Stock BCP BANGCHAK CORPORATION
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Financials Bangchak Corporation

Equities

BCP

TH0420010Y01

Oil & Gas Refining and Marketing

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-05-22 pm EDT 		5-day change 1st Jan Change
38.5 THB -1.91% Intraday chart for Bangchak Corporation -3.75% -11.49%
May. 09 Bangchak Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 28 Thai king taps former energy executive Pichai as finance minister RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 38,092 27,968 34,288 42,767 59,896 53,012 - -
Enterprise Value (EV) 1 78,569 69,562 91,528 89,856 163,566 186,751 162,630 143,059
P/E ratio 23.7 x -3.75 x 4.81 x 3.54 x 4.69 x 5.01 x 5.25 x 4.89 x
Yield 2.86% 1.94% 7.92% 7.14% 3.45% 5.62% 5.32% 5.72%
Capitalization / Revenue 0.2 x 0.2 x 0.17 x 0.14 x 0.16 x 0.1 x 0.1 x 0.1 x
EV / Revenue 0.41 x 0.51 x 0.46 x 0.29 x 0.44 x 0.36 x 0.31 x 0.27 x
EV / EBITDA 10.3 x 17.4 x 3.8 x 1.96 x 4.42 x 4.4 x 3.77 x 3.22 x
EV / FCF -45.6 x 90.4 x 10.2 x 7.54 x 4.81 x 9.36 x 5.56 x 5.59 x
FCF Yield -2.19% 1.11% 9.84% 13.3% 20.8% 10.7% 18% 17.9%
Price to Book 0.74 x 0.6 x 0.64 x 0.69 x 0.83 x 0.68 x 0.63 x 0.59 x
Nbr of stocks (in thousands) 1,360,430 1,357,685 1,357,923 1,357,685 1,376,923 1,376,923 - -
Reference price 2 28.00 20.60 25.25 31.50 43.50 38.50 38.50 38.50
Announcement Date 2/20/20 2/18/21 2/17/22 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 1 190,489 136,450 199,417 312,202 374,542 520,112 523,169 534,171
EBITDA 1 7,649 4,008 24,078 45,881 36,991 42,420 43,153 44,472
EBIT 1 2,617 -2,813 16,003 35,877 21,958 29,080 26,881 29,982
Operating Margin 1.37% -2.06% 8.02% 11.49% 5.86% 5.59% 5.14% 5.61%
Earnings before Tax (EBT) 1 2,556 -7,359 14,108 28,004 20,675 24,206 22,160 21,793
Net income 1 1,732 -6,967 7,624 12,575 13,233 10,442 10,087 10,827
Net margin 0.91% -5.11% 3.82% 4.03% 3.53% 2.01% 1.93% 2.03%
EPS 2 1.180 -5.500 5.250 8.890 9.270 7.686 7.330 7.870
Free Cash Flow 1 -1,722 769.3 9,008 11,916 34,001 19,961 29,236 25,604
FCF margin -0.9% 0.56% 4.52% 3.82% 9.08% 3.84% 5.59% 4.79%
FCF Conversion (EBITDA) - 19.19% 37.41% 25.97% 91.92% 47.06% 67.75% 57.57%
FCF Conversion (Net income) - - 118.15% 94.76% 256.93% 191.16% 289.84% 236.49%
Dividend per Share 2 0.8000 0.4000 2.000 2.250 1.500 2.165 2.048 2.202
Announcement Date 2/20/20 2/18/21 2/17/22 2/20/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
Net sales 66,762 69,405 83,796 74,767 84,583 80,380 68,023 89,206 136,933 127,939 -
EBITDA - 12,852 - 9,521 4,890 9,253 5,961 13,478 8,183 14,523 -
EBIT 6,478 10,585 16,144 7,099 2,050 6,449 3,293 9,341 3,351 9,105 -
Operating Margin 9.7% 15.25% 19.27% 9.49% 2.42% 8.02% 4.84% 10.47% 2.45% 7.12% -
Earnings before Tax (EBT) - - - 5,969 2,662 7,059 2,115 13,673 -2,172 7,334 -
Net income 1 1,756 4,356 5,276 2,470 472.6 2,741 458.1 11,011 -976.8 2,437 3,170
Net margin 2.63% 6.28% 6.3% 3.3% 0.56% 3.41% 0.67% 12.34% -0.71% 1.9% -
EPS - - - - 0.2500 1.910 0.2400 - - 1.680 -
Dividend per Share - - - - - - - - - - -
Announcement Date 2/17/22 5/11/22 8/11/22 11/9/22 2/20/23 5/10/23 8/9/23 11/8/23 2/22/24 5/9/24 -
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 40,477 41,593 57,241 47,089 103,670 133,740 109,618 90,047
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.292 x 10.38 x 2.377 x 1.026 x 2.803 x 3.153 x 2.54 x 2.025 x
Free Cash Flow 1 -1,722 769 9,008 11,916 34,001 19,961 29,236 25,604
ROE (net income / shareholders' equity) 3.67% -14.2% 16.1% 21.6% 19.6% 14.1% 12.4% 12%
ROA (Net income/ Total Assets) 1.41% -5.05% 4.6% 5.66% 4.54% 3.15% 3.01% 3.4%
Assets 1 122,546 138,055 165,609 222,066 291,386 331,485 334,637 318,431
Book Value Per Share 2 37.90 34.10 39.40 45.80 52.40 56.50 61.30 65.10
Cash Flow per Share 2 4.600 4.670 12.00 14.30 33.10 9.760 15.90 19.30
Capex 1 8,471 5,597 7,972 7,526 11,503 6,324 8,651 8,816
Capex / Sales 4.45% 4.1% 4% 2.41% 3.07% 1.22% 1.65% 1.65%
Announcement Date 2/20/20 2/18/21 2/17/22 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

Ratings for Bangchak Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
38.5 THB
Average target price
50.34 THB
Spread / Average Target
+30.74%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Petroleum Refining

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Petroleum Refining
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