Stock T6W THAI BEVERAGE
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Financials Thai Beverage Deutsche Boerse AG

Equities

T6W

TH0902010014

Distillers & Wineries

Real-time Estimate Tradegate
Other stock markets
 02:25:01 17/06/2024 pm IST 		5-day change 1st Jan Change
0.338 EUR +4.26% Intraday chart for Thai Beverage -5.46% -9.04%
14/05 Transcript : Thai Beverage Public Company Limited, H1 2024 Earnings Call, May 14, 2024
14/05 Singaporean Shares Rise as Investors Eye US Inflation Data; EuroSports Plunges 14% MT

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,92,130 3,52,213 4,08,202 3,97,390 3,85,459 3,26,774 - -
Enterprise Value (EV) 1 6,87,350 5,34,790 5,93,525 5,57,804 5,48,989 4,71,435 4,55,113 4,40,310
P/E ratio 21.1 x 15.4 x 16.6 x 13.2 x 14.1 x 11.6 x 10.8 x 10.2 x
Yield 2.45% 3.28% 3.08% 3.79% 3.91% 4.66% 4.97% 5.27%
Capitalization / Revenue 1.84 x 1.39 x 1.7 x 1.46 x 1.38 x 1.14 x 1.09 x 1.06 x
EV / Revenue 2.57 x 2.11 x 2.47 x 2.05 x 1.97 x 1.64 x 1.52 x 1.43 x
EV / EBITDA 16.8 x 13 x 14.3 x 12 x 12.5 x 10.1 x 9.29 x 8.69 x
EV / FCF 20.9 x 16.2 x 20.7 x 13.4 x 20.1 x 13.7 x 13.8 x 12.9 x
FCF Yield 4.78% 6.16% 4.83% 7.47% 4.97% 7.28% 7.24% 7.77%
Price to Book 4.25 x 2.47 x 2.39 x 1.93 x 1.91 x 1.53 x 1.43 x 1.35 x
Nbr of stocks (in thousands) 2,51,13,533 2,51,15,710 2,51,18,755 2,51,20,888 2,51,24,754 2,51,27,675 - -
Reference price 2 19.60 14.02 16.25 15.82 15.34 13.00 13.00 13.00
Announcement Date 22/11/19 25/11/20 26/11/21 25/11/22 22/11/23 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,67,357 2,53,481 2,40,543 2,72,359 2,79,085 2,87,247 2,98,787 3,08,418
EBITDA 1 40,913 41,124 41,613 46,344 43,971 46,760 48,974 50,693
EBIT 1 32,507 34,559 33,782 38,583 36,229 38,923 40,701 42,415
Operating Margin 12.16% 13.63% 14.04% 14.17% 12.98% 13.55% 13.62% 13.75%
Earnings before Tax (EBT) 1 31,312 32,931 31,973 39,941 36,410 37,264 40,035 42,245
Net income 1 23,272 22,752 24,645 30,106 27,434 28,589 30,601 32,567
Net margin 8.7% 8.98% 10.25% 11.05% 9.83% 9.95% 10.24% 10.56%
EPS 2 0.9300 0.9100 0.9800 1.200 1.090 1.124 1.200 1.274
Free Cash Flow 1 32,832 32,919 28,691 41,679 27,287 34,301 32,972 34,223
FCF margin 12.28% 12.99% 11.93% 15.3% 9.78% 11.94% 11.04% 11.1%
FCF Conversion (EBITDA) 80.25% 80.05% 68.95% 89.94% 62.06% 73.35% 67.33% 67.51%
FCF Conversion (Net income) 141.08% 144.69% 116.42% 138.44% 99.47% 119.98% 107.75% 105.08%
Dividend per Share 2 0.4800 0.4600 0.5000 0.6000 0.6000 0.6066 0.6470 0.6847
Announcement Date 22/11/19 25/11/20 26/11/21 25/11/22 22/11/23 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2020 S1 2020 S2 2021 S1 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 S2 2024 Q2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1,37,092 1,16,389 1,31,252 77,116 - - 65,100 - 1,29,416 80,900 - 1,48,295 1,30,790 - 1,47,742 1,40,725 1,51,916 1,51,916
EBITDA - - - 14,659 - - 9,824 - 21,132 - - - 18,570 - - - - -
EBIT 18,328 - 19,974 - - - - - 17,238 - - 21,612 14,617 - 22,829 18,717 20,709 20,709
Operating Margin 13.37% - 15.22% - - - - - 13.32% - - 14.57% 11.18% - 15.45% 13.3% 13.63% 13.63%
Earnings before Tax (EBT) 18,464 - - - - - - - - - - - - - - - - -
Net income 1 13,375 - - 8,159 7,115 16,318 6,894 6,894 13,789 8,766 7,357 - - 6,993 - - - -
Net margin 9.76% - - 10.58% - - 10.59% - 10.65% 10.84% - - - - - - - -
EPS 2 - 0.3800 0.5700 0.3300 0.2800 - 0.2700 0.2700 - 0.3500 0.2900 0.6400 0.4500 0.2800 0.6100 0.5700 0.6400 0.6400
Dividend per Share - - - 0.0800 0.1500 - 0.2300 0.2300 - - - - - - - - - -
Announcement Date 14/05/20 25/11/20 14/05/21 14/02/22 13/05/22 13/05/22 25/11/22 25/11/22 25/11/22 10/02/23 11/05/23 11/05/23 22/11/23 13/05/24 13/05/24 - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,95,220 1,82,577 1,85,323 1,60,414 1,63,530 1,44,660 1,28,339 1,13,536
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.772 x 4.44 x 4.453 x 3.461 x 3.719 x 3.094 x 2.621 x 2.24 x
Free Cash Flow 1 32,832 32,919 28,691 41,679 27,287 34,301 32,972 34,223
ROE (net income / shareholders' equity) 19.7% 17.6% 15.7% 16% 13.5% 13.5% 13.6% 13.5%
ROA (Net income/ Total Assets) 5.64% 5.41% 5.44% 6.14% 5.47% 5.9% 6.28% 6.63%
Assets 1 4,12,580 4,20,550 4,53,052 4,90,190 5,01,165 4,84,556 4,86,975 4,91,205
Book Value Per Share 2 4.610 5.680 6.810 8.190 8.010 8.520 9.070 9.640
Cash Flow per Share 2 1.540 1.480 1.280 1.790 1.270 1.360 1.470 1.490
Capex 1 5,643 4,347 3,377 3,333 4,684 5,373 6,190 6,662
Capex / Sales 2.11% 1.71% 1.4% 1.22% 1.68% 1.87% 2.07% 2.16%
Announcement Date 22/11/19 25/11/20 26/11/21 25/11/22 22/11/23 - - -
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 Thai Beverage

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
13 THB
Average target price
17.5 THB
Spread / Average Target
+34.59%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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