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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.4x - 2.6x | 2.5x |
| Selected Fwd Ps Multiple | 2.3x - 2.5x | 2.4x |
| Fair Value | $0.59 - $0.65 | $0.62 |
| Upside | -6.4% - 3.4% | -1.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Thai Beverage Public Company Limited | - | SET:THAIBEV19 |
| Carabao Group Public Company Limited | - | SET:CBG |
| Haad Thip Public Company Limited | - | SET:HTC |
| Kaset Thai International Sugar Corporation Public Company Limited | - | SET:KTIS |
| Molson Coors Beverage Company | - | NYSE:TAP.A |
| Osotspa Public Company Limited | - | OTCPK:OSOP.F |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| THAIBEV19 | CBG | HTC | KTIS | TAP.A | OSOP.F | |||
| SET:THAIBEV19 | SET:CBG | SET:HTC | SET:KTIS | NYSE:TAP.A | OTCPK:OSOP.F | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.0% | 7.5% | 8.4% | -2.8% | 1.9% | 1.0% | ||
| 3Y CAGR | 12.3% | 6.7% | 15.2% | 11.6% | 4.2% | 0.4% | ||
| Latest Twelve Months | 2.1% | 11.1% | 4.1% | -20.6% | -0.6% | 3.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.8% | 15.9% | 8.9% | -0.3% | 2.6% | 10.2% | ||
| Prior Fiscal Year | 8.2% | 10.9% | 7.9% | 10.2% | 8.1% | 9.2% | ||
| Latest Fiscal Year | 8.0% | 14.5% | 7.4% | -4.8% | 9.7% | 6.0% | ||
| Latest Twelve Months | 8.0% | 14.5% | 7.4% | -6.3% | 9.7% | 6.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.9x | 14.7x | 6.8x | 14.4x | 6.9x | 13.9x | ||
| Price / LTM Sales | 0.9x | 3.1x | 0.8x | 0.6x | 1.0x | 1.7x | ||
| LTM P/E Ratio | 11.8x | 21.5x | 10.6x | -10.1x | 10.3x | 28.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.6x | 0.9x | 3.1x | |||||
| Historical LTM P/S Ratio | 1.7x | 3.1x | 4.1x | |||||
| Selected Price / Sales Multiple | 2.4x | 2.5x | 2.6x | |||||
| (x) LTM Sales | 27,078 | 27,078 | 27,078 | |||||
| (=) Equity Value | 64,319 | 67,704 | 71,090 | |||||
| (/) Shares Outstanding | 3,390.3 | 3,390.3 | 3,390.3 | |||||
| Implied Value Range | 18.97 | 19.97 | 20.97 | |||||
| FX Rate: THB/USD | 32.7 | 32.7 | 32.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.58 | 0.61 | 0.64 | 0.63 | ||||
| Upside / (Downside) | -8.0% | -3.1% | 1.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | THAIBEV19 | CBG | HTC | KTIS | TAP.A | OSOP.F | |
| Value of Common Equity | 326,696 | 61,000 | 6,391 | 9,264 | 11,726 | 69,902 | |
| (/) Shares Outstanding | 25,130.5 | 1,000.0 | 401.9 | 3,860.0 | 202.7 | 3,390.3 | |
| Implied Stock Price | 13.00 | 61.00 | 15.90 | 2.40 | 57.84 | 20.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.66 | |
| Implied Stock Price (Trading Cur) | 13.00 | 61.00 | 15.90 | 2.40 | 57.84 | 0.63 | |
| Trading Currency | THB | THB | THB | THB | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.66 | |