Financials Bangkok Dusit Medical Services

Equities

BDMS

TH0264A10Z04

Healthcare Facilities & Services

End-of-day quote Thailand S.E. 06:00:00 2024-02-19 pm EST 5-day change 1st Jan Change
27.75 THB -0.89% Intraday chart for Bangkok Dusit Medical Services -1.77% 0.00%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 388,590 413,192 330,554 365,516 460,868 441,003 441,003 -
Enterprise Value (EV) 1 422,689 432,026 335,050 373,412 471,794 442,515 437,286 431,573
P/E ratio 42 x 26.3 x 46.2 x 46 x 36.7 x 32 x 29.3 x 27 x
Yield 1.45% 2.12% 2.64% 1.96% 1.72% 2.01% 2.1% 2.23%
Capitalization / Revenue 5.16 x 4.99 x 4.86 x 4.91 x 5.01 x 4.4 x 4.12 x 3.84 x
EV / Revenue 5.61 x 5.22 x 4.92 x 5.02 x 5.13 x 4.42 x 4.08 x 3.75 x
EV / EBITDA 24.6 x 25.8 x 24 x 22.9 x 21.5 x 18.3 x 16.9 x 15.5 x
EV / FCF 55 x 60.8 x 62.7 x 35.3 x 29.7 x 30.7 x 30.7 x 26.8 x
FCF Yield 1.82% 1.65% 1.6% 2.83% 3.36% 3.26% 3.26% 3.73%
Price to Book 5.53 x 4.93 x 3.76 x 4.36 x 5.13 x 4.65 x 4.36 x 4.13 x
Nbr of stocks (in thousands) 15,668,956 15,892,002 15,892,002 15,892,002 15,892,002 15,892,002 15,892,002 -
Reference price 2 24.80 26.00 20.80 23.00 29.00 27.75 27.75 27.75
Announcement Date 2/28/19 2/27/20 2/24/21 2/23/22 2/22/23 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 75,331 82,723 68,074 74,451 91,934 100,131 107,126 114,946
EBITDA 1 17,175 16,752 13,955 16,282 21,899 24,213 25,932 27,809
EBIT 1 13,552 10,999 7,542 9,961 15,950 17,754 19,080 20,637
Operating Margin 17.99% 13.3% 11.08% 13.38% 17.35% 17.73% 17.81% 17.95%
Earnings before Tax (EBT) 1 12,387 19,883 10,401 10,594 16,481 17,899 19,528 21,258
Net income 1 9,191 15,517 7,214 7,936 12,606 13,817 15,007 16,267
Net margin 12.2% 18.76% 10.6% 10.66% 13.71% 13.8% 14.01% 14.15%
EPS 2 0.5900 0.9900 0.4500 0.5000 0.7900 0.8668 0.9460 1.027
Free Cash Flow 1 7,685 7,109 5,346 10,586 15,861 14,419 14,244 16,077
FCF margin 10.2% 8.59% 7.85% 14.22% 17.25% 14.4% 13.3% 13.99%
FCF Conversion (EBITDA) 44.75% 42.44% 38.31% 65.01% 72.42% 59.55% 54.93% 57.81%
FCF Conversion (Net income) 83.62% 45.81% 74.1% 133.39% 125.82% 104.35% 94.91% 98.83%
Dividend per Share 2 0.3600 0.5500 0.5500 0.4500 0.5000 0.5572 0.5834 0.6180
Announcement Date 2/28/19 2/27/20 2/24/21 2/23/22 2/22/23 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 39,959 17,163 19,664 21,596 22,986 21,772 23,700 23,476 23,084 24,081 26,416 26,259
EBITDA 1 - 3,447 5,118 4,936 6,000 4,911 5,714 8,256 5,684 5,219 6,311 6,106
EBIT 1 - 1,862 3,025 3,380 4,510 3,425 4,224 3,790 4,255 3,773 4,841 4,723
Operating Margin - 10.85% 15.38% 15.65% 19.62% 15.73% 17.82% 16.14% 18.43% 15.67% 18.33% 17.99%
Earnings before Tax (EBT) 1 13,094 1,951 3,363 3,512 4,546 3,514 4,391 4,030 4,466 3,996 5,078 4,983
Net income 1 10,304 1,452 2,509 2,636 3,443 2,664 3,386 3,113 3,470 3,063 3,890 3,626
Net margin 25.79% 8.46% 12.76% 12.21% 14.98% 12.24% 14.29% 13.26% 15.03% 12.72% 14.73% 13.81%
EPS 2 0.6600 0.0900 0.1600 0.1700 0.2200 0.1700 0.2100 0.1900 0.2200 0.1900 0.2400 0.2280
Dividend per Share 2 - 0.2500 - 0.2000 - 0.3000 0.1000 0.2000 - 0.3000 0.3500 0.1173
Announcement Date 8/13/19 8/10/21 11/10/21 2/23/22 5/11/22 8/11/22 11/14/22 2/22/23 5/11/23 8/11/23 11/13/23 -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 34,099 18,834 4,497 7,896 10,926 1,512 - -
Net Cash position 1 - - - - - - 3,717 9,430
Leverage (Debt/EBITDA) 1.985 x 1.124 x 0.3222 x 0.4849 x 0.4989 x 0.0624 x - -
Free Cash Flow 1 7,685 7,109 5,346 10,586 15,861 14,419 14,244 16,077
ROE (net income / shareholders' equity) 13.8% 20.1% 8.4% 9.24% 14.5% 15.1% 15.4% 15.8%
ROA (Net income/ Total Assets) 7.2% 11.6% 5.35% 6% 9.34% 10.2% 10.7% 11.3%
Assets 1 127,653 133,769 134,856 132,253 134,999 135,540 139,852 144,002
Book Value Per Share 2 4.490 5.270 5.530 5.280 5.660 5.960 6.360 6.720
Cash Flow per Share 2 0.9500 0.9200 0.7400 0.9200 1.280 1.250 1.410 1.540
Capex 1 7,119 7,437 6,335 3,975 4,406 6,935 7,536 8,076
Capex / Sales 9.45% 8.99% 9.31% 5.34% 4.79% 6.93% 7.04% 7.03%
Announcement Date 2/28/19 2/27/20 2/24/21 2/23/22 2/22/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
18
Last Close Price
27.75 THB
Average target price
34.41 THB
Spread / Average Target
+23.98%
Consensus
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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