Company Valuation: Asia Aviation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 25,092 37,223 25,571 35,466 14,392 10,537 - -
Change - 48.35% -31.3% 38.69% -59.42% -26.79% - -
Enterprise Value (EV) 1 64,871 80,180 67,349 43,299 22,285 11,142 10,817 9,658
Change - 23.6% -16% -35.71% -48.53% -50% -2.92% -10.71%
P/E -1.98x -4.42x 52.5x 10.2x 6.16x -4.64x 12.5x 7.09x
PBR 1.24x 4.68x 2.91x 3.12x 1.06x 0.95x 0.91x 0.81x
PEG - 0.1x -0x 0x -0.2x 0x -0x 0.1x
Capitalization / Revenue 6.55x 2.12x 0.62x 0.72x 0.31x 0.21x 0.21x 0.2x
EV / Revenue 16.9x 4.57x 1.63x 0.88x 0.49x 0.22x 0.21x 0.18x
EV / EBITDA -8.44x -88.9x 10.4x 4.01x 2.17x 1.78x 1.2x 1.28x
EV / EBIT -5.47x -9.46x 46x 6.47x 4.15x 26.5x 3.46x 2.61x
EV / FCF -14.6x -2,473x 11.3x 6.11x 2.43x 2.51x 2.12x 2.17x
FCF Yield -6.85% -0.04% 8.82% 16.4% 41.2% 39.8% 47.1% 46.2%
Dividend per Share 2 - - - - - - 0.0133 0.025
Rate of return - - - - - - 1.63% 3.05%
EPS 2 -1.283 -0.6921 0.0379 0.2707 0.1818 -0.1766 0.0657 0.1157
Distribution rate - - - - - - 20.3% 21.6%
Net sales 1 3,828 17,553 41,241 49,436 45,691 49,597 51,097 53,433
EBITDA 1 -7,685 -901.6 6,456 10,797 10,250 6,251 9,006 7,574
EBIT 1 -11,851 -8,476 1,463 6,697 5,368 420.5 3,123 3,699
Net income 1 -6,647 -8,030 465.8 3,478 2,336 -2,319 839.1 1,464
Net Debt 1 39,780 42,957 41,777 7,833 7,893 605 280 -879
Reference price 2 2.5400 3.0600 1.9900 2.7600 1.1200 0.8200 0.8200 0.8200
Nbr of stocks (in thousands) 9,878,571 12,164,286 12,850,000 12,850,000 12,850,000 12,850,000 - -
Announcement Date 2/24/22 2/24/23 2/22/24 2/25/25 2/24/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.6x0.92x7.53x0.91% 54.59B
10.4x0.79x6.92x-.--% 36.01B
13.79x1.38x6.31x1.84% 27.96B
8.39x0.82x3.9x2.13% 25.59B
13.79x0.74x6.72x1.73% 20.37B
66.17x2.28x13.44x0.07% 20.1B
28.65x1.09x5.82x3.68% 16.63B
-11.14x1.62x11.32x-.--% 16.18B
11.11x1.14x4.74x - 14.36B
Average 17.20x 1.20x 7.41x 1.3% 25.75B
Weighted average by Cap. 16.32x 1.12x 7.30x 1.17%

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