The Discounted Cash Flow (DCF) valuation of Pico Thailand PCL (PICO.BK) is 3.32 THB. With the latest stock price at 3.96 THB, the upside of Pico Thailand PCL based on DCF is -16%.

Is PICO.BK a buy or a sell?

Based on the latest price of 3.96 THB and our DCF valuation, Pico Thailand PCL (PICO.BK) is a sell. Selling PICO.BK stocks now will result in a potential gain of 16%.

	Range	Selected
WACC / Discount Rate	5.2% - 8.2%	6.7%
Long-term Growth Rate	2.5% - 4.5%	3.5%
Fair Price	2.27 - 12.42	3.32
Upside	-42.8% - 213.5%	-16.0%

3.96 THB

Stock Price

3.32 THB

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

PICO.BK DCF Valuation: Revenue & Expenses Forecast

(THB in millions)		Projections

	10-2024	10-2025	10-2026	10-2027	10-2028	10-2029

Revenue	1,308	1,281	1,307	1,333	1,361	1,388
% Growth	26%	-2%	2%	2%	2%	2%

Cost of goods sold	(1,033)	(1,012)	(1,032)	(1,053)	(1,075)	(1,096)
% of Revenue	79%	79%	79%	79%	79%	79%

Selling, G&A expenses	(245)	(240)	(245)	(250)	(255)	(260)
% of Revenue	19%	19%	19%	19%	19%	19%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	9	8	9	9	9	9
% of Revenue	1%	1%	1%	1%	1%	1%

Tax expense	(8)	(8)	(8)	(8)	(8)	(8)
Tax rate	21%	21%	21%	21%	21%	21%

Net profit	31	30	31	31	32	32
% Margin	2%	2%	2%	2%	2%	2%