Financials IRPC

Equities

IRPC

TH0471010Y04

Oil & Gas Refining and Marketing

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
1.96 ^THB	-1.51%		+1.55%	-2.97%

Apr. 05	Irpc Public Company Limited Announces Board Changes	CI
Apr. 05	IRPC Public Company Limited Approves Board Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	75,111	75,927	78,377	61,640	41,229	40,005	-	-
Enterprise Value (EV) ¹	131,046	129,008	128,474	130,299	41,229	101,337	93,761	86,272
P/E ratio	-61.3 x	-12.4 x	5.41 x	-14.4 x	-14.4 x	18.1 x	12.3 x	9.19 x
Yield	2.72%	1.61%	5.73%	2.32%	-	2.1%	3.51%	3.57%
Capitalization / Revenue	0.31 x	0.44 x	0.31 x	0.19 x	0.13 x	0.13 x	0.13 x	0.13 x
EV / Revenue	0.55 x	0.74 x	0.5 x	0.4 x	0.13 x	0.33 x	0.32 x	0.28 x
EV / EBITDA	31 x	70.5 x	4.45 x	12.1 x	7.58 x	7.31 x	6.5 x	5.96 x
EV / FCF	83.1 x	16.5 x	15.3 x	-10.4 x	-	25.7 x	10.7 x	11 x
FCF Yield	1.2%	6.07%	6.55%	-9.62%	-	3.9%	9.34%	9.07%
Price to Book	0.9 x	1.01 x	0.9 x	0.77 x	-	0.52 x	0.51 x	0.49 x
Nbr of stocks (in thousands)	20,410,591	20,410,591	20,410,591	20,410,591	20,410,591	20,410,591	-	-
Reference price ²	3.680	3.720	3.840	3.020	2.020	1.960	1.960	1.960
Announcement Date	2/12/20	2/9/21	2/8/22	2/7/23	2/13/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	239,315	174,463	255,115	324,800	319,047	311,331	296,558	309,463
EBITDA ¹	4,231	1,831	28,877	10,727	5,437	13,871	14,420	14,466
EBIT ¹	-4,311	-7,121	18,348	2,668	-3,229	3,712	4,795	4,245
Operating Margin	-1.8%	-4.08%	7.19%	0.82%	-1.01%	1.19%	1.62%	1.37%
Earnings before Tax (EBT) ¹	-1,924	-7,684	16,884	-5,502	-3,684	2,418	3,588	5,438
Net income ¹	-1,174	-6,152	14,505	-4,364	-2,923	2,397	3,846	4,254
Net margin	-0.49%	-3.53%	5.69%	-1.34%	-0.92%	0.77%	1.3%	1.37%
EPS ²	-0.0600	-0.3000	0.7100	-0.2100	-0.1400	0.1080	0.1588	0.2133
Free Cash Flow ¹	1,577	7,836	8,409	-12,531	-	3,948	8,756	7,823
FCF margin	0.66%	4.49%	3.3%	-3.86%	-	1.27%	2.95%	2.53%
FCF Conversion (EBITDA)	37.26%	428%	29.12%	-	-	28.46%	60.72%	54.08%
FCF Conversion (Net income)	-	-	57.98%	-	-	164.71%	227.67%	183.91%
Dividend per Share ²	0.1000	0.0600	0.2200	0.0700	-	0.0412	0.0687	0.0700
Announcement Date	2/12/20	2/9/21	2/8/22	2/7/23	2/13/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	84,439	115,653	67,017	72,445	-	79,432	98,951	178,383	89,410	57,007	-	76,915	158,345	81,642	79,059	82,565	86,846	86,846	86,846
EBITDA ¹	-	-	6,267	6,178	-	4,248	13,034	-	-1,982	-6,916	-	-118.7	-	6,176	-	5,632	-	-	-
EBIT ¹	-10,643	12,042	3,664	2,642	-	2,240	5,037	7,148	-3,996	-8,938	-	-2,416	-	3,725	-4,921	1,824	1,032	1,032	1,032
Operating Margin	-12.6%	10.41%	5.47%	3.65%	-	2.82%	5.09%	4.01%	-4.47%	-15.68%	-	-3.14%	-	4.56%	-6.22%	2.21%	1.19%	1.19%	1.19%
Earnings before Tax (EBT) ¹	-	11,748	2,621	-	-	1,842	4,762	6,604	-3,203	-	-	-	-	-	-	3,102	-	-	-
Net income ¹	-9,316	10,155	2,155	2,194	-	1,501	3,833	5,334	-2,549	-7,149	300.7	-2,246	-1,945	2,439	-3,417	1,638	-2,399	-	-
Net margin	-11.03%	8.78%	3.22%	3.03%	-	1.89%	3.87%	2.99%	-2.85%	-12.54%	-	-2.92%	-1.23%	2.99%	-4.32%	1.98%	-2.76%	-	-
EPS ²	-0.4600	-	0.1100	0.1100	-	0.0700	0.1900	0.2600	-0.1200	-0.3467	0.0100	-0.1100	-0.1000	-	-0.1600	0.0800	-	-	-
Dividend per Share ²	-	-	-	-	0.1400	-	-	-	-	-	-	-	-	-	-	0.0390	-	-	-
Announcement Date	8/10/20	8/10/21	11/9/21	2/8/22	2/8/22	5/10/22	8/9/22	8/9/22	11/8/22	2/7/23	5/9/23	8/10/23	8/10/23	11/8/23	2/13/24	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	55,935	53,080	50,097	68,659	-	61,332	53,756	46,267
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	13.22 x	28.99 x	1.735 x	6.4 x	-	4.422 x	3.728 x	3.198 x
Free Cash Flow ¹	1,577	7,836	8,409	-12,531	-	3,948	8,756	7,823
ROE (net income / shareholders' equity)	-1.38%	-7.75%	17.8%	-5.23%	-	3.35%	4.43%	4.99%
ROA (Net income/ Total Assets)	-0.65%	-3.5%	7.97%	-2.25%	-	1.55%	1.84%	2.7%
Assets ¹	180,151	175,671	181,991	194,336	-	155,045	209,013	157,553
Book Value Per Share ²	4.080	3.700	4.280	3.900	-	3.780	3.880	3.970
Cash Flow per Share ²	0.3700	0.5500	0.5600	-0.1800	-	0.4600	0.5600	0.5000
Capex ¹	5,950	3,313	2,932	8,819	-	5,402	3,057	1,171
Capex / Sales	2.49%	1.9%	1.15%	2.72%	-	1.74%	1.03%	0.38%
Announcement Date	2/12/20	2/9/21	2/8/22	2/7/23	2/13/24	-	-	-

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 IRPC

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1.96 THB

Average target price

1.904 THB

Spread / Average Target

-2.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Petroleum Refining

	1st Jan change	Capi.
IRPC	-2.97%	1.08B
HF SINCLAIR CORPORATION	+3.35%	11.3B
TÜRKIYE PETROL RAFINERILERI	+34.34%	11.4B
IDEMITSU KOSAN CO., LTD.	+36.55%	9.18B
ICAHN ENTERPRISES L.P.	+0.35%	7.4B
MANGALORE REFINERY AND PETROCHEMICALS LIMITED	+88.44%	5.28B
CVR ENERGY, INC.	+9.64%	3.34B
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED	-1.77%	3.33B
MOTOR OIL HELLAS CORINTH REFINERIES S.A.	+12.04%	3.08B
HELLENIQ ENERGY HOLDINGS S.A.	+15.04%	2.73B

Petroleum Refining