Company Valuation: Master Style

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 15,312 13,652 2,248 2,776 - -
Change - -10.84% -83.54% 23.49% - -
Enterprise Value (EV) 1 13,866 13,760 2,426 2,924 3,085 2,776
Change - -0.76% -82.37% 20.56% 5.5% -10.03%
P/E 36.5x 26.2x 11.3x 13x 10.4x 9.89x
PBR 5.12x 3.89x 0.65x 0.78x 0.76x -
PEG -30.77x 1.1x -0.2x 1.91x 0.4x 1.85x
Capitalization / Revenue 7.99x 6.39x 1.19x 1.45x 1.39x 1.3x
EV / Revenue 7.23x 6.44x 1.29x 1.53x 1.54x 1.3x
EV / EBITDA 23.6x 19.5x 6.21x 6.79x 6.42x 5.79x
EV / EBIT 26.4x 23.8x 10.4x 11.7x 9.63x -
EV / FCF -49.1x 257x 9.54x 15.6x 8.16x -
FCF Yield -2.04% 0.39% 10.5% 6.43% 12.3% -
Dividend per Share 2 0.3588 0.16 0.4 0.405 0.5212 0.56
Rate of return 0.71% 0.35% 5.37% 4.4% 5.67% 6.09%
EPS 2 1.391 1.73 0.66 0.705 0.8828 0.93
Distribution rate 25.8% 9.25% 60.6% 57.4% 59% 60.2%
Net sales 1 1,917 2,135 1,885 1,909 2,003 2,128
EBITDA 1 586.4 704.6 390.7 431 480.9 479
EBIT 1 524.8 577.4 233.8 249 320.5 -
Net income 1 416.3 522.4 198 211.5 266.4 280
Net Debt 1 -1,446 108 177.8 148.6 309.4 -
Reference price 2 50.750 45.250 7.450 9.200 9.200 9.200
Nbr of stocks (in thousands) 301,714 301,712 301,712 301,712 - -
Announcement Date 22/2/24 26/2/25 26/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.05x1.53x6.79x4.4% 84.52M
31.75x3.02x13.53x1.37% 18.06B
50.78x4.37x28.43x0.28% 13.22B
18.95x2.25x10.53x0.66% 11.92B
21.89x3.07x10.96x1.97% 11.76B
96.95x8.08x33.41x - 10.96B
25.59x2.06x16.64x0.15% 10.44B
19.57x2.83x11.71x4.16% 9.53B
13.85x1.35x8.29x1.99% 8.2B
52.9x6.68x28.89x0.15% 7.23B
Average 34.53x 3.52x 16.92x 1.68% 10.14B
Weighted average by Cap. 36.90x 3.67x 17.79x 1.31%

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

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