Financials Airports of Thailand Thailand S.E.

Equities

AOT-R

TH0765010R16

Airport Services

End-of-day quote Thailand S.E. Other stock markets 03:30:00 31/05/2024 am IST			5-day change	1st Jan Change
65 ^THB	+1.56%		-0.76%	+8.79%

14/05	Airports of Thailand Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended March 31, 2024	CI
03/05	A return to normality for the airport sector?

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,67,856	8,07,142	8,71,428	10,35,713	9,96,428	9,28,570	-	-
Enterprise Value (EV) ¹	10,05,699	7,74,707	9,18,358	10,93,448	10,44,493	9,68,428	9,57,681	9,62,888
P/E ratio	42.7 x	188 x	-53.5 x	-92.9 x	113 x	42.3 x	33.3 x	29 x
Yield	1.4%	0.34%	-	-	-	1.22%	1.54%	1.94%
Capitalization / Revenue	17 x	25.9 x	123 x	62.5 x	20.7 x	13.6 x	11.9 x	10.9 x
EV / Revenue	16 x	24.8 x	130 x	66 x	21.7 x	14.2 x	12.2 x	11.4 x
EV / EBITDA	28.1 x	58.8 x	-98.8 x	-546 x	45.3 x	23 x	18.8 x	16.9 x
EV / FCF	43.4 x	-58.6 x	-45.1 x	-114 x	-221 x	66.7 x	34 x	39.7 x
FCF Yield	2.3%	-1.71%	-2.22%	-0.87%	-0.45%	1.5%	2.94%	2.52%
Price to Book	6.94 x	5.67 x	7.76 x	10.2 x	8.88 x	7.37 x	6.51 x	5.86 x
Nbr of stocks (in thousands)	1,42,85,700	1,42,85,700	1,42,85,700	1,42,85,700	1,42,85,700	1,42,85,700	-	-
Reference price ²	74.75	56.50	61.00	72.50	69.75	65.00	65.00	65.00
Announcement Date	27/11/19	24/11/20	22/11/21	21/11/22	20/11/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	62,783	31,179	7,086	16,560	48,141	68,425	78,274	84,812
EBITDA ¹	35,761	13,180	-9,297	-2,002	23,068	42,032	50,902	57,028
EBIT ¹	29,910	7,739	-18,325	-10,934	14,197	30,425	37,323	42,287
Operating Margin	47.64%	24.82%	-258.62%	-66.02%	29.49%	44.46%	47.68%	49.86%
Earnings before Tax (EBT) ¹	31,484	5,337	-20,545	-13,864	11,307	27,105	35,216	40,326
Net income ¹	25,026	4,321	-16,322	-11,088	8,791	21,714	27,644	31,558
Net margin	39.86%	13.86%	-230.35%	-66.96%	18.26%	31.73%	35.32%	37.21%
EPS ²	1.750	0.3000	-1.140	-0.7800	0.6200	1.538	1.952	2.244
Free Cash Flow ¹	23,180	-13,225	-20,344	-9,556	-4,720	14,529	28,160	24,240
FCF margin	36.92%	-42.42%	-287.12%	-57.7%	-9.8%	21.23%	35.98%	28.58%
FCF Conversion (EBITDA)	64.82%	-	-	-	-	34.57%	55.32%	42.51%
FCF Conversion (Net income)	92.62%	-	-	-	-	66.91%	101.87%	76.81%
Dividend per Share ²	1.050	0.1900	-	-	-	0.7950	0.9996	1.262
Announcement Date	27/11/19	24/11/20	22/11/21	21/11/22	20/11/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2021 S1	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales	28,007	3,954	2,327	3,017	4,666	6,550	8,824	11,001	-	12,954	15,362	15,708	18,234	-	-	-	-	-	-
EBITDA	15,414	-4,054	-2,650	-689.5	-157.5	1,174	3,540	5,334	-	6,816	7,378	9,429	10,979	-	-	-	-	-	-
EBIT	12,687	-8,312	-4,943	-	-2,341	-1,097	1,316	3,168	-	4,645	5,017	6,611	8,168	-	-	-	-	-	-
Operating Margin	45.3%	-210.22%	-212.37%	-	-50.18%	-16.75%	14.92%	28.8%	-	35.86%	32.66%	42.09%	44.8%	-	-	-	-	-	-
Earnings before Tax (EBT)	13,769	-8,969	-5,394	-3,895	-2,751	-1,824	517.7	2,364	-	4,129	4,297	5,831	7,476	-	-	-	-	-	-
Net income ¹	10,982	-7,086	-4,272	-3,276	-2,207	-1,333	342.8	1,861	2,203	3,156	3,432	4,563	5,785	10,348	4,888	-	-	-	-
Net margin	39.21%	-179.22%	-183.54%	-108.6%	-47.3%	-20.35%	3.88%	16.91%	-	24.36%	22.34%	29.05%	31.72%	-	-	-	-	-	-
EPS ²	0.7700	-0.5000	-0.3000	-0.2300	-0.1500	-0.1000	0.0200	0.1300	0.1500	0.2200	0.2400	0.3200	0.4000	0.7200	0.3335	0.3717	0.5700	0.6900	0.6100
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.7926	-	-	-
Announcement Date	14/05/20	13/05/21	10/02/22	12/05/22	11/08/22	21/11/22	10/02/23	12/05/23	12/05/23	11/08/23	20/11/23	12/02/24	14/05/24	14/05/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	46,931	57,734	48,065	39,857	29,111	34,318
Net Cash position ¹	62,157	32,435	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-5.048 x	-28.84 x	2.084 x	0.9483 x	0.5719 x	0.6018 x
Free Cash Flow ¹	23,180	-13,225	-20,344	-9,556	-4,720	14,529	28,160	24,240
ROE (net income / shareholders' equity)	16.8%	3.51%	-12.8%	-10.4%	8.19%	18.5%	20.3%	21.2%
ROA (Net income/ Total Assets)	13%	2.79%	-8.86%	-5.85%	4.63%	11.4%	12.4%	15.1%
Assets ¹	1,93,045	1,54,738	1,84,322	1,89,449	1,89,712	1,90,052	2,22,572	2,08,994
Book Value Per Share ²	10.80	9.960	7.860	7.090	7.850	8.810	9.980	11.10
Cash Flow per Share ²	2.300	0.0200	-0.8400	-0.0400	0.4800	2.150	2.540	2.880
Capex ¹	9,736	13,484	8,409	9,385	11,592	12,775	18,300	19,476
Capex / Sales	15.51%	43.25%	118.68%	56.67%	24.08%	18.67%	23.38%	22.96%
Announcement Date	27/11/19	24/11/20	22/11/21	21/11/22	20/11/23	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Airports of Thailand

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

65 THB

Average target price

73.12 THB

Spread / Average Target

+12.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Airport Operators

	1st Jan change	Capi.
KØBENHAVNS LUFTHAVNE A/S	+2.37%	5.42B
FLUGHAFEN WIEN AG	-4.52%	4.48B
GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.	-3.65%	3.92B
GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED	+3.07%	3.31B
JAPAN AIRPORT TERMINAL CO., LTD.	-9.42%	3.27B
ATHENS INTERNATIONAL AIRPORT S.A.	0.00%	2.69B
ENAV S.P.A.	+11.70%	2.22B
SHENZHEN AIRPORT CO., LTD.	+5.91%	1.95B
BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED	+18.78%	1.55B

Airport Operators