Financials Frasers Property (Thailand)

Equities

FPT

TH0675010Y00

Real Estate Development & Operations

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
15 THB +1.35% Intraday chart for Frasers Property (Thailand) 0.00% -1.32%

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 36,503 24,352 26,904 35,253 35,717 34,789 -
Enterprise Value (EV) 1 82,036 69,117 71,044 81,620 35,717 47,118 46,918
P/E ratio 18.9 x 7.84 x 17.1 x 14.3 x 19.3 x 19 x 18.5 x
Yield 2.54% 5.71% 2.93% 2.83% - 5% 5.13%
Capitalization / Revenue 1.69 x 1.32 x 1.86 x 2.37 x - 8.85 x 8.68 x
EV / Revenue 3.81 x 3.76 x 4.9 x 5.5 x - 12 x 11.7 x
EV / EBITDA 13 x 12.6 x 18.2 x 16.5 x - 15.4 x 15.1 x
EV / FCF - 101,921,113 x 132,521,804 x -158,154,351 x - - -
FCF Yield - 0% 0% -0% - - -
Price to Book 1.24 x 0.68 x - 0.98 x - 1.36 x 1.36 x
Nbr of stocks (in thousands) 2,016,763 2,319,277 2,319,277 2,319,277 2,319,277 2,319,277 -
Reference price 2 18.10 10.50 11.60 15.20 15.40 15.00 15.00
Announcement Date 11/14/19 11/9/20 11/9/21 11/8/22 11/9/23 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025
Net sales 1 21,545 18,379 14,498 14,853 - 3,933 4,007
EBITDA 1 6,306 5,476 3,912 4,934 - 3,067 3,107
EBIT 1 5,269 4,791 2,867 3,882 - 3,025 3,064
Operating Margin 24.46% 26.07% 19.78% 26.13% - 76.91% 76.47%
Earnings before Tax (EBT) 4,184 3,472 1,855 3,001 - - -
Net income 1 1,791 2,791 1,586 2,464 1,852 2,599 2,667
Net margin 8.31% 15.19% 10.94% 16.59% - 66.08% 66.56%
EPS 2 0.9600 1.340 0.6800 1.060 0.8000 0.7900 0.8100
Free Cash Flow - 678.1 536.1 -516.1 - - -
FCF margin - 3.69% 3.7% -3.47% - - -
FCF Conversion (EBITDA) - 12.38% 13.7% - - - -
FCF Conversion (Net income) - 24.29% 33.8% - - - -
Dividend per Share 2 0.4600 0.6000 0.3400 0.4300 - 0.7500 0.7700
Announcement Date 11/14/19 11/9/20 11/9/21 11/8/22 11/9/23 - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 45,533 44,764 44,141 46,367 - 12,329 12,129
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 7.221 x 8.174 x 11.28 x 9.397 x - 4.02 x 3.904 x
Free Cash Flow - 678 536 -516 - - -
ROE (net income / shareholders' equity) 5.47% 9.39% - 6.99% - 7.4% 7.4%
ROA (Net income/ Total Assets) 2.05% 3.01% 1.71% 2.57% - 5.2% 5.3%
Assets 1 87,520 92,779 92,911 95,802 - 49,981 50,321
Book Value Per Share 2 14.50 15.50 - 15.60 - 11.00 11.00
Cash Flow per Share 2 -2.120 0.9700 1.810 1.940 - 0.7900 0.8100
Capex 2,148 1,355 3,665 5,022 - - -
Capex / Sales 9.97% 7.37% 25.28% 33.81% - - -
Announcement Date 11/14/19 11/9/20 11/9/21 11/8/22 11/9/23 - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
1
Last Close Price
15 THB
Average target price
11.8 THB
Spread / Average Target
-21.33%
Consensus

Annual profits - Rate of surprise

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