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.($)
- - - - 5.58M
20.57x2.84x14.15x3.96% 251B
19.97x2.5x14.93x3.28% 79.97B
17.4x1.81x10.2x3.59% 48.77B
15.27x0.57x10.17x2.53% 39.74B
22.21x3.35x13.58x3.15% 36.86B
38.32x3.28x19.06x0.94% 33.1B
67.87x10.41x43.17x1.12% 29.46B
-105.67x1.89x9.37x6.45% 29.43B
11.66x0.38x8.65x2.52% 21.97B
Average 11.96x 3.00x 15.92x 3.06% 57B
Weighted average by Cap. 16.57x 2.85x 14.93x 3.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA