Financials Britania

Equities

BRI

THA563010000

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 03:30:00 17/05/2024 am IST			5-day change	1st Jan Change
5.75 ^THB	-3.36%		-5.74%	-31.55%

15/05	Britania Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
24/04	Britania Public Company Limited Approves the Dividend Payment from the Operational Results of the Latter Six-Month Period of 2023, Payable on 16 May 2024	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,147	10,319	7,166	4,905	-	-
Enterprise Value (EV) ¹	13,832	15,345	7,166	12,750	11,753	4,905
P/E ratio	12 x	7.02 x	6 x	5.87 x	5.58 x	5.23 x
Yield	10.3%	5.96%	-	7.74%	8.35%	9.57%
Capitalization / Revenue	2.66 x	1.64 x	1.22 x	1.01 x	0.99 x	1 x
EV / Revenue	3.62 x	2.44 x	1.22 x	2.61 x	2.37 x	1 x
EV / EBITDA	18 x	7.58 x	3.32 x	15.6 x	14.3 x	4.9 x
EV / FCF	-16.4 x	-6.37 x	-	6.33 x	14.4 x	21.2 x
FCF Yield	-6.11%	-15.7%	-	15.8%	6.95%	4.72%
Price to Book	2.98 x	2.12 x	-	0.86 x	0.8 x	0.74 x
Nbr of stocks (in thousands)	8,52,650	8,52,805	8,53,081	8,53,081	-	-
Reference price ²	11.90	12.10	8.400	5.750	5.750	5.750
Announcement Date	24/02/22	24/02/23	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,342	3,816	6,296	5,862	4,876	4,952	4,892
EBITDA ¹	-	769.2	2,024	2,156	816.5	823	1,002
EBIT ¹	-	762.4	2,015	2,144	1,062	1,095	984
Operating Margin	-	19.98%	32.01%	36.57%	21.79%	22.11%	20.11%
Earnings before Tax (EBT) ¹	-	753.6	1,871	1,629	1,052	1,122	1,126
Net income ¹	348.7	602.5	1,471	1,195	846	909.5	935
Net margin	14.89%	15.79%	23.36%	20.38%	17.35%	18.37%	19.11%
EPS ²	-	0.9900	1.724	1.400	0.9800	1.030	1.100
Free Cash Flow ¹	-	-844.7	-2,410	-	2,014	816.8	231.4
FCF margin	-	-22.14%	-38.28%	-	41.31%	16.5%	4.73%
FCF Conversion (EBITDA)	-	-	-	-	246.69%	99.25%	23.09%
FCF Conversion (Net income)	-	-	-	-	238.09%	89.81%	24.75%
Dividend per Share ²	-	1.230	0.7210	-	0.4450	0.4800	0.5500
Announcement Date	30/07/21	24/02/22	24/02/23	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3
Net sales ¹	1,007	1,483	1,484	1,421	1,740	-	1,544	1,739
EBITDA ¹	-	-	-	427	605.3	-	-	146.3
EBIT ¹	189.4	478.9	508.8	424.8	602.9	-	642.1	690.8
Operating Margin	18.8%	32.3%	34.29%	29.91%	34.65%	-	41.58%	39.73%
Earnings before Tax (EBT)	187.7	448.1	479.5	417.5	525.8	-	-	-
Net income ¹	150.2	352.5	376.4	330.6	411.1	328.5	-	417.3
Net margin	14.91%	23.77%	25.37%	23.27%	23.63%	-	-	24%
EPS	0.2400	0.4100	0.4413	-	-	0.3849	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	24/02/22	12/05/22	15/08/22	11/11/22	24/02/23	10/05/23	11/08/23	14/11/23

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	3,686	5,026	-	7,845	6,848	-
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	4.792 x	2.483 x	-	9.608 x	8.321 x	-
Free Cash Flow ¹	-	-845	-2,410	-	2,014	817	231
ROE (net income / shareholders' equity)	-	28%	35.7%	-	15.3%	15.2%	14.5%
ROA (Net income/ Total Assets)	-	7%	13.4%	-	4.45%	4.9%	4.7%
Assets ¹	-	8,607	10,980	-	19,011	18,561	19,894
Book Value Per Share ²	-	4.000	5.700	-	6.670	7.230	7.820
Cash Flow per Share ²	-	-	-	-	1.000	1.050	1.120
Capex ¹	-	7.32	8.77	-	172	137	147
Capex / Sales	-	0.19%	0.14%	-	3.52%	2.76%	3%
Announcement Date	30/07/21	24/02/22	24/02/23	29/02/24	-	-	-

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 Britania

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.75 THB

Average target price

7.175 THB

Spread / Average Target

+24.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
BRITANIA	-31.55%	14Cr
VONOVIA SE	+4.17%	2.63TCr
CHINA VANKE CO., LTD.	-13.96%	1.4TCr
AKELIUS RESIDENTIAL PROPERTY AB	+8.89%	1.1TCr
DEUTSCHE WOHNEN SE	-22.81%	797.49Cr
VINHOMES	-5.44%	698.87Cr
VINGROUP	+5.04%	684.75Cr
IIDA GROUP HOLDINGS CO., LTD.	-3.24%	368.52Cr
OPEN HOUSE GROUP CO., LTD.	+10.47%	352.09Cr
TRICON RESIDENTIAL INC.	+27.20%	332.01Cr

Residential Real Estate Development