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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 8,6x - 9,5x | 9,0x |
Selected Fwd EBITDA Multiple | 7,0x - 7,8x | 7,4x |
Fair Value | €0,22 - €0,28 | €0,25 |
Upside | -6,3% - 19,7% | 6,7% |
Benchmarks | Ticker | Full Ticker |
Charoen Pokphand Foods Public Company Limited | CPF | SET:CPF |
Thai Coconut Public Company Limited | COCOCO | SET:COCOCO |
Buriram Sugar Public Company Limited | BRR | SET:BRR |
Bangkok Ranch Public Company Limited | BR | SET:BR |
Lee Feed Mill Public Company Limited | LEE | SET:LEE |
Thai Union Group Public Company Limited | THYG | DB:THYG |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CPF | COCOCO | BRR | BR | LEE | THYG | ||
SET:CPF | SET:COCOCO | SET:BRR | SET:BR | SET:LEE | DB:THYG | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 6.4% | 23.1% | 94.4% | 25.6% | 0.7% | 4.2% | |
3Y CAGR | 14.8% | 28.0% | 61.0% | 16.9% | 11.2% | -2.9% | |
Latest Twelve Months | 97.7% | -8.6% | 3.2% | -26.1% | 59.9% | -8.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 9.6% | 15.3% | 14.6% | 9.3% | 5.3% | 7.8% | |
Prior Fiscal Year | 6.1% | 17.2% | 15.1% | 13.0% | 3.9% | 7.4% | |
Latest Fiscal Year | 11.1% | 14.4% | 19.2% | 10.7% | 6.9% | 7.7% | |
Latest Twelve Months | 12.7% | 12.4% | 16.8% | 10.5% | 7.8% | 7.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.67x | 1.69x | 0.91x | 0.79x | 0.31x | 0.68x | |
EV / LTM EBITDA | 5.3x | 13.7x | 5.4x | 7.6x | 4.0x | 9.2x | |
EV / LTM EBIT | 8.4x | 18.5x | 7.0x | 13.4x | 6.0x | 14.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.0x | 5.4x | 13.7x | ||||
Historical EV / LTM EBITDA | 8.9x | 9.4x | 11.2x | ||||
Selected EV / LTM EBITDA | 8.6x | 9.0x | 9.5x | ||||
(x) LTM EBITDA | 9,977 | 9,977 | 9,977 | ||||
(=) Implied Enterprise Value | 85,581 | 90,085 | 94,590 | ||||
(-) Non-shareholder Claims * | (53,747) | (53,747) | (53,747) | ||||
(=) Equity Value | 31,834 | 36,338 | 40,842 | ||||
(/) Shares Outstanding | 3,855.1 | 3,855.1 | 3,855.1 | ||||
Implied Value Range | 8.26 | 9.43 | 10.59 | ||||
FX Rate: THB/EUR | 38.3 | 38.3 | 38.3 | Market Price | |||
Implied Value Range (Trading Cur) | 0.22 | 0.25 | 0.28 | 0.24 | |||
Upside / (Downside) | -9.3% | 3.5% | 16.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CPF | COCOCO | BRR | BR | LEE | THYG | |
Enterprise Value | 399,489 | 11,462 | 6,679 | 5,796 | 927 | 88,850 | |
(+) Cash & Short Term Investments | 42,190 | 260 | 186 | 194 | 1,299 | 17,084 | |
(+) Investments & Other | 284,903 | 0 | 749 | 206 | 1 | 10,250 | |
(-) Debt | (497,788) | (1,801) | (4,332) | (4,784) | (42) | (73,304) | |
(-) Other Liabilities | (48,270) | 1 | 47 | 4 | (29) | (7,778) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 180,523 | 9,923 | 3,330 | 1,416 | 2,155 | 35,102 | |
(/) Shares Outstanding | 8,243.1 | 1,470.0 | 812.1 | 913.4 | 898.1 | 3,855.1 | |
Implied Stock Price | 21.90 | 6.75 | 4.10 | 1.55 | 2.40 | 9.11 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 38.26 | |
Implied Stock Price (Trading Cur) | 21.90 | 6.75 | 4.10 | 1.55 | 2.40 | 0.24 | |
Trading Currency | THB | THB | THB | THB | THB | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 38.26 |