Financials Healthlead

Equities

HL

THA598010009

Drug Retailers

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
11.9 ^THB	-0.83%		+2.59%	+14.42%

Apr. 17	Healthlead Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on 10 May 2024	CI
Feb. 29	Healthlead Public Company Limited Announces Management Changes	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,923	6,691	2,829	3,237	-	-
Enterprise Value (EV) ¹	4,336	6,712	2,829	2,849	2,929	2,981
P/E ratio	46.4 x	57.2 x	38.5 x	38.4 x	32.2 x	29 x
Yield	1.55%	0.73%	-	1.01%	1.26%	1.43%
Capitalization / Revenue	4.11 x	4.4 x	1.7 x	1.76 x	1.47 x	1.37 x
EV / Revenue	3.62 x	4.42 x	1.7 x	1.55 x	1.33 x	1.26 x
EV / EBITDA	32.5 x	36 x	25.2 x	14.2 x	12.7 x	11.4 x
EV / FCF	59.9 x	432 x	-	21.4 x	40.7 x	28.4 x
FCF Yield	1.67%	0.23%	-	4.67%	2.46%	3.52%
Price to Book	-	-	-	-	-	-
Nbr of stocks (in thousands)	272,000	272,000	272,000	272,000	-	-
Reference price ²	18.10	24.60	10.40	11.90	11.90	11.90
Announcement Date	2/25/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	1,199	1,520	1,659	1,835	2,195	2,371
EBITDA ¹	-	133.6	186.5	112.1	200	230	262
EBIT ¹	-	102.7	148.4	100.7	112	135	151
Operating Margin	-	8.57%	9.77%	6.07%	6.1%	6.15%	6.37%
Earnings before Tax (EBT)	-	-	-	94.04	-	-	-
Net income ¹	52.08	79.66	118.2	74.68	84	101	113
Net margin	-	6.65%	7.78%	4.5%	4.58%	4.6%	4.77%
EPS ²	0.3200	0.3900	0.4300	0.2700	0.3100	0.3700	0.4100
Free Cash Flow ¹	-	72.38	15.53	-	133	72	105
FCF margin	-	6.04%	1.02%	-	7.25%	3.28%	4.43%
FCF Conversion (EBITDA)	-	54.17%	8.33%	-	66.5%	31.3%	40.08%
FCF Conversion (Net income)	-	90.85%	13.14%	-	158.33%	71.29%	92.92%
Dividend per Share ²	-	0.2800	0.1800	-	0.1200	0.1500	0.1700
Announcement Date	6/24/21	2/25/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q3	2022 Q4	2023 Q1
Net sales ¹	371.4	397.6	388.7	385.4
EBITDA ¹	-	50.39	53.53	30.13
EBIT ¹	-	40.61	41.34	17.77
Operating Margin	-	10.22%	10.63%	4.61%
Earnings before Tax (EBT) ¹	-	38.92	40.16	15.9
Net income ¹	-	31.2	34.02	12.8
Net margin	-	7.85%	8.75%	3.32%
EPS	-	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	5/17/22	11/14/22	2/27/23	5/29/23

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	21	-	-	-	-
Net Cash position ¹	-	587	-	-	388	308	256
Leverage (Debt/EBITDA)	-	-	0.1126 x	-	-	-	-
Free Cash Flow ¹	-	72.4	15.5	-	133	72	105
ROE (net income / shareholders' equity)	-	15.8%	13.1%	-	8.4%	9.7%	10.1%
ROA (Net income/ Total Assets)	-	10.4%	9.83%	-	6%	6.8%	7.1%
Assets ¹	-	766.1	1,203	-	1,400	1,485	1,592
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	12.8	121	-	115	120	120
Capex / Sales	-	1.07%	7.94%	-	6.27%	5.47%	5.06%
Announcement Date	6/24/21	2/25/22	2/27/23	2/28/24	-	-	-

¹THB in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Healthlead

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

11.9 THB

Average target price

12 THB

Spread / Average Target

+0.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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CLICKS GROUP LIMITED	-9.00%	3.81B
DASHENLIN PHARMACEUTICAL GROUP CO., LTD.	-12.53%	3.43B

Other Drug Retailers