Financials MEB Corporation

Equities

MEB

THB217010008

Internet Services

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
31 ^THB	+0.81%		0.00%	-5.34%

May. 13	MEB Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 23	MEB Corporation Public Company Limited Approves Dividend for 2023, Payable on 21 May 2024	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	9,825	9,300	-	-
Enterprise Value (EV) ¹	9,825	7,796	9,300	9,300
P/E ratio	25.4 x	20.9 x	18.5 x	16.4 x
Yield	1.98%	2.44%	2.67%	2.74%
Capitalization / Revenue	5.13 x	4.21 x	3.74 x	3.4 x
EV / Revenue	5.13 x	3.53 x	3.74 x	3.4 x
EV / EBITDA	20 x	14.3 x	14.8 x	13.5 x
EV / FCF	26.5 x	16.4 x	17.2 x	16 x
FCF Yield	3.77%	6.08%	5.81%	6.25%
Price to Book	8.31 x	7.1 x	5.98 x	5.55 x
Nbr of stocks (in thousands)	300,000	300,000	-	-
Reference price ²	32.75	31.00	31.00	31.00
Announcement Date	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	1,444	1,712	1,916	2,208	2,490	2,736
EBITDA ¹	-	417.3	490.4	546.5	626.8	686.7
EBIT ¹	-	399.3	462.5	542	616	687
Operating Margin	-	23.33%	24.14%	24.55%	24.74%	25.11%
Earnings before Tax (EBT) ¹	-	412.9	485.7	558	625	705
Net income ¹	275.3	330.4	386.4	445.3	500.5	565
Net margin	19.06%	19.3%	20.17%	20.17%	20.1%	20.65%
EPS ²	-	1.102	1.288	1.483	1.672	1.885
Free Cash Flow ¹	-	352.7	370.5	474	540.7	581
FCF margin	-	20.6%	19.34%	21.47%	21.72%	21.24%
FCF Conversion (EBITDA)	-	84.51%	75.55%	86.73%	86.27%	84.61%
FCF Conversion (Net income)	-	106.73%	95.89%	106.44%	108.03%	102.83%
Dividend per Share ²	-	-	0.6500	0.7550	0.8275	0.8500
Announcement Date	9/16/22	2/24/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q4	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1
Net sales ¹	459.8	468.5	473.3	519.1	522.3	537	-
EBITDA ¹	-	121.3	118.6	-	134	128	258
EBIT ¹	-	120.1	117.4	128.7	132.7	129.5	256
Operating Margin	-	25.64%	24.8%	24.79%	25.4%	24.12%	-
Earnings before Tax (EBT) ¹	-	-	-	139.6	132.7	142	-
Net income ¹	-	95.87	92.8	111.1	104.9	107.5	-
Net margin	-	20.46%	19.61%	21.4%	20.09%	20.02%	-
EPS	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	2/24/23	8/11/23	11/8/23	2/28/24	5/14/24	-	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	-	-	1,504	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	353	370	474	541	581
ROE (net income / shareholders' equity)	-	102%	56.6%	35.2%	34.2%	33%
ROA (Net income/ Total Assets)	-	53.4%	38.3%	27.1%	26.5%	24.5%
Assets ¹	-	619.1	1,010	1,643	1,891	2,306
Book Value Per Share ²	-	-	3.940	4.370	5.180	5.590
Cash Flow per Share ²	-	-	1.270	1.500	1.700	-
Capex ¹	-	1.8	7.26	29	11.7	9
Capex / Sales	-	0.11%	0.38%	1.31%	0.47%	0.33%
Announcement Date	9/16/22	2/24/23	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 MEB Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

31 THB

Average target price

38.38 THB

Spread / Average Target

+23.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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