Financials MFEC

Equities

MFEC

TH0738010006

IT Services & Consulting

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.9 ^THB	+0.73%		+2.22%	+3.76%

Feb. 28	MFEC Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	MFEC Public Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,245	1,448	2,119	4,812	3,510	2,936
Enterprise Value (EV) ¹	849.4	1,329	2,088	5,168	3,939	3,321
P/E ratio	-7.49 x	6.42 x	8.73 x	18.7 x	15 x	4.31 x
Yield	7.09%	10.7%	8.33%	3.67%	5.03%	6.02%
Capitalization / Revenue	0.37 x	0.39 x	0.45 x	0.93 x	0.64 x	0.43 x
EV / Revenue	0.25 x	0.36 x	0.44 x	1 x	0.72 x	0.49 x
EV / EBITDA	5.05 x	4.14 x	6.03 x	15 x	14.2 x	20.2 x
EV / FCF	22.6 x	-6.73 x	10.2 x	-34.4 x	41 x	66.1 x
FCF Yield	4.42%	-14.9%	9.81%	-2.91%	2.44%	1.51%
Price to Book	0.73 x	0.79 x	1.11 x	2.42 x	1.73 x	1.16 x
Nbr of stocks (in thousands)	441,454	441,454	441,454	441,454	441,454	441,454
Reference price ²	2.820	3.280	4.800	10.90	7.950	6.650
Announcement Date	2/27/19	2/27/20	2/23/21	2/23/22	2/22/23	2/28/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	3,392	3,729	4,731	5,185	5,453	6,777
EBITDA ¹	168.3	320.8	346.1	343.9	278	164.7
EBIT ¹	126.5	282.8	310.5	309.5	246.3	130.4
Operating Margin	3.73%	7.58%	6.56%	5.97%	4.52%	1.92%
Earnings before Tax (EBT) ¹	-146.7	281.2	310.7	328.2	269.5	762.4
Net income ¹	-166.1	225.4	244.6	257	234.9	681.1
Net margin	-4.9%	6.04%	5.17%	4.96%	4.31%	10.05%
EPS ²	-0.3764	0.5106	0.5500	0.5821	0.5300	1.543
Free Cash Flow ¹	37.5	-197.5	204.9	-150.2	96.12	50.22
FCF margin	1.11%	-5.3%	4.33%	-2.9%	1.76%	0.74%
FCF Conversion (EBITDA)	22.28%	-	59.2%	-	34.57%	30.5%
FCF Conversion (Net income)	-	-	83.78%	-	40.91%	7.37%
Dividend per Share ²	0.2000	0.3500	0.4000	0.4000	0.4000	0.4000
Announcement Date	2/27/19	2/27/20	2/23/21	2/23/22	2/22/23	2/28/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1
Net sales	1,258	1,681	1,251	1,327	-	1,410	-
EBITDA	-	-	-	-	-	-	-
EBIT	73.67	130.1	-	39.71	-	-	-
Operating Margin	5.85%	7.74%	-	2.99%	-	-	-
Earnings before Tax (EBT)	75.7	126.5	-	54.72	-	-	-
Net income ¹	60.59	101.5	51.97	41.29	49.71	91.97	645.3
Net margin	4.81%	6.04%	4.15%	3.11%	-	6.52%	-
EPS	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	11/15/21	2/23/22	5/12/22	8/10/22	11/10/22	2/22/23	5/11/23

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	356	430	385
Net Cash position ¹	396	118	30.9	-	-	-
Leverage (Debt/EBITDA)	-	-	-	1.037 x	1.546 x	2.338 x
Free Cash Flow ¹	37.5	-198	205	-150	96.1	50.2
ROE (net income / shareholders' equity)	-8.88%	12.7%	13.1%	13.1%	10.7%	31.5%
ROA (Net income/ Total Assets)	2.36%	5.05%	4.41%	3.59%	2.58%	1.19%
Assets ¹	-7,038	4,464	5,542	7,161	9,104	57,088
Book Value Per Share ²	3.870	4.150	4.310	4.500	4.600	5.740
Cash Flow per Share ²	0.7400	0.4200	0.3900	0.3200	0.6400	0.5800
Capex ¹	46	50	29.5	32.7	25.2	81.5
Capex / Sales	1.36%	1.34%	0.62%	0.63%	0.46%	1.2%
Announcement Date	2/27/19	2/27/20	2/23/21	2/23/22	2/22/23	2/28/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly revenue - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

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INFOSYS LIMITED	-7.01%	71B
SNOWFLAKE INC.	-21.03%	52.81B
HCL TECHNOLOGIES LIMITED	-5.37%	47.86B

Other IT Services & Consulting

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