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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -101.6x - -112.3x | -107.0x |
| Selected Fwd EBIT Multiple | 49.5x - 54.7x | 52.1x |
| Fair Value | ฿0.026 - ฿0.27 | ฿0.15 |
| Upside | -91.4% - -8.6% | -50.0% |
| Benchmarks | Ticker | Full Ticker |
| Bangchak Sriracha Public Company Limited | BSRC | SET:BSRC |
| Susco Public Company Limited | SUSCO | SET:SUSCO |
| Bangchak Corporation Public Company Limited | BCP | SET:BCP |
| Thai Oil Public Company Limited | TOP | SET:TOP |
| Star Petroleum Refining Public Company Limited | SPRC | SET:SPRC |
| RPCG Public Company Limited | RPC | SET:RPC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BSRC | SUSCO | BCP | TOP | SPRC | RPC | ||
| SET:BSRC | SET:SUSCO | SET:BCP | SET:TOP | SET:SPRC | SET:RPC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 2.5% | 44.4% | 16.6% | NM- | NM- | |
| 3Y CAGR | NM- | 16.5% | 9.2% | -16.5% | -37.8% | NM- | |
| Latest Twelve Months | -221.1% | 61.3% | -34.1% | -72.3% | -193.5% | -116.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.3% | 1.6% | 5.3% | 5.2% | 0.5% | 0.4% | |
| Prior Fiscal Year | 0.4% | 1.2% | 7.0% | 6.9% | -0.2% | 1.6% | |
| Latest Fiscal Year | -0.9% | 1.4% | 3.4% | 3.3% | 0.5% | 0.2% | |
| Latest Twelve Months | -1.5% | 1.5% | 3.1% | 2.3% | -0.7% | -0.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | 0.12x | 0.26x | 0.41x | 0.11x | 0.40x | |
| EV / LTM EBITDA | -61.9x | 5.5x | 5.5x | 10.6x | 22.2x | 37.1x | |
| EV / LTM EBIT | -11.7x | 7.8x | 8.3x | 17.8x | -15.2x | -113.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.2x | 7.8x | 17.8x | ||||
| Historical EV / LTM EBIT | -7.2x | 35.7x | 338.0x | ||||
| Selected EV / LTM EBIT | -101.6x | -107.0x | -112.3x | ||||
| (x) LTM EBIT | (30) | (30) | (30) | ||||
| (=) Implied Enterprise Value | 3,078 | 3,240 | 3,403 | ||||
| (-) Non-shareholder Claims * | (3,045) | (3,045) | (3,045) | ||||
| (=) Equity Value | 34 | 196 | 358 | ||||
| (/) Shares Outstanding | 1,304.7 | 1,304.7 | 1,304.7 | ||||
| Implied Value Range | 0.03 | 0.15 | 0.27 | ||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.03 | 0.15 | 0.27 | 0.30 | |||
| Upside / (Downside) | -91.4% | -50.0% | -8.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSRC | SUSCO | BCP | TOP | SPRC | RPC | |
| Enterprise Value | 40,893 | 4,050 | 152,818 | 163,090 | 28,779 | 3,436 | |
| (+) Cash & Short Term Investments | 503 | 1,157 | 28,459 | 44,553 | 1,163 | 744 | |
| (+) Investments & Other | 2,716 | 1,024 | 30,396 | 39,920 | 1,786 | 59 | |
| (-) Debt | (27,154) | (3,807) | (138,252) | (172,211) | (8,309) | (2,330) | |
| (-) Other Liabilities | (0) | 9 | (26,950) | (2,751) | (5) | (1,518) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,958 | 2,432 | 46,471 | 72,600 | 23,414 | 391 | |
| (/) Shares Outstanding | 3,460.9 | 950.0 | 1,376.9 | 2,233.8 | 4,335.9 | 1,304.7 | |
| Implied Stock Price | 4.90 | 2.56 | 33.75 | 32.50 | 5.40 | 0.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.90 | 2.56 | 33.75 | 32.50 | 5.40 | 0.30 | |
| 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 | |