Financials Gulf Energy Development Thailand S.E.

Equities

GULF-F

TH8319010Z14

Independent Power Producers

End-of-day quote Thailand S.E. Other stock markets 03:30:00 17/06/2024 am IST			5-day change	1st Jan Change
39.25 ^THB	-1.26%		-1.26%	-21.89%

09/05	Gulf Energy Development Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
23/04	Earth Tech Environment Public Company Limited Enters into Share Purchase Agreement with Gulf West to Energy Holdings Company Limited to Jointly Develop the Project for Industrial Waste-To-Energy Power Plants	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,54,128	4,01,860	5,36,792	6,48,257	5,22,125	4,45,860	-	-
Enterprise Value (EV) ¹	4,16,886	5,22,428	7,33,171	6,48,257	7,95,562	6,88,601	6,93,827	7,01,447
P/E ratio	72.5 x	87.8 x	70.4 x	57 x	35 x	25.6 x	21.2 x	19.5 x
Yield	0.78%	1.11%	0.96%	1.09%	1.98%	2.33%	2.58%	3.1%
Capitalization / Revenue	11.8 x	12.2 x	11.3 x	6.89 x	4.58 x	3.99 x	3.5 x	3.42 x
EV / Revenue	13.9 x	15.9 x	15.4 x	6.89 x	6.98 x	6.16 x	5.45 x	5.38 x
EV / EBITDA	52.3 x	49.9 x	46.5 x	30.1 x	35.7 x	23.4 x	22 x	22.2 x
EV / FCF	-75.5 x	-405 x	-90.6 x	-123 x	-453 x	-135 x	-132 x	741 x
FCF Yield	-1.32%	-0.25%	-1.1%	-0.81%	-0.22%	-0.74%	-0.76%	0.13%
Price to Book	9.22 x	5.86 x	5.56 x	5.85 x	4.48 x	3.45 x	3.24 x	3.06 x
Nbr of stocks (in thousands)	1,06,66,500	1,17,33,150	1,17,33,150	1,17,33,150	1,17,33,150	1,17,33,150	-	-
Reference price ²	33.20	34.25	45.75	55.25	44.50	39.00	39.00	39.00
Announcement Date	21/02/20	22/02/21	18/02/22	16/02/23	15/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	30,040	32,827	47,467	94,151	1,14,054	1,11,775	1,27,216	1,30,457
EBITDA ¹	7,969	10,476	15,771	21,548	22,299	29,373	31,495	31,578
EBIT ¹	5,536	7,045	10,782	16,485	18,118	23,016	26,037	27,431
Operating Margin	18.43%	21.46%	22.71%	17.51%	15.88%	20.59%	20.47%	21.03%
Earnings before Tax (EBT) ¹	7,152	6,252	9,514	15,453	20,672	18,898	26,345	26,491
Net income ¹	4,887	4,282	7,670	11,418	14,858	18,062	21,379	23,389
Net margin	16.27%	13.04%	16.16%	12.13%	13.03%	16.16%	16.81%	17.93%
EPS ²	0.4580	0.3900	0.6500	0.9700	1.270	1.526	1.838	1.998
Free Cash Flow ¹	-5,523	-1,289	-8,094	-5,264	-1,755	-5,118	-5,252	946
FCF margin	-18.38%	-3.93%	-17.05%	-5.59%	-1.54%	-4.58%	-4.13%	0.73%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	3%
FCF Conversion (Net income)	-	-	-	-	-	-	-	4.04%
Dividend per Share ²	0.2600	0.3800	0.4400	0.6000	0.8800	0.9077	1.008	1.211
Announcement Date	21/02/20	22/02/21	18/02/22	16/02/23	15/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	20,277	15,287	20,662	23,004	23,631	26,888	26,413	32,557	27,419	27,665	31,599	32,553	30,049	31,301	32,853	32,853
EBITDA	7,156	4,977	5,291	-	5,334	5,917	5,523	5,517	5,825	5,434	6,106	-	-	-	-	-
EBIT ¹	4,710	3,705	4,046	3,798	4,057	4,619	4,570	4,516	4,721	4,311	4,970	8,442	5,938	7,190	7,448	7,448
Operating Margin	23.23%	24.23%	19.58%	16.51%	17.17%	17.18%	17.3%	13.87%	17.22%	15.58%	15.73%	25.93%	19.76%	22.97%	22.67%	22.67%
Earnings before Tax (EBT)	-	4,172	-	1,856	1,393	7,661	5,378	4,095	4,503	6,697	4,338	-	-	-	-	-
Net income ¹	-	3,043	3,395	1,531	1,087	5,406	3,850	2,885	3,360	4,763	3,499	5,927	3,423	4,675	5,068	5,068
Net margin	-	19.91%	16.43%	6.65%	4.6%	20.1%	14.58%	8.86%	12.26%	17.21%	11.07%	18.21%	11.39%	14.94%	15.43%	15.43%
EPS ²	-	0.2600	0.2900	-	0.0900	0.4600	0.3300	0.2500	0.2900	0.4100	0.3000	0.5052	0.2918	0.3985	0.4320	0.4320
Dividend per Share ²	-	0.4400	-	-	-	0.6000	-	-	-	-	-	-	-	0.9563	-	-
Announcement Date	13/08/21	18/02/22	13/05/22	11/08/22	11/11/22	16/02/23	15/05/23	10/08/23	09/11/23	15/02/24	09/05/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	62,759	1,20,567	1,96,380	-	2,73,437	2,42,741	2,47,967	2,55,587
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.875 x	11.51 x	12.45 x	-	12.26 x	8.264 x	7.873 x	8.094 x
Free Cash Flow ¹	-5,523	-1,289	-8,094	-5,264	-1,755	-5,118	-5,252	946
ROE (net income / shareholders' equity)	13%	8.36%	9.55%	11%	13.1%	14%	15.7%	16.2%
ROA (Net income/ Total Assets)	3.79%	2.25%	2.52%	2.92%	3.39%	4.05%	4.34%	4.44%
Assets ¹	1,28,974	1,89,928	3,04,123	3,90,423	4,38,838	4,45,975	4,92,560	5,27,167
Book Value Per Share ²	3.600	5.840	8.230	9.440	9.940	11.30	12.10	12.70
Cash Flow per Share ²	0.7500	0.9700	1.190	0.9600	1.560	2.850	3.150	3.000
Capex ¹	13,571	11,867	22,109	16,541	18,856	28,584	30,879	34,972
Capex / Sales	45.18%	36.15%	46.58%	17.57%	16.53%	25.57%	24.27%	26.81%
Announcement Date	21/02/20	22/02/21	18/02/22	16/02/23	15/02/24	-	-	-

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 Gulf Energy Development

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39 THB

Average target price

53.65 THB

Spread / Average Target

+37.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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BEIJING JINGNENG POWER CO., LTD.	+7.09%	2.92B

Fossil Fuel IPPs