Company Valuation: Thantawan Industry

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 1,496 2,660 2,880 3,600 2,677 2,542
Change - 77.81% 8.27% 25% -25.63% -5.04%
Enterprise Value (EV) 1 936.2 2,017 2,491 3,250 1,478 2,017
Change - 115.44% 23.52% 30.44% -54.52% 36.46%
P/E ratio 6.12x 7.65x 7.52x 9.93x 9.28x 7.73x
PBR 0.83x 1.32x 1.24x 1.43x 1.01x 0.92x
PEG - 0.2x 0.7x -1.89x -0.5x 0.6x
Capitalization / Revenue 0.49x 0.83x 0.77x 0.88x 0.78x 0.59x
EV / Revenue 0.31x 0.63x 0.66x 0.8x 0.43x 0.47x
EV / EBITDA 2.46x 4.08x 4.64x 6.69x 3.75x 4.08x
EV / EBIT 3.29x 5.15x 5.85x 8.88x 5.5x 5.58x
EV / FCF 7.45x 9.84x 66.7x 10.7x 4.39x -7.5x
FCF Yield 13.4% 10.2% 1.5% 9.34% 22.8% -13.3%
Dividend per Share 2 1.111 1.4 1.75 1.75 1.65 1.65
Rate of return 6.68% 4.74% 5.47% 4.38% 5.55% 5.84%
EPS 2 2.717 3.865 4.254 4.03 3.206 3.655
Distribution rate 40.9% 36.2% 41.1% 43.4% 51.5% 45.1%
Net sales 1 3,059 3,197 3,761 4,073 3,411 4,285
EBITDA 1 380.9 494.7 536.5 485.8 393.9 493.8
EBIT 1 284.9 391.5 425.7 365.8 269 361.7
Net income 1 244.5 347.8 382.8 363 288.5 329
Net Debt 1 -559.8 -643 -388.6 -350.3 -1,199 -525.6
Reference price 2 16.62 29.56 32.00 40.00 29.75 28.25
Nbr of stocks (in thousands) 90,000 90,000 90,000 90,000 90,000 90,000
Announcement Date 2/14/20 2/15/21 2/14/22 2/13/23 2/15/24 2/13/25
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 67.88M
16.5x2.36x16.08x5.21% 22.43B
28.24x2.9x13.07x1.19% 10.57B
13.97x1.89x11.18x4.24% 1.55B
14.92x1.07x7.42x2.47% 1.43B
9.8x1.32x7.19x3.48% 1.2B
24.7x - - - 1.15B
Average 18.02x 1.91x 10.99x 3.32% 5.49B
Weighted average by Cap. 19.61x 2.41x 14.40x 3.86%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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