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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.3x - 8.0x | 7.7x |
| Selected Fwd EBIT Multiple | 11.3x - 12.5x | 11.9x |
| Fair Value | €3.83 - €4.07 | €3.95 |
| Upside | 38.9% - 47.3% | 43.1% |
| Benchmarks | Ticker | Full Ticker |
| Ratch Group Public Company Limited | RATCH | SET:RATCH |
| Global Power Synergy Public Company Limited | GPSC | SET:GPSC |
| B.Grimm Power Public Company Limited | BGRIM | SET:BGRIM |
| Gulf Development Public Company Limited | GULF | SET:GULF |
| First Gen Corporation | FGEN | PSE:FGEN |
| Electricity Generating Public Company Limited | ECGF | DB:ECGF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RATCH | GPSC | BGRIM | GULF | FGEN | ECGF | ||
| SET:RATCH | SET:GPSC | SET:BGRIM | SET:GULF | PSE:FGEN | DB:ECGF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.9% | -1.8% | 5.0% | 30.1% | -2.0% | -3.0% | |
| 3Y CAGR | 5.4% | -6.1% | 4.7% | 24.3% | 0.7% | -2.2% | |
| Latest Twelve Months | -14.3% | 17.1% | -2.2% | 13.8% | -5.3% | 234.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.4% | 10.3% | 13.4% | 19.1% | 22.9% | 9.5% | |
| Prior Fiscal Year | 1.8% | 8.4% | 13.8% | 16.5% | 22.4% | -7.9% | |
| Latest Fiscal Year | 2.4% | 10.1% | 14.4% | 17.1% | 20.6% | 13.2% | |
| Latest Twelve Months | 2.7% | 10.5% | 14.3% | 18.2% | 20.8% | 15.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.07x | 1.77x | 2.42x | 6.86x | 1.13x | 0.67x | |
| EV / LTM EBITDA | 12.1x | 8.3x | 10.2x | 31.1x | 3.7x | 2.9x | |
| EV / LTM EBIT | 76.8x | 16.9x | 16.9x | 37.8x | 5.5x | 4.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.5x | 16.9x | 76.8x | ||||
| Historical EV / LTM EBIT | -14.0x | 8.8x | 13.7x | ||||
| Selected EV / LTM EBIT | 7.3x | 7.7x | 8.0x | ||||
| (x) LTM EBIT | 6,222 | 6,222 | 6,222 | ||||
| (=) Implied Enterprise Value | 45,304 | 47,688 | 50,073 | ||||
| (-) Non-shareholder Claims * | 31,755 | 31,755 | 31,755 | ||||
| (=) Equity Value | 77,059 | 79,443 | 81,828 | ||||
| (/) Shares Outstanding | 526.5 | 526.5 | 526.5 | ||||
| Implied Value Range | 146.37 | 150.90 | 155.43 | ||||
| FX Rate: THB/EUR | 37.4 | 37.4 | 37.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.91 | 4.03 | 4.15 | 2.76 | |||
| Upside / (Downside) | 41.7% | 46.1% | 50.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RATCH | GPSC | BGRIM | GULF | FGEN | ECGF | |
| Enterprise Value | 55,854 | 156,641 | 134,100 | 824,031 | 2,698 | 22,623 | |
| (+) Cash & Short Term Investments | 15,981 | 20,483 | 22,648 | 46,234 | 740 | 49,816 | |
| (+) Investments & Other | 87,992 | 53,745 | 7,319 | 198,601 | 27 | 100,513 | |
| (-) Debt | (94,289) | (125,402) | (118,257) | (340,544) | (2,309) | (118,315) | |
| (-) Other Liabilities | (8,988) | (11,711) | (15,830) | (29,884) | (680) | (258) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 578 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 56,550 | 93,756 | 29,979 | 698,437 | 1,054 | 54,379 | |
| (/) Shares Outstanding | 2,175.0 | 2,819.7 | 2,606.9 | 14,939.8 | 3,596.6 | 526.5 | |
| Implied Stock Price | 26.00 | 33.25 | 11.50 | 46.75 | 0.29 | 103.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.02 | 37.42 | |
| Implied Stock Price (Trading Cur) | 26.00 | 33.25 | 11.50 | 46.75 | 16.86 | 2.76 | |
| Trading Currency | THB | THB | THB | THB | PHP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.02 | 37.42 | |