Company Valuation: Thai Union Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 90,769 78,672 66,827 55,317 49,345 48,960 - -
Change - -13.33% -15.06% -17.22% -10.8% -0.78% - -
Enterprise Value (EV) 1 152,087 126,000 118,365 115,495 116,015 109,573 109,104 106,994
Change - -17.15% -6.06% -2.42% 0.45% -5.55% -0.43% -1.93%
P/E 11.7x 11.5x -4.76x 12x 11x 10.9x 10.2x 9.41x
PBR 1.53x 0.98x 1.16x 1.14x 1.11x 1.1x 1.05x 0.99x
PEG - -1x 0x -0x 1.49x 13.51x 1.53x 1.15x
Capitalization / Revenue 0.64x 0.51x 0.49x 0.4x 0.37x 0.35x 0.34x 0.33x
EV / Revenue 1.08x 0.81x 0.87x 0.83x 0.87x 0.79x 0.76x 0.73x
EV / EBITDA 12.2x 10.2x 10.7x 9.97x 11.2x 9.05x 8.5x 8.04x
EV / EBIT 18.4x 15.7x 17.1x 16x 18.8x 15.1x 14x 12.8x
EV / FCF 71.8x 237x 18.7x 10.5x 143x 15.7x 21.1x 19.8x
FCF Yield 1.39% 0.42% 5.34% 9.5% 0.7% 6.38% 4.75% 5.04%
Dividend per Share 2 0.95 0.84 0.54 0.66 0.7 0.7431 0.7959 0.8664
Rate of return 4.87% 4.97% 3.6% 5.08% 5.47% 5.85% 6.27% 6.82%
EPS 2 1.66 1.47 -3.15 1.08 1.16 1.169 1.247 1.349
Distribution rate 57.2% 57.1% -17.1% 61.1% 60.3% 63.6% 63.8% 64.2%
Net sales 1 141,048 155,586 136,153 138,433 132,719 138,447 142,752 147,104
EBITDA 1 12,440 12,374 11,103 11,587 10,380 12,107 12,835 13,302
EBIT 1 8,256 8,050 6,912 7,222 6,170 7,269 7,818 8,341
Net income 1 8,013 7,138 -13,933 4,985 4,609 4,831 5,214 5,685
Net Debt 1 61,318 47,328 51,538 60,178 66,670 60,613 60,143 58,034
Reference price 2 19.50 16.90 15.00 13.00 12.80 12.70 12.70 12.70
Nbr of stocks (in thousands) 4,654,815 4,655,133 4,455,133 4,255,133 3,855,094 3,855,133 - -
Announcement Date 23/2/22 20/2/23 19/2/24 17/2/25 19/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
35.48x2.07x9.7x3.95% 11.97B
24.86x3.06x11.52x3.85% 8.49B
25.48x1.08x7.25x5.6% 2.89B
12.27x0.64x8.72x2.87% 2.34B
16.92x0.73x4.72x7.56% 1.89B
10.95x0.79x9.08x5.81% 1.5B
8.52x0.34x3.86x3.24% 1.23B
Average 19.21x 1.24x 7.84x 4.69% 4.33B
Weighted average by Cap. 26.29x 1.92x 9.32x 4.28%

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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