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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,7x - 11,9x | 11,3x |
| Selected Fwd EBITDA Multiple | 7,9x - 8,7x | 8,3x |
| Fair Value | €0,035 - €0,057 | €0,046 |
| Upside | -21,5% - 27,8% | 3,2% |
| Benchmarks | Ticker | Full Ticker |
| TTW Public Company Limited | TTW | SET:TTW |
| WHA Utilities and Power Public Company Limited | WHAUP | SET:WHAUP |
| Thachang Green Energy Public Company Limited | TGE | SET:TGE |
| Artesian Resources Corporation | ARTN.B | OTCPK:ARTN.B |
| Ratch Pathana Energy Public Company Limited | SCG | SET:SCG |
| Eastern Water Resources Development and Management Public Company Limited | 7ES1 | DB:7ES1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TTW | WHAUP | TGE | ARTN.B | SCG | 7ES1 | ||
| SET:TTW | SET:WHAUP | SET:TGE | OTCPK:ARTN.B | SET:SCG | DB:7ES1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.2% | 11.5% | 24.3% | 5.6% | -5.2% | -8.5% | |
| 3Y CAGR | -6.7% | 16.2% | 8.1% | 5.7% | -1.6% | -15.0% | |
| Latest Twelve Months | -4.0% | 3.0% | 3.0% | 8.7% | -23.8% | 3.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 78.1% | 37.8% | 42.3% | 43.5% | 13.8% | 44.2% | |
| Prior Fiscal Year | 76.7% | 41.2% | 43.4% | 42.6% | 12.4% | 39.8% | |
| Latest Fiscal Year | 74.4% | 41.1% | 43.7% | 43.6% | 16.6% | 35.1% | |
| Latest Twelve Months | 75.1% | 40.6% | 37.3% | 44.2% | 15.1% | 41.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.74x | 4.59x | 3.44x | 4.73x | 2.08x | 4.77x | |
| EV / LTM EBITDA | 7.6x | 11.3x | 9.2x | 10.7x | 13.8x | 11.4x | |
| EV / LTM EBIT | 9.1x | 20.3x | 14.0x | 14.8x | 573.9x | 42.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.6x | 10.7x | 13.8x | ||||
| Historical EV / LTM EBITDA | 9.1x | 11.2x | 13.5x | ||||
| Selected EV / LTM EBITDA | 10.7x | 11.3x | 11.9x | ||||
| (x) LTM EBITDA | 1,554 | 1,554 | 1,554 | ||||
| (=) Implied Enterprise Value | 16,679 | 17,557 | 18,435 | ||||
| (-) Non-shareholder Claims * | (14,140) | (14,140) | (14,140) | ||||
| (=) Equity Value | 2,539 | 3,416 | 4,294 | ||||
| (/) Shares Outstanding | 2,151.9 | 2,151.9 | 2,151.9 | ||||
| Implied Value Range | 1.18 | 1.59 | 2.00 | ||||
| FX Rate: THB/EUR | 37.9 | 37.9 | 37.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.03 | 0.04 | 0.05 | 0.04 | |||
| Upside / (Downside) | -30.1% | -6.0% | 18.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TTW | WHAUP | TGE | ARTN.B | SCG | 7ES1 | |
| Enterprise Value | 29,853 | 14,090 | 3,843 | 522 | 6,941 | 17,773 | |
| (+) Cash & Short Term Investments | 2,741 | 1,061 | 486 | 0 | 408 | 449 | |
| (+) Investments & Other | 7,085 | 14,725 | 0 | 0 | 139 | 0 | |
| (-) Debt | (3,330) | (16,641) | (561) | (180) | (4,543) | (14,455) | |
| (-) Other Liabilities | (40) | (0) | (0) | 0 | (82) | (134) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,309 | 13,235 | 3,768 | 342 | 2,863 | 3,633 | |
| (/) Shares Outstanding | 3,990.0 | 3,825.0 | 2,511.7 | 10.3 | 1,163.7 | 2,151.9 | |
| Implied Stock Price | 9.10 | 3.46 | 1.50 | 33.20 | 2.46 | 1.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 37.94 | |
| Implied Stock Price (Trading Cur) | 9.10 | 3.46 | 1.50 | 33.20 | 2.46 | 0.04 | |
| Trading Currency | THB | THB | THB | USD | THB | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 37.94 | |