Valuation Banpu Power

Equities

End-of-day quote Thailand S.E. Other stock markets 11/05/2026			5-day change	1st Jan Change
11.80 ^THB	-0.84%		-0.84%	-6.35%

11/03	KGI Securities Upgrades Banpu Power to Outperform from Neutral; Price Target is THB7.10	MT
03/03	Asia Plus Securities Downgrades Banpu Power to Sell from Neutral; Price Target is THB10	MT

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	52,421	49,983	44,192	32,916	38,401	35,963	-
Change	-	-4.65%	-11.59%	-25.52%	16.67%	-6.35%	-
Enterprise Value (EV) ¹	71,773	67,156	73,135	61,916	70,096	58,361	35,963
Change	-	-6.43%	8.9%	-15.34%	13.21%	-16.74%	-38.38%
P/E ratio	16.8x	8.71x	8.31x	18.8x	12.7x	8.84x	7.87x
PBR	1.15x	1.03x	0.81x	0.66x	0.79x	0.66x	0.63x
PEG	-	0.1x	-1.13x	-0.3x	0.2x	0.3x	0.6x
Capitalization / Revenue	7.73x	2.04x	1.45x	1.27x	1.38x	1.5x	1.09x
EV / Revenue	10.6x	2.74x	2.4x	2.4x	2.52x	2.43x	1.09x
EV / EBITDA	-128x	37.9x	7.4x	9.87x	8.98x	12.2x	6.7x
EV / EBIT	-62.8x	128x	8.81x	13.8x	11.5x	20.8x	11.1x
EV / FCF	-115x	301x	26.7x	-72x	352x	10x	4.62x
FCF Yield	-0.87%	0.33%	3.75%	-1.39%	0.28%	9.97%	21.6%
Dividend per Share ²	0.65	0.7	0.8	0.6	0.6	0.6	0.6
Rate of return	3.78%	4.27%	5.52%	5.56%	4.76%	5.08%	5.08%
EPS ²	1.026	1.883	1.745	0.573	0.993	1.335	1.5
Distribution rate	63.4%	37.2%	45.8%	105%	60.4%	44.9%	40%
Net sales ¹	6,784	24,501	30,443	25,827	27,850	23,992	32,892
EBITDA ¹	-562.3	1,771	9,885	6,275	7,807	4,788	5,366
EBIT ¹	-1,143	524.8	8,303	4,477	6,115	2,801	3,244
Net income ¹	3,127	5,739	5,319	1,746	3,026	4,131	4,562
Net Debt ¹	19,352	17,173	28,942	29,001	31,695	22,398	-
Reference price ²	17.20	16.40	14.50	10.80	12.60	11.80	11.80
Nbr of stocks (in thousands)	30,47,732	30,47,732	30,47,732	30,47,732	30,47,732	30,47,732	-
Announcement Date	23/02/22	22/02/23	21/02/24	27/02/25	26/02/26	-	-

¹THB in Million²THB

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
BANPU POWER	8.84x	2.43x	12.19x	5.08%	111.47Cr
ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.	13.45x	1.41x	7.4x	3.77%	1.17TCr
JSW ENERGY LIMITED	36.37x	8.01x	15.64x	0.43%	1.03TCr
SHAANXI ENERGY INVESTMENT CO., LTD.	13.13x	-	-	-	645.14Cr
WINTIME ENERGY GROUP CO.,LTD.	52x	-	-	0.55%	584.28Cr
ABOITIZ POWER CORPORATION	10.7x	2.22x	10.13x	4.59%	524.57Cr
BEIJING JINGNENG POWER CO., LTD.	9.42x	-	-	-	510.35Cr
TAQA MOROCCO S.A.	42.52x	4.51x	15.4x	1.96%	464.09Cr
Average	23.30x	3.72x	12.15x	2.73%	629.38Cr
Weighted average by Cap.	24.44x	4.07x	11.69x	2.33%