SIS DISTRIBUTION (THAILAND) |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 26.75 THB | -2.73% |
|
+5.94% | +23.84% |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 3,432 | 2,644 | 6,128 | 15,409 | 9,105 | 7,564 |
| Enterprise Value (EV) 1 | 4,935 | 4,502 | 7,647 | 19,578 | 12,827 | 10,148 |
| P/E ratio | 7.34 x | 6.24 x | 10.3 x | 19.4 x | 13.2 x | 11.7 x |
| Yield | 5.61% | 7.28% | 5.71% | 2.73% | 4.62% | 4.86% |
| Capitalization / Revenue | 0.16 x | 0.13 x | 0.26 x | 0.48 x | 0.31 x | 0.27 x |
| EV / Revenue | 0.22 x | 0.22 x | 0.32 x | 0.61 x | 0.44 x | 0.37 x |
| EV / EBITDA | 8.1 x | 7.37 x | 8.96 x | 20.9 x | 13 x | 10.8 x |
| EV / FCF | 136 x | -22 x | 10.2 x | -7.81 x | 15.8 x | 5.69 x |
| FCF Yield | 0.74% | -4.55% | 9.84% | -12.8% | 6.33% | 17.6% |
| Price to Book | 1.58 x | 1.1 x | 2.18 x | 4.74 x | 2.58 x | 2.01 x |
| Nbr of stocks (in thousands) | 350,199 | 350,199 | 350,199 | 350,199 | 350,199 | 350,199 |
| Reference price 2 | 9.800 | 7.550 | 17.50 | 44.00 | 26.00 | 21.60 |
| Announcement Date | 2/20/19 | 2/17/20 | 2/25/21 | 2/24/22 | 2/20/23 | 2/16/24 |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 22,140 | 20,402 | 23,930 | 32,314 | 29,062 | 27,668 |
| EBITDA 1 | 609.1 | 610.6 | 853.5 | 936.6 | 987.9 | 936.2 |
| EBIT 1 | 577.3 | 574 | 806.5 | 883.2 | 929.9 | 873.5 |
| Operating Margin | 2.61% | 2.81% | 3.37% | 2.73% | 3.2% | 3.16% |
| Earnings before Tax (EBT) 1 | 573.3 | 528.1 | 740.9 | 988.4 | 858.1 | 799.5 |
| Net income 1 | 467.9 | 423.4 | 597.5 | 792.6 | 688.5 | 645.6 |
| Net margin | 2.11% | 2.08% | 2.5% | 2.45% | 2.37% | 2.33% |
| EPS 2 | 1.336 | 1.209 | 1.706 | 2.263 | 1.966 | 1.843 |
| Free Cash Flow 1 | 36.35 | -205 | 752.7 | -2,506 | 811.5 | 1,785 |
| FCF margin | 0.16% | -1% | 3.15% | -7.76% | 2.79% | 6.45% |
| FCF Conversion (EBITDA) | 5.97% | - | 88.19% | - | 82.14% | 190.63% |
| FCF Conversion (Net income) | 7.77% | - | 125.98% | - | 117.87% | 276.46% |
| Dividend per Share 2 | 0.5500 | 0.5500 | 1.000 | 1.200 | 1.200 | 1.050 |
| Announcement Date | 2/20/19 | 2/17/20 | 2/25/21 | 2/24/22 | 2/20/23 | 2/16/24 |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 1,503 | 1,858 | 1,519 | 4,169 | 3,722 | 2,584 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.468 x | 3.042 x | 1.779 x | 4.451 x | 3.767 x | 2.76 x |
| Free Cash Flow 1 | 36.3 | -205 | 753 | -2,506 | 812 | 1,785 |
| ROE (net income / shareholders' equity) | 23.2% | 18.5% | 22.9% | 26.2% | 20.3% | 17.7% |
| ROA (Net income/ Total Assets) | 6.03% | 5.37% | 6.8% | 5.62% | 5.11% | 5.21% |
| Assets 1 | 7,754 | 7,878 | 8,781 | 14,104 | 13,466 | 12,392 |
| Book Value Per Share 2 | 6.210 | 6.860 | 8.020 | 9.280 | 10.10 | 10.80 |
| Cash Flow per Share 2 | 0.7100 | 0.8800 | 0.7500 | 1.200 | 0.6800 | 0.9600 |
| Capex 1 | 1.08 | 8.14 | 7.61 | 8.1 | 4.23 | 0.49 |
| Capex / Sales | 0% | 0.04% | 0.03% | 0.03% | 0.01% | 0% |
| Announcement Date | 2/20/19 | 2/17/20 | 2/25/21 | 2/24/22 | 2/20/23 | 2/16/24 |
1THB in Million2THB
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
26.75
THB
Average target price
25.75
THB
Spread / Average Target
-3.74%
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +23.84% | 253M | |
| -4.13% | 16.16B | |
| +14.12% | 4.32B | |
| +28.27% | 3.17B | |
| +7.02% | 1.95B | |
| +10.04% | 1.61B | |
| +6.62% | 1.16B | |
| +23.95% | 1.13B | |
| +2.10% | 1.03B | |
| +1.69% | 959M |
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- Financials SiS Distribution (Thailand)
