Company Valuation: Thai Wire Products

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 526.1 837.1 786.6 509.3 395.8 315
Change - 59.12% -6.02% -35.26% -22.28% -20.42%
Enterprise Value (EV) 1 713.9 1,349 1,080 690.1 631.2 379.7
Change - 88.94% -19.95% -36.09% -8.53% -39.84%
P/E -42.2x 5.46x -10.8x -4.57x -5.25x -14.6x
PBR 0.35x 0.54x 0.53x 0.37x 0.3x 0.24x
PEG - -0x 0x -0.1x 0.2x 0.2x
Capitalization / Revenue 0.32x 0.39x 0.37x 0.29x 0.24x 0.22x
EV / Revenue 0.43x 0.63x 0.5x 0.39x 0.39x 0.26x
EV / EBITDA -620x 9.31x -17.8x -5.56x -12.6x 84x
EV / EBIT -22.3x 11.3x -12.8x -4.75x -8.69x -21.6x
EV / FCF 3.63x -3.65x 4.33x 5.24x -21.5x 2.57x
FCF Yield 27.6% -27.4% 23.1% 19.1% -4.65% 38.9%
Dividend per Share 2 - 0.2701 - - 0.0062 -
Rate of return - 8.61% - - 0.42% -
EPS 2 -0.0452 0.5747 -0.2736 -0.4174 -0.2824 -0.0808
Distribution rate - 47% - - -2.2% -
Net sales 1 1,643 2,135 2,143 1,775 1,636 1,457
EBITDA 1 -1.152 144.9 -60.74 -124.2 -50.07 4.522
EBIT 1 -31.94 119.6 -84.33 -145.4 -72.67 -17.61
Net income 1 -12.86 154.1 -73.03 -111.4 -75.38 -21.58
Net Debt 1 187.8 511.7 293.1 180.8 235.4 64.71
Reference price 2 1.908 3.136 2.947 1.908 1.483 1.180
Nbr of stocks (in thousands) 275,753 266,963 266,963 266,963 266,963 266,954
Announcement Date 2/23/21 2/25/22 2/24/23 2/29/24 2/27/25 2/26/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 9.1M
14.11x1.55x8.21x0.87% 58.6B
15.59x0.91x7.37x0.89% 53.18B
15.24x1.63x9.72x0.84% 36.01B
49.74x8.32x30.71x0.15% 25.82B
13.3x1.2x7.13x2.26% 24.82B
12.37x0.71x6.6x3.71% 21.3B
12.6x0.54x5.21x3.17% 16.44B
16.17x4.69x11.61x0.05% 12.05B
13.59x0.89x6.76x2.9% 10.46B
Average 18.08x 2.27x 10.37x 1.65% 25.87B
Weighted average by Cap. 17.89x 2.06x 10.16x 1.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Thai Wire Products