Company Valuation: JAS Asset

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,318 4,144 4,379 2,349 1,680 1,023
Change - 214.46% 5.68% -46.35% -28.49% -39.13%
Enterprise Value (EV) 1 3,021 5,946 5,938 4,939 4,167 3,617
Change - 96.82% -0.14% -16.82% -15.63% -13.2%
P/E 23.3x 25.3x 20.3x 12.2x 9.96x -1.3x
PBR 0.98x 2.38x 1.59x 0.81x 0.44x 0.34x
PEG - 0x 2.71x -1.1x -0.3x 0x
Capitalization / Revenue 2.57x 10.8x 8.4x 4.41x 2.67x 1.49x
EV / Revenue 5.89x 15.5x 11.4x 9.27x 6.63x 5.28x
EV / EBITDA 13.2x 28.2x 28.8x 36.5x 30.4x 23.5x
EV / EBIT 14.2x 30.2x 30.2x 41.3x 44.4x 36.4x
EV / FCF 20.6x 147x 54.1x 59.5x 100x 110x
FCF Yield 4.85% 0.68% 1.85% 1.68% 1% 0.91%
Dividend per Share 2 0.03 0.03 0.03 - - -
Rate of return 1.81% 0.67% 0.78% - - -
EPS 2 0.0711 0.176 0.1892 0.1689 0.1154 -0.5374
Distribution rate 42.2% 17% 15.9% - - -
Net sales 1 512.5 383.6 521.4 533 628.1 684.5
EBITDA 1 228.3 210.6 206 135.2 137.1 154
EBIT 1 212.3 197.1 196.5 119.7 93.88 99.32
Net income 1 56.44 161.4 202.3 192.6 165.6 -785
Net Debt 1 1,703 1,802 1,559 2,590 2,487 2,594
Reference price 2 1.6600 4.4600 3.8400 2.0600 1.1500 0.7000
Nbr of stocks (in thousands) 793,807 929,068 1,140,387 1,140,387 1,460,731 1,460,731
Announcement Date 23/02/21 22/02/22 07/02/23 09/02/24 10/02/25 13/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13x14.82x15.4x5.31% 12.96B
18x14.1x17.3x1.38% 8.93B
46.61x14.76x24.33x0.15% 7.08B
24.4x11.76x16.42x1.5% 3.91B
127.48x15.49x23.5x2.31% 3.37B
11.91x6.78x8.9x3.46% 2.89B
15.33x6.11x8.25x12.22% 2.81B
9.73x6.42x10.68x1.95% 2.24B
Average 33.31x 11.28x 15.60x 3.54% 5.52B
Weighted average by Cap. 29.05x 12.94x 16.80x 3.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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