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Carabao Group PCL
SET:CBG

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Carabao Group PCL
SET:CBG
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Price: 37.5 THB -1.96% Market Closed
Market Cap: ฿37.5B

EV/EBITDA

8.5
Current
53%
Cheaper
vs 3-y median of 18.3

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
8.5
=
Enterprise Value
฿46B
/
EBITDA
฿4.4B

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
8.5
=
Enterprise Value
฿46B
/
EBITDA
฿4.4B

Valuation Scenarios

Carabao Group PCL is trading below its 3-year average

If EV/EBITDA returns to its 3-Year Average (18.3), the stock would be worth ฿80.37 (114% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+2 028%
Average Upside
583%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 8.5 ฿37.5
0%
3-Year Average 18.3 ฿80.37
+114%
5-Year Average 24.6 ฿108.29
+189%
Industry Average 181.6 ฿797.94
+2 028%
Country Average 8.6 ฿37.86
+1%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
฿46B
/
Jan 2026
฿4.4B
=
8.5
Current
฿46B
/
Dec 2026
฿4.4B
=
10.5
Forward
฿46B
/
Dec 2027
฿4.8B
=
9.5
Forward
฿46B
/
Dec 2028
฿5B
=
9.2
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
Carabao Group PCL
SET:CBG
37.5B THB 8.5 16.2
US
Coca-Cola Co
NYSE:KO
325.8B USD 22.2 24.9
US
PepsiCo Inc
NASDAQ:PEP
215.7B USD 13.2 24.7
MX
Fomento Economico Mexicano SAB de CV
NYSE:FMX
210.6B USD 32.4 187.5
US
Monster Beverage Corp
NASDAQ:MNST
75B USD 28.6 39.4
CN
Nongfu Spring Co Ltd
HKEX:9633
524.3B HKD 18.4 30
UK
Coca-Cola Europacific Partners PLC
NASDAQ:CCEP
44.4B USD 12.9 19.8
US
Keurig Dr Pepper Inc
NASDAQ:KDP
36B USD 11.8 17.3
MX
Coca-Cola Femsa SAB de CV
NYSE:KOF
21.8B USD 7.8 15.8
CH
Coca Cola HBC AG
LSE:CCH
16.1B GBP 10.7 19.7
MX
Arca Continental SAB de CV
BMV:AC
346.2B MXN 7.2 17.7

Market Distribution

In line with most companies in Thailand
Percentile
49th
Based on 406 companies
49th percentile
8.5
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

Carabao Group PCL
Glance View

Market Cap
37.5B THB
Industry
Beverages

In the bustling landscape of Thailand's beverage industry, Carabao Group PCL stands as a tenacious contender renowned for its iconic energy drink. Founded in 2001 and carrying the resilient spirit of its namesake, 'Carabao'—the water buffalo—this company blends practicality with innovation. The brainchild of entrepreneur Sathien Setthasit and folk singer Aed Carabao, the brand found its roots deeply entrenched in the lifestyle of the working class, promising vitality and endurance. Originally starting as a local brand, Carabao Group rapidly expanded beyond Thai borders, thanks to strategic marketing campaigns and international partnerships that bolstered its visibility on the global stage. Notably, the company diversified its offerings with various flavor profiles and even ventured into sponsorship deals in sports and music, amplifying its affiliation with stamina and tenacity. Carabao Group makes its financial mark primarily through robust sales of its energy beverages, dominating retail and convenience store shelves both domestically and internationally. With an extensive distribution network, the company's products are manufactured in state-of-the-art facilities designed to maintain high production standards and ensure cost-effectiveness. Beyond manufacturing, Carabao also boasts a substantial stake in logistics and packaging, illustrating strategic vertical integration that reduces operational costs and enhances profitability. Its synergies within and beyond the beverage sector illustrate a keen understanding of market demands and supply chain efficiency, carving its place as a formidable player in the competitive energy drink market. Through a calculated blend of traditional marketing and modern strategic alliances, Carabao Group consistently seeks new horizons to fuel its growth ambitions.

CBG Intrinsic Value
94.15 THB
Undervaluation 60%
Intrinsic Value
Price ฿37.5
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