Financials Gulf Energy Development

Equities

GULF

THC903010005

Electric Utilities

End-of-day quote Thailand S.E. Other stock markets 2026-02-13			5-day change	1st Jan Change
59.25 ^THB	+1.28%		+19.10%	+41.92%

Feb. 10	Gulf Development Public Company Limited Secures THB 60,000 Million in Loan Facilities to Accelerate Development of 27 Renewable Energy Projects	CI
Jan. 21	Gulf Development enters strategic framework agreement with Google Asia Pacific	RE

Projected Income Statement: Gulf Energy Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	32,827	47,467	94,151	114,054	120,888	130,126	131,884	133,577
Change	-	44.6%	98.35%	21.14%	5.99%	7.64%	1.35%	1.28%
EBITDA ¹	10,476	15,771	21,548	22,299	24,743	29,227	32,016	35,009
Change	-	50.54%	36.63%	3.48%	10.96%	18.12%	9.54%	9.35%
EBIT ¹	7,045	10,782	16,485	18,118	20,168	23,689	25,742	27,832
Change	-	53.04%	52.9%	9.9%	11.32%	17.46%	8.67%	8.12%
Interest Paid ¹	-3,665	-5,596	-7,652	-9,817	-11,088	-10,823	-10,683	-10,502
Earnings before Tax (EBT) ¹	6,252	9,514	15,453	20,672	24,067	34,497	36,892	39,512
Change	-	52.18%	62.42%	33.78%	16.42%	43.34%	6.94%	7.1%
Net income ¹	4,282	7,670	11,418	14,858	18,170	28,284	31,114	34,476
Change	-	79.12%	48.85%	30.13%	22.3%	55.66%	10%	10.81%
Announcement Date	2/22/21	2/18/22	2/16/23	2/15/24	2/10/25	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	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 ¹	-	-	11,242	11,903	15,287	20,662	23,004	23,631	26,888	26,413	32,557	27,419	27,665	31,599	31,592	30,451	27,246	30,782	38,518	29,037	28,409
Change	-	-	-	5.88%	28.43%	35.16%	11.33%	2.73%	13.78%	-1.77%	23.26%	-15.78%	0.9%	14.22%	-0.02%	-3.61%	-10.53%	12.98%	25.13%	-24.61%	-2.16%
EBITDA ¹	-	-	3,429	-	4,977	5,291	-	5,334	5,917	5,523	5,517	5,825	5,434	6,106	6,249	6,052	6,336	6,688	64,871	6,791	6,306
Change	-	-	-	-	-	6.32%	-	-	10.94%	-6.66%	-0.12%	5.58%	-6.71%	12.37%	2.34%	-3.16%	4.7%	5.56%	869.92%	-89.53%	-7.14%
EBIT ¹	-	-	2,184	2,370	3,705	4,046	3,798	4,057	4,619	4,570	4,516	4,721	4,311	4,970	5,112	4,912	5,175	5,400	5,362	5,570	4,990
Change	-	-	-	8.54%	56.3%	9.2%	-6.12%	6.82%	13.85%	-1.07%	-1.17%	4.54%	-8.7%	15.29%	2.86%	-3.9%	5.34%	4.36%	-0.71%	3.89%	-10.41%
Charge d'intérêts ¹	-	-	-	-	-1,737	-	-	-	-	-	-	-	-2,695	-2,124	-	-2,716	-2,974	-3,193	-3,333	-3,323	-3,163
Earnings before Tax (EBT) ¹	-	-	-	-	4,172	-	1,856	1,393	7,661	5,378	4,095	4,503	6,697	4,338	6,147	8,710	4,871	7,021	65,946	9,094	6,487
Change	-	-	-	-	-	-	-	-24.94%	449.86%	-29.8%	-23.86%	9.96%	48.73%	-35.22%	41.7%	41.69%	-44.08%	44.15%	839.29%	-86.21%	-28.67%
Net income ¹	1,844	1,632	1,407	1,588	3,043	3,395	1,531	1,087	5,406	3,850	2,885	3,360	4,763	3,499	4,741	6,030	3,901	5,395	63,871	7,274	7,799
Change	-	-11.5%	-13.82%	12.92%	91.63%	11.54%	-54.91%	-29.01%	397.47%	-28.78%	-25.07%	16.48%	41.73%	-26.54%	35.52%	27.18%	-35.31%	38.3%	1,083.97%	-88.61%	7.21%
Announcement Date	2/22/21	5/14/21	8/13/21	11/12/21	2/18/22	5/13/22	8/11/22	11/11/22	2/16/23	5/15/23	8/10/23	11/9/23	2/15/24	5/9/24	8/8/24	11/14/24	2/10/25	5/8/25	8/8/25	11/6/25	-

