S

Siam Wellness Group PCL
SET:SPA

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Siam Wellness Group PCL
SET:SPA
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Price: 3.2 THB Market Closed
Market Cap: ฿4.1B

EV/EBITDA

8.8
Current
38%
Cheaper
vs 3-y median of 14.4

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
8.8
=
Enterprise Value
฿5B
/
EBITDA
฿544.5m

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
8.8
=
Enterprise Value
฿5B
/
EBITDA
฿544.5m

Valuation Scenarios

Siam Wellness Group PCL is trading below its 3-year average

If EV/EBITDA returns to its 3-Year Average (14.4), the stock would be worth ฿5.19 (62% upside from current price).

Statistics
Positive Scenarios
2/4
Maximum Downside
-22%
Maximum Upside
+105%
Average Upside
36%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 8.8 ฿3.2
0%
3-Year Average 14.4 ฿5.19
+62%
5-Year Average 18.1 ฿6.55
+105%
Industry Average 6.9 ฿2.5
-22%
Country Average 8.6 ฿3.11
-3%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
฿5B
/
Jan 2026
฿544.5m
=
8.8
Current
฿5B
/
Dec 2026
฿642.6m
=
7.8
Forward
฿5B
/
Dec 2027
฿708.5m
=
7.1
Forward
฿5B
/
Dec 2028
฿54.5m
=
91.6
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
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
TH
S
Siam Wellness Group PCL
SET:SPA
Average EV/EBITDA: 51.1
8.8
-54%
N/A
AU
Slater & Gordon Ltd
ASX:SGH
15.9
21%
0.8
US
Service Corporation International
NYSE:SCI
12.3
5%
2.5
PH
G
Golden MV Holdings Inc
XPHS:HVN
368.4
N/A N/A
US
ADT Inc
NYSE:ADT
4.8
2%
2.4
US
Frontdoor Inc
NASDAQ:FTDR
8.9
9%
1
US
H & R Block Inc
NYSE:HRB
6.1
7%
0.9
BS
Onespaworld Holdings Ltd
NASDAQ:OSW
22.4
13%
1.7
US
Mister Car Wash Inc
NYSE:MCW
12.5
14%
0.9
US
S
StubHub Holdings Inc
NYSE:STUB
Not Available N/A N/A
US
Pinelawn Cemetery
OTC:PLWN
Not Available N/A N/A

Market Distribution

In line with most companies in Thailand
Percentile
52nd
Based on 406 companies
52nd percentile
8.8
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

Siam Wellness Group PCL
Glance View

Siam Wellness Group Public Co. Ltd. engages in the operation of wellness spa and other related business. The company is headquartered in Bangkok, Bangkok Metropolis. The company went IPO on 2014-10-31. The firm operates four businesses, namely Spa and Wellness business, Hotel and restaurant businesses, Distribution of spa products business and Thai massage school business. The company provides spa services under brands such as RarinJinda Wellness Spa, Let’s Relax, Baan Suan Massage, Stretch me by Let’s Relax, Stretch me Clinic and Dr. Spiller Pure Skin Care Solutions. Its hotel and restaurant business operates the Boutique Hotel Resort business in Chiangmai province in the name of RarinJinda Wellness Spa Resort, managed Rarin Villas. The company also operates a restaurant under the name of Deck One and cafe ORB in Chiangmai province. The company also operates business of distributing the spa products and therapeutic personal care products under the brand LRL. Its subsidiary, Siam Wellness Education Co., Ltd operates Thai Massage School Business in the name of Siam Wellness Thai Massage and Spa school.

SPA Intrinsic Value
4.53 THB
Undervaluation 29%
Intrinsic Value
Price ฿3.2
S
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