Company Valuation: Tirathai

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 539 924 868.6 763.9 1,133 1,053
Change - 71.43% -6% -12.06% 48.39% -7.07%
Enterprise Value (EV) 1 1,771 1,732 1,889 2,115 1,909 1,851
Change - -2.22% 9.06% 11.97% -9.73% -3.06%
P/E 45.2x 12.7x -9.43x 5.89x 5.07x 9.19x
PBR 0.5x 0.81x 0.85x 0.67x 0.89x 0.82x
PEG - 0x 0x -0x 0.1x -0.2x
Capitalization / Revenue 0.21x 0.45x 0.51x 0.36x 0.39x 0.51x
EV / Revenue 0.69x 0.85x 1.1x 1.01x 0.66x 0.9x
EV / EBITDA 11x 8.87x -92.4x 7.16x 4.57x 7.99x
EV / EBIT 16.9x 11.9x -27.5x 8.53x 5.18x 10.1x
EV / FCF -9.47x 4.48x -12.4x -5.81x 2.95x 18.2x
FCF Yield -10.6% 22.3% -8.06% -17.2% 33.9% 5.48%
Dividend per Share 2 0.02 0.12 - 0.21 0.37 0.2
Rate of return 1.14% 4% - 8.47% 10.1% 5.85%
EPS 2 0.0387 0.2358 -0.299 0.4207 0.7252 0.3722
Distribution rate 51.7% 50.9% - 49.9% 51% 53.7%
Net sales 1 2,566 2,044 1,711 2,099 2,876 2,062
EBITDA 1 161.4 195.2 -20.44 295.2 417.7 231.7
EBIT 1 104.6 146.1 -68.57 247.8 368.8 183.6
Net income 1 11.92 72.63 -92.09 129.6 223.4 114.6
Net Debt 1 1,232 807.8 1,020 1,351 775.6 797.3
Reference price 2 1.75 3.00 2.82 2.48 3.68 3.42
Nbr of stocks (in thousands) 308,008 308,008 308,008 308,008 308,008 308,008
Announcement Date 3/1/21 2/28/22 2/28/23 2/28/24 2/26/25 2/23/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 125M
90.53x11.55x69.4x0.05% 14.79B
14.14x - - 1.98% 14.42B
26.49x5.39x16.54x1.02% 6.17B
38.52x - - 1.88% 5.36B
30.4x9.04x23.43x0.74% 4.8B
36.56x - - 1.24% 4.62B
19.03x1.43x9.7x2.01% 3.99B
Average 36.52x 6.85x 29.77x 1.28% 6.78B
Weighted average by Cap. 42.54x 8.51x 43.01x 1.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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