Company Valuation: Singha Estate

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 10,966 13,845 12,679 6,100 6,168 3,358
Change - 26.25% -8.42% -51.89% 1.12% -45.56%
Enterprise Value (EV) 1 31,785 44,312 43,911 42,678 42,007 38,094
Change - 39.41% -0.9% -2.81% -1.57% -9.32%
P/E -4.2x -101x 26.1x 28.7x 94.1x -2.46x
PBR 0.74x 0.87x 0.76x 0.37x 0.38x 0.23x
PEG - 1.1x -0x -0.5x -1.4x 0x
Capitalization / Revenue 1.67x 1.79x 1.01x 0.42x 0.4x 0.24x
EV / Revenue 4.84x 5.73x 3.5x 2.91x 2.75x 2.7x
EV / EBITDA -45.8x 99.9x 19.6x 15.4x 13.7x 13.9x
EV / EBIT -17.3x -80.1x 34x 25.3x 21.9x 22.2x
EV / FCF 12.3x 23.2x -82.5x -11.2x 164x 30.9x
FCF Yield 8.13% 4.32% -1.21% -8.89% 0.61% 3.24%
Dividend per Share 2 - - 0.02 0.015 0.01 0.015
Rate of return - - 1.08% 1.69% 1.11% 3.06%
EPS 2 -0.3813 -0.0201 0.071 0.031 0.009561 -0.1993
Distribution rate - - 28.2% 48.4% 105% -7.53%
Net sales 1 6,563 7,739 12,530 14,675 15,263 14,104
EBITDA 1 -693.4 443.6 2,237 2,768 3,074 2,740
EBIT 1 -1,833 -552.9 1,290 1,690 1,918 1,715
Net income 1 -2,613 -137.4 489.8 210.6 65.53 -1,366
Net Debt 1 20,820 30,467 31,232 36,578 35,839 34,735
Reference price 2 1.6000 2.0200 1.8500 0.8900 0.9000 0.4900
Nbr of stocks (in thousands) 6,853,719 6,853,719 6,853,719 6,853,719 6,853,719 6,853,719
Announcement Date 25/2/21 28/2/22 27/2/23 27/2/24 28/2/25 28/2/26
1THB in Million2THB
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 113M
63.8x - - - 68.04B
9.15x3.47x7.69x-.--% 21.54B
6.9x15.4x18.3x7.29% 16.76B
4.31x0.02x0.03x7.5% 14.53B
7.41x15.96x - 7.14% 7.25B
-1.96x1.64x-19637.75x-.--% 6.41B
7.15x0.76x6.2x2.84% 5.28B
4.36x13.25x19.2x6.57% 3.95B
Average 12.64x 7.21x -3,264.39x 4.48% 15.99B
Weighted average by Cap. 33.48x 6.81x -1,830.40x 4.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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