Financials B.Grimm Power

Equities

BGRIM

TH7545010004

Independent Power Producers

End-of-day quote Thailand S.E. 06:00:00 2024-05-20 pm EDT 5-day change 1st Jan Change
25.5 THB -3.77% Intraday chart for B.Grimm Power -2.86% -6.42%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 136,862 126,435 105,579 103,624 71,038 66,476 - -
Enterprise Value (EV) 1 178,472 187,417 176,792 103,624 71,038 147,542 155,157 176,666
P/E ratio 59.7 x 71.3 x 56.3 x -63.1 x 61.9 x 28.5 x 24.3 x 22.9 x
Yield 0.7% 0.93% 1.04% 0.16% 0.66% 1.54% 1.8% 1.8%
Capitalization / Revenue 3.1 x 2.87 x 2.26 x 1.66 x 1.24 x 1.16 x 1.15 x 1.14 x
EV / Revenue 4.04 x 4.25 x 3.79 x 1.66 x 1.24 x 2.57 x 2.68 x 3.04 x
EV / EBITDA 16.3 x 14.8 x 14.5 x 11 x 5.37 x 10.3 x 10.1 x 11.1 x
EV / FCF 28.3 x -22 x 4,994 x - - 13.9 x 13.9 x 15.8 x
FCF Yield 3.53% -4.54% 0.02% - - 7.21% 7.19% 6.34%
Price to Book 4.86 x 4.6 x 3.58 x - - 1.78 x 1.7 x 1.69 x
Nbr of stocks (in thousands) 2,606,900 2,606,900 2,606,900 2,606,900 2,606,900 2,606,900 - -
Reference price 2 52.50 48.50 40.50 39.75 27.25 25.50 25.50 25.50
Announcement Date 2/24/20 2/25/21 2/25/22 2/28/23 2/29/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 44,132 44,087 46,628 62,395 57,115 57,319 57,804 58,116
EBITDA 1 10,974 12,694 12,160 9,459 13,228 14,348 15,313 15,970
EBIT 1 6,314 7,200 7,021 4,472 7,904 8,596 9,373 10,061
Operating Margin 14.31% 16.33% 15.06% 7.17% 13.84% 15% 16.22% 17.31%
Earnings before Tax (EBT) 1 4,212 3,989 3,715 -942.1 3,973 4,256 5,005 5,074
Net income 1 2,331 2,175 2,276 -1,244 1,885 2,442 2,836 3,037
Net margin 5.28% 4.93% 4.88% -1.99% 3.3% 4.26% 4.91% 5.23%
EPS 2 0.8800 0.6800 0.7200 -0.6300 0.4400 0.8954 1.050 1.111
Free Cash Flow 1 6,302 -8,500 35.4 - - 10,631 11,158 11,203
FCF margin 14.28% -19.28% 0.08% - - 18.55% 19.3% 19.28%
FCF Conversion (EBITDA) 57.43% - 0.29% - - 74.09% 72.86% 70.15%
FCF Conversion (Net income) 270.35% - 1.56% - - 435.3% 393.37% 368.84%
Dividend per Share 2 0.3700 0.4500 0.4200 0.0650 0.1800 0.3934 0.4590 0.4598
Announcement Date 2/24/20 2/25/21 2/25/22 2/28/23 2/29/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 12,986 14,758 14,676 29,434 18,383 14,579 - 15,750 14,891 13,219 13,254 14,165 14,882 14,882 14,882 15,816 15,816
EBITDA 2,448 2,124 2,471 4,688 2,282 2,369 - - 3,513 3,462 3,163 3,424 - - - - -
EBIT 1 1,208 917.4 1,240 2,251 985.9 1,116 - 1,812 2,193 2,125 1,774 2,027 2,467 2,467 2,467 3,034 3,034
Operating Margin 9.3% 6.22% 8.45% 7.65% 5.36% 7.65% - 11.51% 14.73% 16.07% 13.38% 14.31% 16.58% 16.58% 16.58% 19.18% 19.18%
Earnings before Tax (EBT) 498.4 119.4 -147.6 -28.16 -535 -378.9 - - 1,038 962.2 1,102 615.6 - - - - -
Net income 1 195.3 23.3 -193.2 -169.9 -529.3 -544.9 - 398.9 678.4 344.1 463.2 378.7 810 - - - -
Net margin 1.5% 0.16% -1.32% -0.58% -2.88% -3.74% - 2.53% 4.56% 2.6% 3.49% 2.67% 5.44% - - - -
EPS 0.0400 0.0300 -0.1100 -0.1400 -0.2400 -0.2500 - - 0.1800 0.0500 0.1000 0.0600 - - - - -
Dividend per Share 2 - - - - 0.0300 - 0.0350 - - 0.1800 - - - - 0.2586 - -
Announcement Date 2/25/22 5/13/22 8/11/22 8/11/22 11/11/22 2/28/23 2/28/23 5/15/23 8/11/23 11/13/23 2/29/24 5/16/24 - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 41,610 60,983 71,212 - - 81,066 88,681 110,190
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.792 x 4.804 x 5.856 x - - 5.65 x 5.791 x 6.9 x
Free Cash Flow 1 6,302 -8,500 35.4 - - 10,631 11,158 11,203
ROE (net income / shareholders' equity) 9.84% 7.82% 5.55% - - 5.93% 6.64% 6.64%
ROA (Net income/ Total Assets) 2.1% 1.72% 1.63% - - 1.28% 1.51% 1.61%
Assets 1 111,164 126,197 139,949 - - 191,523 187,259 189,243
Book Value Per Share 2 10.80 10.50 11.30 - - 14.40 15.00 15.10
Cash Flow per Share 2 3.630 2.600 3.230 - - 3.540 3.670 3.940
Capex 1 3,153 15,280 10,183 - - 13,433 23,022 32,060
Capex / Sales 7.14% 34.66% 21.84% - - 23.44% 39.83% 55.17%
Announcement Date 2/24/20 2/25/21 2/25/22 2/28/23 2/29/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
25.5 THB
Average target price
30.72 THB
Spread / Average Target
+20.45%
Consensus
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