Financials Seafco

Equities

SEAFCO

TH0780010Z07

Construction & Engineering

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
2.48 ^THB	0.00%		-0.80%	+8.25%

May. 13	Seafco Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 22	Seafco Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,438	3,284	3,462	2,752	1,864	1,834	-	-
Enterprise Value (EV) ¹	5,108	3,806	3,832	2,941	1,864	1,831	1,668	1,834
P/E ratio	10.9 x	21.1 x	-58.5 x	-20.7 x	11 x	13 x	12.7 x	11.9 x
Yield	4.33%	2.25%	-	-	-	4.03%	4.03%	4.03%
Capitalization / Revenue	1.46 x	1.28 x	2.41 x	3.52 x	1.04 x	0.99 x	0.91 x	0.92 x
EV / Revenue	1.68 x	1.49 x	2.67 x	3.76 x	1.04 x	0.98 x	0.83 x	0.92 x
EV / EBITDA	7.65 x	9.32 x	32 x	-496 x	5.41 x	5.09 x	4.5 x	4.49 x
EV / FCF	-19.5 x	12.9 x	38.2 x	23.8 x	-	7.48 x	6.44 x	-
FCF Yield	-5.12%	7.74%	2.62%	4.2%	-	13.4%	15.5%	-
Price to Book	2.73 x	2.05 x	2.23 x	1.93 x	-	1.2 x	1.16 x	1.1 x
Nbr of stocks (in thousands)	813,679	813,679	813,679	813,679	813,679	739,708	-	-
Reference price ²	5.455	4.036	4.255	3.382	2.291	2.480	2.480	2.480
Announcement Date	2/27/20	3/2/21	2/28/22	2/27/23	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	3,032	2,560	1,435	781.2	1,786	1,862	2,012	2,002
EBITDA ¹	667.5	408.3	119.8	-5.929	344.5	360	370.5	409
EBIT ¹	487.3	195.8	-88.9	-164.2	209	210	194.5	228
Operating Margin	16.07%	7.65%	-6.19%	-21.02%	11.7%	11.28%	9.67%	11.39%
Earnings before Tax (EBT) ¹	494.1	197.2	-70.23	-149.9	212.3	195	206	213
Net income ¹	409.5	154.4	-56.64	-129.5	169.4	157	160.5	166
Net margin	13.51%	6.03%	-3.95%	-16.58%	9.49%	8.43%	7.98%	8.29%
EPS ²	0.5000	0.1909	-0.0727	-0.1636	0.2091	0.1909	0.1955	0.2091
Free Cash Flow ¹	-261.5	294.6	100.4	123.4	-	245	259	-
FCF margin	-8.63%	11.51%	6.99%	15.79%	-	13.16%	12.88%	-
FCF Conversion (EBITDA)	-	72.15%	83.74%	-	-	68.06%	69.91%	-
FCF Conversion (Net income)	-	190.8%	-	-	-	156.05%	161.37%	-
Dividend per Share ²	0.2364	0.0909	-	-	-	0.1000	0.1000	0.1000
Announcement Date	2/27/20	3/2/21	2/28/22	2/27/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2023 Q1
Net sales	1,601	-	245.9	-	150.8	-
EBITDA	326.2	-	-7.223	-17.62	-	-
EBIT	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income ¹	166.2	-21.55	-43.5	-56.66	-38.98	58.53
Net margin	10.38%	-	-17.69%	-	-25.84%	-
EPS ²	0.2000	-	-0.0546	-0.0727	-0.0454	0.0727
Dividend per Share	-	-	-	-	-	-
Announcement Date	8/14/20	2/28/22	5/17/22	8/15/22	11/14/22	5/15/23

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	670	522	370	189	-	-	-	-
Net Cash position ¹	-	-	-	-	-	3	166	-
Leverage (Debt/EBITDA)	1.004 x	1.277 x	3.087 x	-31.89 x	-	-	-	-
Free Cash Flow ¹	-262	295	100	123	-	245	259	-
ROE (net income / shareholders' equity)	27.1%	9.57%	-3.59%	-8.69%	-	9.6%	9.55%	9.3%
ROA (Net income/ Total Assets)	13.3%	4.94%	-1.96%	-5.31%	-	6.4%	6.5%	5.8%
Assets ¹	3,080	3,126	2,895	2,439	-	2,453	2,469	2,862
Book Value Per Share ²	1.990	1.970	1.910	1.760	-	2.060	2.130	2.260
Cash Flow per Share ²	1.130	0.5400	0.1500	0.1700	-	0.3700	0.4100	0.4300
Capex ¹	353	148	19.4	14.9	-	190	157	230
Capex / Sales	11.66%	5.76%	1.35%	1.91%	-	10.2%	7.81%	11.49%
Announcement Date	2/27/20	3/2/21	2/28/22	2/27/23	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

Ratings for Seafco

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.48 THB

Average target price

3.545 THB

Spread / Average Target

+42.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
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EMCOR GROUP, INC.	+75.63%	17.65B

Other Construction & Engineering