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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.8x - 14.1x | 13.5x |
| Selected Fwd EBITDA Multiple | 8.0x - 8.9x | 8.5x |
| Fair Value | ฿5.26 - ฿5.69 | ฿5.47 |
| Upside | 6.0% - 14.7% | 10.4% |
| Benchmarks | Ticker | Full Ticker |
| Rojukiss International Public Company Limited | KISS | SET:KISS |
| Neo Corporate Public Company Limited | NEO | SET:NEO |
| Asian Phytoceuticals Public Company Limited | APCO | SET:APCO |
| Karmarts Public Company Limited | KAMART | SET:KAMART |
| Thai Nippon Rubber Industry Public Co., Ltd. | TNR | SET:TNR |
| Specialty Natural Products Public Company Limited | SNPS | SET:SNPS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KISS | NEO | APCO | KAMART | TNR | SNPS | ||
| SET:KISS | SET:NEO | SET:APCO | SET:KAMART | SET:TNR | SET:SNPS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.4% | 15.6% | -5.6% | 19.5% | 12.2% | 28.7% | |
| 3Y CAGR | 10.1% | 11.8% | -10.1% | 30.9% | NM- | NM- | |
| Latest Twelve Months | 8.6% | 8.2% | -48.1% | 17.7% | 17.6% | 100.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.5% | 15.6% | 36.2% | 25.5% | 14.0% | 21.8% | |
| Prior Fiscal Year | 20.8% | 15.0% | 42.2% | 28.9% | 17.7% | 18.7% | |
| Latest Fiscal Year | 17.4% | 16.9% | 28.1% | 28.4% | 21.4% | 25.2% | |
| Latest Twelve Months | 17.0% | 16.5% | 26.0% | 27.5% | 21.3% | 26.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.28x | 1.07x | 8.11x | 2.89x | 1.25x | 3.14x | |
| EV / LTM EBITDA | 7.6x | 6.5x | 31.2x | 10.5x | 5.9x | 11.9x | |
| EV / LTM EBIT | 7.9x | 8.1x | 35.1x | 11.0x | 7.8x | 14.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 7.6x | 31.2x | ||||
| Historical EV / LTM EBITDA | 21.6x | 21.6x | 21.6x | ||||
| Selected EV / LTM EBITDA | 12.8x | 13.5x | 14.1x | ||||
| (x) LTM EBITDA | 130 | 130 | 130 | ||||
| (=) Implied Enterprise Value | 1,667 | 1,755 | 1,843 | ||||
| (-) Non-shareholder Claims * | 461 | 461 | 461 | ||||
| (=) Equity Value | 2,128 | 2,216 | 2,304 | ||||
| (/) Shares Outstanding | 405.0 | 405.0 | 405.0 | ||||
| Implied Value Range | 5.25 | 5.47 | 5.69 | ||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.25 | 5.47 | 5.69 | 4.96 | |||
| Upside / (Downside) | 5.9% | 10.3% | 14.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KISS | NEO | APCO | KAMART | TNR | SNPS | |
| Enterprise Value | 1,591 | 11,056 | 1,691 | 9,617 | 2,596 | 1,548 | |
| (+) Cash & Short Term Investments | 431 | 116 | 72 | 1,629 | 306 | 495 | |
| (+) Investments & Other | 0 | 0 | 149 | 383 | 0 | 3 | |
| (-) Debt | (7) | (2,516) | (25) | (653) | (668) | (7) | |
| (-) Other Liabilities | 0 | (31) | (3) | (68) | 0 | (30) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,016 | 8,625 | 1,884 | 10,908 | 2,235 | 2,009 | |
| (/) Shares Outstanding | 600.0 | 300.0 | 600.0 | 1,283.3 | 300.0 | 405.0 | |
| Implied Stock Price | 3.36 | 28.75 | 3.14 | 8.50 | 7.45 | 4.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.36 | 28.75 | 3.14 | 8.50 | 7.45 | 4.96 | |
| 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 | |