Company Valuation: Tropical Canning (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,419 1,996 3,993 2,062 2,260 1,643
Change - 40.7% 100% -48.35% 9.6% -27.3%
Enterprise Value (EV) 1 1,287 1,874 3,726 2,176 2,565 1,718
Change - 45.61% 98.86% -41.59% 17.88% -33.03%
P/E 5.74x 13x 8.72x 47.4x 6.86x 7.91x
PBR 0.7x 0.95x 1.59x 0.86x 0.84x 0.59x
PEG - -0.3x 0x -0.5x 0x -0.2x
Capitalization / Revenue 0.29x 0.46x 0.66x 0.42x 0.34x 0.26x
EV / Revenue 0.26x 0.43x 0.61x 0.44x 0.39x 0.27x
EV / EBITDA 3.59x 8.54x 6.81x 13.6x 4.63x 4.78x
EV / EBIT 4.47x 14.3x 8.43x 50.7x 6.02x 7.6x
EV / FCF 93.7x -185x 180x -9.84x -10.7x 6.55x
FCF Yield 1.07% -0.54% 0.55% -10.2% -9.31% 15.3%
Dividend per Share 2 0.25 0.15 0.5 0.1 0.3 0.3
Rate of return 5.81% 2.48% 4.13% 1.6% 4.38% 6.02%
EPS 2 0.749 0.4658 1.387 0.1318 0.9983 0.6292
Distribution rate 33.4% 32.2% 36% 75.9% 30.1% 47.7%
Net sales 1 4,969 4,336 6,073 4,930 6,593 6,429
EBITDA 1 358.8 219.5 547.1 159.8 554 359.2
EBIT 1 287.8 131.4 441.9 42.88 426.5 226
Net income 1 247.2 153.7 457.9 43.48 329.4 207.6
Net Debt 1 -132.3 -122.9 -267.2 113.6 304.6 74.39
Reference price 2 4.300 6.050 12.100 6.250 6.850 4.980
Nbr of stocks (in thousands) 330,000 330,000 330,000 330,000 330,000 330,000
Announcement Date 2/25/21 2/24/22 2/24/23 2/27/24 2/25/25 2/24/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.63x1.92x9.05x3.97% 11.26B
18.9x2.91x10x4.19% 7.44B
14.67x0.96x6.56x6.2% 2.66B
13.29x0.67x9.13x2.65% 2.46B
9.58x0.66x4.03x7.51% 1.85B
11.26x0.8x9.18x5.64% 1.53B
8.54x0.34x3.86x3.23% 1.17B
Average 13.27x 1.18x 7.40x 4.77% 4.05B
Weighted average by Cap. 15.67x 1.77x 8.54x 4.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation Tropical Canning (Thailand)