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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -126.7x - -140.0x | -133.3x |
| Selected Fwd EBIT Multiple | -41.4x - -45.7x | -43.5x |
| Fair Value | ฿11.45 - ฿11.67 | ฿11.56 |
| Upside | 63.5% - 66.7% | 65.1% |
| Benchmarks | Ticker | Full Ticker |
| Warrix Sport Public Company Limited | WARRIX | SET:WARRIX |
| Sabina Public Company Limited | SABINA | SET:SABINA |
| Pan Asia Footwear Public Company Limited | PAF | SET:PAF |
| Thai Textile Industry Public Company Limited | TTI | SET:TTI |
| MC Group Public Company Limited | MC | SET:MC |
| People's Garment Public Company Limited | PG | SET:PG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WARRIX | SABINA | PAF | TTI | MC | PG | ||
| SET:WARRIX | SET:SABINA | SET:PAF | SET:TTI | SET:MC | SET:PG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 41.8% | 2.5% | NM- | NM- | 13.2% | NM- | |
| 3Y CAGR | 76.7% | 16.8% | NM- | NM- | 19.5% | NM- | |
| Latest Twelve Months | 15.8% | 1.5% | 42.5% | 6.4% | 4.7% | 65.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.0% | 15.1% | -2.4% | -1.5% | 19.5% | -4.5% | |
| Prior Fiscal Year | 13.6% | 16.8% | 0.3% | -5.9% | 22.0% | -0.6% | |
| Latest Fiscal Year | 12.5% | 16.4% | 0.4% | -6.6% | 22.7% | -0.2% | |
| Latest Twelve Months | 12.5% | 16.4% | 0.4% | -6.6% | 22.6% | -0.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.22x | 1.86x | 0.18x | 0.74x | 1.73x | 0.57x | |
| EV / LTM EBITDA | 8.5x | 10.7x | 12.8x | 95.4x | 8.2x | 42.6x | |
| EV / LTM EBIT | 9.7x | 11.4x | 42.2x | -11.2x | 7.7x | -288.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.2x | 9.7x | 42.2x | ||||
| Historical EV / LTM EBIT | -288.1x | -21.6x | -1.7x | ||||
| Selected EV / LTM EBIT | -126.7x | -133.3x | -140.0x | ||||
| (x) LTM EBIT | (2) | (2) | (2) | ||||
| (=) Implied Enterprise Value | 198 | 208 | 218 | ||||
| (-) Non-shareholder Claims * | 897 | 897 | 897 | ||||
| (=) Equity Value | 1,094 | 1,104 | 1,115 | ||||
| (/) Shares Outstanding | 96.0 | 96.0 | 96.0 | ||||
| Implied Value Range | 11.40 | 11.50 | 11.61 | ||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.40 | 11.50 | 11.61 | 7.00 | |||
| Upside / (Downside) | 62.8% | 64.4% | 65.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WARRIX | SABINA | PAF | TTI | MC | PG | |
| Enterprise Value | 1,910 | 6,669 | 462 | 1,326 | 7,114 | (225) | |
| (+) Cash & Short Term Investments | 416 | 416 | 75 | 488 | 1,896 | 226 | |
| (+) Investments & Other | 11 | 0 | 2 | 61 | 126 | 674 | |
| (-) Debt | (157) | (369) | (132) | (477) | (1,135) | (3) | |
| (-) Other Liabilities | 0 | (8) | (31) | (134) | (1) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,180 | 6,707 | 375 | 1,263 | 7,999 | 672 | |
| (/) Shares Outstanding | 589.1 | 347.5 | 536.4 | 50.0 | 792.0 | 96.0 | |
| Implied Stock Price | 3.70 | 19.30 | 0.70 | 25.25 | 10.10 | 7.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.70 | 19.30 | 0.70 | 25.25 | 10.10 | 7.00 | |
| 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 | |