Financials International Research Corporation

Equities

IRCP

TH0711010Z02

IT Services & Consulting

End-of-day quote Thailand S.E. 06:00:00 2024-05-20 pm EDT 5-day change 1st Jan Change
0.67 THB +1.52% Intraday chart for International Research Corporation +1.52% 0.00%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 139.9 124.6 193.3 826.6 572.2 417.7
Enterprise Value (EV) 1 504.8 589.2 647.4 1,040 558.2 466.3
P/E ratio -2.71 x -1.23 x 25.8 x 33.7 x 9.83 x 14.2 x
Yield - - - - 2.45% 3.73%
Capitalization / Revenue 0.13 x 0.13 x 0.22 x 1.12 x 0.44 x 0.38 x
EV / Revenue 0.47 x 0.62 x 0.75 x 1.41 x 0.43 x 0.42 x
EV / EBITDA -32.8 x 55.3 x -112 x 61.6 x 8.57 x 12.8 x
EV / FCF 2.64 x -11.3 x -21.4 x 138 x 2,127 x -2.79 x
FCF Yield 37.9% -8.84% -4.66% 0.73% 0.05% -35.9%
Price to Book 0.46 x 0.59 x 1.03 x 2.44 x 1.03 x 0.67 x
Nbr of stocks (in thousands) 254,300 254,300 254,300 413,302 560,968 623,481
Reference price 2 0.5500 0.4900 0.7600 2.000 1.020 0.6700
Announcement Date 2/22/19 2/24/20 2/19/21 2/28/22 2/27/23 2/29/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,080 952.6 862.4 739.6 1,289 1,109
EBITDA 1 -15.41 10.65 -5.784 16.88 65.16 36.46
EBIT 1 -25.61 0.2616 -15.46 8.137 55.41 27.09
Operating Margin -2.37% 0.03% -1.79% 1.1% 4.3% 2.44%
Earnings before Tax (EBT) 1 -56.5 -74.38 -10.01 21.37 62.01 40.04
Net income 1 -51.53 -101.5 7.502 18.57 49.05 28.99
Net margin -4.77% -10.65% 0.87% 2.51% 3.81% 2.61%
EPS 2 -0.2026 -0.3991 0.0295 0.0594 0.1038 0.0470
Free Cash Flow 1 191.5 -52.07 -30.19 7.542 0.2624 -167.3
FCF margin 17.73% -5.47% -3.5% 1.02% 0.02% -15.08%
FCF Conversion (EBITDA) - - - 44.67% 0.4% -
FCF Conversion (Net income) - - - 40.62% 0.53% -
Dividend per Share - - - - 0.0250 0.0250
Announcement Date 2/22/19 2/24/20 2/19/21 2/28/22 2/27/23 2/29/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 365 465 454 213 - 48.5
Net Cash position 1 - - - - 13.9 -
Leverage (Debt/EBITDA) -23.68 x 43.61 x -78.52 x 12.63 x - 1.331 x
Free Cash Flow 1 191 -52.1 -30.2 7.54 0.26 -167
ROE (net income / shareholders' equity) -18.8% -43.4% 13.8% 7.52% 11.7% 5.19%
ROA (Net income/ Total Assets) -1.44% 0.01% -0.95% 0.58% 3.76% 1.5%
Assets 1 3,577 -709,691 -789.3 3,210 1,305 1,936
Book Value Per Share 2 1.210 0.8300 0.7400 0.8200 0.9900 1.010
Cash Flow per Share 2 0.8500 0.2500 0.1700 0.3100 0.1700 0.1200
Capex 1 9.18 15.3 5.5 3.94 11 7.12
Capex / Sales 0.85% 1.61% 0.64% 0.53% 0.85% 0.64%
Announcement Date 2/22/19 2/24/20 2/19/21 2/28/22 2/27/23 2/29/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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