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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 18.89M
56.12x2.59x24.69x0.07% 97.59B
12.25x1.05x5.75x4.77% 70.29B
34.15x4.3x23.32x0.2% 58.29B
26.07x2.01x19.74x1.13% 55.68B
50.74x4.04x25.56x1.91% 39.91B
27.22x0.68x11.26x2.27% 34.06B
23.27x1.59x14.65x0.2% 33.62B
21.85x0.44x6.92x2.78% 29.56B
4.92x0.31x5.78x5.98% 26.22B
Average 28.51x 1.89x 15.30x 2.15% 44.52B
Weighted average by Cap. 32.09x 2.13x 16.90x 1.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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