Financials Banpu Power

Equities

BPP

TH7462010003

Independent Power Producers

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
14.1 THB -1.40% Intraday chart for Banpu Power -0.70% -2.76%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,003 46,021 52,421 49,983 44,192 42,973 - -
Enterprise Value (EV) 1 57,637 49,757 71,773 67,156 73,135 54,281 42,973 42,973
P/E ratio 18.2 x 12.4 x 16.8 x 8.71 x 8.31 x 11.8 x 10.7 x -
Yield 3.67% 4.3% 3.78% 4.27% 5.52% 4.96% 5.07% -
Capitalization / Revenue 9.5 x 8.36 x 7.73 x 2.04 x 1.45 x 2.47 x 1.89 x -
EV / Revenue 10.1 x 9.04 x 10.6 x 2.74 x 2.4 x 3.12 x 1.89 x -
EV / EBITDA -985 x 87 x -128 x 37.9 x 7.4 x 21.1 x 17 x 2.25 x
EV / FCF -34.4 x 180 x -115 x 301 x 26.7 x 9.26 x 6.67 x 2.37 x
FCF Yield -2.91% 0.56% -0.87% 0.33% 3.75% 10.8% 15% 42.2%
Price to Book 1.38 x 1.1 x 1.15 x 1.03 x 0.81 x 0.82 x 0.81 x -
Nbr of stocks (in thousands) 3,051,022 3,047,732 3,047,732 3,047,732 3,047,732 3,047,732 - -
Reference price 2 17.70 15.10 17.20 16.40 14.50 14.10 14.10 14.10
Announcement Date 2/21/20 2/23/21 2/23/22 2/22/23 2/21/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,687 5,506 6,784 24,501 30,443 17,411 22,692 -
EBITDA 1 -58.51 571.6 -562.3 1,771 9,885 2,576 2,523 19,138
EBIT 1 -671.2 169.1 -1,143 524.8 8,303 878 832 -
Operating Margin -11.8% 3.07% -16.85% 2.14% 27.27% 5.04% 3.67% -
Earnings before Tax (EBT) 1 3,207 4,084 3,232 6,194 6,840 4,923 - -
Net income 1 2,969 3,702 3,127 5,739 5,319 3,642 3,972 -
Net margin 52.21% 67.25% 46.09% 23.42% 17.47% 20.92% 17.5% -
EPS 2 0.9730 1.214 1.026 1.883 1.745 1.200 1.320 -
Free Cash Flow 1 -1,675 276.3 -625.4 223.3 2,743 5,861 6,445 18,127
FCF margin -29.45% 5.02% -9.22% 0.91% 9.01% 33.66% 28.4% -
FCF Conversion (EBITDA) - 48.33% - 12.61% 27.75% 227.52% 255.45% 94.72%
FCF Conversion (Net income) - 7.46% - 3.89% 51.57% 160.93% 162.26% -
Dividend per Share 2 0.6500 0.6500 0.6500 0.7000 0.8000 0.7000 0.7150 -
Announcement Date 2/21/20 2/23/21 2/23/22 2/22/23 2/21/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q4
Net sales 1 2,905 - 1,048 3,064 3,861 4,377 4,956 11,308 3,450 2,918 7,926
EBITDA 148.2 - -28.84 -356 - - - - - - -
EBIT 1 202.7 - - -583.5 3,335 524 1,755 - 1,933 - 2,552
Operating Margin 6.98% - - -19.04% 86.38% 11.97% 35.42% - 56.02% - 32.2%
Earnings before Tax (EBT) 1 - - - 397.1 - - - -668.5 - 1,470 -1,098
Net income 1 1,656 - 596.5 370.8 2,918 685 2,315 -180.1 2,114 1,338 -231.4
Net margin 57.01% - 56.92% 12.1% 75.59% 15.65% 46.72% -1.59% 61.28% 45.84% -2.92%
EPS 0.5430 - 0.1950 0.1220 - - - - - 0.4390 -
Dividend per Share - 0.3000 - - - - - - - - -
Announcement Date 8/10/20 8/9/21 11/10/21 2/23/22 5/10/22 8/10/22 11/10/22 2/22/23 5/10/23 8/17/23 2/21/24
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,634 3,736 19,352 17,173 28,942 11,308 - -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) -62.11 x 6.536 x -34.42 x 9.699 x 2.928 x 4.39 x - -
Free Cash Flow 1 -1,675 276 -625 223 2,743 5,861 6,445 18,127
ROE (net income / shareholders' equity) 7.47% 9% 7.21% 12.2% 10% 7.1% 7.5% -
ROA (Net income/ Total Assets) 5.92% 7% 5.03% 7.52% 6% 4.4% 4.5% -
Assets 1 50,186 52,893 62,215 76,266 88,653 82,773 88,267 -
Book Value Per Share 2 12.80 13.80 15.00 15.90 17.90 17.30 17.50 -
Cash Flow per Share 2 -0.2100 0.2000 -0.1200 0.2100 1.230 1.900 2.200 -
Capex 1 1,049 329 258 407 1,010 455 380 -
Capex / Sales 18.44% 5.97% 3.8% 1.66% 3.32% 2.61% 1.67% -
Announcement Date 2/21/20 2/23/21 2/23/22 2/22/23 2/21/24 - - -
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
2
Last Close Price
14.1 THB
Average target price
18.25 THB
Spread / Average Target
+29.43%
Consensus
  1. Stock Market
  2. Equities
  3. BPP Stock
  4. Financials Banpu Power