Financials Thai Union Group Börse Stuttgart

Equities

NVAP

TH0450010R15

Food Processing

Delayed Börse Stuttgart Other stock markets 02:06:29 20/06/2024 pm IST			5-day change	1st Jan Change
0.374 ^EUR	+0.54%		-3.13%	-3.13%

20/05	Red Lobster probes "endless shrimp" losses after bankruptcy filing	RE
09/05	Transcript : Thai Union Group Public Company Limited, Q1 2024 Earnings Call, May 09, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	64,420	63,305	90,769	78,672	66,827	64,906	-	-
Enterprise Value (EV) ¹	1,18,285	1,15,434	1,52,087	1,26,000	1,18,365	1,12,132	1,08,426	1,05,399
P/E ratio	16.9 x	10.8 x	11.7 x	11.5 x	-4.76 x	12.4 x	11.2 x	10.3 x
Yield	3.48%	5.29%	4.87%	4.97%	3.6%	4.25%	4.76%	4.94%
Capitalization / Revenue	0.51 x	0.48 x	0.64 x	0.51 x	0.49 x	0.46 x	0.43 x	0.42 x
EV / Revenue	0.94 x	0.87 x	1.08 x	0.81 x	0.87 x	0.79 x	0.72 x	0.69 x
EV / EBITDA	16.3 x	9.25 x	12.2 x	10.2 x	10.7 x	8.69 x	7.95 x	7.45 x
EV / FCF	16.5 x	12.1 x	71.8 x	237 x	18.7 x	10.1 x	19.5 x	18.6 x
FCF Yield	6.05%	8.3%	1.39%	0.42%	5.34%	9.92%	5.12%	5.37%
Price to Book	1.33 x	1.24 x	1.53 x	0.98 x	1.16 x	1.17 x	1.09 x	1.1 x
Nbr of stocks (in thousands)	47,71,815	46,54,815	46,54,815	46,55,133	44,55,133	42,70,139	-	-
Reference price ²	13.50	13.60	19.50	16.90	15.00	15.20	15.20	15.20
Announcement Date	17/02/20	22/02/21	23/02/22	20/02/23	19/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,26,275	1,32,402	1,41,048	1,55,586	1,36,153	1,41,573	1,49,577	1,52,967
EBITDA ¹	7,264	12,482	12,440	12,374	11,103	12,900	13,630	14,140
EBIT ¹	3,573	8,527	8,256	8,050	6,912	8,355	8,858	9,579
Operating Margin	2.83%	6.44%	5.85%	5.17%	5.08%	5.9%	5.92%	6.26%
Earnings before Tax (EBT) ¹	4,428	7,279	9,013	7,593	5,813	6,750	7,585	8,353
Net income ¹	3,816	6,246	8,013	7,138	-13,933	5,706	6,359	6,864
Net margin	3.02%	4.72%	5.68%	4.59%	-10.23%	4.03%	4.25%	4.49%
EPS ²	0.8000	1.260	1.660	1.470	-3.150	1.224	1.361	1.474
Free Cash Flow ¹	7,151	9,578	2,118	530.6	6,317	11,124	5,547	5,664
FCF margin	5.66%	7.23%	1.5%	0.34%	4.64%	7.86%	3.71%	3.7%
FCF Conversion (EBITDA)	98.44%	76.73%	17.03%	4.29%	56.9%	86.23%	40.7%	40.06%
FCF Conversion (Net income)	187.39%	153.34%	26.44%	7.43%	-	194.94%	87.23%	82.53%
Dividend per Share ²	0.4700	0.7200	0.9500	0.8400	0.5400	0.6460	0.7230	0.7508
Announcement Date	17/02/20	22/02/21	23/02/22	20/02/23	19/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	64,154	-	38,501	36,272	38,946	75,217	40,756	39,613	32,652	34,057	66,709	33,915	35,529	33,220	35,500	36,570	35,867
EBITDA	-	-	3,065	2,688	2,713	5,402	3,521	3,451	1,844	2,814	4,658	3,217	3,227	2,612	-	-	-
EBIT	3,856	-	1,976	1,667	1,664	3,331	2,335	2,384	795.1	1,773	-	2,188	2,155	1,545	-	-	-
Operating Margin	6.01%	-	5.13%	4.59%	4.27%	4.43%	5.73%	6.02%	2.44%	5.21%	-	6.45%	6.07%	4.65%	-	-	-
Earnings before Tax (EBT)	3,165	-	2,043	1,573	1,326	2,898	2,713	2,238	917.3	986.6	-	1,262	-	1,537	-	-	-
Net income ¹	2,732	4,146	1,930	1,746	1,624	3,369	2,530	1,238	1,022	1,029	2,050	1,206	-17,189	1,153	1,395	1,679	1,504
Net margin	4.26%	-	5.01%	4.81%	4.17%	4.48%	6.21%	3.13%	3.13%	3.02%	3.07%	3.56%	-48.38%	3.47%	3.93%	4.59%	4.19%
EPS	0.5400	0.8600	0.4000	0.3600	0.3300	0.6900	0.5300	0.2500	0.2000	0.2100	0.4100	0.2600	-3.820	0.2400	-	-	-
Dividend per Share	-	-	-	-	-	0.4000	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/08/20	09/08/21	23/02/22	09/05/22	08/08/22	08/08/22	02/11/22	20/02/23	03/05/23	07/08/23	07/08/23	06/11/23	19/02/24	08/05/24	-	-	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,866	52,129	61,318	47,328	51,538	47,226	43,520	40,493
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.416 x	4.176 x	4.929 x	3.825 x	4.642 x	3.661 x	3.193 x	2.864 x
Free Cash Flow ¹	7,151	9,578	2,118	531	6,317	11,124	5,547	5,664
ROE (net income / shareholders' equity)	8.33%	12.4%	14.4%	10.2%	8.19%	9.63%	10.1%	11.1%
ROA (Net income/ Total Assets)	2.69%	4.36%	5.15%	4.09%	3.28%	3.82%	4.09%	4.43%
Assets ¹	1,41,913	1,43,243	1,55,589	1,74,587	-4,25,376	1,49,277	1,55,292	1,55,045
Book Value Per Share ²	10.10	10.90	12.70	17.30	13.00	13.00	14.00	13.90
Cash Flow per Share ²	2.460	2.850	1.300	1.260	2.490	2.840	2.280	2.410
Capex ¹	4,605	3,855	4,174	5,340	4,925	4,584	4,516	4,509
Capex / Sales	3.65%	2.91%	2.96%	3.43%	3.62%	3.24%	3.02%	2.95%
Announcement Date	17/02/20	22/02/21	23/02/22	20/02/23	19/02/24	-	-	-

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 Thai Union Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.2 THB

Average target price

17.21 THB

Spread / Average Target

+13.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Seafood Product Preparation & Packaging

	1st Jan change	Capi.
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AUSTEVOLL SEAFOOD ASA	+16.39%	1.67B
DONGWON INDUSTRIES CO., LTD.	+8.56%	936M
ÍSFÉLAG HF.	-1.50%	924M
VINH HOAN CORPORATION	+21.13%	668M
ZHANJIANG GUOLIAN AQUATIC PRODUCTS CO., LTD.	-44.04%	421M

Seafood Product Preparation & Packaging