Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 304,756 - -
Change - -2.75% -2.44% -12.37% -13.27% 3.67% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 470,381 456,814 446,510
Change - -6.09% -1.18% -4.5% -9.14% -1.49% -2.88% -2.26%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 11.4x 10.6x 10.1x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 2x 1.86x 1.73x
PEG - 0.6x -1.54x -13.63x -1.79x 2.18x 1.47x 1.89x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.91x 0.87x 0.84x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.4x 1.31x 1.24x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.51x 8.09x 7.65x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10.5x 9.97x 9.3x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.6x 11.9x 11x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.44% 8.42% 9.06%
Dividend per Share 2 0.5 0.6 0.6 0.62 0.62 0.6183 0.6448 0.6684
Rate of return 3.08% 3.8% 3.9% 4.6% 5.3% 5.1% 5.32% 5.51%
EPS 2 0.98 1.2 1.09 1.08 1.01 1.063 1.139 1.2
Distribution rate 51% 50% 55% 57.4% 61.4% 58.2% 56.6% 55.7%
Net sales 1 240,543 272,359 279,085 340,289 333,286 336,315 349,064 360,936
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,242 56,444 58,384
EBIT 1 33,782 38,583 36,229 45,874 43,811 44,867 45,830 48,034
Net income 1 24,645 30,106 27,434 27,216 25,361 27,113 28,905 30,420
Net Debt 1 185,323 160,414 163,530 186,597 183,534 165,625 152,058 141,754
Reference price 2 16.23 15.78 15.40 13.49 11.70 12.13 12.13 12.13
Nbr of stocks (in thousands) 25,118,755 25,120,888 25,124,754 25,127,675 25,130,487 25,131,686 - -
Announcement Date 11/26/21 11/25/22 11/22/23 11/21/24 11/25/25 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.52x3.61x10.71x2.38% 51.54B
11.5x2.76x9.18x7.38% 18.46B
16.29x3.65x12.54x3.49% 12.58B
11.36x1.39x8.49x5.12% 9.17B
68.7x8.88x44.58x0.23% 6.45B
39.16x4.64x24.68x0.67% 3.88B
26.58x3.2x14.23x1.89% 2.79B
30.2x - - 2.85% 1.35B
Average 27.29x 4.02x 17.77x 3% 13.28B
Weighted average by Cap. 18.64x 3.62x 13.16x 3.42%

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