Financials Bangkok Expressway and Metro

Equities

BEM

TH6999010007

Highways & Rail Tracks

End-of-day quote Thailand S.E. Other stock markets 23:00:00 02/05/2024 BST			5-day change	1st Jan Change
8.4 ^THB	+1.82%		+2.44%	+5.66%

04-10	Bangkok Expressway and Metro Public Company Limited Approves Dividend for the Year 2023, Payable on May 3, 2024	CI
02-28	Bangkok Expressway and Metro Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	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	127,548	-	-
Enterprise Value (EV) ¹	231,190	193,665	198,610	217,671	121,516	187,846	192,206	203,731
P/E ratio	30.3 x	63.8 x	121 x	61.3 x	34.6 x	33.3 x	28.2 x	27.3 x
Yield	1.38%	1.2%	0.95%	0.82%	-	1.89%	2.28%	2.08%
Capitalization / Revenue	10.3 x	9.4 x	12 x	10.7 x	7.42 x	7.22 x	6.65 x	6.38 x
EV / Revenue	14.4 x	14.4 x	18.5 x	15.5 x	7.42 x	10.6 x	10 x	10.2 x
EV / EBITDA	27.2 x	34.7 x	53.6 x	36.2 x	15.6 x	19.9 x	19.2 x	19.7 x
EV / FCF	-841 x	153 x	98.1 x	50.3 x	-	48.1 x	1,006 x	-7.2 x
FCF Yield	-0.12%	0.65%	1.02%	1.99%	-	2.08%	0.1%	-13.9%
Price to Book	4.31 x	3.33 x	3.43 x	4.02 x	-	3.21 x	3.14 x	2.92 x
Nbr of stocks (in thousands)	15,285,000	15,285,000	15,285,000	15,285,000	15,285,000	15,184,246	-	-
Reference price ²	10.90	8.300	8.450	9.800	7.950	8.400	8.400	8.400
Announcement Date	26/02/20	25/02/21	23/02/22	22/02/23	28/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,107	13,489	10,727	14,029	16,374	17,673	19,188	20,005
EBITDA ¹	8,487	5,574	3,706	6,012	7,790	9,433	10,021	10,361
EBIT ¹	4,460	3,716	2,577	4,423	5,822	6,673	7,222	7,790
Operating Margin	27.69%	27.55%	24.03%	31.52%	35.56%	37.76%	37.64%	38.94%
Earnings before Tax (EBT) ¹	7,207	2,437	1,145	2,834	4,216	4,778	5,297	5,762
Net income ¹	5,435	2,051	1,010	2,436	3,479	3,982	4,379	4,678
Net margin	33.74%	15.21%	9.42%	17.36%	21.24%	22.53%	22.82%	23.38%
EPS ²	0.3600	0.1300	0.0700	0.1600	0.2300	0.2521	0.2978	0.3080
Free Cash Flow ¹	-274.9	1,268	2,024	4,325	-	3,902	191	-28,298
FCF margin	-1.71%	9.4%	18.87%	30.83%	-	22.08%	1%	-141.46%
FCF Conversion (EBITDA)	-	22.74%	54.62%	71.94%	-	41.37%	1.91%	-
FCF Conversion (Net income)	-	61.8%	200.37%	177.53%	-	98%	4.36%	-
Dividend per Share ²	0.1500	0.1000	0.0800	0.0800	-	0.1589	0.1917	0.1750
Announcement Date	26/02/20	25/02/21	23/02/22	22/02/23	28/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	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
Net sales ¹	6,286	5,514	2,153	3,060	3,094	3,261	6,356	3,739	3,935	4,099	3,908	-	4,182	4,186	4,305	-	-	-	-
EBITDA ¹	2,414	2,226	568.6	1,324	1,204	1,281	2,532	1,797	1,683	1,988	2,108	-	2,272	2,130	2,258	-	-	-	-
EBIT ¹	1,324	1,649	352.2	988.7	924.6	906	1,831	1,366	1,226	1,509	1,643	-	1,760	1,619	1,683	-	-	-	-
Operating Margin	21.07%	29.91%	16.36%	32.31%	29.88%	27.78%	28.8%	36.54%	31.15%	36.82%	42.05%	-	42.09%	38.67%	39.09%	-	-	-	-
Earnings before Tax (EBT) ¹	757.4	-	81.54	495.8	419.4	706.3	1,126	1,028	680.3	936.5	1,043	-	1,158	1,079	1,148	-	-	-	-
Net income ¹	659.9	505.8	108.4	395.9	336.2	634.1	970.2	862.8	603.2	749.1	900.7	1,650	969.9	858.9	874.7	991	-	-	-
Net margin	10.5%	9.17%	5.03%	12.94%	10.86%	19.44%	15.27%	23.08%	15.33%	18.28%	23.05%	-	23.19%	20.52%	20.32%	-	-	-	-
EPS ²	0.0400	0.0300	0.0100	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 ²	-	-	-	0.0800	-	-	-	-	0.0800	-	-	-	-	-	0.0642	0.0642	0.0642	0.0642	0.0910
Announcement Date	13/08/20	11/08/21	11/11/21	23/02/22	12/05/22	11/08/22	11/08/22	11/11/22	22/02/23	11/05/23	10/08/23	10/08/23	13/11/23	28/02/24	-	-	-	-	-

¹THB in Million²THB

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	-	60,298	64,659	76,183
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.61 x	11.98 x	18.74 x	11.29 x	-	6.393 x	6.453 x	7.353 x
Free Cash Flow ¹	-275	1,268	2,024	4,325	-	3,902	191	-28,298
ROE (net income / shareholders' equity)	14.6%	5.35%	2.67%	6.5%	-	10.4%	11%	11.1%
ROA (Net income/ Total Assets)	5.04%	2%	0.88%	2.13%	-	3.32%	3.61%	3.47%
Assets ¹	107,834	102,555	114,352	114,606	-	119,791	121,349	135,003
Book Value Per Share ²	2.530	2.490	2.470	2.440	-	2.620	2.680	2.880
Cash Flow per Share ²	0.5100	0.3400	0.2000	0.3700	-	0.4900	0.4800	-
Capex ¹	8,016	4,084	845	1,308	-	2,491	6,273	32,626
Capex / Sales	49.77%	30.27%	7.88%	9.32%	-	14.1%	32.69%	163.09%
Announcement Date	26/02/20	25/02/21	23/02/22	22/02/23	28/02/24	-	-	-

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 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

8.4 THB

Average target price

10.62 THB

Spread / Average Target

+26.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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SHANDONG HI-SPEED COMPANY LIMITED	+25.94%	5.84B
ATLAS ARTERIA LIMITED	-8.82%	5.03B
GRUPO CCR S.A.	-10.08%	4.95B

Highway Operators