Stock NOBLE-R NOBLE DEVELOPMENT
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Financials Noble Development Thailand S.E.

Equities

NOBLE-R

TH0564010R13

Real Estate Development & Operations

End-of-day quote Thailand S.E.
Other stock markets
 23:00:00 27/06/2024 BST 		5-day change 1st Jan Change
3.2 THB -2.44% Intraday chart for Noble Development -4.76% -18.37%
05-14 Noble Development Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
04-25 Noble Development Public Company Limited Approves Cash Dividend for the Operating Result of the Period from 01 October, 2023 to 31 December, 2023, Payable on May 24, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 7,486 11,320 8,422 7,600 5,368 4,382 -
Enterprise Value (EV) 1 7,486 18,651 8,422 19,600 5,368 4,382 4,382
P/E ratio 2.44 x 6.03 x 9.04 x 16.8 x 5.94 x 5.82 x 6.4 x
Yield - 10.5% 6.99% 3.6% 10.2% 10.3% 9.38%
Capitalization / Revenue - 1.06 x 1.23 x 0.93 x 0.59 x 0.43 x 0.46 x
EV / Revenue - 1.06 x 1.23 x 0.93 x 0.59 x 0.43 x 0.46 x
EV / EBITDA - 4.59 x 6.33 x 6.55 x 2.98 x 2.79 x 3.03 x
EV / FCF - 2.85 x -6.77 x -8.1 x -3.1 x 5.59 x 8.81 x
FCF Yield - 35.1% -14.8% -12.4% -32.2% 17.9% 11.3%
Price to Book - 1.93 x - 1.28 x 0.83 x 0.62 x 0.6 x
Nbr of stocks (in thousands) 1,369,414 1,369,414 1,369,414 1,369,414 1,369,414 1,369,414 -
Reference price 2 5.467 8.267 6.150 5.550 3.920 3.200 3.200
Announcement Date 27/02/20 25/02/21 24/02/22 22/02/23 27/02/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 - 10,723 6,827 8,215 9,054 10,085 9,527
EBITDA 1 - 2,465 1,330 1,161 1,802 1,570 1,445
EBIT 1 - 2,377 587.4 490.7 1,638 1,321 1,172
Operating Margin - 22.16% 8.6% 5.97% 18.09% 13.1% 12.3%
Earnings before Tax (EBT) 1 - 2,386 1,177 597.4 1,200 926 816
Net income 1 3,071 1,878 931.8 454.9 910.4 760 681
Net margin - 17.52% 13.65% 5.54% 10.06% 7.54% 7.15%
EPS 2 2.243 1.370 0.6800 0.3300 0.6600 0.5500 0.5000
Free Cash Flow 1 - 3,976 -1,245 -938.7 -1,731 783.4 497.2
FCF margin - 37.08% -18.23% -11.43% -19.12% 7.77% 5.22%
FCF Conversion (EBITDA) - 161.29% - - - 49.89% 34.41%
FCF Conversion (Net income) - 211.66% - - - 103.07% 73.01%
Dividend per Share 2 - 0.8700 0.4300 0.2000 0.3990 0.3300 0.3000
Announcement Date 27/02/20 25/02/21 24/02/22 22/02/23 27/02/24 - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - 7,331 - 12,000 - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - 2.974 x - 10.34 x - - -
Free Cash Flow 1 - 3,976 -1,245 -939 -1,731 783 497
ROE (net income / shareholders' equity) - 33.1% 16.2% 7.87% 10.6% 11.1% 9.5%
ROA (Net income/ Total Assets) - 9.2% 4.72% 2.13% 3.73% 4.2% 3.9%
Assets 1 - 20,414 19,739 21,388 24,383 18,095 17,462
Book Value Per Share 2 - 4.280 - 4.340 4.710 5.130 5.320
Cash Flow per Share 2 - - - - 0.7800 0.7400 0.7000
Capex 1 - 96.9 133 77 23 277 294
Capex / Sales - 0.9% 1.95% 0.94% 0.25% 2.75% 3.09%
Announcement Date 27/02/20 25/02/21 24/02/22 22/02/23 27/02/24 - -
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 Noble Development

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
SELL
Number of Analysts
1
Last Close Price
3.2 THB
Average target price
3.7 THB
Spread / Average Target
+15.62%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Residential Real Estate Development

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Residential Real Estate Development
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