Financials Berli Jucker

Equities

BJC

TH0002010Z06

Department Stores

End-of-day quote Thailand S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
24.8 ^THB	-3.69%		+2.90%	-0.80%

22/02	Berli Jucker Public Company Limited Announces Resignation of Prasit Kovilaikool as Independent Director, Chairman of the Risk Management and Sustainability Development Committee Member	CI
22/02	Berli Jucker Public Company Limited Announces Resignation of Thanadol Surarak as Independent Director and Audit Committee Member	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,68,287	1,39,271	1,24,242	1,41,275	1,00,195	99,393	-	-
Enterprise Value (EV) ¹	3,19,616	3,00,627	2,72,964	2,99,754	1,00,195	2,42,083	2,38,078	2,44,612
P/E ratio	23.1 x	34.8 x	34.8 x	28.2 x	20.8 x	18 x	16.7 x	15.2 x
Yield	2.17%	2.24%	2.13%	2.27%	-	3.53%	3.82%	4.67%
Capitalization / Revenue	1.07 x	0.96 x	0.9 x	0.94 x	0.65 x	0.61 x	0.59 x	0.57 x
EV / Revenue	2.02 x	2.08 x	1.97 x	1.99 x	0.65 x	1.49 x	1.41 x	1.39 x
EV / EBITDA	14.8 x	15.4 x	14.5 x	15 x	4.83 x	10.8 x	10.2 x	10.1 x
EV / FCF	26.7 x	28.3 x	20.4 x	23.5 x	-	17 x	20.1 x	22.4 x
FCF Yield	3.74%	3.53%	4.9%	4.26%	-	5.88%	4.98%	4.47%
Price to Book	1.46 x	1.21 x	1.07 x	1.19 x	-	0.81 x	0.79 x	0.78 x
Nbr of stocks (in thousands)	40,06,840	40,07,797	40,07,797	40,07,797	40,07,797	40,07,797	-	-
Reference price ²	42.00	34.75	31.00	35.25	25.00	24.80	24.80	24.80
Announcement Date	27/02/20	23/02/21	23/02/22	22/02/23	22/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,58,009	1,44,732	1,38,465	1,50,338	1,54,672	1,62,424	1,68,744	1,75,868
EBITDA ¹	21,652	19,512	18,773	20,013	20,736	22,339	23,370	24,289
EBIT ¹	14,000	10,609	9,919	11,004	11,752	12,925	13,611	14,639
Operating Margin	8.86%	7.33%	7.16%	7.32%	7.6%	7.96%	8.07%	8.32%
Earnings before Tax (EBT) ¹	8,594	5,339	4,794	6,236	6,214	7,340	8,069	8,985
Net income ¹	7,278	4,001	3,585	5,010	4,795	5,514	5,961	6,592
Net margin	4.61%	2.76%	2.59%	3.33%	3.1%	3.4%	3.53%	3.75%
EPS ²	1.820	1.000	0.8900	1.250	1.200	1.375	1.488	1.627
Free Cash Flow ¹	11,966	10,609	13,364	12,778	-	14,239	11,852	10,935
FCF margin	7.57%	7.33%	9.65%	8.5%	-	8.77%	7.02%	6.22%
FCF Conversion (EBITDA)	55.26%	54.37%	71.19%	63.85%	-	63.74%	50.71%	45.02%
FCF Conversion (Net income)	164.4%	265.14%	372.8%	255.03%	-	258.22%	198.82%	165.87%
Dividend per Share ²	0.9100	0.7800	0.6600	0.8000	-	0.8762	0.9471	1.159
Announcement Date	27/02/20	23/02/21	23/02/22	22/02/23	22/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales	74,602	34,466	37,317	39,424	38,103	74,335	36,874	39,129	37,520	42,828	83,632	37,901	39,849	-	-	-	-	-
EBITDA	-	4,205	5,354	4,990	5,018	-	4,740	5,260	5,023	5,203	-	4,790	5,720	-	-	-	-	-
EBIT	5,093	2,010	3,046	2,779	2,807	5,545	2,463	2,996	2,838	2,921	5,733	2,520	3,380	-	-	-	-	-
Operating Margin	6.83%	5.83%	8.16%	7.05%	7.37%	7.46%	6.68%	7.66%	7.56%	6.82%	6.86%	6.65%	8.48%	-	-	-	-	-
Earnings before Tax (EBT)	-	619.7	1,753	1,591	1,617	-	1,249	1,779	1,573	1,627	-	1,140	1,874	-	-	-	-	-
Net income ¹	1,585	367.1	1,383	1,246	1,203	2,449	932.3	1,629	1,254	1,210	2,464	693.3	1,638	1,204	1,251	1,094	1,757	-
Net margin	2.13%	1.07%	3.71%	3.16%	3.16%	3.3%	2.53%	4.16%	3.34%	2.83%	2.95%	1.83%	4.11%	-	-	-	-	-
EPS ²	-	0.0900	0.3405	0.3100	0.3000	0.6100	0.2300	0.4062	0.3100	0.3000	-	0.1700	0.4100	0.2767	0.3121	0.2731	0.4385	-
Dividend per Share ²	-	-	-	-	0.1500	-	-	-	-	-	-	-	-	-	0.8695	-	-	-
Announcement Date	13/08/20	10/11/21	23/02/22	10/05/22	10/08/22	10/08/22	09/11/22	22/02/23	10/05/23	09/08/23	09/08/23	08/11/23	22/02/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,51,329	1,61,356	1,48,723	1,58,479	-	1,42,690	1,38,685	1,45,218
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.989 x	8.27 x	7.922 x	7.919 x	-	6.387 x	5.934 x	5.979 x
Free Cash Flow ¹	11,966	10,609	13,364	12,778	-	14,239	11,852	10,935
ROE (net income / shareholders' equity)	6.44%	3.48%	3.11%	4.28%	-	4.37%	4.66%	4.99%
ROA (Net income/ Total Assets)	2.24%	1.23%	1.09%	1.5%	-	2.02%	2.13%	2.62%
Assets ¹	3,24,928	3,25,981	3,27,670	3,32,961	-	2,72,959	2,80,506	2,51,306
Book Value Per Share ²	28.70	28.60	28.90	29.50	-	30.70	31.40	31.80
Cash Flow per Share ²	4.670	4.150	4.130	4.530	-	5.080	4.360	4.050
Capex ¹	6,734	6,022	3,272	5,395	-	9,390	9,160	9,896
Capex / Sales	4.26%	4.16%	2.36%	3.59%	-	5.78%	5.43%	5.63%
Announcement Date	27/02/20	23/02/21	23/02/22	22/02/23	22/02/24	-	-	-

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 Berli Jucker

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

24.8 THB

Average target price

31.82 THB

Spread / Average Target

+28.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Department Stores

	1st Jan change	Capi.
BERLI JUCKER	-0.80%	2.68B
WESFARMERS LIMITED	+13.64%	47.97B
EL PUERTO DE LIVERPOOL, S.A.B. DE C.V.	+18.86%	11.58B
FIVE BELOW, INC.	-29.59%	8.29B
ZHEJIANG CHINA COMMODITIES CITY GROUP CO., LTD.	+15.03%	6.37B
CENTRAL RETAIL CORPORATION	-17.07%	5.54B
RYOHIN KEIKAKU CO., LTD.	+4.90%	4.16B
WOOLWORTHS HOLDINGS LIMITED	-19.25%	2.8B
MAGAZINE LUIZA S.A.	-33.80%	2.05B
IZUMI CO., LTD.	+0.28%	1.65B

Other Department Stores