Stock BTS BTS GROUP HOLDINGS
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Financials BTS Group Holdings

Equities

BTS

TH0221B10Z05

Passenger Transportation, Ground & Sea

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
6.25 THB -0.79% Intraday chart for BTS Group Holdings +6.84% -13.79%
Mar. 18 Bangkok Airways Public Company Limited acquired an additional 15% stake in UTB Company Limited from BTS Group Holdings Public Company Limited for THB 1.6 million. CI
Feb. 19 Transcript : BTS Group Holdings Public Company Limited, Q3 2024 Earnings Call, Feb 19, 2024

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 130,299 119,704 127,005 121,113 93,490 82,298 - -
Enterprise Value (EV) 1 180,621 202,326 231,618 266,136 248,377 234,188 228,698 221,032
P/E ratio 45.3 x 14.3 x 27.7 x 31.6 x 51.1 x -43.5 x 55.5 x 43.2 x
Yield 3.82% 5.27% 3.21% 3.37% 4.37% 0.56% 2.67% 2.88%
Capitalization / Revenue 2.84 x 3.38 x 3.62 x 4.65 x 5.11 x 4.68 x 4.99 x 4.59 x
EV / Revenue 3.94 x 5.71 x 6.59 x 10.2 x 13.6 x 13.3 x 13.9 x 12.3 x
EV / EBITDA 54.2 x 19.4 x 49.6 x 65.9 x 87.8 x 44.1 x 40.5 x 34.9 x
EV / FCF -11 x -13.8 x -11.4 x -16.8 x -15.6 x -25.3 x 95.5 x 190 x
FCF Yield -9.1% -7.24% -8.76% -5.94% -6.43% -3.96% 1.05% 0.53%
Price to Book 3.36 x 2.18 x 2.11 x 1.95 x 1.67 x 1.45 x 1.35 x 1.42 x
Nbr of stocks (in thousands) 11,845,369 13,154,296 13,161,131 13,164,478 13,167,638 13,167,638 - -
Reference price 2 11.00 9.100 9.650 9.200 7.100 6.250 6.250 6.250
Announcement Date 5/27/19 6/2/20 6/1/21 5/30/22 5/29/23 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 45,895 35,405 35,128 26,056 18,311 17,588 16,496 17,949
EBITDA 1 3,330 10,448 4,668 4,038 2,828 5,308 5,643 6,326
EBIT 1 2,537 9,477 3,857 3,167 1,861 4,222 4,309 4,779
Operating Margin 5.53% 26.77% 10.98% 12.15% 10.16% 24.01% 26.12% 26.63%
Earnings before Tax (EBT) 1 4,431 9,304 7,286 5,095 3,162 2,844 2,518 3,094
Net income 1 2,873 8,162 4,576 3,826 1,623 -1,286 1,556 2,118
Net margin 6.26% 23.05% 13.03% 14.68% 8.86% -7.31% 9.43% 11.8%
EPS 2 0.2430 0.6380 0.3480 0.2910 0.1390 -0.1437 0.1127 0.1447
Free Cash Flow 1 -16,441 -14,645 -20,295 -15,807 -15,972 -9,263 2,395 1,165
FCF margin -35.82% -41.37% -57.77% -60.66% -87.22% -52.66% 14.52% 6.49%
FCF Conversion (EBITDA) - - - - - - 42.44% 18.41%
FCF Conversion (Net income) - - - - - - 153.9% 55%
Dividend per Share 2 0.4200 0.4800 0.3100 0.3100 0.3100 0.0350 0.1667 0.1800
Announcement Date 5/27/19 6/2/20 6/1/21 5/30/22 5/29/23 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales - 5,589 7,879 4,729 4,003 4,580 4,721 5,007 - - - - - - - -
EBITDA - - - - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - - -
Earnings before Tax (EBT) - 935.8 1,328 1,070 936.3 772.9 1,490 -38.06 - - - - - - - -
Net income 1 2,171 576 1,054 812.3 536 474.1 1,049 -435.7 -772.4 257 -4,762 484.9 162 - - -
Net margin - 10.31% 13.38% 17.18% 13.39% 10.35% 22.21% -8.7% - - - - - - - -
EPS 2 - 0.0440 0.0800 0.0619 0.0407 0.0360 0.0800 -0.0177 -0.0600 0.0200 - 0.0690 - - - -
Dividend per Share 2 - 0.1500 - 0.1600 - - - 0.1600 - - - - 0.0240 0.0260 0.0260 0.0240
Announcement Date 11/15/19 11/15/21 2/14/22 5/30/22 8/15/22 11/14/22 2/14/23 5/29/23 8/16/23 11/15/23 2/14/24 - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 50,322 82,622 104,613 145,023 154,887 151,890 146,401 138,734
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 15.11 x 7.908 x 22.41 x 35.91 x 54.77 x 28.61 x 25.94 x 21.93 x
Free Cash Flow 1 -16,441 -14,645 -20,295 -15,807 -15,972 -9,263 2,395 1,165
ROE (net income / shareholders' equity) 7.24% 17.4% 7.95% 6.26% 2.79% 0.04% 2.62% 3.43%
ROA (Net income/ Total Assets) 2.29% 5.14% 2.38% 1.64% 0.62% -0.31% 0.56% 0.72%
Assets 1 125,287 158,749 192,581 233,966 262,233 420,683 278,475 293,131
Book Value Per Share 2 3.270 4.180 4.570 4.710 4.260 4.300 4.620 4.390
Cash Flow per Share 0.3100 0.3900 0.3900 0.3400 - - - -
Capex 1 937 538 582 359 8,259 3,422 2,481 2,483
Capex / Sales 2.04% 1.52% 1.66% 1.38% 45.11% 19.45% 15.04% 13.83%
Announcement Date 5/27/19 6/2/20 6/1/21 5/30/22 5/29/23 - - -
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

Ratings for BTS Group Holdings

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
6.25 THB
Average target price
7.5 THB
Spread / Average Target
+20.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Commuting Services
  1. Stock Market
  2. Equities
  3. BTS Stock
  4. Financials BTS Group Holdings