Company Valuation: Asia Hotel

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,555 1,808 2,416 2,016 2,080 1,728
Change - 16.26% 33.63% -16.56% 3.17% -16.92%
Enterprise Value (EV) 1 4,111 4,366 4,848 4,323 4,368 3,940
Change - 6.21% 11.04% -10.82% 1.04% -9.81%
P/E -12.9x -8.65x -21.7x -37.2x -954x -1,531x
PBR 0.3x 0.31x 0.41x 0.34x 0.36x 0.3x
PEG - -0.1x 0.5x 0.7x 9.9x 31.7x
Capitalization / Revenue 1.92x 3.01x 2.61x 1.7x 1.63x 1.27x
EV / Revenue 5.07x 7.28x 5.24x 3.64x 3.43x 2.89x
EV / EBITDA 14.5x 25.4x 17.4x 12.3x 11.9x 9.95x
EV / EBIT 8,034x -55.6x 142x 38.3x 33.7x 28.4x
EV / FCF 29.5x 43.6x 27.1x 25.5x 49.3x 26.1x
FCF Yield 3.39% 2.29% 3.69% 3.93% 2.03% 3.83%
Dividend per Share 2 - - - - 0.26 0.134
Rate of return - - - - 4% 2.48%
EPS 2 -0.3772 -0.6534 -0.3483 -0.1696 -0.006816 -0.003527
Distribution rate - - - - -3,815% -3,799%
Net sales 1 810.5 599.8 924.3 1,188 1,275 1,365
EBITDA 1 283.5 172 277.9 352.1 366.9 396
EBIT 1 0.5117 -78.49 34.13 112.8 129.5 138.5
Net income 1 -120.7 -209.1 -111.5 -54.26 -2.181 -1.129
Net Debt 1 2,556 2,558 2,432 2,307 2,288 2,212
Reference price 2 4.860 5.650 7.550 6.300 6.500 5.400
Nbr of stocks (in thousands) 320,000 320,000 320,000 320,000 320,000 320,000
Announcement Date 23/02/21 28/02/22 27/02/23 13/02/24 28/02/25 23/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.15x4x18.5x0.8% 93.6B
15.73x4.9x12.47x1.98% 74.28B
38.12x6.5x20.83x0.19% 71.88B
11.76x2.11x8.14x2.32% 34.64B
27.52x10.48x18.76x1.3% 23.76B
48.75x2.58x15.74x0.38% 14.97B
16.11x2.83x8.04x4.94% 12.83B
19.79x2.31x10.54x3.29% 11.57B
44.75x8.87x25.99x0.47% 10.6B
Average 28.30x 4.95x 15.45x 1.74% 38.68B
Weighted average by Cap. 27.63x 4.95x 16.14x 1.32%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA