Financials Thaire Life Assurance

Equities

THREL

TH4846010007

Reinsurance

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
2.2 THB +0.92% Intraday chart for Thaire Life Assurance +1.85% -16.03%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,870 2,172 1,896 1,968 2,556 1,598
Enterprise Value (EV) 1 3,815 2,138 1,856 1,813 2,474 1,588
P/E ratio 15.3 x 11.2 x 15.6 x 20 x 16.7 x 25.7 x
Yield 5.43% 7.18% 4.43% 3.66% 3.52% 2.67%
Capitalization / Revenue 1.6 x 0.91 x 0.81 x 0.7 x 0.86 x 0.47 x
EV / Revenue 1.57 x 0.9 x 0.8 x 0.65 x 0.83 x 0.47 x
EV / EBITDA 12.2 x 9.04 x 12.6 x 15.2 x 13.1 x 20.8 x
EV / FCF 34.9 x 22.4 x 14 x 3.7 x 43.5 x -65 x
FCF Yield 2.87% 4.46% 7.13% 27% 2.3% -1.54%
Price to Book 2.69 x 1.49 x 1.33 x 1.34 x 1.77 x 1.17 x
Nbr of stocks (in thousands) 610,000 610,000 610,000 610,000 610,000 609,998
Reference price 2 6.344 3.561 3.108 3.226 4.190 2.620
Announcement Date 2/20/19 2/19/20 2/22/21 2/22/22 2/21/23 2/20/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,426 2,389 2,331 2,795 2,987 3,380
EBITDA 1 313.4 236.5 147.5 119.5 188.9 76.28
EBIT 1 310 232 142.7 113.1 181.6 71.5
Operating Margin 12.78% 9.71% 6.12% 4.05% 6.08% 2.12%
Earnings before Tax (EBT) 1 310 232 142.6 113 181.5 71.39
Net income 1 253.5 194.3 121.4 98.5 153.1 62.11
Net margin 10.45% 8.13% 5.21% 3.52% 5.13% 1.84%
EPS 2 0.4155 0.3185 0.1991 0.1615 0.2510 0.1018
Free Cash Flow 1 109.4 95.37 132.3 489.4 56.87 -24.45
FCF margin 4.51% 3.99% 5.68% 17.51% 1.9% -0.72%
FCF Conversion (EBITDA) 34.91% 40.33% 89.75% 409.58% 30.1% -
FCF Conversion (Net income) 43.18% 49.1% 108.98% 496.9% 37.15% -
Dividend per Share 2 0.3443 0.2557 0.1377 0.1180 0.1475 0.0700
Announcement Date 2/20/19 2/19/20 2/22/21 2/22/22 2/21/23 2/20/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 55.1 33.8 39.6 155 81.7 9.91
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 109 95.4 132 489 56.9 -24.4
ROE (net income / shareholders' equity) 17% 13.4% 8.43% 6.81% 10.5% 4.41%
ROA (Net income/ Total Assets) 8.15% 6.06% 3.48% 2.57% 4% 1.59%
Assets 1 3,110 3,205 3,490 3,831 3,827 3,901
Book Value Per Share 2 2.360 2.390 2.330 2.410 2.370 2.240
Cash Flow per Share 2 0.0900 0.0600 0.0700 0.2600 0.1300 0.0200
Capex 1 12.9 2.61 1.08 10.4 1.01 1.22
Capex / Sales 0.53% 0.11% 0.05% 0.37% 0.03% 0.04%
Announcement Date 2/20/19 2/19/20 2/22/21 2/22/22 2/21/23 2/20/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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