Company Valuation: TV Direct

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 826.4 985 1,506 665.9 350.5 105.1
Change - 19.19% 52.92% -55.79% -47.37% -70%
Enterprise Value (EV) 1 757.3 1,298 1,656 942.9 710.4 32.21
Change - 71.36% 27.57% -43.05% -24.66% -95.47%
P/E 26.8x -3.65x -3.82x -1.56x 15.9x 5.92x
PBR 1.19x 1.81x 1.5x 1.04x 0.53x 0.15x
PEG - 0x 0.2x -0.28x -0x -0.3x
Capitalization / Revenue 0.23x 0.36x 0.71x 0.37x 0.26x 0.12x
EV / Revenue 0.21x 0.48x 0.78x 0.53x 0.52x 0.04x
EV / EBITDA -37.9x -5.07x -3.74x -2.29x 16.6x -0.15x
EV / EBIT -9.83x -4.17x -3.4x -2.1x 41.8x -0.14x
EV / FCF 75.3x -4.53x -8.28x 4.24x 46.3x -0.12x
FCF Yield 1.33% -22.1% -12.1% 23.6% 2.16% -862%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.0402 -0.301 -0.2305 -0.2433 0.0126 0.0101
Distribution rate - - - - - -
Net sales 1 3,589 2,730 2,120 1,778 1,354 912.1
EBITDA 1 -20 -256.1 -442.4 -412.2 42.86 -209.9
EBIT 1 -77.06 -311.4 -486.4 -448 17 -222.3
Net income 1 28.34 -259.8 -348.6 -419 22.13 17.77
Net Debt 1 -69.02 312.8 149.4 277 359.9 -72.93
Reference price 2 1.0800 1.1000 0.8800 0.3800 0.2000 0.0600
Nbr of stocks (in thousands) 765,156 895,415 1,711,598 1,752,369 1,752,369 1,752,369
Announcement Date 2/25/21 2/25/22 2/28/23 2/28/24 2/27/25 2/27/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.37x1.09x8.65x3.18% 15.86B
26.6x1.25x5.85x2.32% 8.69B
19.27x1.8x16.49x5.02% 5.69B
9.26x1.91x5.48x5.78% 3.45B
7.15x0.54x4.46x-.--% 1.4B
32.55x16.21x24.97x - 1.38B
6.09x0.54x5.03x7.41% 1.23B
8.88x0.8x5.6x2.89% 518M
Average 15.52x 3.02x 9.57x 3.8% 4.78B
Weighted average by Cap. 17.47x 1.81x 9.17x 3.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA