Stock BGRIM B.GRIMM POWER
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Financials B.Grimm Power

Equities

BGRIM

TH7545010004

Independent Power Producers

End-of-day quote Thailand S.E.
Other stock markets
 23:00:00 30/06/2024 BST 		5-day change 1st Jan Change
21.2 THB -1.85% Intraday chart for B.Grimm Power -1.40% -22.20%
05-13 B.Grimm Power Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
05-02 B.Grimm Power Public Company Limited acquired 40% stake in Threeeightsix for $3.39 million. CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 136,862 126,435 105,579 103,624 71,038 55,266 - -
Enterprise Value (EV) 1 178,472 187,417 176,792 103,624 152,031 140,647 144,478 166,986
P/E ratio 59.7 x 71.3 x 56.3 x -63.1 x 61.9 x 23.5 x 20.8 x 19.5 x
Yield 0.7% 0.93% 1.04% 0.16% 0.66% 2.13% 2.1% 2.12%
Capitalization / Revenue 3.1 x 2.87 x 2.26 x 1.66 x 1.24 x 0.98 x 0.96 x 0.95 x
EV / Revenue 4.04 x 4.25 x 3.79 x 1.66 x 2.66 x 2.49 x 2.5 x 2.88 x
EV / EBITDA 16.3 x 14.8 x 14.5 x 11 x 11.5 x 9.95 x 9.44 x 10.5 x
EV / FCF 28.3 x -22 x 4,994 x - 23 x 10.3 x 13.8 x 14.9 x
FCF Yield 3.53% -4.54% 0.02% - 4.36% 9.67% 7.24% 6.71%
Price to Book 4.86 x 4.6 x 3.58 x - 1.86 x 1.39 x 1.33 x 1.31 x
Nbr of stocks (in thousands) 2,606,900 2,606,900 2,606,900 2,606,900 2,606,900 2,606,900 - -
Reference price 2 52.50 48.50 40.50 39.75 27.25 21.20 21.20 21.20
Announcement Date 24/02/20 25/02/21 25/02/22 28/02/23 29/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 44,132 44,087 46,628 62,395 57,115 56,503 57,718 57,933
EBITDA 1 10,974 12,694 12,160 9,459 13,228 14,129 15,307 15,867
EBIT 1 6,314 7,200 7,021 4,472 7,904 8,852 9,304 10,113
Operating Margin 14.31% 16.33% 15.06% 7.17% 13.84% 15.67% 16.12% 17.46%
Earnings before Tax (EBT) 1 4,212 3,989 3,715 -942.1 3,973 4,181 4,923 5,103
Net income 1 2,331 2,175 2,276 -1,244 1,885 2,424 2,763 2,968
Net margin 5.28% 4.93% 4.88% -1.99% 3.3% 4.29% 4.79% 5.12%
EPS 2 0.8800 0.6800 0.7200 -0.6300 0.4400 0.9011 1.017 1.086
Free Cash Flow 1 6,302 -8,500 35.4 - 6,623 13,596 10,463 11,203
FCF margin 14.28% -19.28% 0.08% - 11.6% 24.06% 18.13% 19.34%
FCF Conversion (EBITDA) 57.43% - 0.29% - 50.07% 96.23% 68.36% 70.6%
FCF Conversion (Net income) 270.35% - 1.56% - 351.45% 560.85% 378.68% 377.45%
Dividend per Share 2 0.3700 0.4500 0.4200 0.0650 0.1800 0.4517 0.4452 0.4498
Announcement Date 24/02/20 25/02/21 25/02/22 28/02/23 29/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 12,986 14,758 14,676 29,434 18,383 14,579 - 15,750 14,891 13,219 13,254 14,165 14,882 14,882 14,882 15,816 15,816
EBITDA 2,448 2,124 2,471 4,688 2,282 2,369 - - 3,513 3,462 3,163 3,424 - - - - -
EBIT 1 1,208 917.4 1,240 2,251 985.9 1,116 - 1,812 2,193 2,125 1,774 2,027 2,467 2,467 2,467 3,034 3,034
Operating Margin 9.3% 6.22% 8.45% 7.65% 5.36% 7.65% - 11.51% 14.73% 16.07% 13.38% 14.31% 16.58% 16.58% 16.58% 19.18% 19.18%
Earnings before Tax (EBT) 498.4 119.4 -147.6 -28.16 -535 -378.9 - - 1,038 962.2 1,102 615.6 - - - - -
Net income 1 195.3 23.3 -193.2 -169.9 -529.3 -544.9 - 398.9 678.4 344.1 463.2 378.7 810 - - - -
Net margin 1.5% 0.16% -1.32% -0.58% -2.88% -3.74% - 2.53% 4.56% 2.6% 3.49% 2.67% 5.44% - - - -
EPS 0.0400 0.0300 -0.1100 -0.1400 -0.2400 -0.2500 - - 0.1800 0.0500 0.1000 0.0600 - - - - -
Dividend per Share 2 - - - - 0.0300 - 0.0350 - - 0.1800 - - - - 0.2586 - -
Announcement Date 25/02/22 13/05/22 11/08/22 11/08/22 11/11/22 28/02/23 28/02/23 15/05/23 11/08/23 13/11/23 29/02/24 16/05/24 - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 41,610 60,983 71,212 - 80,993 85,381 89,212 111,719
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.792 x 4.804 x 5.856 x - 6.123 x 6.043 x 5.828 x 7.041 x
Free Cash Flow 1 6,302 -8,500 35.4 - 6,623 13,596 10,463 11,203
ROE (net income / shareholders' equity) 9.84% 7.82% 5.55% - 5.55% 5.83% 6.38% 6.5%
ROA (Net income/ Total Assets) 2.1% 1.72% 1.63% - 1.08% 1.11% 1.51% 1.63%
Assets 1 111,164 126,197 139,949 - 174,500 217,805 182,411 182,653
Book Value Per Share 2 10.80 10.50 11.30 - 14.60 15.20 15.90 16.20
Cash Flow per Share 2 3.630 2.600 3.230 - 5.280 3.470 3.610 3.940
Capex 1 3,153 15,280 10,183 - 7,130 20,635 23,325 32,947
Capex / Sales 7.14% 34.66% 21.84% - 12.48% 36.52% 40.41% 56.87%
Announcement Date 24/02/20 25/02/21 25/02/22 28/02/23 29/02/24 - - -
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 B.Grimm Power

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
21.2 THB
Average target price
29.69 THB
Spread / Average Target
+40.06%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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  4. Financials B.Grimm Power