Company Valuation: Forth Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 19,830 30,166 21,514 9,915 5,378 13,095 -
Change - 52.12% -28.68% -53.91% -45.75% 143.48% -
Enterprise Value (EV) 1 22,409 30,166 21,514 9,915 5,378 16,653 16,569
Change - 34.61% -28.68% -53.91% -45.75% 209.63% -0.5%
P/E 27.5x 38.9x 37.7x 44.2x 6.53x 13.9x 11.9x
PBR 12x - - - - 3.68x 3.04x
PEG - 4.99x -1.4x -0.7x 0x 0.9x 0.7x
Capitalization / Revenue 2.33x 3.2x 2.27x 1.13x 0.47x 1.08x 1.03x
EV / Revenue 2.63x 3.2x 2.27x 1.13x 0.47x 1.37x 1.3x
EV / EBITDA 16.8x 19.4x 14.4x 8.54x 2.63x 6.47x 5.87x
EV / EBIT 27.2x 29.6x 25.6x 23.5x 3.97x 9.29x 8.26x
EV / FCF - -41.3x 36.3x -70.7x 5.31x 38.5x 44.9x
FCF Yield - -2.42% 2.75% -1.42% 18.8% 2.6% 2.23%
Dividend per Share 2 0.45 0.52 0.47 - 0.21 0.3 0.35
Rate of return 2.12% 1.61% 2.04% - 3.65% 2.14% 2.5%
EPS 2 0.77 0.83 0.61 0.24 0.88 1.01 1.18
Distribution rate 58.4% 62.7% 77% - 23.9% 29.7% 29.7%
Net sales 1 8,513 9,431 9,492 8,767 11,350 12,134 12,761
EBITDA 1 1,337 1,553 1,493 1,162 2,044 2,572 2,822
EBIT 1 825.1 1,019 840.8 422.6 1,354 1,792 2,007
Net income 1 722.8 774.9 572.6 221.3 823.7 949 1,107
Net Debt 1 2,579 - - - - 3,558 3,474
Reference price 2 21.20 32.25 23.00 10.60 5.75 14.00 14.00
Nbr of stocks (in thousands) 935,375 935,375 935,375 935,375 935,375 935,375 -
Announcement Date 28/2/22 27/2/23 28/2/24 2/3/25 2/3/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.86x1.37x6.47x2.14% 388M
31.61x5.92x17.63x0.63% 200B
33.89x12.07x22x0.81% 121B
48.31x6.1x20.62x0.88% 113B
13.5x0.31x6.8x3.73% 109B
32.63x5.34x17.54x1.05% 77.1B
58.14x6.79x29.66x0.2% 71.61B
20.34x3.4x13x1.32% 63.61B
17.85x1.05x11.86x0.7% 60.07B
16.72x5.91x12.01x0.76% 53.7B
Average 28.69x 4.83x 15.76x 1.22% 86.92B
Weighted average by Cap. 31.41x 5.60x 17.17x 1.14%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Forth Corporation

Historical PBR trend

Valuation ratios - PBR - Forth Corporation

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Forth Corporation

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Forth Corporation


Year-on-year evolution of the Yield

Valuation ratios - Yield - Forth Corporation
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