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BTS Group Holdings PCL
SET:BTS

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BTS Group Holdings PCL
SET:BTS
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Price: 2.16 THB 3.85%
Market Cap: ฿34.8B

EV/S

7.3
Current
42%
Cheaper
vs 3-y average of 12.6

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
7.3
=
Enterprise Value
฿173.2B
/
Revenue
฿23.2B

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
7.3
=
Enterprise Value
฿173.2B
/
Revenue
฿23.2B

Valuation Scenarios

BTS Group Holdings PCL is trading below its 3-year average

If EV/S returns to its 3-Year Average (12.6), the stock would be worth ฿3.73 (73% upside from current price).

Statistics
Positive Scenarios
2/4
Maximum Downside
-75%
Maximum Upside
+73%
Average Upside
11%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 7.3 ฿2.16
0%
3-Year Average 12.6 ฿3.73
+73%
5-Year Average 11 ฿3.25
+50%
Industry Average 7.1 ฿2.11
-2%
Country Average 1.8 ฿0.54
-75%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
฿173.2B
/
Jan 2026
฿23.2B
=
7.3
Current
฿173.2B
/
Mar 2026
฿25.7B
=
6.8
Forward
฿173.2B
/
Mar 2027
฿26.6B
=
6.5
Forward
฿173.2B
/
Mar 2028
฿27B
=
6.4
Forward

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

Peer Comparison

All Multiples
EV/S
P/E
All Countries
Close

Market Distribution

Higher than 88% of companies in Thailand
Percentile
88th
Based on 392 companies
88th percentile
7.3
Low
0 — 1
Typical Range
1 — 3.1
High
3.1 —
Distribution Statistics
Thailand
Min 0
30th Percentile 1
Median 1.8
70th Percentile 3.1
Max 309.3

BTS Group Holdings PCL
Glance View

Market Cap
34.8B THB
Industry
Road & Rail

BTS Group Holdings PCL, based in Bangkok, began as a beacon of urban transformation when it launched the city's first elevated rail system, the BTS Skytrain, in 1999. The vision was to provide a sustainable solution to the city's relentless traffic woes, and over the years, its tracks have become arteries of mobility for millions. This infrastructural innovation formed the core of the company’s Transport Business, which consistently generates substantial revenue through ticket sales and government concessions. This success is augmented by strategic investments and partnerships in public transport sectors, which have allowed BTS Group to cement its status as a pioneer in urban mass transit solutions across Thailand. Additionally, the Group optimizes passenger flow through advertising and communication channels on its trains and stations, creating a symbiotic approach to revenue generation. But BTS Group is much more than just trains. The company has astutely expanded its horizons with a diversified business model. It holds a robust presence in the Media segment through its subsidiary, VGI Global Media, which capitalizes on the advertising spaces within the transit network, turning passengers into a captive audience for marketers. This stream complements its growing pursuit of real estate, where it acquires strategic properties along its transit lines, enhancing their value and utility. Additionally, BTS Group has ventured into various digital services and partnership-driven investments, recognizing the potential in coupling technology with everyday transactions. This diversification ensures that while trains may have transported the company to its present stature, it’s the strategic layering across sectors that fuels its journey forward.

BTS Intrinsic Value
4.04 THB
Undervaluation 47%
Intrinsic Value
Price ฿2.16
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