Relative valuation of plan b media public company limited

Abstract

This thematic paper applies the relative valuation approach to assess the fair value of Plan B Media Public Company Limited (PLAN B). Peer group multiples are used as the primary method for valuation, including P/E, P/BV, and EV/EBITDA, while historical multiple bands are excluded due to earnings distortion caused by the COVID-19 pandemic. The peer group consists of companies such as VGI, MAJOR, ONEE, and BEC. Based on forecasted financials, the average expected share prices are THB 3.79 for 2025 and THB 4.06 for 2026, both of which are lower than the current market price of THB 5.05 as of 17 July 2025. Despite this downside in the base-case valuation, PLAN B demonstrates strong financial fundamentals, including high return on equity, superior net profit margin, and exceptional earnings growth over 2020–2024. Furthermore, recent developments such as the exclusive media partnership with VGI and the planned acquisition of Hello LED enhance the company’s long-term growth outlook. Therefore, a “Hold” recommendation is given, as the stock does not offer a sufficient margin of safety to warrant a “Buy,” yet shows potential for future revaluation. Other factors such as economic conditions and industry dynamics should also be taken into account in ongoing investment decisions.