Financials I-Tail Corporation Thailand S.E.

Equities

ITC-R

THB056010R12

Food Processing

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-06-13 pm EDT			5-day change	1st Jan Change
22.6 ^THB	-1.74%		-2.59%	+7.11%

May. 02	I-Tail Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 05	I-Tail Corporation Public Company Limited Approves Dividend for the Period from July 1, 2023 to December 31, 2023, Payable on April 24, 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	90,000	63,300	67,800	-	-
Enterprise Value (EV) ¹	78,506	63,300	56,883	56,598	56,161
P/E ratio	20.1 x	27.8 x	20.4 x	18.8 x	16.2 x
Yield	8.4%	-	2.74%	3.36%	4.44%
Capitalization / Revenue	3.99 x	4.06 x	3.79 x	3.42 x	3.09 x
EV / Revenue	3.48 x	4.06 x	3.18 x	2.86 x	2.56 x
EV / EBITDA	15.8 x	26.5 x	14.6 x	12.9 x	11.3 x
EV / FCF	-	-	14.5 x	19.9 x	15.8 x
FCF Yield	-	-	6.89%	5.03%	6.35%
Price to Book	3.98 x	-	2.76 x	2.57 x	2.4 x
Nbr of stocks (in thousands)	3,000,000	3,000,000	3,000,000	-	-
Reference price ²	30.00	21.10	22.60	22.60	22.60
Announcement Date	2/15/23	2/15/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	22,528	15,577	17,909	19,814	21,928
EBITDA ¹	4,958	2,393	3,897	4,392	4,982
EBIT ¹	4,387	1,854	3,091	3,503	4,081
Operating Margin	19.47%	11.9%	17.26%	17.68%	18.61%
Earnings before Tax (EBT) ¹	-	2,415	3,465	3,870	4,287
Net income ¹	-	2,281	3,317	3,582	4,117
Net margin	-	14.65%	18.52%	18.08%	18.77%
EPS ²	1.490	0.7600	1.110	1.202	1.398
Free Cash Flow ¹	-	-	3,918	2,847	3,565
FCF margin	-	-	21.88%	14.37%	16.26%
FCF Conversion (EBITDA)	-	-	100.55%	64.81%	71.56%
FCF Conversion (Net income)	-	-	118.13%	79.46%	86.6%
Dividend per Share ²	2.520	-	0.6195	0.7597	1.004
Announcement Date	2/15/23	2/15/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales	-	3,243	6,830	3,999	4,748	4,029	-
EBITDA	-	-	-	635.8	864.5	856	-
EBIT	-	300.1	624.2	502.3	727.6	724.3	-
Operating Margin	-	9.26%	9.14%	12.56%	15.32%	17.98%	-
Earnings before Tax (EBT)	-	-	-	674.6	846.7	828.9	-
Net income ¹	425.2	444.9	870	644.5	766.8	821.1	740
Net margin	-	13.72%	12.74%	16.12%	16.15%	20.38%	-
EPS	0.1400	-	-	0.2100	0.2600	0.2700	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	4/27/23	7/27/23	7/27/23	10/30/23	2/15/24	5/2/24	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	11,494	-	10,917	11,202	11,639
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	-	3,918	2,847	3,565
ROE (net income / shareholders' equity)	32.9%	-	13.9%	14.9%	15.8%
ROA (Net income/ Total Assets)	-	-	12.3%	13.2%	14%
Assets ¹	-	-	26,913	27,088	29,336
Book Value Per Share ²	7.540	-	8.190	8.780	9.410
Cash Flow per Share ²	1.150	-	1.670	1.490	1.610
Capex ¹	1,172	-	1,342	1,165	891
Capex / Sales	5.2%	-	7.5%	5.88%	4.07%
Announcement Date	2/15/23	2/15/24	-	-	-

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

Ratings for I-Tail Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

22.6 THB

Average target price

24.88 THB

Spread / Average Target

+10.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Pet Food Manufacturing