Company Valuation: Frasers Property (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 24,352 26,904 35,253 35,717 30,151 15,771
Change - 10.48% 31.03% 1.32% -15.58% -47.69%
Enterprise Value (EV) 1 69,117 76,289 87,639 84,995 80,513 64,800
Change - 10.38% 14.88% -3.02% -5.27% -19.52%
P/E 7.85x 17x 14.3x 19.3x 21x 10.8x
PBR 0.76x 0.78x 0.98x 0.97x 0.82x 0.43x
PEG - -0.3x 0.3x -0.8x -0.9x 6.83x
Capitalization / Revenue 1.32x 1.83x 2.35x 2.3x 2.16x 1.16x
EV / Revenue 3.74x 5.18x 5.84x 5.48x 5.77x 4.76x
EV / EBITDA 17.3x 27.6x 25.2x 28.9x 25.6x 25.8x
EV / EBIT 24.4x 40.7x 34.5x 45.5x 38.3x 44.3x
EV / FCF -47.7x 23.4x 51x 96.2x 70.7x 31.9x
FCF Yield -2.1% 4.27% 1.96% 1.04% 1.42% 3.13%
Dividend per Share 2 0.6 0.34 0.43 0.4 0.31 0.32
Rate of return 5.71% 2.93% 2.83% 2.6% 2.38% 4.71%
EPS 2 1.338 0.684 1.063 0.7984 0.6201 0.6299
Distribution rate 44.8% 49.7% 40.5% 50.1% 50% 50.8%
Net sales 1 18,479 14,725 15,009 15,504 13,958 13,616
EBITDA 1 3,995 2,763 3,474 2,942 3,147 2,507
EBIT 1 2,828 1,872 2,544 1,869 2,104 1,463
Net income 1 2,791 1,586 2,464 1,852 1,438 1,461
Net Debt 1 44,764 49,386 52,386 49,278 50,362 49,029
Reference price 2 10.500 11.600 15.200 15.400 13.000 6.800
Nbr of stocks (in thousands) 2,319,277 2,319,277 2,319,277 2,319,277 2,319,277 2,319,277
Announcement Date 09/11/20 09/11/21 08/11/22 09/11/23 11/11/24 06/11/25
1THB in Million2THB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 500M
16.39x5.15x13.85x3.09% 46.7B
9x1.53x8x3.95% 31.14B
18.3x4.04x16.3x1.34% 28.1B
5.55x0.68x1.43x9.01% 26.71B
14x3.1x14.84x2.51% 25.6B
11.15x2.12x9.92x3.98% 21.13B
8.15x0.9x3.29x2.74% 20.84B
10.59x1.68x14.51x3.57% 19.32B
13.56x6.56x17.49x1.58% 19.66B
Average 11.85x 2.86x 11.07x 3.53% 23.97B
Weighted average by Cap. 12.30x 3.03x 11.18x 3.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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