Company Valuation: Thai Wah

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2024 2025 2026 2027 2028
Market Cap 1 4,886 4,578 2,342 2,553 2,342 - -
Change - -6.31% - 9.02% -8.28% - -
Enterprise Value (EV) 1 4,886 4,578 2,342 2,885 2,475 2,124 1,808
Change - -6.31% - 23.17% -14.2% -14.18% -14.88%
P/E 15x 15.3x -33.3x 16.1x 10.6x 8.06x 7x
PBR 0.95x - - 0.53x 0.47x 0.45x 0.44x
PEG - -1.89x - -0x 0.3x 0.3x 0.5x
Capitalization / Revenue 0.54x 0.44x - 0.28x 0.21x 0.22x 0.22x
EV / Revenue 0.54x 0.44x - 0.31x 0.22x 0.2x 0.17x
EV / EBITDA 5.04x 4.97x - 4.03x 3.5x 2.62x 2.07x
EV / EBIT - - - 11.5x 9.74x 6.12x 4.54x
EV / FCF - - - 5.05x -6.1x -7.75x -4.95x
FCF Yield - - - 19.8% -16.4% -12.9% -20.2%
Dividend per Share 2 0.2159 - - 0.057 0.08 0.11 0.13
Rate of return 3.89% - - 1.97% 3.01% 4.14% 4.89%
EPS 2 0.37 0.34 -0.08 0.18 0.25 0.33 0.38
Distribution rate 58.4% - - 31.7% 32% 33.3% 34.2%
Net sales 1 9,105 10,421 - 9,206 11,220 10,515 10,866
EBITDA 1 969.5 920.4 - 715.4 707 810 872
EBIT 1 - - - 251.2 254 347 398
Net income 1 323 298.2 -71.41 155.9 219 289 331
Net Debt 1 - - - 331.3 133 -218 -534
Reference price 2 5.550 5.200 2.660 2.900 2.660 2.660 2.660
Nbr of stocks (in thousands) 880,421 880,421 880,421 880,421 880,421 - -
Announcement Date 2/22/22 2/21/23 2/17/25 2/24/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.64x0.22x3.5x3.01% 70.95M
15.83x2.19x9.54x3.17% 10.57B
20.39x2.73x15.2x2.4% 7.41B
14.54x1.2x9.68x2.91% 5.39B
12.2x3.18x7.8x4.74% 5.28B
13.44x2.02x6.67x5.35% 2.81B
10.91x3.55x9.25x8.49% 2.56B
44.38x - - - 1.36B
Average 17.79x 2.16x 8.81x 4.3% 4.43B
Weighted average by Cap. 16.59x 2.39x 10.26x 3.79%

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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