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 2,500 - -
Change - -6.31% - 9.02% -2.07% - -
Enterprise Value (EV) 1 4,886 4,578 2,342 2,885 2,633 2,282 1,966
Change - -6.31% - 23.17% -8.71% -13.33% -13.85%
P/E 15x 15.3x -33.3x 16.1x 11.4x 8.61x 7.47x
PBR 0.95x - - 0.53x 0.5x 0.48x 0.47x
PEG - -1.89x - -0x 0.3x 0.3x 0.5x
Capitalization / Revenue 0.54x 0.44x - 0.28x 0.22x 0.24x 0.23x
EV / Revenue 0.54x 0.44x - 0.31x 0.23x 0.22x 0.18x
EV / EBITDA 5.04x 4.97x - 4.03x 3.72x 2.82x 2.26x
EV / EBIT - - - 11.5x 10.4x 6.58x 4.94x
EV / FCF - - - 5.05x -6.49x -8.33x -5.39x
FCF Yield - - - 19.8% -15.4% -12% -18.6%
Dividend per Share 2 0.2159 - - 0.057 0.08 0.11 0.13
Rate of return 3.89% - - 1.97% 2.82% 3.87% 4.58%
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 2.840 2.840 2.840
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.($)
11.36x0.23x3.72x2.82% 74.79M
18.4x2.24x10.16x2.81% 11.12B
18.82x2.52x14.08x2.6% 6.82B
14.9x1.23x9.9x2.84% 5.62B
10.36x2.68x6.52x5.53% 4.09B
11.63x1.69x5.77x6.51% 2.22B
8.02x2.65x6.74x10.84% 1.92B
15.05x3.19x9.72x3.53% 1.22B
Average 13.57x 2.05x 8.33x 4.68% 4.14B
Weighted average by Cap. 15.70x 2.20x 9.95x 3.85%

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