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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 25,0x - 27,6x | 26,3x |
Selected Fwd EBIT Multiple | 14,9x - 16,5x | 15,7x |
Fair Value | $0,60 - $0,66 | $0,63 |
Upside | -5,1% - 4,6% | -0,3% |
Benchmarks | Ticker | Full Ticker |
Haad Thip Public Company Limited | HTC | SET:HTC |
Thai Beverage Public Company Limited | THAIBEV19 | SET:THAIBEV19 |
Carabao Group Public Company Limited | CBG | SET:CBG |
Molson Coors Beverage Company | TAP.A | NYSE:TAP.A |
Distilleries Company of Sri Lanka PLC | DIST.N0000 | COSE:DIST.N0000 |
Osotspa Public Company Limited | OSOP.F | OTCPK:OSOP.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
HTC | THAIBEV19 | CBG | TAP.A | DIST.N0000 | OSOP.F | ||
SET:HTC | SET:THAIBEV19 | SET:CBG | NYSE:TAP.A | COSE:DIST.N0000 | OTCPK:OSOP.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 8.9% | 6.2% | 2.5% | 3.8% | 22.9% | -10.3% | |
3Y CAGR | 6.1% | 8.3% | 1.8% | 5.4% | 28.5% | -15.9% | |
Latest Twelve Months | 4.3% | -3.5% | 32.8% | -1.8% | 19.9% | -18.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.8% | 13.5% | 19.1% | 13.9% | 45.7% | 10.3% | |
Prior Fiscal Year | 9.6% | 12.4% | 13.5% | 13.7% | 49.4% | 8.9% | |
Latest Fiscal Year | 9.3% | 12.8% | 18.1% | 15.6% | 52.5% | 7.3% | |
Latest Twelve Months | 9.4% | 12.5% | 18.7% | 15.2% | 52.5% | 8.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.88x | 1.45x | 2.75x | 1.47x | 3.83x | 1.97x | |
EV / LTM EBITDA | 6.7x | 9.8x | 12.5x | 6.9x | 7.0x | 14.9x | |
EV / LTM EBIT | 9.4x | 11.7x | 14.7x | 9.6x | 7.3x | 24.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.3x | 9.6x | 14.7x | ||||
Historical EV / LTM EBIT | 27.7x | 32.0x | 34.4x | ||||
Selected EV / LTM EBIT | 25.0x | 26.3x | 27.6x | ||||
(x) LTM EBIT | 2,192 | 2,192 | 2,192 | ||||
(=) Implied Enterprise Value | 54,804 | 57,688 | 60,572 | ||||
(-) Non-shareholder Claims * | 1,525 | 1,525 | 1,525 | ||||
(=) Equity Value | 56,328 | 59,213 | 62,097 | ||||
(/) Shares Outstanding | 3,003.8 | 3,003.8 | 3,003.8 | ||||
Implied Value Range | 18.75 | 19.71 | 20.67 | ||||
FX Rate: THB/USD | 32.4 | 32.4 | 32.4 | Market Price | |||
Implied Value Range (Trading Cur) | 0.58 | 0.61 | 0.64 | 0.63 | |||
Upside / (Downside) | -8.3% | -3.6% | 1.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HTC | THAIBEV19 | CBG | TAP.A | DIST.N0000 | OSOP.F | |
Enterprise Value | 7,147 | 495,953 | 54,019 | 17,341 | 199,714 | 59,872 | |
(+) Cash & Short Term Investments | 93 | 51,351 | 2,193 | 413 | 3,959 | 2,543 | |
(+) Investments & Other | 13 | 75,330 | 120 | 283 | 4,265 | 733 | |
(-) Debt | (1,144) | (244,902) | (3,079) | (6,600) | (922) | (1,387) | |
(-) Other Liabilities | (0) | (78,679) | (3) | (362) | (17) | (364) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,109 | 299,053 | 53,250 | 11,075 | 207,000 | 61,396 | |
(/) Shares Outstanding | 401.9 | 25,130.5 | 1,000.0 | 202.2 | 4,600.0 | 3,003.8 | |
Implied Stock Price | 15.20 | 11.90 | 53.25 | 54.78 | 45.00 | 20.44 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.38 | |
Implied Stock Price (Trading Cur) | 15.20 | 11.90 | 53.25 | 54.78 | 45.00 | 0.63 | |
Trading Currency | THB | THB | THB | USD | LKR | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.38 |