Financials I-Tail Corporation

Equities

ITC

THB056010002

Food Processing

End-of-day quote Thailand S.E. Other stock markets 03:30:00 17/05/2024 am IST			5-day change	1st Jan Change
21.2 ^THB	-0.47%		+1.92%	+0.47%

02/05	I-Tail Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
05/04	I-Tail Corporation Public Company Limited Approves Dividend for the Period from July 1, 2023 to December 31, 2023, Payable on April 24, 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	90,000	63,300	63,600	-	-
Enterprise Value (EV) ¹	78,506	63,300	52,683	52,398	51,961
P/E ratio	20.1 x	27.8 x	19.5 x	18.1 x	15.8 x
Yield	8.4%	-	3.4%	3.51%	4.5%
Capitalization / Revenue	3.99 x	4.06 x	3.57 x	3.22 x	2.91 x
EV / Revenue	3.48 x	4.06 x	2.96 x	2.65 x	2.38 x
EV / EBITDA	15.8 x	26.5 x	13.4 x	12.2 x	10.7 x
EV / FCF	-	-	15.6 x	20 x	15.7 x
FCF Yield	-	-	6.42%	5.01%	6.35%
Price to Book	3.98 x	-	2.62 x	2.44 x	2.29 x
Nbr of stocks (in thousands)	30,00,000	30,00,000	30,00,000	-	-
Reference price ²	30.00	21.10	21.20	21.20	21.20
Announcement Date	15/02/23	15/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	22,528	15,577	17,826	19,777	21,868
EBITDA ¹	4,958	2,393	3,925	4,304	4,846
EBIT ¹	4,387	1,854	3,079	3,415	3,946
Operating Margin	19.47%	11.9%	17.27%	17.27%	18.04%
Earnings before Tax (EBT) ¹	-	2,415	3,356	3,719	4,082
Net income ¹	-	2,281	3,210	3,459	3,914
Net margin	-	14.65%	18.01%	17.49%	17.9%
EPS ²	1.490	0.7600	1.088	1.173	1.338
Free Cash Flow ¹	-	-	3,380	2,625	3,299
FCF margin	-	-	18.96%	13.27%	15.09%
FCF Conversion (EBITDA)	-	-	86.12%	60.99%	68.08%
FCF Conversion (Net income)	-	-	105.32%	75.89%	84.28%
Dividend per Share ²	2.520	-	0.7201	0.7431	0.9540
Announcement Date	15/02/23	15/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	3,243	6,830	3,999	4,748	4,029
EBITDA ¹	-	-	-	635.8	864.5	856
EBIT ¹	-	300.1	624.2	502.3	727.6	724.3
Operating Margin	-	9.26%	9.14%	12.56%	15.32%	17.98%
Earnings before Tax (EBT) ¹	-	-	-	674.6	846.7	828.9
Net income ¹	425.2	444.9	870	644.5	766.8	821.1
Net margin	-	13.72%	12.74%	16.12%	16.15%	20.38%
EPS ²	0.1400	-	-	0.2100	0.2600	0.2700
Dividend per Share	-	-	-	-	-	-
Announcement Date	27/04/23	27/07/23	27/07/23	30/10/23	15/02/24	02/05/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	11,494	-	10,917	11,202	11,639
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	-	3,380	2,625	3,299
ROE (net income / shareholders' equity)	32.9%	-	13.7%	14.4%	15.2%
ROA (Net income/ Total Assets)	-	-	12%	12.8%	13.4%
Assets ¹	-	-	26,673	27,127	29,213
Book Value Per Share ²	7.540	-	8.080	8.680	9.270
Cash Flow per Share ²	1.150	-	1.460	1.420	1.540
Capex ¹	1,172	-	1,342	1,165	891
Capex / Sales	5.2%	-	7.53%	5.89%	4.08%
Announcement Date	15/02/23	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 I-Tail Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.2 THB

Average target price

24.56 THB

Spread / Average Target

+15.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pet Food Manufacturing

	1st Jan change	Capi.
I-TAIL CORPORATION	+0.47%	1.76B
FRESHPET, INC.	+45.98%	6.13B
GAMBOL PET GROUP CO., LTD.	+48.93%	3.28B
YANTAI CHINA PET FOODS CO., LTD.	-4.86%	1.01B
PETPAL PET NUTRITION TECHNOLOGY CO., LTD.	+12.11%	503M

Pet Food Manufacturing