Company Valuation: Thai Beverage

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 407,676 396,474 386,809 338,955 293,980 285,983 - -
Change - -2.75% -2.44% -12.37% -13.27% -2.72% - -
Enterprise Value (EV) 1 592,999 556,888 550,339 525,552 477,513 451,532 437,957 427,602
Change - -6.09% -1.18% -4.5% -9.14% -5.44% -3.01% -2.36%
P/E 16.6x 13.2x 14.1x 12.5x 11.6x 10.7x 9.99x 9.48x
PBR 2.38x 1.93x 1.92x 2.27x 2.08x 1.88x 1.74x 1.62x
PEG - 0.6x -1.54x -13.63x -1.79x 2.05x 1.39x 1.78x
Capitalization / Revenue 1.69x 1.46x 1.39x 1x 0.88x 0.85x 0.82x 0.79x
EV / Revenue 2.47x 2.04x 1.97x 1.54x 1.43x 1.34x 1.26x 1.19x
EV / EBITDA 14.3x 12x 12.5x 9.37x 8.82x 8.18x 7.76x 7.33x
EV / EBIT 17.6x 14.4x 15.2x 11.5x 10.9x 10.1x 9.56x 8.91x
EV / FCF 20.7x 13.4x 20.2x 18.1x 14.5x 10.2x 11.4x 10.6x
FCF Yield 4.84% 7.48% 4.96% 5.54% 6.92% 9.84% 8.79% 9.46%
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% 5.43% 5.67% 5.87%
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 1 240,543 272,359 279,085 340,289 333,286 336,033 348,773 360,547
EBITDA 1 41,613 46,344 43,971 56,074 54,157 55,225 56,424 58,371
EBIT 1 33,782 38,583 36,229 45,874 43,811 44,852 45,806 48,010
Net income 1 24,645 30,106 27,434 27,216 25,361 27,113 28,905 30,420
Net Debt 1 185,323 160,414 163,530 186,597 183,534 165,549 151,973 141,618
Reference price 2 16.23 15.78 15.40 13.49 11.70 11.38 11.38 11.38
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.46x3.42x10.14x2.56% 47.79B
10.96x2.71x9.03x7.81% 17.09B
15.57x3.58x12.15x3.61% 12.12B
10.69x1.34x8.17x5.45% 8.54B
68.65x8.87x44.55x0.23% 6.43B
36.75x4.54x23.3x0.84% 3.87B
25.05x3.06x13.6x2% 2.58B
57.42x - - 1.5% 2.58B
Average 29.82x 3.93x 17.28x 3% 12.63B
Weighted average by Cap. 18.88x 3.53x 12.88x 3.56%

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