Financials Bangkok Expressway and Metro

Equities

BEM

TH6999010007

Highways & Rail Tracks

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
7.85 ^THB	-1.26%		-3.09%	-1.26%

May. 14	Bangkok Expressway and Metro Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 10	Bangkok Expressway and Metro Public Company Limited Approves Dividend for the Year 2023, Payable on May 3, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	166,606	126,866	129,158	149,793	121,516	118,922	-	-
Enterprise Value (EV) ¹	231,190	193,665	198,610	217,671	187,866	182,930	182,657	190,429
P/E ratio	30.3 x	63.8 x	121 x	61.3 x	34.6 x	32.5 x	27.5 x	26.5 x
Yield	1.38%	1.2%	0.95%	0.82%	1.51%	1.8%	1.99%	2.24%
Capitalization / Revenue	10.3 x	9.4 x	12 x	10.7 x	7.42 x	6.83 x	6.46 x	6.04 x
EV / Revenue	14.4 x	14.4 x	18.5 x	15.5 x	11.5 x	10.5 x	9.93 x	9.68 x
EV / EBITDA	27.2 x	34.7 x	53.6 x	36.2 x	24.1 x	19.6 x	18.7 x	18.6 x
EV / FCF	-841 x	153 x	98.1 x	50.3 x	36.3 x	39.3 x	-52.2 x	107 x
FCF Yield	-0.12%	0.65%	1.02%	1.99%	2.75%	2.54%	-1.91%	0.94%
Price to Book	4.31 x	3.33 x	3.43 x	4.02 x	3.23 x	3.02 x	2.92 x	2.69 x
Nbr of stocks (in thousands)	15,285,000	15,285,000	15,285,000	15,285,000	15,285,000	15,149,336	-	-
Reference price ²	10.90	8.300	8.450	9.800	7.950	7.850	7.850	7.850
Announcement Date	2/26/20	2/25/21	2/23/22	2/22/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,107	13,489	10,727	14,029	16,374	17,424	18,397	19,675
EBITDA ¹	8,487	5,574	3,706	6,012	7,790	9,312	9,744	10,231
EBIT ¹	4,460	3,716	2,577	4,423	5,822	6,516	7,086	7,741
Operating Margin	27.69%	27.55%	24.03%	31.52%	35.56%	37.4%	38.51%	39.34%
Earnings before Tax (EBT) ¹	7,207	2,437	1,145	2,834	4,216	4,732	5,270	5,531
Net income ¹	5,435	2,051	1,010	2,436	3,479	3,834	4,271	4,510
Net margin	33.74%	15.21%	9.42%	17.36%	21.24%	22.01%	23.21%	22.92%
EPS ²	0.3600	0.1300	0.0700	0.1600	0.2300	0.2412	0.2854	0.2967
Free Cash Flow ¹	-274.9	1,268	2,024	4,325	5,170	4,651	-3,497	1,787
FCF margin	-1.71%	9.4%	18.87%	30.83%	31.57%	26.69%	-19.01%	9.08%
FCF Conversion (EBITDA)	-	22.74%	54.62%	71.94%	66.37%	49.94%	-	17.47%
FCF Conversion (Net income)	-	61.8%	200.37%	177.53%	148.62%	121.29%	-	39.63%
Dividend per Share ²	0.1500	0.1000	0.0800	0.0800	0.1200	0.1411	0.1559	0.1758
Announcement Date	2/26/20	2/25/21	2/23/22	2/22/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales	6,286	5,514	3,060	3,094	3,261	6,356	3,739	3,935	4,099	3,908	-	4,182	4,186	4,249	-
EBITDA	2,414	2,226	1,324	1,204	1,281	2,532	1,797	1,683	1,988	2,108	-	2,272	2,130	2,176	-
EBIT	1,324	1,649	988.7	924.6	906	1,831	1,366	1,226	1,509	1,643	-	1,760	1,619	1,662	-
Operating Margin	21.07%	29.91%	32.31%	29.88%	27.78%	28.8%	36.54%	31.15%	36.82%	42.05%	-	42.09%	38.67%	39.12%	-
Earnings before Tax (EBT)	757.4	-	495.8	419.4	706.3	1,126	1,028	680.3	936.5	1,043	-	1,158	1,079	1,062	-
Net income ¹	659.9	505.8	395.9	336.2	634.1	970.2	862.8	603.2	749.1	900.7	1,650	969.9	858.9	847.2	946
Net margin	10.5%	9.17%	12.94%	10.86%	19.44%	15.27%	23.08%	15.33%	18.28%	23.05%	-	23.19%	20.52%	19.94%	-
EPS	0.0400	0.0300	0.0300	0.0200	0.0400	0.0600	0.0600	0.0400	0.0500	0.0600	0.1100	0.0600	0.0600	0.0600	-
Dividend per Share	-	-	0.0800	-	-	-	-	0.0800	-	-	-	-	-	-	-
Announcement Date	8/13/20	8/11/21	2/23/22	5/12/22	8/11/22	8/11/22	11/11/22	2/22/23	5/11/23	8/10/23	8/10/23	11/13/23	2/28/24	5/14/24	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	64,584	66,800	69,451	67,878	66,350	64,008	63,735	71,507
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.61 x	11.98 x	18.74 x	11.29 x	8.517 x	6.873 x	6.541 x	6.989 x
Free Cash Flow ¹	-275	1,268	2,024	4,325	5,170	4,651	-3,497	1,787
ROE (net income / shareholders' equity)	14.6%	5.35%	2.67%	6.5%	9.29%	10.2%	10.8%	10.7%
ROA (Net income/ Total Assets)	5.04%	2%	0.88%	2.13%	3.07%	3.4%	3.68%	3.54%
Assets ¹	107,834	102,555	114,352	114,606	113,311	112,914	116,048	127,392
Book Value Per Share ²	2.530	2.490	2.470	2.440	2.460	2.600	2.680	2.910
Cash Flow per Share ²	0.5100	0.3400	0.2000	0.3700	0.4200	0.4900	0.4800	-
Capex ¹	8,016	4,084	845	1,308	1,183	2,491	6,273	18,712
Capex / Sales	49.77%	30.27%	7.88%	9.32%	7.23%	14.3%	34.1%	95.11%
Announcement Date	2/26/20	2/25/21	2/23/22	2/22/23	2/28/24	-	-	-

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 Bangkok Expressway and Metro

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.85 THB

Average target price

10.61 THB

Spread / Average Target

+35.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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SHANDONG HI-SPEED COMPANY LIMITED	+27.38%	5.91B
ATLAS ARTERIA LIMITED	-7.96%	5.12B
PROMOTORA Y OPERADORA DE INFRAESTRUCTURA, S. A. B. DE C. V.	+1.39%	4.54B

Highway Operators