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 21,360 - -
Change - 35.22% -33.02% -37.22% -18.58% -3.26% - -
Enterprise Value (EV) 1 47,700 64,500 52,149 36,730 37,453 35,389 35,407 35,346
Change - 35.22% -19.15% -29.57% 1.97% -5.51% 0.05% -0.17%
P/E 11.4x 30.9x 27.9x 37x 7.9x 18.4x 15.5x 14.3x
PBR 2.78x 3.33x 2.33x 1.01x 1.01x 0.95x 0.92x 0.9x
PEG - -0.6x -1.1x -0.7x 0x -0.3x 0.9x 1.64x
Capitalization / Revenue 3.77x 6.75x 4.48x 3.02x 1.5x 0.96x 0.94x 0.91x
EV / Revenue 3.77x 6.75x 5.41x 4.1x 2.54x 1.58x 1.56x 1.51x
EV / EBITDA 6.76x 23x 31.6x 19x 13.8x 12.1x 10.1x 9.47x
EV / EBIT 7.86x 35.7x 84.9x 41.1x 30.6x 25.7x 19.4x 18x
EV / FCF 19.8x - -201x -1,032x 35.3x 18.2x 31.6x 29.7x
FCF Yield 5.06% - -0.5% -0.1% 2.83% 5.48% 3.17% 3.37%
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% 2.81% 3.6% 3.76%
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 17.80 17.80 17.80
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.($)
18.35x1.58x12.06x2.81% 646M
13.71x0.41x8.6x2.86% 119B
14.12x1.79x8.93x0.74% 90.46B
14x1.52x9.18x2.55% 29.97B
23.89x2.65x13.44x1.36% 26.79B
33.19x5.96x24.81x2.1% 22.47B
8.1x1.44x6.57x-.--% 21.48B
16.33x1.51x7.61x4.85% 14.84B
13.75x1x5.6x3.58% 12.28B
12.4x1.58x7.65x0.92% 11.52B
Average 16.78x 1.94x 10.45x 2.18% 34.95B
Weighted average by Cap. 15.60x 1.56x 9.85x 1.99%

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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