Company Valuation: TRC Construction

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 958.7 4,122 2,780 3,164 1,238 656.9
Change - 330% -32.56% 13.79% -60.86% -46.95%
Enterprise Value (EV) 1 1,611 4,887 3,796 4,338 2,398 1,668
Change - 203.42% -22.33% 14.29% -44.72% -30.45%
P/E -2.16x -71.8x -24.8x -5.86x -1.78x -2.12x
PBR 2.25x 10.3x 9.26x -13.1x -5.04x -10.3x
PEG - 0.8x -0.3x -0x -0.62x 0x
Capitalization / Revenue 0.3x 1.06x 0.82x 1.44x 0.91x 0.61x
EV / Revenue 0.5x 1.26x 1.13x 1.98x 1.75x 1.55x
EV / EBITDA -4.4x 129x 78.1x -15.9x -4.24x -9.69x
EV / EBIT -3.64x -295x -524x -13.2x -3.91x -7.78x
EV / FCF -65.7x -59.6x -18.6x 29.9x -14.6x 40.6x
FCF Yield -1.52% -1.68% -5.38% 3.35% -6.83% 2.46%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.556 -0.0718 -0.1401 -0.6763 -0.6957 -0.2216
Distribution rate - - - - - -
Net sales 1 3,195 3,888 3,372 2,193 1,367 1,077
EBITDA 1 -366 37.78 48.58 -272.2 -566 -172.1
EBIT 1 -442.4 -16.6 -7.243 -327.6 -612.7 -214.4
Net income 1 -444.2 -57.39 -112 -540.3 -683 -280.4
Net Debt 1 652.1 764.9 1,016 1,175 1,160 1,011
Reference price 2 1.2000 5.1600 3.4800 3.9600 1.2400 0.4700
Nbr of stocks (in thousands) 798,929 798,929 798,929 798,929 998,661 1,397,723
Announcement Date 2/24/21 2/22/22 2/24/23 2/29/24 2/27/25 3/2/26
1THB in Million2THB
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 16.91M
51.89x2.4x22.92x0.07% 90.38B
11.78x1.02x5.6x4.96% 66.54B
24.44x1.91x18.76x1.19% 52.92B
28.81x3.6x19.51x0.23% 49.24B
46.79x3.77x23.78x2.08% 36.21B
25.83x0.64x10.59x2.41% 31.58B
20.94x1.46x13.48x0.22% 30.84B
5.2x0.32x6.04x5.41% 27.91B
21.68x0.4x6.41x2.84% 27.14B
Average 26.37x 1.72x 14.12x 2.16% 41.28B
Weighted average by Cap. 29.25x 1.90x 15.39x 1.93%

Y-o-Y evolution of P/E

Valuation ratios - P/E - TRC Construction

Historical PBR trend

Valuation ratios - PBR - TRC Construction

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - TRC Construction

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - TRC Construction

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