Financials WHA Business Complex Freehold and Leasehold Real Estate Investment Trust

Equities

WHABT

TH6900010005

Commercial REITs

End-of-day quote Thailand S.E. 03:30:00 17/05/2024 am IST 5-day change 1st Jan Change
7.6 THB 0.00% Intraday chart for WHA Business Complex Freehold and Leasehold Real Estate Investment Trust -0.65% -9.52%

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 2,040 2,020 1,697 1,727 1,858 1,808
Enterprise Value (EV) 1 2,443 2,507 2,095 2,091 2,209 2,145
P/E ratio 13.3 x 11.4 x 10.2 x 10.4 x 10.4 x 9.85 x
Yield 5.38% 5.45% 7.08% 7.54% 7.22% 7.54%
Capitalization / Revenue 9.56 x 8.37 x 7.03 x 8.13 x 8.5 x 7.89 x
EV / Revenue 11.5 x 10.4 x 8.68 x 9.85 x 10.1 x 9.36 x
EV / EBITDA - - - - - -
EV / FCF 24 x 26.4 x 25.7 x 24.8 x 23.3 x 22.3 x
FCF Yield 4.17% 3.79% 3.89% 4.04% 4.29% 4.48%
Price to Book 0.99 x 0.95 x 0.79 x 0.79 x 0.83 x 0.79 x
Nbr of stocks (in thousands) 2,02,000 2,02,000 2,02,000 2,02,000 2,02,000 2,02,000
Reference price 2 10.10 10.00 8.400 8.550 9.200 8.950
Announcement Date 22/05/18 28/05/19 25/05/20 20/05/21 24/05/22 24/05/23
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 213.4 241.2 241.3 212.3 218.7 229.1
EBITDA - - - - - -
EBIT 1 134.2 143 151.2 152.7 158.3 161.4
Operating Margin 62.88% 59.27% 62.66% 71.92% 72.4% 70.46%
Earnings before Tax (EBT) 1 153.3 177.2 166.1 166.4 178.9 183.6
Net income 1 153.3 177.2 166.1 166.4 178.9 183.6
Net margin 71.83% 73.48% 68.84% 78.34% 81.83% 80.13%
EPS 2 0.7587 0.8774 0.8224 0.8235 0.8858 0.9087
Free Cash Flow 1 101.9 95.13 81.54 84.5 94.75 96.02
FCF margin 47.74% 39.44% 33.79% 39.79% 43.33% 41.92%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) 66.47% 53.68% 49.09% 50.79% 52.95% 52.31%
Dividend per Share 2 0.5430 0.5445 0.5945 0.6445 0.6645 0.6745
Announcement Date 22/05/18 28/05/19 25/05/20 20/05/21 24/05/22 24/05/23
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 403 487 398 364 350 337
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 102 95.1 81.5 84.5 94.8 96
ROE (net income / shareholders' equity) 7.46% 8.46% 7.78% 7.67% 8.11% 8.15%
ROA (Net income/ Total Assets) 3.22% 3.36% 3.48% 3.48% 3.58% 3.59%
Assets 1 4,758 5,272 4,776 4,781 5,004 5,115
Book Value Per Share 2 10.20 10.50 10.70 10.80 11.00 11.30
Cash Flow per Share 2 0.4600 0.0500 0.4900 0.6600 0.7300 0.8100
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 22/05/18 28/05/19 25/05/20 20/05/21 24/05/22 24/05/23
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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