Financials Sabina

Equities

SABINA

TH0976010Z01

Apparel & Accessories

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
25.75 THB -0.96% Intraday chart for Sabina +1.98% 0.00%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,270 7,089 6,880 8,097 8,948 8,948 - -
Enterprise Value (EV) 1 8,270 7,585 7,215 8,351 8,948 9,436 9,430 8,948
P/E ratio 20 x 25.5 x 23.3 x 19.4 x 19.4 x 17 x 15.3 x 14.3 x
Yield 5% 3.92% 4.29% 5.15% - 5.73% 6.41% 7.01%
Capitalization / Revenue 2.51 x 2.43 x 2.61 x 2.56 x 2.61 x 2.41 x 2.22 x 2.05 x
EV / Revenue 2.51 x 2.6 x 2.74 x 2.64 x 2.61 x 2.55 x 2.34 x 2.05 x
EV / EBITDA 14.4 x 18.6 x 17.5 x 14.9 x 13.4 x 12.9 x 12 x 10.2 x
EV / FCF - 24.9 x 14.5 x 12.9 x - 21.6 x 20.4 x -
FCF Yield - 4.02% 6.88% 7.76% - 4.63% 4.9% -
Price to Book 4.44 x 3.95 x 3.74 x 4.34 x - 4.64 x 4.57 x 4.57 x
Nbr of stocks (in thousands) 347,500 347,500 347,500 347,500 347,500 347,500 - -
Reference price 2 23.80 20.40 19.80 23.30 25.75 25.75 25.75 25.75
Announcement Date 2/21/20 2/19/21 2/21/22 2/20/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,295 2,914 2,631 3,168 3,431 3,706 4,038 4,369
EBITDA 1 572.7 408.7 413.5 559.3 667.4 731.3 786.8 873.2
EBIT 1 524.4 354.9 373 520.1 586.4 663.6 722.8 789.7
Operating Margin 15.91% 12.18% 14.18% 16.42% 17.09% 17.91% 17.9% 18.08%
Earnings before Tax (EBT) 1 516 345.8 368.1 515.7 577.8 658 726.7 785.5
Net income 1 413.3 276.8 294.2 417.2 462.5 526.2 580.9 628.4
Net margin 12.54% 9.5% 11.18% 13.17% 13.48% 14.2% 14.39% 14.38%
EPS 2 1.190 0.8000 0.8500 1.200 1.330 1.512 1.684 1.805
Free Cash Flow 1 - 305.2 496.1 647.7 - 436.9 462.1 -
FCF margin - 10.47% 18.85% 20.45% - 11.79% 11.44% -
FCF Conversion (EBITDA) - 74.67% 119.99% 115.81% - 59.74% 58.72% -
FCF Conversion (Net income) - 110.24% 168.63% 155.25% - 83.03% 79.54% -
Dividend per Share 2 1.190 0.8000 0.8500 1.200 - 1.475 1.650 1.805
Announcement Date 2/21/20 2/19/21 2/21/22 2/20/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1
Net sales 1 - 1,308 1,291 - 799.5 720.6 837.1 1,558 774.8 836.2 869.1 837.9 1,707 849.7 874.4 910
EBITDA - 188.2 201.6 - 132.5 134.1 146.7 280.7 135.8 142.8 160.1 170.7 330.8 170 163.8 -
EBIT 1 - 157 179.3 - 122.6 124.5 136.9 261.4 125.9 132.7 150 142.2 - 148.5 142.9 155
Operating Margin - 12.01% 13.89% - 15.33% 17.28% 16.35% 16.78% 16.26% 15.87% 17.26% 16.97% - 17.48% 16.34% 17.03%
Earnings before Tax (EBT) 1 - 151.9 176.8 - 121.4 123.5 136 259.4 125 131.3 148.2 140.4 - 149.1 140.2 152
Net income 1 - 120.9 141.1 55.17 97.97 101.6 109.3 210.9 100.2 106.1 117.3 115.1 232.4 118.9 113.6 121
Net margin - 9.24% 10.93% - 12.25% 14.1% 13.06% 13.54% 12.94% 12.69% 13.49% 13.74% 13.61% 13.99% 12.99% 13.3%
EPS 2 - 0.3500 0.4100 0.1600 0.2900 0.2900 0.3100 0.6100 0.2900 0.3000 0.3400 0.3300 0.6700 0.3400 0.3300 0.3500
Dividend per Share 0.6200 - - - - - - - - - - - - - - -
Announcement Date 2/21/20 8/13/20 8/13/21 11/15/21 2/21/22 5/12/22 8/11/22 8/11/22 11/14/22 2/20/23 5/11/23 8/15/23 8/15/23 11/13/23 2/22/24 -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 496 335 254 - 488 482 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 1.214 x 0.8101 x 0.4543 x - 0.6673 x 0.6121 x -
Free Cash Flow 1 - 305 496 648 - 437 462 -
ROE (net income / shareholders' equity) 22.4% 15.1% 16.2% 22.6% - 27.6% 29.8% 32.1%
ROA (Net income/ Total Assets) 14.7% 9.51% 10.7% 15.3% - 18.5% 20.5% 21.3%
Assets 1 2,810 2,911 2,749 2,722 - 2,849 2,837 2,957
Book Value Per Share 2 5.360 5.170 5.300 5.370 - 5.560 5.640 5.630
Cash Flow per Share 2 - - 1.660 1.960 - 1.200 1.600 -
Capex 1 31.2 35.4 15.1 34.5 - 75.3 66 -
Capex / Sales 0.95% 1.21% 0.58% 1.09% - 2.03% 1.64% -
Announcement Date 2/21/20 2/19/21 2/21/22 2/20/23 2/22/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
25.75 THB
Average target price
30.12 THB
Spread / Average Target
+16.97%
Consensus