Company Valuation: 3BB Internet Infrastructure Fund

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 82,400 64,400 50,000 41,600 50,400 51,200 51,200 -
Change - -21.84% -22.36% -16.8% 21.15% 1.59% 0% -
Enterprise Value (EV) 96,728 64,400 63,047 53,744 60,462 51,200 55,714 55,258
Change - -33.42% -2.1% -14.76% 12.5% -15.32% 8.82% -0.82%
P/E 9.58x 8.02x 13.7x -3.73x 9.55x 7.27x 11.2x 8x
PBR 0.93x 0.72x 0.59x 0.62x 0.75x 0.74x 0.78x 0.75x
PEG - -1.21x -0.3x 0x -0x 0.2x -0.4x 0.2x
Capitalization / Revenue 8.12x 6.35x 4.87x 4.41x 6.78x 6.86x 6.86x 6.82x
EV / Revenue 0x 0x 0x 0x 0x 6.88x 6.86x 6.82x
EV / EBITDA 0x 0x 0x 0x 0x 7.59x 7.65x 7.57x
EV / EBIT 0x 0x 0x 0x 0x 7.62x 7.64x 7.56x
EV / FCF - - 0x 0x 0x 7.89x 7.86x 7.74x
FCF Yield - - 18.7% 20.6% 16.9% 11.7% 12.7% 12.9%
Dividend per Share 2 0.99 0.95 0.92 0.69 - 0.5159 0.6248 0.6483
Rate of return 9.61% 11.8% 14.7% 13.3% - 8.06% 9.76% 10.1%
EPS 2 1.075 1.004 0.4563 -1.392 0.6599 0.8805 0.5708 0.8001
Distribution rate 92.1% 94.6% 202% -49.6% - 58.6% 109% 81%
Net sales 1 10,144 10,144 10,269 9,437 7,429 7,459 7,468 7,509
EBITDA 1 9,531 9,519 9,617 8,770 6,723 6,753 6,691 6,759
EBIT 1 9,531 9,519 9,617 8,770 6,723 6,753 6,705 6,775
Net income 1 9,101 8,030 3,650 -11,139 5,279 7,044 4,585 6,448
Net Debt 14,328 - 13,047 12,144 10,062 - 4,514 4,058
Reference price 2 10.300 8.050 6.250 5.200 6.300 6.400 6.400 6.400
Nbr of stocks (in thousands) 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 -
Announcement Date 11/02/21 21/02/22 03/04/23 03/04/24 04/04/25 01/04/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11x1.3x4.13x7.03% 222B
10.15x2.47x6.53x6.14% 191B
12.78x2.14x5.49x4.24% 143B
13.3x1.84x8.01x3.15% 87.71B
11.68x0.9x3.36x6.54% 80.58B
11.49x1.77x4.48x2.85% 63.93B
14.82x2.64x8.24x5.17% 56.84B
22.87x5.28x19.27x4.78% 54.26B
14.49x2.69x6.01x4.48% 50.15B
Average 13.62x 2.34x 7.28x 4.93% 105.49B
Weighted average by Cap. 12.49x 2.09x 6.35x 5.38%

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

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