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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -8.9x - -9.9x | -9.4x |
| Selected Fwd EBIT Multiple | -61.0x - -67.5x | -64.2x |
| Fair Value | ฿15.75 - ฿16.43 | ฿16.09 |
| Upside | -34.4% - -31.6% | -33.0% |
| Benchmarks | Ticker | Full Ticker |
| Crown Seal Public Company Limited | CSC | SET:CSC |
| Prodigy Public Company Limited | PDG | SET:PDG |
| Sahamitr Pressure Container Public Company Limited | SMPC | SET:SMPC |
| Thantawan Industry Public Company Limited | THIP | SET:THIP |
| Srithai Superware Public Company Limited | SITHAI | SET:SITHAI |
| Thai Coating Industrial Public Company Limited | TCOAT | SET:TCOAT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CSC | PDG | SMPC | THIP | SITHAI | TCOAT | ||
| SET:CSC | SET:PDG | SET:SMPC | SET:THIP | SET:SITHAI | SET:TCOAT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.2% | 0.2% | 7.3% | 7.5% | NM- | -19.2% | |
| 3Y CAGR | 13.9% | 7.6% | -8.9% | -5.3% | 16.3% | -13.6% | |
| Latest Twelve Months | 14.2% | 82.0% | 11.2% | 43.3% | -32.3% | -739.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 10.8% | 16.8% | 9.8% | 3.7% | 0.4% | |
| Prior Fiscal Year | 6.4% | 5.3% | 11.9% | 8.3% | 5.6% | -0.2% | |
| Latest Fiscal Year | 8.6% | 13.5% | 14.1% | 8.4% | 5.1% | 0.4% | |
| Latest Twelve Months | 8.7% | 15.2% | 13.9% | 8.4% | 4.4% | -1.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.24x | 0.69x | 0.87x | 0.33x | 0.41x | 0.23x | |
| EV / LTM EBITDA | 1.7x | 3.4x | 5.5x | 3.0x | 3.5x | 10.4x | |
| EV / LTM EBIT | 2.7x | 4.6x | 6.2x | 4.0x | 9.4x | -22.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.7x | 4.6x | 9.4x | ||||
| Historical EV / LTM EBIT | -13.0x | 13.7x | 50.7x | ||||
| Selected EV / LTM EBIT | -8.9x | -9.4x | -9.9x | ||||
| (x) LTM EBIT | (7) | (7) | (7) | ||||
| (=) Implied Enterprise Value | 62 | 65 | 69 | ||||
| (-) Non-shareholder Claims * | 98 | 98 | 98 | ||||
| (=) Equity Value | 160 | 163 | 167 | ||||
| (/) Shares Outstanding | 10.5 | 10.5 | 10.5 | ||||
| Implied Value Range | 15.26 | 15.57 | 15.88 | ||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.26 | 15.57 | 15.88 | 24.00 | |||
| Upside / (Downside) | -36.4% | -35.1% | -33.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CSC | PDG | SMPC | THIP | SITHAI | TCOAT | |
| Enterprise Value | 889 | 439 | 3,867 | 1,550 | 3,217 | 154 | |
| (+) Cash & Short Term Investments | 1,562 | 357 | 1,036 | 860 | 666 | 129 | |
| (+) Investments & Other | 1 | 0 | 0 | 103 | 318 | 0 | |
| (-) Debt | (29) | 0 | (432) | (290) | (1,145) | (5) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (235) | (26) | |
| (-) Preferred Stock | (57) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,366 | 796 | 4,471 | 2,223 | 2,821 | 252 | |
| (/) Shares Outstanding | 52.0 | 297.0 | 535.5 | 90.0 | 2,636.8 | 10.5 | |
| Implied Stock Price | 45.50 | 2.68 | 8.35 | 24.70 | 1.07 | 24.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 45.50 | 2.68 | 8.35 | 24.70 | 1.07 | 24.00 | |
| 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 | |