Company Valuation: ARIP

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 195.7 456.7 424.1 377.5 256.3 205
Change - 133.33% -7.14% -10.99% -32.1% -20%
Enterprise Value (EV) 1 112.3 356 314 260.4 165.8 89.29
Change - 217.17% -11.81% -17.05% -36.36% -46.14%
P/E 54.9x 87.8x 35x 29.9x 30.9x 18.4x
PBR 0.94x 2.14x 1.88x 1.65x 1.13x 0.89x
PEG - 1.9x 0x 6.99x -0.9x 0.5x
Capitalization / Revenue 0.87x 2.7x 1.87x 1.53x 1.19x 0.79x
EV / Revenue 0.5x 2.1x 1.39x 1.05x 0.77x 0.35x
EV / EBITDA 16.5x 44.4x 18.5x 14.3x 12x 4.99x
EV / EBIT 25.1x 57.5x 21.9x 18.3x 20.8x 7.09x
EV / FCF 2.66x 31.9x 14.1x 18.2x 108x 4.33x
FCF Yield 37.6% 3.13% 7.11% 5.5% 0.93% 23.1%
Dividend per Share 2 - - 0.0215 0.0215 0.0169 0.02
Rate of return - - 2.36% 2.65% 3.07% 4.55%
EPS 2 0.007645 0.0112 0.026 0.0271 0.0178 0.024
Distribution rate - - 82.8% 79.4% 94.8% 83.4%
Net sales 1 224.8 169.2 226.5 247 216.2 258
EBITDA 1 6.823 8.014 17.01 18.27 13.82 17.89
EBIT 1 4.471 6.195 14.34 14.2 7.982 12.59
Net income 1 3.563 5.202 12.1 12.62 8.304 11.17
Net Debt 1 -83.47 -100.7 -110.1 -117 -90.54 -115.8
Reference price 2 0.4200 0.9800 0.9100 0.8100 0.5500 0.4400
Nbr of stocks (in thousands) 466,000 466,000 466,000 466,000 466,000 466,000
Announcement Date 22/02/21 22/02/22 23/02/23 23/02/24 20/02/25 24/02/26
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 6.37M
34.66x6.24x22.51x1% 67.79B
37.67x4.49x14.68x1.19% 20.24B
27.4x1.14x11.52x1.2% 14.02B
17.85x1.93x9.54x3.89% 12.98B
25.06x2.82x12.1x2.99% 11.8B
26.15x3.59x13.83x2.23% 8.14B
13.86x0.62x8.9x1.51% 6.37B
17.13x0.37x8.52x4.24% 4.95B
Average 24.97x 2.65x 12.70x 2.28% 16.26B
Weighted average by Cap. 30.14x 4.26x 16.83x 1.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

-40%: Exceptional extension
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