T

TQM Alpha PCL
SET:TQM

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TQM Alpha PCL
SET:TQM
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Price: 13.7 THB -1.44% Market Closed
Market Cap: ฿8.2B

EV/EBITDA

6.9
Current
41%
Cheaper
vs 3-y median of 11.7

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
6.9
=
Enterprise Value
฿7.6B
/
EBITDA
฿1.2B

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
6.9
=
Enterprise Value
฿7.6B
/
EBITDA
฿1.2B

Valuation Scenarios

TQM Alpha PCL is trading below its 3-year average

If EV/EBITDA returns to its 3-Year Average (11.7), the stock would be worth ฿23.2 (69% upside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-6%
Maximum Upside
+94%
Average Upside
45%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 6.9 ฿13.7
0%
3-Year Average 11.7 ฿23.2
+69%
5-Year Average 13.3 ฿26.53
+94%
Industry Average 6.4 ฿12.81
-6%
Country Average 8.6 ฿17.14
+25%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
฿7.6B
/
Jan 2026
฿1.2B
=
6.9
Current
฿7.6B
/
Dec 2026
฿1.2B
=
6.3
Forward
฿7.6B
/
Dec 2027
฿1.3B
=
6.1
Forward
฿7.6B
/
Dec 2028
฿1.3B
=
6.1
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
TQM Alpha PCL
SET:TQM
8.1B THB 6.9 11
US
Marsh & McLennan Companies Inc
NYSE:MMC
84.8B USD 13.3 20.5
IE
Aon PLC
NYSE:AON
71.2B USD 13.2 19.3
US
Arthur J Gallagher & Co
NYSE:AJG
57B USD 15.4 38.1
US
Arthur J. Gallagher & Co.
SWB:GAH
26.2B EUR 9.4 20.5
UK
Willis Towers Watson PLC
NASDAQ:WTW
28.3B USD 11.4 17.6
US
Brown & Brown Inc
NYSE:BRO
22.8B USD 13.8 21.8
US
Ryan Specialty Group Holdings Inc
NYSE:RYAN
9.9B USD 14.4 155.8
US
Reliance Global Group Inc
NASDAQ:RELI
9.5B USD -1 305.3 -1 363.6
IN
PB Fintech Ltd
NSE:POLICYBZR
710.2B INR 171.4 122.3
US
Hagerty Inc
NYSE:HGTY
3.7B USD 17.1 95.8
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
TH
T
TQM Alpha PCL
SET:TQM
Average EV/EBITDA: 28.6
6.9
2%
3.4
US
Marsh & McLennan Companies Inc
NYSE:MMC
13.3
9%
1.5
IE
Aon PLC
NYSE:AON
13.2
8%
1.6
US
Arthur J Gallagher & Co
NYSE:AJG
15.4
15%
1
US
A
Arthur J. Gallagher & Co.
SWB:GAH
9.4
15%
0.6
UK
W
Willis Towers Watson PLC
NASDAQ:WTW
11.4
10%
1.1
US
Brown & Brown Inc
NYSE:BRO
13.8
11%
1.3
US
Ryan Specialty Group Holdings Inc
NYSE:RYAN
14.4
18%
0.8
US
Reliance Global Group Inc
NASDAQ:RELI
Negative Multiple: -1 305.3 N/A N/A
IN
PB Fintech Ltd
NSE:POLICYBZR
171.4
170%
1
US
Hagerty Inc
NYSE:HGTY
17.1
24%
0.7

Market Distribution

In line with most companies in Thailand
Percentile
35th
Based on 406 companies
35th percentile
6.9
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

TQM Alpha PCL
Glance View

Market Cap
8.2B THB
Industry
Insurance

TQM Alpha Public Co. Ltd. is a holding company, which engages in insurance business. The company is headquartered in Bangkok, Bangkok Metropolis. The company went IPO on 2018-12-20. The firm's principal activities include investment in companies that engage in non-life insurance broker, life insurance broker, and provision of services as a manager, caregiver, collect benefits and property management for related parties. The company also provides procurement and consulting services for computer software and hardware. Its segments include non-life insurance broker, life insurance broker, and consulting service for computer business. The company has four main business subsidiaries, which include TQM Insurance Broker Co., Ltd. and TJN Insurance Broker Co., Ltd., to operate as a non-life insurance broker, TQM Life Insurance Broker Co., Ltd., to operate as a life insurance broker, Casmatt Co., Ltd., is an information technology and software provider, and one associate, TQLD Co., Ltd., is an insurance-related advisory provider.

TQM Intrinsic Value
25.82 THB
Undervaluation 47%
Intrinsic Value
Price ฿13.7
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