Company Valuation: Samart Aviation Solutions

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 10,304 12,288 7,470 6,959 - -
Change - 19.25% -39.21% -6.84% - -
Enterprise Value (EV) 10,304 11,700 7,470 6,959 6,959 6,959
Change - 13.55% -36.16% -6.84% 0% 0%
P/E 35x 26.3x 13.8x 12.2x 11.1x 10.2x
PBR 8.08x 8.06x 5.43x 4.47x 4.2x 3.67x
PEG 1.1x 0.4x 0.8x 2.59x 1x 1.18x
Capitalization / Revenue 6.27x 7x 3.61x 3.52x 3.23x 2.98x
EV / Revenue 0x 0x 0x 3.52x 3.23x 2.98x
EV / EBITDA 0x 0x 0x 8.46x 7.63x 6.87x
EV / EBIT 0x 0x 0x 9.06x 8.21x 7.43x
EV / FCF 0x 0x 0x 12.7x 11.2x 9.43x
FCF Yield 2.94% 4.2% 8.79% 7.89% 8.95% 10.6%
Dividend per Share 2 0.75 1.1 0.9 0.81 0.855 0.885
Rate of return 4.66% 5.73% 7.69% 7.43% 7.84% 8.12%
EPS 2 0.46 0.73 0.85 0.89 0.985 1.07
Distribution rate 163% 151% 106% 91% 86.8% 82.7%
Net sales 1 1,644 1,756 2,071 1,977 2,156 2,332
EBITDA 1 579.1 710 826.2 822.5 912.5 1,013
EBIT 1 514.8 642.5 753.3 768.3 847.7 936
Net income 1 271.6 464.3 545.8 565.2 631.2 686
Net Debt - -588 - - - -
Reference price 2 16.10 19.20 11.70 10.90 10.90 10.90
Nbr of stocks (in thousands) 640,000 640,000 638,425 638,425 - -
Announcement Date 21/02/24 19/02/25 27/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.25x - - 7.43% 208M
45.45x13.12x23.19x1.31% 26.62B
19.71x3.14x9.81x1.6% 6.59B
22.66x4.4x11.05x3.11% 5.1B
14.22x5.75x8.89x5.5% 4.96B
134.5x - - 0.37% 4.58B
18.54x6.73x11.18x5.4% 4.39B
25.55x2.48x9.79x6.08% 3.05B
24.39x1.48x4.74x1.99% 2.91B
Average 35.25x 5.30x 11.24x 3.64% 6.49B
Weighted average by Cap. 40.65x 8.62x 16.32x 2.39%

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

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  4. Valuation Samart Aviation Solutions