Financials Business Alignment

Equities

BIZ

TH7349010002

Medical Equipment, Supplies & Distribution

End-of-day quote Thailand S.E. 06:00:00 2024-07-10 pm EDT 5-day change 1st Jan Change
3.34 THB 0.00% Intraday chart for Business Alignment +0.60% -4.02%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 880 1,184 1,496 3,680 2,607 2,091
Enterprise Value (EV) 1 700.9 1,465 1,705 3,631 2,565 1,540
P/E ratio 10.9 x 12.9 x 33.7 x 8.8 x 19.7 x 10.5 x
Yield 7.28% 8.45% 4.01% 7.37% 4.61% 8.62%
Capitalization / Revenue 1.33 x 1.62 x 1.96 x 1.26 x 2.12 x 1.23 x
EV / Revenue 1.06 x 2 x 2.23 x 1.24 x 2.09 x 0.91 x
EV / EBITDA 6.89 x 11.9 x 16.2 x 6.46 x 13.1 x 5.53 x
EV / FCF -3.22 x -3.33 x 8.91 x 15.5 x 13.1 x 2.81 x
FCF Yield -31% -30% 11.2% 6.47% 7.6% 35.6%
Price to Book 1.57 x 2.02 x 2.81 x 4.64 x 3.46 x 2.51 x
Nbr of stocks (in thousands) 600,000 600,000 600,000 600,000 600,735 600,735
Reference price 2 1.467 1.973 2.493 6.133 4.340 3.480
Announcement Date 2/21/19 2/20/20 2/24/21 2/23/22 2/22/23 2/19/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 663.7 733 765.1 2,927 1,230 1,695
EBITDA 1 101.8 123.1 105.3 562.2 196.4 278.3
EBIT 1 99.55 115.2 86.51 543.5 175.5 259.8
Operating Margin 15% 15.71% 11.31% 18.57% 14.27% 15.33%
Earnings before Tax (EBT) 1 99.49 108.6 47.58 526.3 166.7 251.7
Net income 1 80.6 91.46 44.4 420.3 133.4 201.2
Net margin 12.14% 12.48% 5.8% 14.36% 10.85% 11.87%
EPS 2 0.1343 0.1524 0.0740 0.6973 0.2200 0.3300
Free Cash Flow 1 -217.4 -440 191.4 234.9 195 548.8
FCF margin -32.75% -60.03% 25.02% 8.02% 15.86% 32.39%
FCF Conversion (EBITDA) - - 181.74% 41.78% 99.32% 197.21%
FCF Conversion (Net income) - - 431.15% 55.88% 146.16% 272.8%
Dividend per Share 2 0.1067 0.1667 0.1000 0.4519 0.2000 0.3000
Announcement Date 2/21/19 2/20/20 2/24/21 2/23/22 2/22/23 2/19/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - 281 209 - - -
Net Cash position 1 179 - - 49.3 42.7 551
Leverage (Debt/EBITDA) - 2.28 x 1.983 x - - -
Free Cash Flow 1 -217 -440 191 235 195 549
ROE (net income / shareholders' equity) 13.7% 12.7% 4.85% 59.1% 15.9% 23.4%
ROA (Net income/ Total Assets) 7.27% 5.54% 2.93% 17.7% 6.82% 11.3%
Assets 1 1,108 1,652 1,515 2,376 1,955 1,787
Book Value Per Share 2 0.9400 0.9800 0.8900 1.320 1.250 1.390
Cash Flow per Share 2 0.2000 0.1700 0.3400 0.5400 0.3900 1.040
Capex 1 126 255 2.79 1.41 0.28 8.7
Capex / Sales 18.92% 34.82% 0.37% 0.05% 0.02% 0.51%
Announcement Date 2/21/19 2/20/20 2/24/21 2/23/22 2/22/23 2/19/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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