Financials Golden Ventures Leasehold Real Estate Investment Trust

Equities

GVREIT

TH7139010006

Commercial REITs

End-of-day quote Thailand S.E. 03:30:00 13/05/2024 am IST 5-day change 1st Jan Change
5.55 THB +0.91% Intraday chart for Golden Ventures Leasehold Real Estate Investment Trust +0.91% -2.63%

Valuation

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Capitalization 1 12,303 13,689 9,778 8,392 7,333 4,889
Enterprise Value (EV) 1 14,210 15,633 11,738 10,008 8,820 6,283
P/E ratio 11.6 x 15.4 x 13.1 x 11.9 x 11.4 x 8.64 x
Yield 5.43% 5.1% 6.66% 7.45% 8.66% 13.1%
Capitalization / Revenue 10.8 x 11.3 x 8.26 x 7.48 x 6.46 x 4.21 x
EV / Revenue 12.4 x 12.9 x 9.92 x 8.92 x 7.77 x 5.41 x
EV / EBITDA - - - - - -
EV / FCF 28.2 x 31 x 23.3 x 22.9 x 17.8 x 13.9 x
FCF Yield 3.54% 3.22% 4.29% 4.36% 5.63% 7.18%
Price to Book 1.42 x 1.55 x 1.09 x 0.93 x 0.81 x 0.55 x
Nbr of stocks (in thousands) 8,14,800 8,14,800 8,14,800 8,14,800 8,14,800 8,14,800
Reference price 2 15.10 16.80 12.00 10.30 9.000 6.000
Announcement Date 27/11/18 27/11/19 20/11/20 25/11/21 24/11/22 28/11/23
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Net sales 1 1,144 1,213 1,183 1,122 1,135 1,161
EBITDA - - - - - -
EBIT 1 799 830.6 794.5 826.1 842.1 824.2
Operating Margin 69.82% 68.49% 67.14% 73.63% 74.18% 71.01%
Earnings before Tax (EBT) 1 1,059 888.3 747.2 705.2 642.7 565.7
Net income 1 1,059 888.3 747.2 705.2 642.7 565.7
Net margin 92.57% 73.25% 63.14% 62.86% 56.62% 48.74%
EPS 2 1.300 1.090 0.9170 0.8655 0.7888 0.6943
Free Cash Flow 1 503.7 503.9 503.4 436.7 496.4 451
FCF margin 44.02% 41.55% 42.54% 38.92% 43.73% 38.86%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) 47.56% 56.73% 67.37% 61.92% 77.23% 79.73%
Dividend per Share 2 0.8206 0.8568 0.7987 0.7677 0.7791 0.7856
Announcement Date 27/11/18 27/11/19 20/11/20 25/11/21 24/11/22 28/11/23
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Net Debt 1 1,907 1,945 1,961 1,615 1,486 1,395
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 504 504 503 437 496 451
ROE (net income / shareholders' equity) 12.6% 10.2% 8.41% 7.87% 7.14% 6.3%
ROA (Net income/ Total Assets) 4.62% 4.66% 4.39% 4.39% 4.31% 4.24%
Assets 1 22,912 19,081 17,010 16,082 14,907 13,356
Book Value Per Share 2 10.60 10.90 11.00 11.00 11.10 11.00
Cash Flow per Share 2 0.1100 0.0600 0.0500 0.0700 0.0500 0.2600
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 27/11/18 27/11/19 20/11/20 25/11/21 24/11/22 28/11/23
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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