Company Valuation: Ramkhamhaeng Hospital

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 47,700 64,500 43,200 27,120 22,080 20,760 - -
Change - 35.22% -33.02% -37.22% -18.58% -5.98% - -
Enterprise Value (EV) 1 47,700 64,500 52,149 36,730 37,453 34,789 34,807 34,746
Change - 35.22% -19.15% -29.57% 1.97% -7.11% 0.05% -0.18%
P/E 11.4x 30.9x 27.9x 37x 7.9x 17.8x 15.1x 13.9x
PBR 2.78x 3.33x 2.33x 1.01x 1.01x 0.92x 0.9x 0.87x
PEG - -0.6x -1.1x -0.7x 0x -0.3x 0.8x 1.59x
Capitalization / Revenue 3.77x 6.75x 4.48x 3.02x 1.5x 0.93x 0.92x 0.89x
EV / Revenue 3.77x 6.75x 5.41x 4.1x 2.54x 1.56x 1.53x 1.49x
EV / EBITDA 6.76x 23x 31.6x 19x 13.8x 11.9x 9.93x 9.31x
EV / EBIT 7.86x 35.7x 84.9x 41.1x 30.6x 25.2x 19x 17.7x
EV / FCF 19.8x - -201x -1,032x 35.3x 17.9x 31x 29.2x
FCF Yield 5.06% - -0.5% -0.1% 2.83% 5.58% 3.22% 3.43%
Dividend per Share 2 0.76 1.1 - - 0.1 0.5 0.64 0.67
Rate of return 1.91% 2.05% - - 0.54% 2.89% 3.7% 3.87%
EPS 2 3.49 1.74 1.29 0.61 2.33 0.97 1.145 1.245
Distribution rate 21.8% 63.2% - - 4.29% 51.5% 55.9% 53.8%
Net sales 1 12,664 9,561 9,634 8,965 14,752 22,329 22,686 23,370
EBITDA 1 7,054 2,805 1,650 1,932 2,711 2,935 3,505 3,732
EBIT 1 6,068 1,807 614.3 894.6 1,224 1,379 1,829 1,966
Net income 1 4,193 2,088 1,551 727.8 2,798 1,166 1,374 1,492
Net Debt 1 - - 8,949 9,610 15,373 14,029 14,047 13,986
Reference price 2 39.75 53.75 36.00 22.60 18.40 17.30 17.30 17.30
Nbr of stocks (in thousands) 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 - -
Announcement Date 1/3/22 2/3/23 1/3/24 3/3/25 2/3/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.94x1.56x11.89x2.87% 620M
12.4x0.39x8.06x3.12% 109B
14.3x1.8x9x0.73% 91.66B
-292.81x19.87x-343.85x-.--% 58.88B
13.37x1.47x8.89x2.67% 27.78B
22.74x2.54x12.9x1.43% 25.51B
21.86x2.02x11.6x0.96% 24.7B
30.99x5.59x23.23x2.25% 20.99B
7.71x1.4x6.37x-.--% 20.45B
30.1x2.82x12.71x1.49% 16.65B
Average -12.14x 3.95x -23.92x 1.55% 39.62B
Weighted average by Cap. -29.70x 4.36x -42.51x 1.55%

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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