Company Valuation: Thal Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 26,330 34,258 21,847 13,127 39,165 32,106
Change - 30.11% -36.23% -39.92% 198.36% -18.02%
Enterprise Value (EV) 1 19,473 26,672 17,193 7,832 30,266 21,615
Change - 36.97% -35.54% -54.45% 286.45% -28.58%
P/E 9.12x 6.3x 3.76x 4.16x 4.6x 4.42x
PBR 1.05x 1.14x 0.63x 0.35x 0.86x 0.61x
PEG - 0.1x 0.54x -0.1x 0x -0.3x
Capitalization / Revenue 1.53x 1.16x 0.55x 0.4x 1.33x 0.97x
EV / Revenue 1.13x 0.9x 0.43x 0.24x 1.03x 0.65x
EV / EBITDA 6.51x 4.73x 2.36x 1.76x 9.27x 4.4x
EV / EBIT 9.14x 5.73x 2.8x 2.14x 13.6x 6.81x
EV / FCF 19.7x 36.2x -61.2x 3.3x 17.1x 11.8x
FCF Yield 5.07% 2.76% -1.64% 30.3% 5.86% 8.44%
Dividend per Share 2 5 10 7.5 8 8 10
Rate of return 1.54% 2.37% 2.78% 4.94% 1.66% 2.52%
EPS 2 35.63 67.06 71.71 38.94 105.1 89.54
Distribution rate 14% 14.9% 10.5% 20.5% 7.61% 11.2%
Net sales 1 17,203 29,636 39,817 33,128 29,406 33,127
EBITDA 1 2,990 5,642 7,296 4,462 3,266 4,910
EBIT 1 2,130 4,657 6,137 3,667 2,229 3,172
Net income 1 2,887 5,434 5,811 3,156 8,513 7,256
Net Debt 1 -6,857 -7,586 -4,654 -5,295 -8,899 -10,491
Reference price 2 324.94 422.78 269.62 162.00 483.34 396.22
Nbr of stocks (in thousands) 81,030 81,030 81,030 81,030 81,030 81,030
Announcement Date 10/2/20 9/20/21 9/27/22 10/2/24 10/2/24 9/26/25
1PKR in Million2PKR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 170M
22.74x1.53x11.85x1.65% 47.82B
17.36x0.74x5.46x3.36% 35.97B
12.39x0.66x5.53x3.67% 32.74B
11.09x0.68x8.87x1.33% 31.68B
14.53x2.62x9.14x4.12% 20.97B
10.85x0.51x4.97x3.01% 17.89B
11.58x1.02x5.82x4.34% 15.75B
27.87x1.11x11.57x0.59% 15.81B
12.83x1.01x6.71x1.04% 13.2B
Average 15.69x 1.10x 7.77x 2.57% 23.2B
Weighted average by Cap. 16.22x 1.10x 8.06x 2.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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