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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 39.7x - 43.9x | 41.8x |
Selected Fwd EBIT Multiple | 8.0x - 8.8x | 8.4x |
Fair Value | €0.039 - €0.062 | €0.051 |
Upside | -46.9% - -16.5% | -31.7% |
Benchmarks | Ticker | Full Ticker |
TTW Public Company Limited | TTW | SET:TTW |
WHA Utilities and Power Public Company Limited | WHAUP | SET:WHAUP |
Sermsang Power Corporation Public Company Limited | SSP | SET:SSP |
Grandblue Environment Co., Ltd. | 600323 | SHSE:600323 |
TPC Power Holding Public Company Limited | TPCH | SET:TPCH |
Eastern Water Resources Development and Management Public Company Limited | 7ES1 | DB:7ES1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
TTW | WHAUP | SSP | 600323 | TPCH | 7ES1 | ||
SET:TTW | SET:WHAUP | SET:SSP | SHSE:600323 | SET:TPCH | DB:7ES1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -3.8% | 7.4% | 13.5% | 13.4% | -2.4% | -23.2% | |
3Y CAGR | -3.0% | 16.2% | 5.2% | 8.4% | 7.5% | -35.3% | |
Latest Twelve Months | 0.8% | -6.5% | 8.6% | 10.6% | 7.1% | -10.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 59.3% | 22.5% | 47.1% | 17.2% | 21.1% | 21.0% | |
Prior Fiscal Year | 56.7% | 26.1% | 45.4% | 16.6% | 16.9% | 15.7% | |
Latest Fiscal Year | 62.0% | 24.2% | 44.8% | 19.7% | 23.8% | 9.3% | |
Latest Twelve Months | 63.0% | 22.6% | 43.6% | 20.3% | 21.7% | 11.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.86x | 5.29x | 5.69x | 2.89x | 1.61x | 4.84x | |
EV / LTM EBITDA | 7.8x | 13.0x | 7.8x | 9.9x | 4.9x | 11.6x | |
EV / LTM EBIT | 9.3x | 23.4x | 13.1x | 14.3x | 7.4x | 43.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.4x | 13.1x | 23.4x | ||||
Historical EV / LTM EBIT | 16.8x | 20.5x | 56.0x | ||||
Selected EV / LTM EBIT | 39.7x | 41.8x | 43.9x | ||||
(x) LTM EBIT | 414 | 414 | 414 | ||||
(=) Implied Enterprise Value | 16,412 | 17,276 | 18,140 | ||||
(-) Non-shareholder Claims * | (14,140) | (14,140) | (14,140) | ||||
(=) Equity Value | 2,272 | 3,135 | 3,999 | ||||
(/) Shares Outstanding | 2,151.9 | 2,151.9 | 2,151.9 | ||||
Implied Value Range | 1.06 | 1.46 | 1.86 | ||||
FX Rate: THB/EUR | 37.7 | 37.7 | 37.7 | Market Price | |||
Implied Value Range (Trading Cur) | 0.03 | 0.04 | 0.05 | 0.07 | |||
Upside / (Downside) | -62.1% | -47.7% | -33.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TTW | WHAUP | SSP | 600323 | TPCH | 7ES1 | |
Enterprise Value | 30,252 | 15,620 | 19,415 | 33,945 | 3,719 | 20,139 | |
(+) Cash & Short Term Investments | 2,741 | 1,061 | 1,818 | 5,952 | 83 | 449 | |
(+) Investments & Other | 7,085 | 14,725 | 269 | 1,411 | 1,310 | 0 | |
(-) Debt | (3,330) | (16,641) | (16,072) | (17,744) | (3,493) | (14,455) | |
(-) Other Liabilities | (40) | (0) | (459) | (2,634) | (496) | (134) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 36,708 | 14,765 | 4,970 | 20,930 | 1,123 | 5,999 | |
(/) Shares Outstanding | 3,990.0 | 3,825.0 | 1,248.7 | 815.3 | 401.2 | 2,151.9 | |
Implied Stock Price | 9.20 | 3.86 | 3.98 | 25.67 | 2.80 | 2.79 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 37.67 | |
Implied Stock Price (Trading Cur) | 9.20 | 3.86 | 3.98 | 25.67 | 2.80 | 0.07 | |
Trading Currency | THB | THB | THB | CNY | THB | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 37.67 |