¹THB in Million

Estimates

Fiscal Period: December	2021 S1
Net sales ¹	20,277
Change	-
EBITDA ¹	7,156
Change	-
EBIT ¹	4,710
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	8/13/21

¹THB in Million

Estimates

Forecast Balance Sheet: Gulf Energy Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	120,567	196,380	-	273,437	270,509	275,231	281,338	281,278
Change	-	62.88%	-	-	-1.07%	1.75%	2.22%	-0.02%
Announcement Date	2/22/21	2/18/22	2/16/23	2/15/24	2/10/25	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: Gulf Energy Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	11,867	22,109	16,541	18,856	24,206	20,668	28,466	26,099
Change	-	86.3%	-25.18%	13.99%	28.38%	-14.62%	37.73%	-8.32%
Free Cash Flow (FCF) ¹	-1,289	-8,094	-5,264	-1,755	-4,391	66,514	34,570	38,557
Change	-	-528.09%	34.97%	66.66%	-150.17%	1,614.92%	-48.03%	11.53%
Announcement Date	2/22/21	2/18/22	2/16/23	2/15/24	2/10/25	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: Gulf Energy Development

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	31.91%	33.22%	22.89%	19.55%	20.47%	22.46%	24.28%	26.21%
EBIT Margin (%)	21.46%	22.71%	17.51%	15.88%	16.68%	18.2%	19.52%	20.84%
EBT Margin (%)	19.04%	20.04%	16.41%	18.12%	19.91%	26.51%	27.97%	29.58%
Net margin (%)	13.04%	16.16%	12.13%	13.03%	15.03%	21.74%	23.59%	25.81%
FCF margin (%)	-3.93%	-17.05%	-5.59%	-1.54%	-3.63%	51.12%	26.21%	28.86%
FCF / Net Income (%)	-30.09%	-105.52%	-46.1%	-11.81%	-24.16%	235.16%	111.11%	111.84%
Profitability
ROA	2.25%	2.52%	2.92%	3.39%	3.8%	3.62%	4.02%	4.21%
ROE	8.36%	9.55%	11.01%	13.07%	15.1%	7.76%	7.92%	8.29%
Financial Health
Leverage (Debt/EBITDA)	11.51x	12.45x	-	12.26x	10.93x	9.42x	8.79x	8.03x
Debt / Free cash flow	-93.56x	-24.26x	-	-155.8x	-61.61x	4.14x	8.14x	7.3x
Capital Intensity
CAPEX / Current Assets (%)	36.15%	46.58%	17.57%	16.53%	20.02%	15.88%	21.58%	19.54%
CAPEX / EBITDA (%)	113.28%	140.19%	76.76%	84.56%	97.83%	70.71%	88.91%	74.55%
CAPEX / FCF (%)	-920.9%	-273.15%	-314.26%	-1,074.38%	-551.31%	31.07%	82.34%	67.69%
Items per share
Cash flow per share ¹	-	-	-	-	-	2.911	3.185	3.526
Change	-	-	-	-	-	-	9.41%	10.72%
Dividend per Share ¹	-	-	-	-	-	1.236	1.28	1.377
Change	-	-	-	-	-	-	3.56%	7.57%
Book Value Per Share ¹	-	-	-	-	-	24.45	25.87	26.24
Change	-	-	-	-	-	-	5.79%	1.42%
EPS ¹	-	-	-	-	-	1.897	2.068	2.304
Change	-	-	-	-	-	-	9.03%	11.43%
Nbr of stocks (in thousands)	-	-	-	-	-	14,939,838	14,939,838	14,939,838
Announcement Date	-	-	-	-	-	-	-	-