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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.3x - 2.6x | 2.4x |
| Selected Fwd Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Fair Value | $0.65 - $0.72 | $0.68 |
| Upside | 2.8% - 13.4% | 8.1% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CBG | THAIBEV19 | HTC | MUREB | CPF | OSOP.F | |||
| SET:CBG | SET:THAIBEV19 | SET:HTC | KASE:MUREB | SET:CPF | OTCPK:OSOP.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.5% | 5.0% | 8.4% | 18.6% | 1.7% | 1.0% | ||
| 3Y CAGR | 6.7% | 12.3% | 15.2% | 26.7% | 4.1% | 0.4% | ||
| Latest Twelve Months | 8.4% | -4.9% | 2.8% | 25.9% | 0.4% | -0.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 19.1% | 13.5% | 10.8% | 11.7% | 5.1% | 10.3% | ||
| Prior Fiscal Year | 13.5% | 12.4% | 9.6% | 8.9% | 1.5% | 8.9% | ||
| Latest Fiscal Year | 18.1% | 12.8% | 9.3% | 14.3% | 6.4% | 7.3% | ||
| Latest Twelve Months | 18.7% | 12.5% | 9.4% | 15.9% | 8.1% | 8.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.98x | 1.45x | 0.91x | 0.57x | 0.72x | 1.73x | ||
| EV / LTM EBIT | 15.9x | 11.7x | 9.7x | 3.6x | 8.9x | 21.1x | ||
| Price / LTM Sales | 2.93x | 0.88x | 0.78x | 0.84x | 0.34x | 1.79x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.57x | 0.91x | 2.98x | |||||
| Historical EV / LTM Revenue | 2.36x | 2.95x | 3.93x | |||||
| Selected EV / LTM Revenue | 2.31x | 2.43x | 2.55x | |||||
| (x) LTM Revenue | 26,650 | 26,650 | 26,650 | |||||
| (=) Implied Enterprise Value | 61,497 | 64,734 | 67,971 | |||||
| (-) Non-shareholder Claims * | 1,525 | 1,525 | 1,525 | |||||
| (=) Equity Value | 63,022 | 66,259 | 69,495 | |||||
| (/) Shares Outstanding | 3,003.8 | 3,003.8 | 3,003.8 | |||||
| Implied Value Range | 20.98 | 22.06 | 23.14 | |||||
| FX Rate: THB/USD | 32.8 | 32.8 | 32.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.64 | 0.67 | 0.70 | 0.63 | ||||
| Upside / (Downside) | 1.2% | 6.4% | 11.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CBG | THAIBEV19 | HTC | MUREB | CPF | OSOP.F | |
| Enterprise Value | 59,519 | 498,466 | 7,388 | 15,520 | 420,921 | 60,734 | |
| (+) 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 | 58,750 | 301,566 | 6,350 | 22,658 | 201,955 | 62,258 | |
| (/) Shares Outstanding | 1,000.0 | 25,130.5 | 401.9 | 27.7 | 8,243.1 | 3,003.8 | |
| Implied Stock Price | 58.75 | 12.00 | 15.80 | 819.07 | 24.50 | 20.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.83 | |
| Implied Stock Price (Trading Cur) | 58.75 | 12.00 | 15.80 | 819.07 | 24.50 | 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 | 32.83 | |