Company Valuation: Mitsib Leasing

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 714.6 832.9 915.5 787.9 960.8 809.9
Change - 16.55% 9.91% -13.93% 21.95% -15.71%
Enterprise Value (EV) 1 1,387 1,561 1,689 1,845 1,793 1,629
Change - 12.54% 8.15% 9.24% -2.79% -9.14%
P/E 27x 64.3x 42.6x 22.5x 69.7x 14.8x
PBR 0.95x 1.14x 1.24x 1.02x 0.81x 0.66x
PEG - -1.3x 0.6x 0.4x -0.9x 0x
Capitalization / Revenue 1.46x 1.5x 1.85x 1.15x 1.16x 1.27x
EV / Revenue 2.83x 2.81x 3.41x 2.69x 2.17x 2.55x
EV / EBITDA 14x 26.2x 23x 19.1x 22.1x 13.5x
EV / EBIT 14.7x 29.7x 24.9x 20.1x 23.3x 13.9x
EV / FCF 26.2x -9.57x -18.1x -23.2x -34.2x 28.2x
FCF Yield 3.81% -10.4% -5.52% -4.3% -2.92% 3.54%
Dividend per Share 2 0.0419 0.0143 0.0026 - 0.015 0.02
Rate of return 4.62% 1.35% 0.22% - 2.14% 3.39%
EPS 2 0.0336 0.0164 0.0273 0.0445 0.01 0.04
Distribution rate 125% 87% 9.54% - 149% 50%
Net sales 1 490.8 555.7 495.1 686.5 825.3 640.1
EBITDA 1 99.45 59.54 73.46 96.76 80.97 120.6
EBIT 1 94.19 52.6 67.69 92 77 117
Net income 1 25.79 12.95 21.48 35.07 11.99 54.86
Net Debt 1 672.7 728.5 773.1 1,057 832.3 819.4
Reference price 2 0.9070 1.0571 1.1619 1.0000 0.7000 0.5900
Nbr of stocks (in thousands) 787,893 787,893 787,893 787,893 1,372,639 1,372,639
Announcement Date 24/02/21 28/02/22 27/02/23 27/02/24 20/02/25 24/02/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.57x7.28x8.39x1.11% 22.36B
9.16x3.17x28.38x3.64% 8.24B
18.2x7.59x12.25x1.42% 6.56B
7.8x9.06x9.68x5.01% 6.34B
17.06x2.87x7.2x1.56% 3.24B
8.87x - - 3.64% 2.58B
2.96x - - - 2.4B
7.3x8.85x11.4x6.24% 1.91B
Average 9.99x 6.47x 12.88x 3.23% 6.7B
Weighted average by Cap. 9.98x 6.62x 12.51x 2.39%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA