Company Valuation: Thai Ha

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 297.5 467 444.8 389.2 253 166.8
Change - 57.01% -4.76% -12.5% -35% -34.07%
Enterprise Value (EV) 1 501 753.9 658.6 663.4 553.7 478.8
Change - 50.5% -12.65% 0.74% -16.53% -13.53%
P/E -12.6x -6.77x -15.8x -4.62x -4.14x -2.32x
PBR 0.99x 1.98x 1.37x 1.62x 1.19x 1.18x
PEG - -0x 0.3x -0x 0.2x -0.1x
Capitalization / Revenue 0.49x 0.87x 0.93x 0.81x 0.67x 0.55x
EV / Revenue 0.82x 1.4x 1.38x 1.37x 1.46x 1.57x
EV / EBITDA -55.4x -14.8x -28.6x -14x -25.3x -15.1x
EV / EBIT -18.6x -11.1x -15.9x -9.62x -12.9x -9.05x
EV / FCF -39.1x -9.8x 28.7x -43x -198x 27.5x
FCF Yield -2.56% -10.2% 3.49% -2.33% -0.51% 3.64%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0849 -0.2482 -0.1012 -0.3029 -0.2198 -0.2581
Distribution rate - - - - - -
Net sales 1 609.4 537.7 476 483.4 378.5 304.6
EBITDA 1 -9.037 -50.82 -23.03 -47.51 -21.86 -31.79
EBIT 1 -26.98 -68.07 -41.48 -68.97 -42.92 -52.9
Net income 1 -23.59 -69.01 -28.14 -80.54 -57.41 -68.08
Net Debt 1 203.5 286.9 213.8 274.2 300.8 312
Reference price 2 1.0700 1.6800 1.6000 1.4000 0.9100 0.6000
Nbr of stocks (in thousands) 278,000 278,000 278,000 278,000 278,000 278,000
Announcement Date 25/2/21 22/2/22 27/2/23 27/2/24 25/2/25 25/2/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 6.25M
21.25x2.94x14.53x3.79% 259B
20.71x2.58x15.33x3.17% 82.95B
18.83x1.91x10.94x3.31% 51.67B
16.78x0.54x10.14x2.57% 38.74B
23.03x3.39x13.82x3.14% 37.3B
13.16x2.06x10.1x5.81% 32.75B
69.62x10.66x44.17x1.1% 30.17B
34.24x2.9x17.17x1.04% 28.24B
Average 27.20x 3.37x 17.03x 2.99% 62.36B
Weighted average by Cap. 23.54x 3.02x 15.44x 3.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA