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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.2x - 1.3x | 1.2x |
| Selected Fwd Revenue Multiple | 0.9x - 1.0x | 0.9x |
| Fair Value | ฿2.39 - ฿4.03 | ฿3.21 |
| Upside | -0.2% - 67.7% | 33.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Polyplex (Thailand) Public Company Limited | PTL | SET:PTL |
| Thai Future Incorporation Public Company Limited | TFI | SET:TFI |
| Thai Coating Industrial Public Company Limited | TCOAT | SET:TCOAT |
| Thantawan Industry Public Company Limited | THIP | SET:THIP |
| Thai O.P.P. Public Company Limited | TOPP | SET:TOPP |
| A.J. Plast Public Company Limited | AJ | SET:AJ |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| PTL | TFI | TCOAT | THIP | TOPP | AJ | |||
| SET:PTL | SET:TFI | SET:TCOAT | SET:THIP | SET:TOPP | SET:AJ | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.1% | -5.8% | -2.3% | 7.2% | 1.4% | 2.8% | ||
| 3Y CAGR | 11.3% | 31.9% | -1.4% | 4.4% | 2.3% | -5.5% | ||
| Latest Twelve Months | 10.3% | 82.3% | 0.0% | 25.4% | 8.0% | 3.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 12.6% | 1749649.8% | 0.5% | 9.9% | 6.8% | 1.9% | ||
| Prior Fiscal Year | 8.9% | -105.3% | -0.2% | 8.3% | 7.2% | -5.8% | ||
| Latest Fiscal Year | 3.8% | -58.7% | 0.4% | 8.4% | 6.8% | -7.4% | ||
| Latest Twelve Months | 6.1% | -58.7% | 0.4% | 8.4% | 6.8% | -7.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.49x | 1.55x | 0.21x | 0.40x | 0.23x | 1.18x | ||
| EV / LTM EBIT | 8.0x | -2.6x | 48.4x | 4.8x | 3.4x | -15.9x | ||
| Price / LTM Sales | 0.42x | 1.21x | 0.38x | 0.55x | 0.54x | 0.18x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.21x | 0.40x | 1.55x | |||||
| Historical EV / LTM Revenue | 1.08x | 1.34x | 1.67x | |||||
| Selected EV / LTM Revenue | 1.16x | 1.22x | 1.28x | |||||
| (x) LTM Revenue | 7,869 | 7,869 | 7,869 | |||||
| (=) Implied Enterprise Value | 9,101 | 9,580 | 10,059 | |||||
| (-) Non-shareholder Claims * | (7,816) | (7,816) | (7,816) | |||||
| (=) Equity Value | 1,285 | 1,764 | 2,243 | |||||
| (/) Shares Outstanding | 596.5 | 596.5 | 596.5 | |||||
| Implied Value Range | 2.15 | 2.96 | 3.76 | |||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.15 | 2.96 | 3.76 | 2.40 | ||||
| Upside / (Downside) | -10.2% | 23.2% | 56.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PTL | TFI | TCOAT | THIP | TOPP | AJ | |
| Enterprise Value | 11,036 | 1,072 | 146 | 1,734 | 398 | 9,247 | |
| (+) Cash & Short Term Investments | 1,737 | 29 | 149 | 811 | 504 | 390 | |
| (+) Investments & Other | 157 | 0 | 0 | 103 | 160 | 221 | |
| (-) Debt | (3,118) | (260) | (6) | (286) | (132) | (7,879) | |
| (-) Other Liabilities | (272) | 0 | (26) | 0 | 0 | (547) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,540 | 841 | 263 | 2,362 | 930 | 1,432 | |
| (/) Shares Outstanding | 900.0 | 16,826.2 | 10.5 | 90.0 | 6.0 | 596.5 | |
| Implied Stock Price | 10.60 | 0.05 | 25.00 | 26.25 | 155.00 | 2.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.60 | 0.05 | 25.00 | 26.25 | 155.00 | 2.40 | |
| 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 | |