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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.0x - 7.8x | 7.4x |
| Selected Fwd EBITDA Multiple | 7.2x - 8.0x | 7.6x |
| Fair Value | ฿28.39 - ฿34.30 | ฿31.35 |
| Upside | 14.0% - 37.8% | 25.9% |
| Benchmarks | Ticker | Full Ticker |
| Thai Union Group Public Company Limited | TU | SET:TU |
| Thai Coconut Public Company Limited | COCOCO | SET:COCOCO |
| Tyson Foods, Inc. | TSN | NYSE:TSN |
| Universal Robina Corporation | URC | PSE:URC |
| Srinanaporn Marketing Public Company Limited | SNNP | SET:SNNP |
| Charoen Pokphand Foods Public Company Limited | CPF | SET:CPF |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TU | COCOCO | TSN | URC | SNNP | CPF | ||
| SET:TU | SET:COCOCO | NYSE:TSN | PSE:URC | SET:SNNP | SET:CPF | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.2% | 23.1% | -4.4% | 1.7% | 23.1% | 6.4% | |
| 3Y CAGR | -2.9% | 28.0% | -17.5% | 5.3% | 18.4% | 14.8% | |
| Latest Twelve Months | 5.1% | 18.8% | 63.2% | -9.7% | 0.0% | 80.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.8% | 15.6% | 8.7% | 15.4% | 13.1% | 9.4% | |
| Prior Fiscal Year | 7.4% | 17.2% | 3.9% | 14.9% | 16.1% | 6.1% | |
| Latest Fiscal Year | 7.7% | 14.4% | 5.9% | 13.1% | 16.3% | 11.1% | |
| Latest Twelve Months | 7.7% | 14.4% | 6.3% | 13.1% | 16.3% | 11.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 1.61x | 0.55x | 1.00x | 1.89x | 0.74x | |
| EV / LTM EBITDA | 9.0x | 11.2x | 8.6x | 7.6x | 11.6x | 6.7x | |
| EV / LTM EBIT | 13.3x | 14.2x | 14.2x | 9.7x | 13.6x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.6x | 9.0x | 11.6x | ||||
| Historical EV / LTM EBITDA | 6.4x | 7.5x | 10.8x | ||||
| Selected EV / LTM EBITDA | 7.0x | 7.4x | 7.8x | ||||
| (x) LTM EBITDA | 64,732 | 64,732 | 64,732 | ||||
| (=) Implied Enterprise Value | 454,701 | 478,632 | 502,564 | ||||
| (-) Non-shareholder Claims * | (228,931) | (228,931) | (228,931) | ||||
| (=) Equity Value | 225,769 | 249,701 | 273,633 | ||||
| (/) Shares Outstanding | 8,243.1 | 8,243.1 | 8,243.1 | ||||
| Implied Value Range | 27.39 | 30.29 | 33.20 | ||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.39 | 30.29 | 33.20 | 24.90 | |||
| Upside / (Downside) | 10.0% | 21.7% | 33.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TU | COCOCO | TSN | URC | SNNP | CPF | |
| Enterprise Value | 96,236 | 10,631 | 29,395 | 162,189 | 11,321 | 434,184 | |
| (+) Cash & Short Term Investments | 16,464 | 547 | 2,293 | 12,678 | 81 | 30,502 | |
| (+) Investments & Other | 9,626 | 0 | 109 | 293 | 47 | 282,647 | |
| (-) Debt | (70,252) | (1,697) | (9,806) | (21,912) | (812) | (494,897) | |
| (-) Other Liabilities | (7,678) | 1 | (124) | (1,347) | (245) | (47,183) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44,396 | 9,482 | 21,867 | 151,901 | 10,391 | 205,252 | |
| (/) Shares Outstanding | 4,073.1 | 1,470.0 | 356.2 | 2,139.5 | 903.6 | 8,243.1 | |
| Implied Stock Price | 10.90 | 6.45 | 61.39 | 71.00 | 11.50 | 24.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.90 | 6.45 | 61.39 | 71.00 | 11.50 | 24.90 | |
| Trading Currency | THB | THB | USD | PHP | THB | THB | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |