Company Valuation: AP (Thailand)

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 30,043 36,492 35,549 25,482 27,055 25,167 - -
Change - 21.47% -2.59% -28.32% 6.17% -6.98% - -
Enterprise Value (EV) 1 48,921 57,612 67,592 55,277 49,917 55,002 54,362 50,648
Change - 17.77% 17.32% -18.22% -9.7% 10.19% -1.16% -6.83%
P/E 6.63x 6.2x 5.89x 5.06x 6.28x 5.55x 5.15x 4.36x
PBR 0.93x 0.99x 0.87x 0.58x 0.59x 0.51x 0.48x 0.45x
PEG - 0.2x 2.2x -0.3x -0.4x 1.05x 0.68x 0.2x
Capitalization / Revenue 0.94x 0.95x 0.93x 0.69x 0.72x 0.63x 0.61x 0.6x
EV / Revenue 1.54x 1.49x 1.78x 1.49x 1.34x 1.38x 1.32x 1.2x
EV / EBITDA 10.3x 9.44x 10.4x 9.68x 9.19x 10x 9.28x 8.13x
EV / EBIT 10.5x 9.92x 10.9x 10.2x 9.6x 10.9x 10.2x 8.82x
EV / FCF 25.5x -28.4x -6.2x 21.8x 27.9x 19x 14.4x 16.7x
FCF Yield 3.92% -3.53% -16.1% 4.59% 3.58% 5.25% 6.94% 5.99%
Dividend per Share 2 0.5 0.65 0.7 0.6 0.52 0.5522 0.5981 0.6362
Rate of return 5.24% 5.6% 6.19% 7.41% 6.05% 6.9% 7.48% 7.95%
EPS 2 1.44 1.87 1.92 1.6 1.37 1.443 1.553 1.833
Distribution rate 34.7% 34.8% 36.5% 37.5% 38% 38.3% 38.5% 34.7%
Net sales 1 31,794 38,539 38,045 36,988 37,345 39,821 41,117 42,256
EBITDA 1 4,760 6,101 6,500 5,712 5,433 5,495 5,861 6,229
EBIT 1 4,668 5,810 6,210 5,437 5,197 5,056 5,348 5,741
Net income 1 4,543 5,877 6,054 5,020 4,317 4,538 4,889 5,231
Net Debt 1 18,877 21,120 32,043 29,795 22,862 29,835 29,194 25,481
Reference price 2 9.550 11.600 11.300 8.100 8.600 8.000 8.000 8.000
Nbr of stocks (in thousands) 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 3,145,899 - -
Announcement Date 22/2/22 21/2/23 20/2/24 27/2/25 27/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
62.96x - - - 67.56B
12.14x4.28x10.97x3.97% 38.49B
18.65x4.05x16.27x1.31% 28.88B
5.63x0.73x1.53x8.79% 27.38B
8.03x1.47x8.23x4.41% 26.77B
14.3x3.13x15x2.44% 26.49B
9.78x1.91x7.86x4.29% 19.69B
8.59x3.04x7.1x-.--% 20.34B
13.25x6.44x16.93x1.64% 19.06B
Average 17.04x 3.13x 10.49x 3.36% 30.52B
Weighted average by Cap. 24.13x 3.12x 10.50x 3.52%

Y-o-Y evolution of P/E

Valuation ratios - P/E - AP (Thailand)

Historical PBR trend

Valuation ratios - PBR - AP (Thailand)

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - AP (Thailand)

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - AP (Thailand)


Year-on-year evolution of the Yield

Valuation ratios - Yield - AP (Thailand)