Financials Infraset

Equities

INSET

TH9426010004

IT Services & Consulting

End-of-day quote Thailand S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
2.28 ^THB	+0.88%		+4.59%	-1.72%

07/05	Infraset Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
22/04	Infraset Public Company Limited Announces Directorate Appointments	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,456	1,938	3,727	2,401	1,886	1,853	-
Enterprise Value (EV) ¹	1,456	1,938	3,727	2,401	1,886	1,853	1,853
P/E ratio	-	14.4 x	28.8 x	21.3 x	16.6 x	15.2 x	13.4 x
Yield	5.77%	3.44%	2.81%	-	-	4.82%	5.26%
Capitalization / Revenue	1.19 x	1.29 x	2.83 x	1.83 x	1.14 x	0.93 x	0.85 x
EV / Revenue	1.19 x	1.29 x	2.83 x	1.83 x	1.14 x	0.93 x	0.85 x
EV / EBITDA	9.59 x	10.7 x	16.5 x	16.8 x	12 x	10.2 x	9.7 x
EV / FCF	52.4 x	-10.4 x	-	-	-	-11.4 x	15.6 x
FCF Yield	1.91%	-9.62%	-	-	-	-8.8%	6.42%
Price to Book	1.87 x	2.31 x	3.86 x	-	-	1.3 x	1.22 x
Nbr of stocks (in thousands)	6,16,000	6,16,000	6,16,000	7,50,166	8,12,773	8,12,773	-
Reference price ²	2.364	3.145	6.050	3.200	2.320	2.280	2.280
Announcement Date	24/02/20	18/02/21	18/02/22	13/02/23	13/02/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,220	1,501	1,315	1,311	1,658	2,002	2,178
EBITDA ¹	151.9	180.8	225.6	142.5	157.6	182	191
EBIT ¹	148.7	170.4	214	132.7	147.1	171	191
Operating Margin	12.19%	11.35%	16.27%	10.12%	8.87%	8.54%	8.77%
Earnings before Tax (EBT) ¹	-	169.4	213.2	132.1	139	163	182
Net income ¹	-	135.5	170.5	105.5	109.2	130	146
Net margin	-	9.03%	12.97%	8.05%	6.58%	6.49%	6.7%
EPS ²	-	0.2182	0.2100	0.1500	0.1400	0.1500	0.1700
Free Cash Flow ¹	27.8	-186.5	-	-	-	-163	119
FCF margin	2.28%	-12.42%	-	-	-	-8.14%	5.46%
FCF Conversion (EBITDA)	18.3%	-	-	-	-	-	62.3%
FCF Conversion (Net income)	-	-	-	-	-	-	81.51%
Dividend per Share ²	0.1364	0.1082	0.1700	-	-	0.1100	0.1200
Announcement Date	24/02/20	18/02/21	18/02/22	13/02/23	13/02/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	-	-	402.3	222.7	452.8	-	-	199.5
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	43.31	7.896	31.17	-	49.17	-
Operating Margin	-	-	10.77%	3.55%	6.88%	-	-	-
Earnings before Tax (EBT)	-	-	43.19	7.782	31.06	-	45.1	-
Net income	60.07	41.21	34.42	6.203	24.31	41.66	36	-
Net margin	-	-	8.56%	2.79%	5.37%	-	-	-
EPS	0.1000	0.0500	0.0400	0.0100	-	0.0500	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	05/08/21	05/08/22	03/11/22	13/02/23	09/05/23	10/08/23	07/11/23	13/02/24

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	27.8	-186	-	-	-	-163	119
ROE (net income / shareholders' equity)	21.1%	16.7%	18.9%	-	-	9.1%	9.6%
ROA (Net income/ Total Assets)	14.5%	11.4%	13.4%	-	-	6.7%	7.1%
Assets ¹	-	1,188	1,274	-	-	1,940	2,056
Book Value Per Share ²	1.270	1.360	1.570	-	-	1.760	1.870
Cash Flow per Share	-	-	-	-	-	-	-
Capex	33.4	8.94	-	-	-	-	-
Capex / Sales	2.74%	0.6%	-	-	-	-	-
Announcement Date	24/02/20	18/02/21	18/02/22	13/02/23	13/02/24	-	-

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 Infraset

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.28 THB

Average target price

2.94 THB

Spread / Average Target

+28.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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