Company Valuation: True Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 159,500 161,502 174,488 383,528 376,618 445,722 - -
Change - 1.26% 8.04% 119.8% -1.8% 18.35% - -
Enterprise Value (EV) 1 509,212 536,271 618,417 792,662 792,378 854,146 828,071 801,704
Change - 5.31% 15.32% 28.18% -0.04% 7.8% -3.05% -3.18%
P/E -119x -8.8x -12x -34.7x 40.4x 17x 15.4x 14.7x
PBR 1.96x 2.65x 2.03x 5.19x 4.99x 5.12x 4.59x 4.13x
PEG - -0x 0.2x 1.5x -0x 0x 1.4x 3.06x
Capitalization / Revenue 1.11x 1.2x 1.03x 1.86x 1.92x 2.36x 2.31x 2.27x
EV / Revenue 3.54x 3.97x 3.66x 3.85x 4.05x 4.53x 4.29x 4.07x
EV / EBITDA 8.4x 9.64x 8.17x 7.85x 7.39x 7.47x 6.98x 6.57x
EV / EBIT 41x 242x 43.9x 27.4x 21.8x 19.2x 17.1x 15.6x
EV / FCF -94.9x -135x 21.9x 15.2x 14x 17.2x 13.1x 13x
FCF Yield -1.05% -0.74% 4.57% 6.58% 7.13% 5.82% 7.66% 7.68%
Dividend per Share 2 0.1166 0.1166 - - - 0.5679 0.6526 0.707
Rate of return 1.46% 1.45% - - - 4.4% 5.06% 5.48%
EPS 2 -0.0666 -0.9164 -0.42 -0.32 0.27 0.7591 0.84 0.8804
Distribution rate -175% -12.7% - - - 74.8% 77.7% 80.3%
Net sales 1 143,655 135,076 169,074 206,020 195,669 188,559 192,866 196,763
EBITDA 1 60,612 55,623 75,718 100,975 107,266 114,340 118,719 121,966
EBIT 1 12,413 2,216 14,101 28,950 36,420 44,567 48,412 51,270
Net income 1 -1,428 -18,285 -14,581 -10,966 9,241 26,121 29,174 30,540
Net Debt 1 349,712 374,769 443,929 409,134 415,760 408,424 382,349 355,982
Reference price 2 7.96 8.06 5.05 11.10 10.90 12.90 12.90 12.90
Nbr of stocks (in thousands) 20,026,923 20,026,923 34,552,101 34,552,101 34,552,101 34,552,101 - -
Announcement Date 2/18/22 2/20/23 2/22/24 2/20/25 2/20/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
2129.12x47.29x97.17x - 2,158B
33.67x6.67x27.63x0.17% 228B
14.94x2.74x6.92x2.54% 176B
10.34x2.42x6.48x4.57% 167B
27.14x4.98x8.73x1.91% 113B
7.2x1.31x4.75x6.15% 76.54B
18.73x2.16x8.17x3.78% 72.15B
14.52x2.36x7.79x2.9% 69.92B
13.93x1.45x4.94x3.25% 38.63B
Average 252.18x 7.93x 19.18x 3.16% 344.2B
Weighted average by Cap. 1,488.88x 34.05x 71.31x 2.69%

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