Financials Electricity Generating

Equities

EGCO

TH0465010005

Independent Power Producers

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
109.5 ^THB	-0.45%		-1.35%	-14.45%

May. 14	Electricity Generating Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 17	Electricity Generating Public Company Limited Announces Management Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	172,681	101,345	92,395	90,815	67,388	57,911	-	-
Enterprise Value (EV) ¹	240,993	174,446	184,341	168,197	67,388	150,504	151,875	145,101
P/E ratio	13.2 x	11.6 x	22.5 x	33.8 x	-8.04 x	5.74 x	5.63 x	6.05 x
Yield	1.98%	3.38%	3.7%	-	-	6.21%	6.17%	5.71%
Capitalization / Revenue	4.6 x	3.02 x	2.57 x	1.52 x	1.36 x	1.51 x	1.38 x	1.58 x
EV / Revenue	6.42 x	5.2 x	5.13 x	2.82 x	1.36 x	3.92 x	3.62 x	3.95 x
EV / EBITDA	23.7 x	19.7 x	20.9 x	17.4 x	5.68 x	12.5 x	14.4 x	16.7 x
EV / FCF	21.6 x	15.2 x	18.9 x	26.3 x	-	40.8 x	23.4 x	-
FCF Yield	4.64%	6.57%	5.29%	3.81%	-	2.45%	4.27%	-
Price to Book	1.65 x	0.99 x	0.82 x	0.76 x	-	0.52 x	0.46 x	0.46 x
Nbr of stocks (in thousands)	526,465	526,465	526,465	526,465	526,465	526,465	-	-
Reference price ²	328.0	192.5	175.5	172.5	128.0	110.0	110.0	110.0
Announcement Date	2/20/20	2/23/21	2/28/22	2/28/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,511	33,578	35,903	59,632	49,627	38,431	41,961	36,741
EBITDA ¹	10,178	8,838	8,821	9,651	11,870	12,065	10,536	8,708
EBIT ¹	6,811	5,707	5,697	6,366	8,830	10,429	8,185	5,225
Operating Margin	18.16%	17%	15.87%	10.68%	17.79%	27.14%	19.51%	14.22%
Earnings before Tax (EBT) ¹	13,986	9,782	4,776	2,957	-7,742	10,324	9,296	10,177
Net income ¹	13,059	8,733	4,104	2,683	-8,384	10,094	9,708	9,569
Net margin	34.81%	26.01%	11.43%	4.5%	-16.89%	26.27%	23.14%	26.05%
EPS ²	24.81	16.59	7.800	5.100	-15.93	19.18	19.55	18.18
Free Cash Flow ¹	11,174	11,466	9,751	6,406	-	3,688	6,487	-
FCF margin	29.79%	34.15%	27.16%	10.74%	-	9.6%	15.46%	-
FCF Conversion (EBITDA)	109.78%	129.72%	110.55%	66.38%	-	30.57%	61.57%	-
FCF Conversion (Net income)	85.56%	131.29%	237.62%	238.76%	-	36.54%	66.82%	-
Dividend per Share ²	6.500	6.500	6.500	-	-	6.833	6.782	6.285
Announcement Date	2/20/20	2/23/21	2/28/22	2/28/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	-	11,346	10,680	9,852
EBITDA ¹	-	-	2,889	2,868	2,232
EBIT ¹	-	-	-	-	1,449
Operating Margin	-	-	-	-	14.71%
Earnings before Tax (EBT) ¹	-	-	-	-14,218	2,133
Net income ¹	934.2	4,116	2,373	-14,239	1,662
Net margin	-	-	20.91%	-133.32%	16.87%
EPS ²	-	-	4.510	-27.05	3.160
Dividend per Share	-	-	-	-	-
Announcement Date	2/28/22	5/11/22	11/14/23	2/28/24	5/14/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	68,312	73,101	91,946	77,382	-	92,593	93,964	87,190
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.712 x	8.271 x	10.42 x	8.018 x	-	7.675 x	8.918 x	10.01 x
Free Cash Flow ¹	11,174	11,466	9,751	6,406	-	3,688	6,487	-
ROE (net income / shareholders' equity)	12.8%	8.45%	4.07%	2.29%	-	8.79%	8.34%	8.02%
ROA (Net income/ Total Assets)	6.29%	8.45%	1.8%	1.73%	-	3.9%	3.95%	3.95%
Assets ¹	207,474	103,367	228,185	155,318	-	258,825	245,763	242,261
Book Value Per Share ²	198.0	194.0	214.0	227.0	-	212.0	237.0	238.0
Cash Flow per Share ²	21.70	22.20	19.90	14.90	-	9.500	29.40	27.40
Capex ¹	256	247	702	1,452	-	1,500	500	500
Capex / Sales	0.68%	0.74%	1.95%	2.43%	-	3.9%	1.19%	1.36%
Announcement Date	2/20/20	2/23/21	2/28/22	2/28/23	2/28/24	-	-	-

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 Electricity Generating

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

110 THB

Average target price

151.3 THB

Spread / Average Target

+37.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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