Company Valuation: Tipco Asphalt

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 28,568 26,674 25,885 28,568 21,624 25,885 - -
Change - -6.63% -2.96% 10.37% -24.31% 19.71% - -
Enterprise Value (EV) 1 30,767 27,836 25,615 29,876 23,440 27,566 26,680 26,134
Change - -9.53% -7.98% 16.64% -21.54% 17.6% -3.21% -2.04%
P/E 12.8x 11.3x 11.2x 20.1x 19x 17.8x 15.7x 16x
PBR 1.86x 1.59x 1.58x 1.8x 1.58x 1.78x 1.74x 1.69x
PEG - 1.77x -4.2x -0.5x -1x 0.6x 1.2x -10.88x
Capitalization / Revenue 1.17x 0.89x 0.83x 1.02x 0.86x 0.98x 0.94x 0.93x
EV / Revenue 1.26x 0.93x 0.82x 1.07x 0.93x 1.04x 0.97x 0.94x
EV / EBITDA 6.68x 6.85x 6.45x 10.1x 10.5x 8.96x 8.06x 8.02x
EV / EBIT 9.13x 7.77x 9.22x 16.1x 19.6x 16.8x 14.3x 12.8x
EV / FCF 118x 11.2x 6.83x 105x 8.72x 20.4x 12.1x 21.7x
FCF Yield 0.85% 8.91% 14.6% 0.96% 11.5% 4.89% 8.26% 4.62%
Dividend per Share 2 1.05 1.25 1.25 1 1 0.915 0.9118 0.82
Rate of return 5.8% 7.4% 7.62% 5.52% 7.3% 5.58% 5.56% 5%
EPS 2 1.41 1.5 1.46 0.9 0.72 0.9212 1.042 1.027
Distribution rate 74.5% 83.3% 85.6% 111% 139% 99.3% 87.5% 79.9%
Net sales 1 24,447 30,025 31,106 27,964 25,086 26,418 27,592 27,929
EBITDA 1 4,607 4,066 3,972 2,969 2,236 3,077 3,311 3,258
EBIT 1 3,370 3,581 2,777 1,857 1,198 1,644 1,871 2,040
Net income 1 2,220 2,367 2,306 1,417 1,137 1,451 1,640 1,618
Net Debt 1 2,199 1,162 -270.6 1,308 1,816 1,680 794.6 249
Reference price 2 18.10 16.90 16.40 18.10 13.70 16.40 16.40 16.40
Nbr of stocks (in thousands) 1,578,362 1,578,362 1,578,362 1,578,362 1,578,362 1,578,362 - -
Announcement Date 17/02/22 17/02/23 16/02/24 17/02/25 19/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.34x0.92x8.43x3.9% 3.98B
17.8x1.04x8.96x5.58% 784M
Average 17.07x 0.98x 8.69x 4.74% 2.38B
Weighted average by Cap. 16.58x 0.94x 8.52x 4.18%

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