Financials Gunkul Engineering

Equities

GUNKUL

TH1041010Z03

Electric Utilities

End-of-day quote Thailand S.E. 06:00:00 2024-05-14 pm EDT 5-day change 1st Jan Change
2.6 THB +2.36% Intraday chart for Gunkul Engineering -1.52% -7.14%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 26,175 22,134 49,742 46,633 24,680 22,395 - -
Enterprise Value (EV) 1 46,854 44,348 73,324 59,576 24,680 22,395 22,395 22,395
P/E ratio 12.4 x 6.46 x 22.4 x 15.4 x 16.5 x 15 x 13.3 x 11.6 x
Yield 4.56% 7.22% 3.21% 2.29% - 4.04% 4.13% 4.49%
Capitalization / Revenue 3.69 x 2.56 x 5.34 x 6.21 x 3.25 x 2.94 x 2.73 x 2.42 x
EV / Revenue 3.69 x 2.56 x 5.34 x 6.21 x 3.25 x 2.94 x 2.73 x 2.42 x
EV / EBITDA 6.07 x 6.49 x 11.9 x 15.2 x 10.7 x 6.42 x 7 x 6.42 x
EV / FCF 9.25 x -7.67 x 25.6 x 41.2 x - -6.57 x 22.2 x 15.7 x
FCF Yield 10.8% -13% 3.9% 2.43% - -15.2% 4.51% 6.39%
Price to Book 2.44 x 1.79 x 3.79 x 3.31 x - 1.53 x 1.49 x 1.37 x
Nbr of stocks (in thousands) 8,783,487 8,783,487 8,882,531 8,882,531 8,814,231 8,613,611 - -
Reference price 2 2.980 2.520 5.600 5.250 2.800 2.600 2.600 2.600
Announcement Date 2/25/20 2/24/21 2/23/22 2/27/23 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 7,099 8,649 9,318 7,506 7,605 7,615 8,217 9,239
EBITDA 1 4,311 3,412 4,184 3,065 2,302 3,490 3,201 3,490
EBIT 1 3,173 2,059 2,642 1,752 1,291 1,196 1,174 1,258
Operating Margin 44.7% 23.8% 28.35% 23.35% 16.97% 15.71% 14.29% 13.62%
Earnings before Tax (EBT) 1 2,263 3,545 2,439 3,315 1,654 488 551 707
Net income 1 2,147 3,412 2,229 3,011 1,474 1,540 1,686 1,907
Net margin 30.25% 39.45% 23.92% 40.11% 19.39% 20.23% 20.51% 20.65%
EPS 2 0.2400 0.3900 0.2500 0.3400 0.1700 0.1733 0.1950 0.2233
Free Cash Flow 1 2,830 -2,885 1,940 1,131 - -3,409 1,009 1,430
FCF margin 39.87% -33.36% 20.82% 15.07% - -44.77% 12.28% 15.48%
FCF Conversion (EBITDA) 65.66% - 46.37% 36.9% - - 31.52% 40.98%
FCF Conversion (Net income) 131.81% - 87.04% 37.57% - - 59.86% 74.97%
Dividend per Share 2 0.1360 0.1820 0.1800 0.1200 - 0.1050 0.1075 0.1167
Announcement Date 2/25/20 2/24/21 2/23/22 2/27/23 2/28/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales 3,306 1,995 2,017 1,924 1,570 1,877 1,682 - - -
EBITDA 2,014 836.2 1,116 697.7 407.7 615.1 844.5 - - -
EBIT 1,257 450.5 725.7 411.2 157.4 372.7 590.5 - - -
Operating Margin 38.02% 22.58% 35.98% 21.37% 10.03% 19.86% 35.11% - - -
Earnings before Tax (EBT) 1,181 576.9 836.5 1,689 213.2 488.8 - - - -
Net income 1 1,132 503.4 778.3 1,539 189.4 455.8 451.7 461.9 105 299.6
Net margin 34.25% 25.24% 38.58% 80.02% 12.06% 24.29% 26.86% - - -
EPS 0.1300 - - - 0.0220 - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 8/11/21 5/11/22 8/10/22 11/10/22 2/27/23 5/10/23 8/9/23 11/8/23 2/28/24 5/14/24
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 20,680 22,214 23,582 12,943 - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) 4.797 x 6.51 x 5.636 x 4.223 x - - - -
Free Cash Flow 1 2,830 -2,885 1,940 1,131 - -3,409 1,009 1,430
ROE (net income / shareholders' equity) 21.9% 29.6% 17.5% 22.1% - 10.5% 11.2% 12.1%
ROA (Net income/ Total Assets) 5.75% 8.02% 5.04% 8.05% - 4.3% 4.7% 4.95%
Assets 1 37,333 42,537 44,259 37,408 - 35,822 35,862 38,532
Book Value Per Share 2 1.220 1.410 1.480 1.580 - 1.700 1.750 1.900
Cash Flow per Share 2 0.4100 0.0700 0.5600 0.2300 - 0.3000 0.3000 0.3000
Capex 1 743 3,497 3,069 906 - 6,024 2,046 3,341
Capex / Sales 10.47% 40.43% 32.93% 12.07% - 79.11% 24.89% 36.16%
Announcement Date 2/25/20 2/24/21 2/23/22 2/27/23 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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
2.6 THB
Average target price
3.89 THB
Spread / Average Target
+49.62%
Consensus

Quarterly revenue - Rate of surprise

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