Company Valuation: 3BB Internet Infrastructure Fund

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 82,400 64,400 50,000 41,600 50,400 51,200 51,200 -
Change - -21.84% -22.36% -16.8% 21.15% 1.59% 0% -
Enterprise Value (EV) 96,728 64,400 63,047 53,744 60,462 51,200 55,714 55,258
Change - -33.42% -2.1% -14.76% 12.5% -15.32% 8.82% -0.82%
P/E 9.58x 8.02x 13.7x -3.73x 9.55x 7.27x 33.7x 8x
PBR 0.93x 0.72x 0.59x 0.62x 0.75x 0.74x 0.78x 0.75x
PEG - -1.21x -0.3x 0x -0x 0.2x -0.4x 0x
Capitalization / Revenue 8.12x 6.35x 4.87x 4.41x 6.78x 6.86x 6.85x 6.82x
EV / Revenue 0x 0x 0x 0x 0x 6.88x 6.85x 6.82x
EV / EBITDA 0x 0x 0x 0x 0x 7.59x 7.6x 7.57x
EV / EBIT 0x 0x 0x 0x 0x 7.62x 7.55x 7.56x
EV / FCF - - 0x 0x 0x 7.89x 7.86x 7.74x
FCF Yield - - 18.7% 20.6% 16.9% 11.7% 12.7% 12.9%
Dividend per Share 2 0.99 0.95 0.92 0.69 - 0.5159 0.6248 0.6483
Rate of return 9.61% 11.8% 14.7% 13.3% - 8.06% 9.76% 10.1%
EPS 2 1.075 1.004 0.4563 -1.392 0.6599 0.8805 0.19 0.8001
Distribution rate 92.1% 94.6% 202% -49.6% - 58.6% 329% 81%
Net sales 1 10,144 10,144 10,269 9,437 7,429 7,459 7,472 7,509
EBITDA 1 9,531 9,519 9,617 8,770 6,723 6,753 6,734 6,759
EBIT 1 9,531 9,519 9,617 8,770 6,723 6,753 6,780 6,775
Net income 1 9,101 8,030 3,650 -11,139 5,279 7,044 1,522 6,448
Net Debt 14,328 - 13,047 12,144 10,062 - 4,514 4,058
Reference price 2 10.300 8.050 6.250 5.200 6.300 6.400 6.400 6.400
Nbr of stocks (in thousands) 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 -
Announcement Date 11/2/21 21/2/22 3/4/23 3/4/24 4/4/25 1/4/26 - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
8.06x - - 9.33% 1.54B
13.7x3.45x6.38x4.4% 10.59B
18.04x10.55x11.74x8.35% 6.99B
9.04x9.07x9.31x8.81% 3.21B
22.65x - - 1.33% 2.55B
-4.43x3.45x8.53x-.--% 2.22B
18.39x5.99x7.28x4.64% 2.21B
54.01x6.83x9.61x7.31% 2.09B
22.26x8.81x10.43x3.55% 1.85B
5.99x4.8x5.96x4.89% 1.32B
Average 16.77x 6.62x 8.65x 5.26% 3.46B
Weighted average by Cap. 16.28x 6.47x 8.59x 5.49%

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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