Financials Muang Thai Insurance

Equities

MTI

TH0985010006

Property & Casualty Insurance

End-of-day quote Thailand S.E. 23:00:00 09/05/2024 BST 5-day change 1st Jan Change
104.5 THB -6.28% Intraday chart for Muang Thai Insurance -5.00% -7.52%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 5,723 5,015 5,044 6,520 7,286 6,667
Enterprise Value (EV) 1 5,507 4,672 4,789 6,184 6,807 5,947
P/E ratio 13.8 x 11.8 x 8.54 x 8.5 x 8.99 x 10.2 x
Yield 2.91% 3.41% 5.27% 4.71% 5% 4.42%
Capitalization / Revenue 0.63 x 0.55 x 0.51 x 0.63 x 0.64 x 0.53 x
EV / Revenue 0.61 x 0.51 x 0.48 x 0.6 x 0.6 x 0.47 x
EV / EBITDA 9.61 x 7.7 x 5.81 x 5.95 x 6.27 x 6.47 x
EV / FCF 7.22 x 5.71 x 2.16 x 9.73 x 4.09 x 4.12 x
FCF Yield 13.8% 17.5% 46.3% 10.3% 24.4% 24.3%
Price to Book 1.09 x 0.9 x 0.93 x 1.09 x 1.16 x 1.1 x
Nbr of stocks (in thousands) 59,000 59,000 59,000 59,000 59,000 59,000
Reference price 2 97.00 85.00 85.50 110.5 123.5 113.0
Announcement Date 27/02/19 26/02/20 24/02/21 25/02/22 27/02/23 27/02/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 9,058 9,096 9,894 10,278 11,324 12,557
EBITDA 1 573.3 606.5 823.9 1,039 1,085 918.8
EBIT 1 502.7 535.6 753.5 974.5 1,018 839.6
Operating Margin 5.55% 5.89% 7.62% 9.48% 8.99% 6.69%
Earnings before Tax (EBT) 1 502.7 535.6 751.1 971.7 1,015 836.8
Net income 1 415.6 425.8 590.9 767.4 810.2 655.5
Net margin 4.59% 4.68% 5.97% 7.47% 7.15% 5.22%
EPS 2 7.044 7.218 10.02 13.01 13.73 11.11
Free Cash Flow 1 762.6 818.7 2,215 635.8 1,664 1,444
FCF margin 8.42% 9% 22.39% 6.19% 14.69% 11.5%
FCF Conversion (EBITDA) 133.01% 135% 268.89% 61.22% 153.29% 157.14%
FCF Conversion (Net income) 183.49% 192.26% 374.9% 82.85% 205.33% 220.28%
Dividend per Share 2 2.820 2.900 4.510 5.200 6.180 5.000
Announcement Date 27/02/19 26/02/20 24/02/21 25/02/22 27/02/23 27/02/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 216 343 255 335 480 720
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 763 819 2,215 636 1,664 1,444
ROE (net income / shareholders' equity) 7.82% 7.86% 10.7% 13.4% 13.2% 10.6%
ROA (Net income/ Total Assets) 1.5% 1.48% 1.93% 2.19% 2.07% 1.67%
Assets 1 27,758 28,693 30,614 35,027 39,226 39,317
Book Value Per Share 2 89.20 94.40 92.00 102.0 107.0 103.0
Cash Flow per Share 2 4.090 6.230 5.310 6.970 9.160 14.50
Capex 1 30.3 54.4 35.6 145 168 109
Capex / Sales 0.33% 0.6% 0.36% 1.41% 1.48% 0.87%
Announcement Date 27/02/19 26/02/20 24/02/21 25/02/22 27/02/23 27/02/24
1THB in Million2THB
Estimates
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