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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.4x - 0.5x | 0.5x |
Selected Fwd Ps Multiple | 0.4x - 0.5x | 0.5x |
Fair Value | ฿2.90 - ฿3.21 | ฿3.06 |
Upside | 52.9% - 69.0% | 60.9% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Sappe Public Company Limited | - | SET:SAPPE |
Thaitheparos Public Company Limited | - | SET:SAUCE |
President Bakery Public Company Limited | - | SET:PB |
Thai Ha Public Company Limited | - | SET:KASET |
Bangkok Ranch Public Company Limited | - | SET:BR |
Sub Sri Thai Public Company Limited | - | SET:SST |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
SAPPE | SAUCE | PB | KASET | BR | SST | |||
SET:SAPPE | SET:SAUCE | SET:PB | SET:KASET | SET:BR | SET:SST | |||
Historical Sales Growth | ||||||||
5Y CAGR | 15.8% | 4.1% | -0.6% | -15.2% | -0.4% | 0.1% | ||
3Y CAGR | 24.0% | 4.4% | 1.5% | -11.0% | 0.7% | 8.8% | ||
Latest Twelve Months | 13.4% | 0.2% | -0.7% | -21.7% | -7.6% | -14.6% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 13.8% | 19.4% | 22.9% | -10.3% | 0.8% | -4.9% | ||
Prior Fiscal Year | 17.3% | 20.8% | 22.5% | -17.4% | 3.7% | 0.0% | ||
Latest Fiscal Year | 17.8% | 20.9% | 21.1% | -16.1% | 1.6% | -8.6% | ||
Latest Twelve Months | 17.8% | 20.9% | 21.1% | -16.1% | 1.6% | -8.6% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 5.1x | 12.2x | 7.6x | -22.3x | 7.5x | -59.7x | ||
Price / LTM Sales | 1.5x | 3.9x | 3.2x | 0.5x | 0.2x | 0.3x | ||
LTM P/E Ratio | 8.7x | 18.6x | 15.3x | -3.0x | 12.1x | -3.3x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.2x | 1.5x | 3.9x | |||||
Historical LTM P/S Ratio | 0.3x | 0.7x | 1.1x | |||||
Selected Price / Sales Multiple | 0.4x | 0.5x | 0.5x | |||||
(x) LTM Sales | 3,493 | 3,493 | 3,493 | |||||
(=) Equity Value | 1,547 | 1,629 | 1,710 | |||||
(/) Shares Outstanding | 526.5 | 526.5 | 526.5 | |||||
Implied Value Range | 2.94 | 3.09 | 3.25 | |||||
FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 2.94 | 3.09 | 3.25 | 1.90 | ||||
Upside / (Downside) | 54.7% | 62.9% | 71.0% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | SAPPE | SAUCE | PB | KASET | BR | SST | |
Value of Common Equity | 10,314 | 13,770 | 24,188 | 183 | 1,471 | 1,000 | |
(/) Shares Outstanding | 307.9 | 360.0 | 450.0 | 278.0 | 913.4 | 526.5 | |
Implied Stock Price | 33.50 | 38.25 | 53.75 | 0.66 | 1.61 | 1.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 33.50 | 38.25 | 53.75 | 0.66 | 1.61 | 1.90 | |
Trading Currency | THB | THB | THB | THB | THB | THB | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |