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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15,1x - 16,7x | 15,9x |
| Selected Fwd EBITDA Multiple | 10,5x - 11,6x | 11,0x |
| Fair Value | $0,57 - $0,63 | $0,60 |
| Upside | -9,7% - -0,5% | -5,1% |
| Benchmarks | Ticker | Full Ticker |
| Carabao Group Public Company Limited | CBG | SET:CBG |
| Thai Beverage Public Company Limited | THAIBEV19 | SET:THAIBEV19 |
| Haad Thip Public Company Limited | HTC | SET:HTC |
| Murree Brewery Company Limited | MUREB | KASE:MUREB |
| Charoen Pokphand Foods Public Company Limited | CPF | SET:CPF |
| Osotspa Public Company Limited | OSOP.F | OTCPK:OSOP.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CBG | THAIBEV19 | HTC | MUREB | CPF | OSOP.F | ||
| SET:CBG | SET:THAIBEV19 | SET:HTC | KASE:MUREB | SET:CPF | OTCPK:OSOP.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.1% | 5.8% | 6.2% | 17.2% | 6.4% | -5.4% | |
| 3Y CAGR | 2.1% | 8.4% | 6.7% | 28.8% | 14.8% | -10.9% | |
| Latest Twelve Months | 25.7% | -4.7% | 5.6% | 39.6% | 97.7% | -12.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.9% | 16.1% | 15.0% | 14.3% | 9.6% | 15.2% | |
| Prior Fiscal Year | 17.4% | 14.7% | 13.0% | 11.0% | 6.1% | 14.2% | |
| Latest Fiscal Year | 21.7% | 15.2% | 13.1% | 16.1% | 11.1% | 12.2% | |
| Latest Twelve Months | 22.0% | 14.8% | 13.1% | 17.6% | 12.7% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.49x | 1.41x | 0.87x | 0.54x | 0.68x | 1.52x | |
| EV / LTM EBITDA | 11.3x | 9.5x | 6.6x | 3.1x | 5.4x | 11.5x | |
| EV / LTM EBIT | 13.3x | 11.3x | 9.3x | 3.4x | 8.5x | 18.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.1x | 6.6x | 11.3x | ||||
| Historical EV / LTM EBITDA | 19.1x | 20.8x | 21.5x | ||||
| Selected EV / LTM EBITDA | 15.1x | 15.9x | 16.7x | ||||
| (x) LTM EBITDA | 3,525 | 3,525 | 3,525 | ||||
| (=) Implied Enterprise Value | 53,367 | 56,176 | 58,984 | ||||
| (-) Non-shareholder Claims * | 1,525 | 1,525 | 1,525 | ||||
| (=) Equity Value | 54,892 | 57,700 | 60,509 | ||||
| (/) Shares Outstanding | 3,003.8 | 3,003.8 | 3,003.8 | ||||
| Implied Value Range | 18.27 | 19.21 | 20.14 | ||||
| FX Rate: THB/USD | 32.8 | 32.8 | 32.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.56 | 0.59 | 0.61 | 0.63 | |||
| Upside / (Downside) | -11.7% | -7.2% | -2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CBG | THAIBEV19 | HTC | MUREB | CPF | OSOP.F | |
| Enterprise Value | 49,769 | 483,388 | 7,067 | 14,729 | 400,313 | 60,663 | |
| (+) Cash & Short Term Investments | 2,193 | 51,351 | 93 | 6,662 | 42,190 | 2,543 | |
| (+) Investments & Other | 120 | 75,330 | 13 | 503 | 284,903 | 733 | |
| (-) Debt | (3,079) | (244,902) | (1,144) | (27) | (497,788) | (1,387) | |
| (-) Other Liabilities | (3) | (78,679) | (0) | 0 | (48,270) | (364) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,000 | 286,488 | 6,029 | 21,867 | 181,347 | 62,188 | |
| (/) Shares Outstanding | 1,000.0 | 25,130.5 | 401.9 | 27.7 | 8,243.1 | 3,003.8 | |
| Implied Stock Price | 49.00 | 11.40 | 15.00 | 790.47 | 22.00 | 20.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.80 | |
| Implied Stock Price (Trading Cur) | 49.00 | 11.40 | 15.00 | 790.47 | 22.00 | 0.63 | |
| Trading Currency | THB | THB | THB | PKR | THB | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.80 | |