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 27,306 - -
Change - -6.63% -2.96% 10.37% -24.31% 26.28% - -
Enterprise Value (EV) 1 30,767 27,836 25,615 29,876 23,440 29,477 28,686 28,057
Change - -9.53% -7.98% 16.64% -21.54% 25.75% -2.68% -2.19%
P/E 12.8x 11.3x 11.2x 20.1x 19x 17.6x 15.8x 16.1x
PBR 1.86x 1.59x 1.58x 1.8x 1.58x 1.87x 1.82x 1.81x
PEG - 1.77x -4.2x -0.5x -1x 0.5x 1.5x -10.34x
Capitalization / Revenue 1.17x 0.89x 0.83x 1.02x 0.86x 1x 0.96x 0.93x
EV / Revenue 1.26x 0.93x 0.82x 1.07x 0.93x 1.08x 1.01x 0.96x
EV / EBITDA 6.68x 6.85x 6.45x 10.1x 10.5x 9.12x 8.32x 8.22x
EV / EBIT 9.13x 7.77x 9.22x 16.1x 19.6x 15.5x 13.7x 13.3x
EV / FCF 118x 11.2x 6.83x 105x 8.72x 106x 13.3x 16x
FCF Yield 0.85% 8.91% 14.6% 0.96% 11.5% 0.94% 7.54% 6.24%
Dividend per Share 2 1.05 1.25 1.25 1 1 0.9468 1.033 0.86
Rate of return 5.8% 7.4% 7.62% 5.52% 7.3% 5.47% 5.97% 4.97%
EPS 2 1.41 1.5 1.46 0.9 0.72 0.9854 1.092 1.075
Distribution rate 74.5% 83.3% 85.6% 111% 139% 96.1% 94.6% 80%
Net sales 1 24,447 30,025 31,106 27,964 25,086 27,276 28,418 29,234
EBITDA 1 4,607 4,066 3,972 2,969 2,236 3,232 3,446 3,413
EBIT 1 3,370 3,581 2,777 1,857 1,198 1,897 2,097 2,110
Net income 1 2,220 2,367 2,306 1,417 1,137 1,551 1,719 1,692
Net Debt 1 2,199 1,162 -270.6 1,308 1,816 2,171 1,380 751
Reference price 2 18.10 16.90 16.40 18.10 13.70 17.30 17.30 17.30
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.18x0.86x8.5x4.31% 3.6B
17.66x1.09x9.17x5.44% 832M
Average 16.92x 0.98x 8.83x 4.87% 2.22B
Weighted average by Cap. 16.46x 0.91x 8.62x 4.52%

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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