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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 131,9x - 145,8x | 138,8x |
| Selected Fwd EBIT Multiple | 29,4x - 32,5x | 30,9x |
| Fair Value | €2,36 - €3,08 | €2,72 |
| Upside | -49,4% - -34,0% | -41,7% |
| Benchmarks | Ticker | Full Ticker |
| TPI Polene Public Company Limited | TPIPL | SET:TPIPL |
| Diamond Building Products Public Company Limited | DRT | SET:DRT |
| Smart Concrete Public Company Limited | SMART | SET:SMART |
| Siam City Cement Public Company Limited | SCCC | SET:SCCC |
| Holcim AG | HCML.F | OTCPK:HCML.F |
| The Siam Cement Public Company Limited | TCM1 | DB:TCM1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TPIPL | DRT | SMART | SCCC | HCML.F | TCM1 | ||
| SET:TPIPL | SET:DRT | SET:SMART | SET:SCCC | OTCPK:HCML.F | DB:TCM1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.2% | -1.2% | 20.3% | 0.5% | 6.0% | -34.6% | |
| 3Y CAGR | -19.7% | -5.9% | 28.9% | 6.6% | 4.4% | -59.1% | |
| Latest Twelve Months | -24.2% | -23.2% | -25.1% | 74.5% | 1.9% | 158.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.7% | 14.4% | 13.6% | 9.9% | 13.9% | 5.3% | |
| Prior Fiscal Year | 14.4% | 13.8% | 20.2% | 7.0% | 15.8% | 2.3% | |
| Latest Fiscal Year | 13.1% | 12.0% | 18.5% | 11.8% | 16.4% | 0.7% | |
| Latest Twelve Months | 13.1% | 12.0% | 18.5% | 11.8% | 16.4% | 0.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.78x | 1.04x | 0.72x | 1.50x | 2.22x | 0.80x | |
| EV / LTM EBITDA | 12.9x | 6.0x | 2.8x | 7.9x | 9.8x | 13.7x | |
| EV / LTM EBIT | 21.2x | 8.7x | 3.9x | 12.8x | 13.5x | 184.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.9x | 12.8x | 21.2x | ||||
| Historical EV / LTM EBIT | -40.2x | 17.2x | 21.3x | ||||
| Selected EV / LTM EBIT | 131.9x | 138.8x | 145.8x | ||||
| (x) LTM EBIT | 2,216 | 2,216 | 2,216 | ||||
| (=) Implied Enterprise Value | 292,229 | 307,610 | 322,990 | ||||
| (-) Non-shareholder Claims * | (199,677) | (199,677) | (199,677) | ||||
| (=) Equity Value | 92,552 | 107,932 | 123,313 | ||||
| (/) Shares Outstanding | 1,200.0 | 1,200.0 | 1,200.0 | ||||
| Implied Value Range | 77.13 | 89.94 | 102.76 | ||||
| FX Rate: THB/EUR | 37.2 | 37.2 | 37.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.07 | 2.42 | 2.76 | 4.66 | |||
| Upside / (Downside) | -55.5% | -48.2% | -40.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TPIPL | DRT | SMART | SCCC | HCML.F | TCM1 | |
| Enterprise Value | 100,058 | 5,247 | 410 | 66,209 | 59,656 | 407,875 | |
| (+) Cash & Short Term Investments | 9,560 | 15 | 249 | 5,415 | 5,352 | 42,747 | |
| (+) Investments & Other | 1,211 | 0 | 0 | 2,022 | 3,530 | 156,529 | |
| (-) Debt | (80,598) | (674) | (24) | (19,831) | (13,856) | (333,623) | |
| (-) Other Liabilities | (10,349) | 0 | 0 | (8,071) | (716) | (65,330) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,882 | 4,588 | 635 | 45,743 | 53,966 | 208,198 | |
| (/) Shares Outstanding | 18,935.2 | 812.0 | 1,041.6 | 298.0 | 551.0 | 1,200.0 | |
| Implied Stock Price | 1.05 | 5.65 | 0.61 | 153.50 | 97.94 | 173.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | 37.23 | |
| Implied Stock Price (Trading Cur) | 1.05 | 5.65 | 0.61 | 153.50 | 116.66 | 4.66 | |
| Trading Currency | THB | THB | THB | THB | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | 37.23 | |