Financials Royal Plus

Equities

PLUS

THA761010000

Non-Alcoholic Beverages

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
7.7 ^THB	0.00%		-6.10%	+24.19%

Apr. 29	Royal Plus Public Company Limited Announces Chief Financial Officer Changes	CI
Apr. 29	Royal Plus Public Company Limited Announces Management Changes	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025
Capitalization ¹	5,628	4,154	5,159	-
Enterprise Value (EV) ¹	5,628	4,154	5,159	5,159
P/E ratio	24.7 x	-	19.7 x	16 x
Yield	1.55%	1.94%	2.47%	2.99%
Capitalization / Revenue	3.94 x	2.95 x	2.6 x	2.32 x
EV / Revenue	3.94 x	2.95 x	2.6 x	2.32 x
EV / EBITDA	20.2 x	14 x	13.2 x	11.1 x
EV / FCF	-689 x	-28.4 x	48.7 x	27.9 x
FCF Yield	-0.15%	-3.52%	2.05%	3.59%
Price to Book	4.49 x	3.07 x	3.5 x	3.08 x
Nbr of stocks (in thousands)	670,000	670,000	670,000	-
Reference price ²	8.400	6.200	7.700	7.700
Announcement Date	2/23/23	2/22/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025
Net sales ¹	-	1,428	1,408	1,985	2,228
EBITDA ¹	-	278.3	296.7	390	463
EBIT ¹	-	230.9	206.6	327	399
Operating Margin	-	16.17%	14.67%	16.47%	17.91%
Earnings before Tax (EBT) ¹	-	258.7	234.5	326	398
Net income ¹	85.63	207.6	188.1	261	318
Net margin	-	14.54%	13.36%	13.15%	14.27%
EPS ²	0.1700	0.3400	-	0.3900	0.4800
Free Cash Flow ¹	-	-8.172	-146	106	185
FCF margin	-	-0.57%	-10.37%	5.34%	8.3%
FCF Conversion (EBITDA)	-	-	-	27.18%	39.96%
FCF Conversion (Net income)	-	-	-	40.61%	58.18%
Dividend per Share ²	-	0.1300	0.1200	0.1900	0.2300
Announcement Date	5/19/22	2/23/23	2/22/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	434.4	375.9	232.9	241	420.4	409.6	337	313
EBITDA ¹	102.6	75.47	41.38	20.04	84.26	87.31	88.81	49
EBIT ¹	95.44	62.84	29.02	6.51	69.45	71.32	59.28	34
Operating Margin	21.97%	16.72%	12.46%	2.7%	16.52%	17.41%	17.59%	10.86%
Earnings before Tax (EBT) ¹	96.66	65.9	37.81	10.12	76.84	76.01	71.57	26
Net income ¹	77.33	52.97	30.54	8.207	61.6	60.87	57.37	21
Net margin	17.8%	14.09%	13.11%	3.41%	14.65%	14.86%	17.03%	6.71%
EPS ²	-	0.0800	0.0400	0.0100	0.0900	0.0900	0.0800	0.0500
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	8/11/22	11/11/22	2/23/23	5/11/23	8/11/23	11/10/23	2/22/24	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	-8.17	-146	106	185
ROE (net income / shareholders' equity)	-	25.7%	13.9%	17.5%	19.3%
ROA (Net income/ Total Assets)	-	19.1%	11.2%	14.3%	15.8%
Assets ¹	-	1,089	1,685	1,825	2,013
Book Value Per Share ²	-	1.870	2.020	2.200	2.500
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	181	450	450	80
Capex / Sales	-	12.64%	31.97%	22.67%	3.59%
Announcement Date	5/19/22	2/23/23	2/22/24	-	-

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 Royal Plus

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.7 THB

Average target price

8.2 THB

Spread / Average Target

+6.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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