Company Valuation: Thoresen Thai Agencies

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 17,405 14,944 11,664 9,295 7,656 10,473 - -
Change - -14.14% -21.95% -20.31% -17.63% 36.79% - -
Enterprise Value (EV) 16,372 14,944 12,065 9,295 7,656 10,473 10,473 10,473
Change - -8.72% -19.27% -22.96% -17.63% 36.79% 0% 0%
P/E 4.5x 4.58x 9.55x 6.99x 5.11x -64.4x 8.66x 8.53x
PBR 0.82x 0.61x 0.47x 0.33x 0.27x 0.36x 0.35x 0.34x
PEG - -0.3x -0.2x 0.78x 0.4x 1x -0x 5.72x
Capitalization / Revenue 0.79x 0.51x 0.49x 0.29x 0.26x 0.39x 0.39x 0.38x
EV / Revenue 0x 0x 0x 0x 0x 0.39x 0.39x 0.38x
EV / EBITDA 0x - 0x 0x 0x 2.87x 4.7x 3.33x
EV / EBIT 0x - 0x 0x 0x 7.61x 6.72x 6.59x
EV / FCF - - 0x 0x 0x 2.95x 6.84x 6.52x
FCF Yield - - 5.82% 3.66% 31.8% 33.9% 14.6% 15.3%
Dividend per Share 2 0.22 0.22 0.22 0.18 0.22 0.12 0.23 0.24
Rate of return 2.3% 2.68% 3.44% 3.53% 5.19% 2.07% 3.97% 4.14%
EPS 2 2.12 1.79 0.67 0.73 0.83 -0.09 0.67 0.68
Distribution rate 10.4% 12.3% 32.8% 24.7% 26.5% -133% 34.3% 35.3%
Net sales 1 22,128 29,321 23,976 32,206 29,909 26,813 27,044 27,497
EBITDA 1 5,127 - 3,289 4,786 4,250 3,644 2,227 3,146
EBIT 1 3,595 - 1,870 2,313 1,967 1,377 1,559 1,590
Net income 1 3,859 3,269 1,217 1,323 1,516 -165 1,221 1,235
Net Debt -1,032 - 401.1 - - - - -
Reference price 2 9.550 8.200 6.400 5.100 4.240 5.800 5.800 5.800
Nbr of stocks (in thousands) 1,822,465 1,822,465 1,822,465 1,822,465 1,805,692 1,805,692 - -
Announcement Date 2/28/22 2/27/23 2/29/24 2/27/25 2/26/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.79x1.11x5.2x2.49% 16.7B
7.08x14.53x - -.--% 13.73B
6.22x9.64x28.14x2.55% 12.07B
Average 8.36x 8.43x 16.67x 1.68% 14.16B
Weighted average by Cap. 8.69x 7.87x 14.82x 1.7%

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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  5. Valuation Thoresen Thai Agencies