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 9,299 - -
Change - -14.14% -21.95% -20.31% -17.63% 21.46% - -
Enterprise Value (EV) 16,372 14,944 12,065 9,295 7,656 9,299 9,299 9,299
Change - -8.72% -19.27% -22.96% -17.63% 21.46% 0% 0%
P/E 4.5x 4.58x 9.55x 6.99x 5.11x 8.88x 8.31x 7.8x
PBR 0.82x 0.61x 0.47x 0.33x 0.27x 0.33x 0.32x 0.32x
PEG - -0.3x -0.2x 0.78x 0.4x -0.3x 1.2x 1.21x
Capitalization / Revenue 0.79x 0.51x 0.49x 0.29x 0.26x 0.32x 0.32x 0.33x
EV / Revenue 0x 0x 0x 0x 0x 0.32x 0.32x 0.33x
EV / EBITDA 0x - 0x 0x 0x 2.41x 2.4x 1.69x
EV / EBIT 0x - 0x 0x 0x 5.85x 5.71x 5.48x
EV / FCF - - 0x 0x 0x -6.98x 4.48x 6.12x
FCF Yield - - 5.82% 3.66% 31.8% -14.3% 22.3% 16.3%
Dividend per Share 2 0.22 0.22 0.22 0.18 0.22 0.24 0.26 0.27
Rate of return 2.3% 2.68% 3.44% 3.53% 5.19% 4.66% 5.05% 5.24%
EPS 2 2.12 1.79 0.67 0.73 0.83 0.58 0.62 0.66
Distribution rate 10.4% 12.3% 32.8% 24.7% 26.5% 41.4% 41.9% 40.9%
Net sales 1 22,128 29,321 23,976 32,206 29,909 29,149 28,685 28,475
EBITDA 1 5,127 - 3,289 4,786 4,250 3,857 3,876 5,492
EBIT 1 3,595 - 1,870 2,313 1,967 1,590 1,630 1,696
Net income 1 3,859 3,269 1,217 1,323 1,516 1,060 1,129 1,201
Net Debt -1,032 - 401.1 - - - - -
Reference price 2 9.550 8.200 6.400 5.100 4.240 5.150 5.150 5.150
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.97x - - 4.62% 279M
12.03x1.13x5.29x2.44% 16.65B
7.18x13.75x - 0.54% 12.46B
6.48x10.04x29.3x2.45% 12.29B
Average 8.66x 8.31x 17.30x 2.51% 10.42B
Weighted average by Cap. 8.92x 7.58x 15.49x 1.89%

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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