Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 302,032 - -
Change - -2.75% -2.44% -12.37% -13.27% 2.74% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 467,657 454,090 443,786
Change - -6.09% -1.18% -4.5% -9.14% -2.06% -2.9% -2.27%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 11.3x 10.5x 10x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 1.99x 1.84x 1.71x
PEG - 0.6x -1.54x -13.63x -1.79x 2.16x 1.46x 1.87x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.9x 0.87x 0.84x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.39x 1.3x 1.23x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.47x 8.04x 7.6x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10.4x 9.91x 9.24x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.5x 11.8x 11x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.5% 8.48% 9.12%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.6183 0.6448 0.6684
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.15% 5.37% 5.56%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.063 1.139 1.2
Distribution rate 51% 50% 55% 57.4% 61.4% 58.2% 56.6% 55.7%
Net sales 1 240,543 272,359 279,085 340,289 333,286 336,315 349,064 360,936
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,242 56,444 58,384
EBIT 1 33,782 38,583 36,229 45,874 43,811 44,867 45,830 48,034
Net income 1 24,645 30,106 27,434 27,216 25,361 27,113 28,905 30,420
Net Debt 1 185,323 160,414 163,530 186,597 183,534 165,625 152,058 141,754
Reference price 2 16.23 15.78 15.40 13.49 11.70 12.02 12.02 12.02
Nbr of stocks (in thousands) 25,118,755 25,120,888 25,124,754 25,127,675 25,130,487 25,131,686 - -
Announcement Date 26/11/21 25/11/22 22/11/23 21/11/24 25/11/25 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.41x1.4x8.51x5.1% 9.19B
14.52x3.61x10.71x2.38% 51.51B
11.74x2.79x9.3x7.24% 18.85B
15.9x3.58x12.3x3.58% 12.3B
66.91x8.65x43.41x0.23% 6.31B
39.16x4.64x24.68x0.67% 3.88B
26.5x3.19x14.2x1.9% 2.78B
54.89x4.08x29.06x0.92% 1.82B
30.23x - - 2.84% 1.35B
Average 30.14x 3.99x 19.02x 2.76% 12B
Weighted average by Cap. 19.06x 3.60x 13.30x 3.38%

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

  1. Stock Market
  2. Stocks
  3. Y92 Stock
  4. Valuation Thai Beverage