 2,793 1,421
Change - -12.92% -16.51% -0.45% -22.14% -49.13%
P/E -17.1x -32.6x 40.8x 48.2x 126x -15.5x
PBR 1x 0.88x 0.76x 0.7x 0.57x 0.42x
PEG - 0.6x -0x -2x -1.8x 0x
Capitalization / Revenue 1.82x 1.45x 1.07x 1.05x 0.87x 0.7x
EV / Revenue 1.68x 1.33x 0.92x 0.99x 0.8x 0.48x
EV / EBITDA -8.81x -28.2x 35.2x 75x -43x -4.26x
EV / EBIT -7.63x -18.6x 100x -215x -22.2x -3.68x
EV / FCF 134x 76.9x 19.3x -16.1x 100x 13.2x
FCF Yield 0.74% 1.3% 5.19% -6.19% 1% 7.59%
Dividend per Share 2 0.5 0.5 0.7 0.7 0.6 0.55
Rate of return 1.12% 1.27% 2% 2.22% 2.35% 3.16%
EPS 2 -2.624 -1.204 0.8578 0.654 0.2023 -1.123
Distribution rate -19.1% -41.5% 81.6% 107% 297% -49%
Net sales 1 2,956 3,244 3,936 3,609 3,507 2,974
EBITDA 1 -562.8 -153.1 102.4 47.83 -65.02 -333.9
EBIT 1 -650.2 -231.7 36.02 -16.71 -125.8 -386.1
Net income 1 -314.9 -144.4 102.9 78.48 24.28 -134.8
Net Debt 1 -412.4 -393 -595.7 -192 -266.6 -666.9
Reference price 2 44.75 39.25 35.00 31.50 25.50 17.40
Nbr of stocks (in thousands) 120,000 120,000 120,000 120,000 120,000 120,000
Announcement Date 3/1/21 2/25/22 2/27/23 2/27/24 2/28/25 2/26/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 57.99M
22.59x3.34x11.25x2.6% 281B
21.54x2.78x14.17x0.97% 23.53B
21.51x4.09x10.01x2.65% 15.92B
10.45x1.01x4.83x-.--% 13.07B
13.79x2.1x8.87x1.95% 9.64B
16.11x1.59x10.39x2.34% 9.48B
15.69x0.98x9.25x2.2% 6.44B
Average 17.38x 2.27x 9.82x 1.82% 44.92B
Weighted average by Cap. 21.50x 3.13x 11.03x 2.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA