Company Valuation: WHA Utilities and Power

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,606 15,682 15,070 18,436 16,065 26,010 - -
Change - 0.49% -3.9% 22.34% -12.86% 61.9% - -
Enterprise Value (EV) 1 15,606 15,682 15,070 18,436 31,733 41,963 43,304 45,043
Change - 0.49% -3.9% 22.34% 72.12% 32.24% 3.19% 4.02%
P/E 21.5x 34.2x 9.16x 16.6x 15.6x 18.1x 15.3x 13.2x
PBR 1.26x 1.24x 1.11x 1.36x 1.19x 1.86x 1.76x 1.63x
PEG - -0.9x 0x -0.5x -2.26x 0.5x 0.8x 0.8x
Capitalization / Revenue 7.16x 6.42x 5.42x 6.3x 5.03x 6.91x 6.07x 5.17x
EV / Revenue 7.16x 6.42x 5.42x 6.3x 9.93x 11.2x 10.1x 8.96x
EV / EBITDA 20.2x 17.5x 13x 15.2x 21.5x 18.1x 16.4x 15.8x
EV / EBIT 34.6x 29.7x 20.7x 26x 35.2x 37.7x 32.2x 29x
EV / FCF 17.5x -24.2x 122x -294x 78.7x -150x 19.6x 20.3x
FCF Yield 5.71% -4.14% 0.82% -0.34% 1.27% -0.67% 5.09% 4.93%
Dividend per Share 2 0.25 0.16 0.1 0.2525 - 0.26 0.2475 0.2583
Rate of return 6.13% 3.9% 2.54% 5.24% - 3.82% 3.64% 3.8%
EPS 2 0.19 0.12 0.43 0.29 0.27 0.3762 0.445 0.5167
Distribution rate 132% 133% 23.3% 87.1% - 69.1% 55.6% 50%
Net sales 1 2,181 2,443 2,782 2,926 3,194 3,762 4,283 5,030
EBITDA 1 774.2 896.2 1,163 1,217 1,476 2,324 2,647 2,844
EBIT 1 451.4 528.8 727.3 709.1 900.8 1,113 1,346 1,552
Net income 1 735.5 454.1 1,631 1,119 1,016 1,441 1,699 1,974
Net Debt 1 - - - - 15,668 15,953 17,294 19,033
Reference price 2 4.080 4.100 3.940 4.820 4.200 6.800 6.800 6.800
Nbr of stocks (in thousands) 3,825,000 3,825,000 3,825,000 3,825,000 3,825,000 3,825,000 - -
Announcement Date 2/24/22 2/23/23 2/23/24 2/21/25 2/25/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.07x11.15x18.06x3.82% 770M
23.81x8.13x14.58x2.47% 28.74B
13.74x5.13x8.67x3.6% 15.95B
15.95x7.85x13.12x3.61% 15.27B
19.99x6.88x13.83x3.94% 13.38B
19.57x8.66x15.18x3.24% 12.35B
10.65x2.94x5.58x6.1% 6.71B
14.41x5.13x10.72x5.8% 4.15B
23.29x - - 2.43% 3.42B
14.43x3.23x8.29x3.87% 3.36B
Average 17.39x 6.57x 12.00x 3.89% 10.41B
Weighted average by Cap. 18.53x 6.90x 12.45x 3.51%

Y-o-Y evolution of P/E

Valuation ratios - P/E - WHA Utilities and Power

Historical PBR trend

Valuation ratios - PBR - WHA Utilities and Power

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - WHA Utilities and Power

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - WHA Utilities and Power


Year-on-year evolution of the Yield

Valuation ratios - Yield - WHA Utilities and Power
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