Company Valuation: Thal Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026
Market Cap 1 34,258 21,847 13,127 39,165 32,106 52,284
Change - -36.23% -39.92% 198.36% -18.02% 62.85%
Enterprise Value (EV) 1 26,672 17,193 7,832 30,266 21,615 32,369
Change - -35.54% -54.45% 286.45% -28.58% 49.75%
P/E 6.3x 3.76x 4.16x 4.6x 4.42x 5x
PBR 1.14x 0.63x 0.35x 0.86x 0.61x 0.86x
PEG - 0.54x -0.1x 0x -0.3x 0.1x
Capitalization / Revenue 1.16x 0.55x 0.4x 1.33x 0.97x 1.18x
EV / Revenue 0.9x 0.43x 0.24x 1.03x 0.65x 0.73x
EV / EBITDA 4.73x 2.36x 1.76x 9.27x 4.4x 5.59x
EV / EBIT 5.73x 2.8x 2.14x 13.6x 6.81x 8.22x
EV / FCF 36.2x -61.2x 3.3x 17.1x 11.8x 6.84x
FCF Yield 2.76% -1.64% 30.3% 5.86% 8.44% 14.6%
Dividend per Share 2 10 7.5 8 8 10 30
Rate of return 2.37% 2.78% 4.94% 1.66% 2.52% 4.65%
EPS 2 67.06 71.71 38.94 105.1 89.54 129
Distribution rate 14.9% 10.5% 20.5% 7.61% 11.2% 23.2%
Net sales 1 29,636 39,817 33,128 29,406 33,127 44,264
EBITDA 1 5,642 7,296 4,462 3,266 4,910 5,794
EBIT 1 4,657 6,137 3,667 2,229 3,172 3,937
Net income 1 5,434 5,811 3,156 8,513 7,256 10,456
Net Debt 1 -7,586 -4,654 -5,295 -8,899 -10,491 -19,915
Reference price 2 422.78 269.62 162.00 483.34 396.22 645.24
Nbr of stocks (in thousands) 81,030 81,030 81,030 81,030 81,030 81,030
Announcement Date 9/20/21 9/27/22 10/2/24 10/2/24 9/26/25 9/29/26
1PKR in Million2PKR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 148M
17.83x1.92x10.55x1.67% 68.93B
14.28x0.98x7.63x2.69% 32.74B
12x0.57x5.04x3.93% 29.44B
11.6x0.47x3.37x5.29% 25.17B
8.17x0.45x5.78x1.99% 23.06B
16.39x2.77x9.81x3.71% 20.66B
29.52x1.18x12.41x0.62% 17.77B
10.29x0.49x4.84x3.14% 16.73B
20.82x0.86x10.57x3.41% 17.13B
Average 15.65x 1.08x 7.78x 2.94% 25.18B
Weighted average by Cap. 15.59x 1.21x 8.06x 2.77%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Thal Limited

Historical PBR trend

Valuation ratios - PBR - Thal Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Thal Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Thal Limited

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