Company Valuation: Krungthai Car Rent and Lease

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,250 2,075 2,162 1,925 1,135 1,338
Change - -7.78% 4.22% -10.98% -41.04% 17.84%
Enterprise Value (EV) 1 5,163 4,916 4,797 5,018 4,189 3,693
Change - -4.78% -2.41% 4.6% -16.51% -11.85%
P/E 10.2x 9.18x 11.8x 9.99x 11.8x 7.91x
PBR 1.06x 0.92x 0.93x 0.81x 0.47x 0.53x
PEG - 4.17x -0.6x 1.93x -0.2x 0.1x
Capitalization / Revenue 1.03x 0.95x 0.96x 0.89x 0.55x 0.53x
EV / Revenue 2.37x 2.24x 2.12x 2.33x 2.02x 1.47x
EV / EBITDA 4.5x 4.06x 4.07x 4.24x 3.74x 3.1x
EV / EBIT 18.9x 14.7x 15.5x 15.4x 18.4x 12.1x
EV / FCF 4.76x 5.57x 4.21x 5.38x 6.49x 2.96x
FCF Yield 21% 18% 23.7% 18.6% 15.4% 33.8%
Dividend per Share 2 0.44 0.43 0.49 0.37 0.19 0.33
Rate of return 4.89% 5.18% 5.66% 4.81% 4.19% 6.17%
EPS 2 0.885 0.9045 0.7329 0.7708 0.3843 0.6761
Distribution rate 49.7% 47.5% 66.9% 48% 49.4% 48.8%
Net sales 1 2,175 2,193 2,264 2,154 2,074 2,504
EBITDA 1 1,147 1,211 1,179 1,183 1,121 1,191
EBIT 1 272.9 335.4 310 326.4 227.9 305.7
Net income 1 221.2 226.1 183.2 192.7 96.08 169
Net Debt 1 2,913 2,841 2,635 3,093 3,054 2,356
Reference price 2 9.000 8.300 8.650 7.700 4.540 5.350
Nbr of stocks (in thousands) 250,000 250,000 250,000 250,000 250,000 250,000
Announcement Date 2/25/21 2/24/22 2/27/23 2/28/24 2/27/25 2/25/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 36.63M
9.72x1.6x4.9x5.6% 8.59B
45.62x0.88x11.82x-.--% 5.51B
10.13x1.43x4.44x5.22% 3.53B
11.42x1.81x4.63x3.28% 831M
8.05x1.71x3.71x3.58% 832M
-1.79x2.02x65.58x-.--% 578M
6.21x1.29x3.26x3.06% 577M
Average 12.76x 1.53x 14.05x 2.96% 2.56B
Weighted average by Cap. 19.03x 1.39x 8.29x 3.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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