Financials Impact Growth Real Estate Investment Trust

Equities

IMPACT

TH5882010009

Commercial REITs

End-of-day quote Thailand S.E. 06:00:00 2024-04-28 pm EDT 5-day change 1st Jan Change
11.8 THB 0.00% Intraday chart for Impact Growth Real Estate Investment Trust -0.84% -4.84%

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 32,022 21,644 28,760 25,351 19,124 17,494 -
Enterprise Value (EV) 1 35,667 24,838 32,372 25,351 22,131 20,446 20,336
P/E ratio 24.3 x 17.5 x 64.4 x - 19.8 x 17.9 x 15 x
Yield 3.94% 5.14% 1.65% - 4.65% 5.24% 5.69%
Capitalization / Revenue 13.1 x 9.48 x 26.5 x 38.6 x 10.8 x 9.3 x 7.8 x
EV / Revenue 14.6 x 10.9 x 29.8 x 38.6 x 12.5 x 10.9 x 9.07 x
EV / EBITDA 25.1 x 18.3 x 60 x - - 18.7 x 15.7 x
EV / FCF 26,058,207 x 12,905,755 x - - - - -
FCF Yield 0% 0% - - - - -
Price to Book 1.98 x 1.34 x 1.8 x - - - -
Nbr of stocks (in thousands) 1,482,500 1,482,500 1,482,500 1,482,500 1,482,500 1,482,500 -
Reference price 2 21.60 14.60 19.40 17.10 12.90 11.80 11.80
Announcement Date 5/27/19 5/21/20 5/20/21 5/19/22 5/18/23 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025
Net sales 1 2,445 2,283 1,087 656.5 1,770 1,882 2,242
EBITDA 1 1,422 1,355 539.5 - - 1,092 1,298
EBIT 1 1,422 1,355 539.5 - - 1,082 1,288
Operating Margin 58.17% 59.34% 49.62% - - 57.49% 57.45%
Earnings before Tax (EBT) 1 1,318 1,238 446.7 - 963.1 978 1,170
Net income 1 1,318 1,238 446.7 160.9 963.1 978 1,170
Net margin 53.88% 54.22% 41.09% 24.51% 54.42% 51.97% 52.19%
EPS 2 0.8900 0.8350 0.3013 - 0.6500 0.6600 0.7890
Free Cash Flow 1,369 1,925 - - - - -
FCF margin 55.97% 84.3% - - - - -
FCF Conversion (EBITDA) 96.23% 142.05% - - - - -
FCF Conversion (Net income) 103.88% 155.48% - - - - -
Dividend per Share 2 0.8500 0.7500 0.3200 - 0.6000 0.6180 0.6720
Announcement Date 5/27/19 5/21/20 5/20/21 5/19/22 5/18/23 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2023 Q1 2023 Q2
Net sales 350.7 -
EBITDA - -
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) 1 - 236.3
Net income 1 175 236.3
Net margin 49.89% -
EPS - -
Dividend per Share - -
Announcement Date 8/11/22 11/10/22
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 3,645 3,194 3,611 - 3,007 2,952 2,842
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 2.563 x 2.357 x 6.694 x - - 2.703 x 2.19 x
Free Cash Flow 1,369 1,925 - - - - -
ROE (net income / shareholders' equity) 8.16% 7.67% 2.78% - 5.95% 6% 7.1%
ROA (Net income/ Total Assets) 6.37% 6.02% 2.2% - 4.7% 4.7% 5.6%
Assets 1 20,678 20,573 20,340 - 20,487 20,809 20,893
Book Value Per Share 10.90 10.90 10.80 - - - -
Cash Flow per Share 2 0.9200 1.300 0.1700 - 0.6200 0.6600 0.7900
Capex 1 - - - - - 34 143
Capex / Sales - - - - - 1.81% 6.38%
Announcement Date 5/27/19 5/21/20 5/20/21 5/19/22 5/18/23 - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
1
Last Close Price
11.8 THB
Average target price
14.6 THB
Spread / Average Target
+23.73%
Consensus

Annual profits - Rate of surprise

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