Company Valuation: AP (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 30,043 36,492 35,549 25,482 27,055 24,853 - -
Change - 21.47% -2.59% -28.32% 6.17% -8.14% - -
Enterprise Value (EV) 1 48,921 57,612 67,592 55,277 49,917 53,963 52,681 50,249
Change - 17.77% 17.32% -18.22% -9.7% 8.11% -2.38% -4.62%
P/E 6.63x 6.2x 5.89x 5.06x 6.28x 5.37x 4.95x 4.65x
PBR 0.93x 0.99x 0.87x 0.58x 0.59x 0.51x 0.48x 0.45x
PEG - 0.2x 2.2x -0.3x -0.4x 0.72x 0.59x 0.72x
Capitalization / Revenue 0.94x 0.95x 0.93x 0.69x 0.72x 0.64x 0.61x 0.59x
EV / Revenue 1.54x 1.49x 1.78x 1.49x 1.34x 1.38x 1.3x 1.2x
EV / EBITDA 10.3x 9.44x 10.4x 9.68x 9.19x 9.98x 9.01x 7.72x
EV / EBIT 10.5x 9.92x 10.9x 10.2x 9.6x 10.5x 9.61x 8.38x
EV / FCF 25.5x -28.4x -6.2x 21.8x 27.9x 18.7x 15.4x 15.4x
FCF Yield 3.92% -3.53% -16.1% 4.59% 3.58% 5.34% 6.51% 6.5%
Dividend per Share 2 0.5 0.65 0.7 0.6 0.52 0.5473 0.6091 0.6667
Rate of return 5.24% 5.6% 6.19% 7.41% 6.05% 6.93% 7.71% 8.44%
EPS 2 1.44 1.87 1.92 1.6 1.37 1.472 1.595 1.699
Distribution rate 34.7% 34.8% 36.5% 37.5% 38% 37.2% 38.2% 39.2%
Net sales 1 31,794 38,539 38,045 36,988 37,345 38,977 40,522 41,957
EBITDA 1 4,760 6,101 6,500 5,712 5,433 5,405 5,847 6,511
EBIT 1 4,668 5,810 6,210 5,437 5,197 5,127 5,481 5,997
Net income 1 4,543 5,877 6,054 5,020 4,317 4,641 5,021 5,352
Net Debt 1 18,877 21,120 32,043 29,795 22,862 29,111 27,829 25,396
Reference price 2 9.550 11.600 11.300 8.100 8.600 7.900 7.900 7.900
Nbr of stocks (in thousands) 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 - -
Announcement Date 22/02/22 21/02/23 20/02/24 27/02/25 27/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.37x1.38x9.98x6.93% 735M
56.98x - - - 60.97B
7.4x16.12x19.05x6.3% 19.62B
10.03x3.41x9.07x-.--% 20.6B
4.19x0.07x0.14x8.31% 14.18B
8.33x16.82x - 6.35% 8.14B
7.85x0.81x6.65x2.49% 5.71B
-1.84x1.77x130.04x-.--% 5.25B
5.33x13.7x20.39x5.96% 4.39B
Average 11.52x 6.76x 27.90x 4.54% 15.51B
Weighted average by Cap. 28.77x 7.63x 19.58x 4.31%

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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  3. AP Stock
  4. Valuation AP (Thailand)