A

AP Thailand PCL
SET:AP

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AP Thailand PCL
SET:AP
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Price: 8.45 THB 2.42%
Market Cap: ฿26.6B

EV/EBITDA

9
Current
1%
More Expensive
vs 3-y median of 8.9

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
9
=
Enterprise Value
฿48.7B
/
EBITDA
฿5.4B

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
9
=
Enterprise Value
฿48.7B
/
EBITDA
฿5.4B

Valuation Scenarios

AP Thailand PCL is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (8.9), the stock would be worth ฿8.38 (1% downside from current price).

Statistics
Positive Scenarios
1/4
Maximum Downside
-4%
Maximum Upside
+26%
Average Upside
4%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 9 ฿8.45
0%
3-Year Average 8.9 ฿8.38
-1%
5-Year Average 8.7 ฿8.16
-3%
Industry Average 11.3 ฿10.61
+26%
Country Average 8.6 ฿8.09
-4%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
฿48.7B
/
Jan 2026
฿5.4B
=
9
Current
฿48.7B
/
Dec 2026
฿6B
=
8.1
Forward
฿48.7B
/
Dec 2027
฿6.5B
=
7.6
Forward
฿48.7B
/
Dec 2028
฿6.6B
=
7.4
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
TH
AP Thailand PCL
SET:AP
26B THB 9 6.2
US
GE Vernova LLC
NYSE:GEV
245.1B USD 0 0
UK
Eight Capital Partners PLC
F:ECS
158.4B EUR 0 0
US
China Industrial Group Inc
OTC:CIND
121B USD 3 417.4 4 020.7
NL
Nepi Rockcastle NV
JSE:NRP
96.8B ZAR 14.1 10.4
CH
Galderma Group AG
SIX:GALD
33.7B CHF 0 0
US
Inspire Veterinary Partners Inc
NASDAQ:IVP
42.2B USD -5 453.4 -3 530.7
US
CoreWeave Inc
NASDAQ:CRWV
41.7B USD 0 0
US
Coupang Inc
F:788
30.4B EUR 30.6 168.3
US
Symbotic Inc
NASDAQ:SYM
31.9B USD -3 856.2 -2 931.7
ZA
Fortress Real Estate Investments Ltd
JSE:FFB
28.4B ZAR 11.4 8.2
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
TH
A
AP Thailand PCL
SET:AP
Average EV/EBITDA: 696.5
9
7%
1.3
US
G
GE Vernova LLC
NYSE:GEV
Not Available
72%
N/A
UK
E
Eight Capital Partners PLC
F:ECS
Not Available N/A N/A
US
C
China Industrial Group Inc
OTC:CIND
3 417.4
N/A N/A
NL
N
Nepi Rockcastle NV
JSE:NRP
14.1
N/A N/A
CH
G
Galderma Group AG
SIX:GALD
Not Available
25%
N/A
US
I
Inspire Veterinary Partners Inc
NASDAQ:IVP
Negative Multiple: -5 453.4 N/A N/A
US
C
CoreWeave Inc
NASDAQ:CRWV
Not Available
107%
N/A
US
Coupang Inc
F:788
30.6
55%
0.6
US
Symbotic Inc
NASDAQ:SYM
Negative Multiple: -3 856.2 N/A N/A
ZA
F
Fortress Real Estate Investments Ltd
JSE:FFB
11.4
5%
2.3
P/E Multiple
Earnings Growth PEG
TH
A
AP Thailand PCL
SET:AP
Average P/E: 842.8
6.2
10%
0.6
US
G
GE Vernova LLC
NYSE:GEV
Not Available
19%
N/A
UK
E
Eight Capital Partners PLC
F:ECS
Not Available N/A N/A
US
C
China Industrial Group Inc
OTC:CIND
4 020.7
N/A N/A
NL
N
Nepi Rockcastle NV
JSE:NRP
10.4
N/A N/A
CH
G
Galderma Group AG
SIX:GALD
Not Available
44%
N/A
US
I
Inspire Veterinary Partners Inc
NASDAQ:IVP
Negative Multiple: -3 530.7 N/A N/A
US
C
CoreWeave Inc
NASDAQ:CRWV
Not Available N/A N/A
US
Coupang Inc
F:788
168.3
105%
1.6
US
Symbotic Inc
NASDAQ:SYM
Negative Multiple: -2 931.7 N/A N/A
ZA
F
Fortress Real Estate Investments Ltd
JSE:FFB
8.2
0%
N/A

Market Distribution

In line with most companies in Thailand
Percentile
54th
Based on 406 companies
54th percentile
9
Low
0.2 — 6.6
Typical Range
6.6 — 11.4
High
11.4 —
Distribution Statistics
Thailand
Min 0.2
30th Percentile 6.6
Median 8.6
70th Percentile 11.4
Max 3 584.8

AP Thailand PCL
Glance View

Market Cap
26.6B THB
Industry
N/A

AP (Thailand) Public Co., Ltd. engages in the development of real estate. The company is headquartered in Bangkok, Bangkok Metropolis. The firm is principally engaged in real estate development, such as townhouse, single detached house (SDH) and condominium in the residential area or central business district. The firm operates through three business segments: Low-rise segment, High-rise segment and Other segment. The Low-rise segment is engaged in the development of real estate which comprises single detached house and townhouse. The High-rise segment is engaged in the development of real estate which comprises condominium. The Other segment comprises after sales services, property brokerage, education and training businesses, and construction services. The offered projects are developed to serve customers by type and price range under various brands, such as Baan Klang Krung, Baan Klang Muang, Pleno, The Palazzo, Soul, Centro, The City, Galerie, The Address, Rhythm, Life, Aspire and Coo.

AP Intrinsic Value
9.89 THB
Undervaluation 15%
Intrinsic Value
Price
A
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