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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,0x - 12,1x | 11,5x |
| Selected Fwd EBITDA Multiple | 9,7x - 10,7x | 10,2x |
| Fair Value | ฿18,79 - ฿20,69 | ฿19,74 |
| Upside | 29,6% - 42,7% | 36,2% |
| Benchmarks | Ticker | Full Ticker |
| Thai Wacoal Public Company Limited | WACOAL | SET:WACOAL |
| Union Pioneer Public Company Limited | UPF | SET:UPF |
| Thai Textile Industry Public Company Limited | TTI | SET:TTI |
| Pan Asia Footwear Public Company Limited | PAF | SET:PAF |
| TPCS Public Company Limited | TPCS | SET:TPCS |
| Sabina Public Company Limited | SABINA | SET:SABINA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WACOAL | UPF | TTI | PAF | TPCS | SABINA | ||
| SET:WACOAL | SET:UPF | SET:TTI | SET:PAF | SET:TPCS | SET:SABINA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 7.6% | -41.6% | 86.1% | -0.5% | 2.0% | |
| 3Y CAGR | NM- | -22.9% | -60.4% | NM- | -25.9% | 15.1% | |
| Latest Twelve Months | -544.9% | -48.8% | -62.0% | -10.3% | -41.0% | -5.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -4.0% | 8.7% | 6.4% | -0.4% | 12.0% | 16.4% | |
| Prior Fiscal Year | 1.3% | 5.0% | 1.6% | 1.1% | 12.8% | 18.0% | |
| Latest Fiscal Year | -1.9% | 5.3% | 0.8% | 1.4% | 4.1% | 17.4% | |
| Latest Twelve Months | -4.7% | 3.3% | 0.9% | 1.6% | 5.8% | 16.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.60x | 0.28x | 0.65x | 0.23x | 0.27x | 1.36x | |
| EV / LTM EBITDA | -12.7x | 8.4x | 68.9x | 14.5x | 4.6x | 8.1x | |
| EV / LTM EBIT | -9.3x | -302.3x | -11.2x | 39.3x | -29.6x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -12.7x | 8.4x | 68.9x | ||||
| Historical EV / LTM EBITDA | 11.5x | 14.9x | 19.1x | ||||
| Selected EV / LTM EBITDA | 11.0x | 11.5x | 12.1x | ||||
| (x) LTM EBITDA | 593 | 593 | 593 | ||||
| (=) Implied Enterprise Value | 6,501 | 6,843 | 7,185 | ||||
| (-) Non-shareholder Claims * | 256 | 256 | 256 | ||||
| (=) Equity Value | 6,757 | 7,099 | 7,441 | ||||
| (/) Shares Outstanding | 347.5 | 347.5 | 347.5 | ||||
| Implied Value Range | 19.45 | 20.43 | 21.41 | ||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.45 | 20.43 | 21.41 | 14.50 | |||
| Upside / (Downside) | 34.1% | 40.9% | 47.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WACOAL | UPF | TTI | PAF | TPCS | SABINA | |
| Enterprise Value | (951) | 161 | 1,134 | 583 | 345 | 4,782 | |
| (+) Cash & Short Term Investments | 343 | 64 | 564 | 91 | 945 | 524 | |
| (+) Investments & Other | 3,005 | 0 | 61 | 2 | 10 | 0 | |
| (-) Debt | (69) | (24) | (372) | (213) | 0 | (259) | |
| (-) Other Liabilities | (0) | 0 | (137) | (34) | (15) | (8) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,328 | 201 | 1,250 | 429 | 1,285 | 5,039 | |
| (/) Shares Outstanding | 120.0 | 7.5 | 50.0 | 536.4 | 108.0 | 347.5 | |
| Implied Stock Price | 19.40 | 26.75 | 25.00 | 0.80 | 11.90 | 14.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.40 | 26.75 | 25.00 | 0.80 | 11.90 | 14.50 | |
| Trading Currency | THB | THB | THB | THB | THB | THB | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |