Company Valuation: Thai Union Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 90,769 78,672 66,827 55,317 49,345 51,273 - -
Change - -13.33% -15.06% -17.22% -10.8% 3.91% - -
Enterprise Value (EV) 1 152,087 126,000 118,365 115,495 116,015 111,590 111,417 109,307
Change - -17.15% -6.06% -2.42% 0.45% -3.81% -0.16% -1.89%
P/E 11.7x 11.5x -4.76x 12x 11x 11.2x 10.4x 9.6x
PBR 1.53x 0.98x 1.16x 1.14x 1.11x 1.15x 1.09x 1.03x
PEG - -1x 0x -0x 1.49x 5.02x 1.34x 1.14x
Capitalization / Revenue 0.64x 0.51x 0.49x 0.4x 0.37x 0.37x 0.36x 0.35x
EV / Revenue 1.08x 0.81x 0.87x 0.83x 0.87x 0.81x 0.78x 0.74x
EV / EBITDA 12.2x 10.2x 10.7x 9.97x 11.2x 9.32x 8.73x 8.2x
EV / EBIT 18.4x 15.7x 17.1x 16x 18.8x 15.4x 14.1x 12.9x
EV / FCF 71.8x 237x 18.7x 10.5x 143x 16.7x 20.6x 18.7x
FCF Yield 1.39% 0.42% 5.34% 9.5% 0.7% 5.97% 4.86% 5.36%
Dividend per Share 2 0.95 0.84 0.54 0.66 0.7 0.749 0.8069 0.8694
Rate of return 4.87% 4.97% 3.6% 5.08% 5.47% 5.63% 6.07% 6.54%
EPS 2 1.66 1.47 -3.15 1.08 1.16 1.186 1.278 1.385
Distribution rate 57.2% 57.1% -17.1% 61.1% 60.3% 63.2% 63.1% 62.8%
Net sales 1 141,048 155,586 136,153 138,433 132,719 138,594 143,033 146,992
EBITDA 1 12,440 12,374 11,103 11,587 10,380 11,976 12,769 13,329
EBIT 1 8,256 8,050 6,912 7,222 6,170 7,257 7,874 8,486
Net income 1 8,013 7,138 -13,933 4,985 4,609 4,826 5,298 5,769
Net Debt 1 61,318 47,328 51,538 60,178 66,670 60,317 60,143 58,034
Reference price 2 19.50 16.90 15.00 13.00 12.80 13.30 13.30 13.30
Nbr of stocks (in thousands) 4,654,815 4,655,133 4,455,133 4,255,133 3,855,094 3,855,133 - -
Announcement Date 23/02/22 20/02/23 19/02/24 17/02/25 19/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.8x1.99x9.15x4.23% 11.1B
23.44x2.97x11.06x3.71% 7.95B
24.77x1.01x6.82x6.06% 2.61B
12.14x0.63x8.74x2.89% 2.25B
16.81x0.71x4.6x7.88% 1.77B
10.76x0.79x9.1x5.86% 1.47B
8.09x0.33x3.77x3.41% 1.13B
Average 18.40x 1.21x 7.61x 4.86% 4.04B
Weighted average by Cap. 24.66x 1.86x 8.94x 4.43%

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. TU Stock
  4. TUFBY Stock
  5. Valuation Thai Union Group
-40%: Exceptional extension
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