Company Valuation: Triple i Logistics

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,249 9,141 7,813 4,383 3,120 3,995 - -
Change - -1.16% -14.54% -43.89% -28.83% 28.08% - -
Enterprise Value (EV) 1 9,697 9,254 8,037 4,714 3,560 4,384 4,279 3,919
Change - -4.57% -13.15% -41.35% -24.48% 23.15% -2.4% -8.4%
P/E 26.4x 11.8x 9.43x 9.93x 7.97x 10.2x 8.67x 8.52x
PBR 5.3x 3.42x 2.06x 1.12x 0.79x 1x 0.95x 0.9x
PEG - 0.1x -1.59x -0.2x -0.82x 74.21x 0.5x 5.11x
Capitalization / Revenue 3.15x 3.28x 4.43x 1.83x 1.26x 1.52x 1.3x 1.41x
EV / Revenue 3.3x 3.32x 4.55x 1.97x 1.44x 1.67x 1.39x 1.38x
EV / EBITDA 28.2x 25.9x 57.1x 36.7x 25.3x 24.2x 18.6x 18.8x
EV / EBIT 39.8x 34.5x 127x 94.3x 55.8x 51.3x 34.5x 33.5x
EV / FCF 104x 27.8x -31.9x 37.4x 24.8x 9.13x 9.8x 5.87x
FCF Yield 0.96% 3.59% -3.14% 2.67% 4.02% 10.9% 10.2% 17%
Dividend per Share 2 0.4 - 0.38 0.32 0.25 0.275 0.305 0.31
Rate of return 2.68% - 3.82% 5.71% 6.16% 5.29% 5.87% 5.96%
EPS 2 0.5634 1.121 1.055 0.5639 0.5093 0.51 0.6 0.61
Distribution rate 71% - 36% 56.7% 49.1% 53.9% 50.8% 50.8%
Net sales 1 2,939 2,789 1,764 2,398 2,478 2,622 3,068 2,833
EBITDA 1 344.1 357.7 140.6 128.3 141 181.5 229.5 209
EBIT 1 243.8 268.2 63.39 50 63.79 85.5 124 117
Net income 1 377.3 795.7 866.2 441.4 393.6 442.5 482.5 495
Net Debt 1 448.7 112.9 224.5 330.6 440.4 388.6 283.5 -76
Reference price 2 14.900 13.200 9.950 5.600 4.060 5.200 5.200 5.200
Nbr of stocks (in thousands) 620,710 692,532 785,181 782,753 768,356 768,356 - -
Announcement Date 23/2/22 21/2/23 21/2/24 19/2/25 27/2/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.2x1.67x24.15x5.29% 121M
10.61x0.88x4.37x3.8% 4.5B
28.05x1.84x5.86x1.94% 850M
Average 16.28x 1.47x 11.46x 3.68% 1.82B
Weighted average by Cap. 13.31x 1.05x 5.04x 3.55%

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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