Company Valuation: nForce Secure

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 3,159 1,479 1,346 1,274 1,284 1,295 -
Change - -53.17% -9.03% -5.34% 0.81% 0.8% -
Enterprise Value (EV) 3,159 1,479 1,346 1,274 1,284 1,295 1,295
Change - -53.17% -9.03% -5.34% 0.81% 0.8% 0%
P/E 45.2x 27.2x 14.7x 11x 10.6x 9.26x 8.24x
PBR 5.68x - - - 1.67x - -
PEG - -1.2x 0.2x 0.4x 2.4x 0.6x 0.7x
Capitalization / Revenue 3.84x 1.66x 1.26x 1.03x 0.99x 0.91x 0.83x
EV / Revenue 0x 0x 0x 0x 0x 0.91x 0.83x
EV / EBITDA 0x 0x 0x - 0x 6.71x 5.99x
EV / EBIT - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Dividend per Share 2 0.18 0.3 0.3 0.9 1 1.09 1.22
Rate of return 0.59% 2.08% 2.29% 7.26% 8% 8.65% 9.68%
EPS 2 0.68 0.53 0.89 1.13 1.18 1.36 1.53
Distribution rate 26.5% 56.6% 33.7% 79.6% 84.7% 80.1% 79.7%
Net sales 1 823.4 893.9 1,066 1,238 1,303 1,425 1,560
EBITDA 1 86.04 82.66 133.3 - 162.7 193 216
EBIT 73.99 - - 133.8 148.3 - -
Net income 1 61.11 55.06 91.77 115.6 121.5 140 157
Net Debt - - - - - - -
Reference price 2 30.75 14.40 13.10 12.40 12.50 12.60 12.60
Nbr of stocks (in thousands) 102,741 102,741 102,741 102,741 102,741 102,741 -
Announcement Date 28/02/22 22/02/23 29/02/24 27/02/25 26/02/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
235.87x21.02x61.55x-.--% 304B
2624.74x41.74x134.47x-.--% 256B
56.67x15.25x40.17x-.--% 129B
-88.77x13.37x210.87x-.--% 23.42B
16.72x4.48x8.97x1.74% 17.45B
17.38x3.86x9.48x-.--% 13.71B
-57.87x8.75x44.24x-.--% 11.6B
107.94x6.04x81.65x0.13% 9.13B
-37.31x6.86x162.14x-.--% 5.57B
Average 319.49x 13.49x 83.73x 0.21% 85.49B
Weighted average by Cap. 973.68x 25.57x 85.36x 0.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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