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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 10.0x - 11.0x | 10.5x |
| Selected Fwd P/E Multiple | 7.1x - 7.9x | 7.5x |
| Fair Value | €3.44 - €3.80 | €3.62 |
| Upside | 21.2% - 34.0% | 27.6% |
| Benchmarks | - | Full Ticker |
| Ratch Group Public Company Limited | - | SET:RATCH |
| Global Power Synergy Public Company Limited | - | SET:GPSC |
| B.Grimm Power Public Company Limited | - | SET:BGRIM |
| Gulf Development Public Company Limited | - | SET:GULF |
| First Gen Corporation | - | PSE:FGEN |
| Electricity Generating Public Company Limited | - | DB:ECGF |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| RATCH | GPSC | BGRIM | GULF | FGEN | ECGF | |||
| SET:RATCH | SET:GPSC | SET:BGRIM | SET:GULF | PSE:FGEN | DB:ECGF | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 0.5% | 0.0% | -21.4% | 30.0% | -2.0% | -16.2% | ||
| 3Y CAGR | -7.8% | -17.8% | -28.5% | 33.3% | 0.4% | 9.7% | ||
| Latest Twelve Months | 10.5% | 8.1% | -27.1% | 384.0% | -15.1% | 183.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 16.7% | 6.6% | 5.4% | 20.5% | 17.0% | 8.5% | ||
| Prior Fiscal Year | 12.5% | 4.0% | 2.0% | 13.0% | 12.6% | -16.9% | ||
| Latest Fiscal Year | 19.8% | 4.5% | 1.2% | 15.0% | 10.5% | 13.4% | ||
| Latest Twelve Months | 21.5% | 5.7% | 1.7% | 62.4% | 10.7% | 18.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 12.4x | 9.0x | 10.2x | 23.6x | 3.7x | 3.0x | ||
| Price / LTM Sales | 2.2x | 1.2x | 0.6x | 5.6x | 0.4x | 1.5x | ||
| LTM P/E Ratio | 10.0x | 20.7x | 32.3x | 9.0x | 4.1x | 8.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 4.1x | 10.0x | 32.3x | |||||
| Historical LTM P/E Ratio | -7.1x | 12.1x | 23.4x | |||||
| Selected P/E Multiple | 10.0x | 10.5x | 11.0x | |||||
| (x) LTM Net Income | 7,326 | 7,326 | 7,326 | |||||
| (=) Equity Value | 73,026 | 76,869 | 80,713 | |||||
| (/) Shares Outstanding | 526.5 | 526.5 | 526.5 | |||||
| Implied Value Range | 138.71 | 146.01 | 153.31 | |||||
| FX Rate: THB/EUR | 37.7 | 37.7 | 37.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.68 | 3.88 | 4.07 | 2.84 | ||||
| Upside / (Downside) | 29.7% | 36.5% | 43.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | RATCH | GPSC | BGRIM | GULF | FGEN | ECGF | |
| Value of Common Equity | 58,181 | 102,215 | 31,022 | 709,642 | 1,058 | 56,318 | |
| (/) Shares Outstanding | 2,175.0 | 2,819.7 | 2,606.9 | 14,939.8 | 3,596.6 | 526.5 | |
| Implied Stock Price | 26.75 | 36.25 | 11.90 | 47.50 | 0.29 | 106.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.02 | 37.67 | |
| Implied Stock Price (Trading Cur) | 26.75 | 36.25 | 11.90 | 47.50 | 16.80 | 2.84 | |
| Trading Currency | THB | THB | THB | THB | PHP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.02 | 37.67 | |