Company Valuation: Thai Wah

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2024 2025 2026 2027 2028
Market Cap 1 4,886 4,578 2,342 2,553 2,518 - -
Change - -6.31% - 9.02% -1.38% - -
Enterprise Value (EV) 1 4,886 4,578 2,342 2,885 2,651 2,300 1,984
Change - -6.31% - 23.17% -8.1% -13.24% -13.74%
P/E 15x 15.3x -33.3x 16.1x 11.4x 8.67x 7.53x
PBR 0.95x - - 0.53x 0.51x 0.49x 0.47x
PEG - -1.89x - -0x 0.3x 0.3x 0.5x
Capitalization / Revenue 0.54x 0.44x - 0.28x 0.22x 0.24x 0.23x
EV / Revenue 0.54x 0.44x - 0.31x 0.24x 0.22x 0.18x
EV / EBITDA 5.04x 4.97x - 4.03x 3.75x 2.84x 2.28x
EV / EBIT - - - 11.5x 10.4x 6.63x 4.98x
EV / FCF - - - 5.05x -6.53x -8.39x -5.44x
FCF Yield - - - 19.8% -15.3% -11.9% -18.4%
Dividend per Share 2 0.2159 - - 0.057 0.08 0.11 0.13
Rate of return 3.89% - - 1.97% 2.8% 3.85% 4.55%
EPS 2 0.37 0.34 -0.08 0.18 0.25 0.33 0.38
Distribution rate 58.4% - - 31.7% 32% 33.3% 34.2%
Net sales 1 9,105 10,421 - 9,206 11,220 10,515 10,866
EBITDA 1 969.5 920.4 - 715.4 707 810 872
EBIT 1 - - - 251.2 254 347 398
Net income 1 323 298.2 -71.41 155.9 219 289 331
Net Debt 1 - - - 331.3 133 -218 -534
Reference price 2 5.550 5.200 2.660 2.900 2.860 2.860 2.860
Nbr of stocks (in thousands) 880,421 880,421 880,421 880,421 880,421 - -
Announcement Date 22/02/22 21/02/23 17/02/25 24/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.44x0.24x3.75x2.8% 74.9M
18.46x2.24x10.19x2.8% 11.15B
18.91x2.53x14.14x2.59% 6.84B
14.35x1.19x9.56x2.95% 5.31B
10.88x2.81x6.87x5.17% 4.29B
12.3x1.79x6.11x6.15% 2.35B
8.04x2.66x6.76x10.81% 1.94B
15.2x3.22x9.8x3.49% 1.24B
Average 13.70x 2.08x 8.40x 4.59% 4.15B
Weighted average by Cap. 15.73x 2.23x 9.96x 3.82%

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