Bangkok Expressway and Metro PCL
SET:BEM
EV/EBITDA
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.
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.
Valuation Scenarios
If EV/EBITDA returns to its 3-Year Average (19.7), the stock would be worth ฿6.1 (16% upside from current price).
| Scenario | EV/EBITDA Value | Implied Price | Upside/Downside |
|---|---|---|---|
| Current Multiple | 16.9 | ฿5.25 |
0%
|
| 3-Year Average | 19.7 | ฿6.1 |
+16%
|
| 5-Year Average | 23.6 | ฿7.31 |
+39%
|
| Industry Average | 13 | ฿4.03 |
-23%
|
| Country Average | 8.6 | ฿2.67 |
-49%
|
Forward EV/EBITDA
Today’s price vs future ebitda
| Today's Enterprise Value | EBITDA | Forward EV/EBITDA | ||
|---|---|---|---|---|
|
฿162.4B
|
/ |
Jan 2026
฿9.2B
|
= |
|
|
฿162.4B
|
/ |
Dec 2026
฿9.2B
|
= |
|
|
฿162.4B
|
/ |
Dec 2027
฿10B
|
= |
|
|
฿162.4B
|
/ |
Dec 2028
฿10.5B
|
= |
|
Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.
Peer Comparison
| Market Cap | EV/EBITDA | P/E | ||||
|---|---|---|---|---|---|---|
| TH |
B
|
Bangkok Expressway and Metro PCL
SET:BEM
|
78.6B THB | 16.9 | 20.8 | |
| AU |
|
Transurban Group
ASX:TCL
|
44.8B AUD | 54.1 | 93.7 | |
| IT |
A
|
Atlantia SpA
F:AU9
|
18.7B EUR | 9.9 | 2.7 | |
| FR |
|
Getlink SE
PAR:GET
|
9.8B EUR | 24.1 | 37.9 | |
| CN |
|
China Merchants Expressway Network Technology Holdings Co Ltd
SZSE:001965
|
69.9B CNY | 44.9 | 13.8 | |
| CN |
|
Jiangsu Expressway Co Ltd
SSE:600377
|
62.3B CNY | 14.7 | 13.4 | |
| MX |
|
Aleatica SAB de CV
BMV:ALEATIC
|
142B MXN | 4.2 | 7.3 | |
| CN |
|
Shandong Hi-speed Co Ltd
SSE:600350
|
47.7B CNY | 20.4 | 17.4 | |
| MX |
|
Promotora y Operadora de Infraestructura SAB de CV
BMV:PINFRA
|
117.5B MXN | 3.7 | 8.2 | |
| BR |
|
Motiva Infraestrutura de Mobilidade SA
BOVESPA:MOTV3
|
30.7B BRL | 6.7 | 9.3 | |
| CN |
Z
|
Zhejiang Expressway Co Ltd
HKEX:576
|
42B HKD | 5.1 | 6.7 |
Market Distribution
| Min | 0.2 |
| 30th Percentile | 6.6 |
| Median | 8.6 |
| 70th Percentile | 11.4 |
| Max | 3 584.8 |
Other Multiples
Bangkok Expressway and Metro PCL
Glance View
Bangkok Expressway and Metro PCL stands as a pillar in Bangkok's bustling urban landscape, orchestrating the movement of millions through its dual expertise in road and rail transit. The company was born from a merger of Bangkok Expressway and the Bangkok Metro, bringing together the operations of expressways and metro lines under one roof. This strategic integration allows it to manage and develop an extensive network of expressways and metro systems, all aimed at alleviating the infamous congestion in one of Southeast Asia’s busiest capitals. By investing in infrastructure and technology, the company endeavors to optimize Bangkok’s transportation efficiency, significantly enhancing commuter experience. Revenue flows into the company through multiple channels, primarily through toll fees from its expressways and fare collection from the metro system. The expressways serve as main arteries for vehicular traffic, providing a swift passage through and around the city for those willing to pay for convenience. Meanwhile, the metro network, which includes both underground and elevated rail lines, caters to a growing number of daily passengers opting for swift, reliable public transport. Additionally, Bangkok Expressway and Metro PCL leverages concessions and advertising opportunities within its transportation networks, diversifying its income streams while supporting its infrastructure development and service expansion projects.
