Financials Berli Jucker

Equities

BJC

TH0002010Z06

Department Stores

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
22.2 ^THB	-0.89%		-0.45%	-11.20%

May. 14	Berli Jucker Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 22	Berli Jucker Public Company Limited Announces Resignation of Prasit Kovilaikool as Independent Director, Chairman of the Risk Management and Sustainability Development Committee Member	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	168,287	139,271	124,242	141,275	100,195	88,973	-	-
Enterprise Value (EV) ¹	319,616	300,627	272,964	299,754	255,625	232,509	232,434	229,943
P/E ratio	23.1 x	34.8 x	34.8 x	28.2 x	20.8 x	20.3 x	16.1 x	14.7 x
Yield	2.17%	2.24%	2.13%	2.27%	3.2%	3.46%	4.14%	4.49%
Capitalization / Revenue	1.07 x	0.96 x	0.9 x	0.94 x	0.65 x	0.55 x	0.53 x	0.52 x
EV / Revenue	2.02 x	2.08 x	1.97 x	1.99 x	1.65 x	1.44 x	1.38 x	1.33 x
EV / EBITDA	14.8 x	15.4 x	14.5 x	15 x	12.3 x	10.4 x	10 x	9.57 x
EV / FCF	26.7 x	28.3 x	20.4 x	23.5 x	23.3 x	23.4 x	25 x	21.4 x
FCF Yield	3.74%	3.53%	4.9%	4.26%	4.3%	4.28%	4%	4.66%
Price to Book	1.46 x	1.21 x	1.07 x	1.19 x	0.84 x	0.73 x	0.71 x	0.7 x
Nbr of stocks (in thousands)	4,006,840	4,007,797	4,007,797	4,007,797	4,007,797	4,007,797	-	-
Reference price ²	42.00	34.75	31.00	35.25	25.00	22.20	22.20	22.20
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	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	158,009	144,732	138,465	150,338	154,672	161,902	168,051	172,675
EBITDA ¹	21,652	19,512	18,773	20,013	20,736	22,282	23,202	24,023
EBIT ¹	14,000	10,609	9,919	11,004	11,752	12,767	13,458	14,198
Operating Margin	8.86%	7.33%	7.16%	7.32%	7.6%	7.89%	8.01%	8.22%
Earnings before Tax (EBT) ¹	8,594	5,339	4,794	6,236	6,214	7,035	8,007	8,915
Net income ¹	7,278	4,001	3,585	5,010	4,795	4,426	5,528	6,041
Net margin	4.61%	2.76%	2.59%	3.33%	3.1%	2.73%	3.29%	3.5%
EPS ²	1.820	1.000	0.8900	1.250	1.200	1.094	1.380	1.507
Free Cash Flow ¹	11,966	10,609	13,364	12,778	10,990	9,942	9,303	10,724
FCF margin	7.57%	7.33%	9.65%	8.5%	7.11%	6.14%	5.54%	6.21%
FCF Conversion (EBITDA)	55.26%	54.37%	71.19%	63.85%	53%	44.62%	40.1%	44.64%
FCF Conversion (Net income)	164.4%	265.14%	372.8%	255.03%	229.2%	224.64%	168.3%	177.54%
Dividend per Share ²	0.9100	0.7800	0.6600	0.8000	0.8000	0.7677	0.9181	0.9968
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	74,602	37,317	39,424	38,103	74,335	36,874	39,129	37,520	42,828	83,632	37,901	39,849	38,633	-	-	-	-	-
EBITDA	-	5,354	4,990	5,018	-	4,740	5,260	5,023	5,203	-	4,790	5,720	2,146	-	-	-	-	-
EBIT	5,093	3,046	2,779	2,807	5,545	2,463	2,996	2,838	2,921	5,733	2,520	3,380	-180	-	-	-	-	-
Operating Margin	6.83%	8.16%	7.05%	7.37%	7.46%	6.68%	7.66%	7.56%	6.82%	6.86%	6.65%	8.48%	-0.47%	-	-	-	-	-
Earnings before Tax (EBT)	-	1,753	1,591	1,617	-	1,249	1,779	1,573	1,627	-	1,140	1,874	1,676	-	-	-	-	-
Net income ¹	1,585	1,383	1,246	1,203	2,449	932.3	1,629	1,254	1,210	2,464	693.3	1,638	427.7	1,148	-	-	-	-
Net margin	2.13%	3.71%	3.16%	3.16%	3.3%	2.53%	4.16%	3.34%	2.83%	2.95%	1.83%	4.11%	1.11%	-	-	-	-	-
EPS ²	-	0.3405	0.3100	0.3000	0.6100	0.2300	0.4062	0.3100	0.3000	-	0.1700	0.4100	0.1100	0.3121	0.2731	0.4385	-	-
Dividend per Share ²	-	-	-	0.1500	-	-	-	-	-	-	-	-	-	0.8695	-	-	-	0.9175
Announcement Date	8/13/20	2/23/22	5/10/22	8/10/22	8/10/22	11/9/22	2/22/23	5/10/23	8/9/23	8/9/23	11/8/23	2/22/24	5/14/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	151,329	161,356	148,723	158,479	155,431	143,536	143,461	140,970
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.989 x	8.27 x	7.922 x	7.919 x	7.496 x	6.442 x	6.183 x	5.868 x
Free Cash Flow ¹	11,966	10,609	13,364	12,778	10,990	9,942	9,303	10,724
ROE (net income / shareholders' equity)	6.44%	3.48%	3.11%	4.28%	4.03%	3.76%	4.5%	4.85%
ROA (Net income/ Total Assets)	2.24%	1.23%	1.09%	1.5%	1.42%	1.29%	1.59%	1.71%
Assets ¹	324,928	325,981	327,670	332,961	337,510	341,945	347,275	353,151
Book Value Per Share ²	28.70	28.60	28.90	29.50	29.90	30.60	31.10	31.60
Cash Flow per Share ²	4.670	4.150	4.130	4.530	4.950	6.300	4.330	4.050
Capex ¹	6,734	6,022	3,272	5,395	8,866	9,306	8,929	9,012
Capex / Sales	4.26%	4.16%	2.36%	3.59%	5.73%	5.75%	5.31%	5.22%
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	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 Berli Jucker

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

22.2 THB

Average target price

29.26 THB

Spread / Average Target

+31.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Department Stores

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WOOLWORTHS HOLDINGS LIMITED	-24.58%	2.62B
MAGAZINE LUIZA S.A.	-42.64%	1.73B
IZUMI CO., LTD.	-6.83%	1.53B

Other Department Stores