Financials Samart Aviation Solutions

Equities

SAV

THB490010006

Airport Services

End-of-day quote Thailand S.E. Other stock markets 23:00:00 05/06/2024 BST			5-day change	1st Jan Change
23 ^THB	+4.55%		+7.48%	+42.86%

05-09	Samart Aviation Solutions Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-26	88,000,000 Ordinary Shares of Samart Aviation Solutions Public Company Limited are subject to a Lock-Up Agreement Ending on 26-MAR-2024.	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	10,304	14,720	-	-
Enterprise Value (EV) ¹	10,304	14,214	13,956	14,720
P/E ratio	35 x	33.8 x	27.1 x	23.7 x
Yield	4.66%	1.78%	2.02%	2.74%
Capitalization / Revenue	6.27 x	7.93 x	7.03 x	6.39 x
EV / Revenue	6.27 x	7.65 x	6.67 x	6.39 x
EV / EBITDA	17.8 x	20.1 x	16.5 x	15.5 x
EV / FCF	34 x	57.6 x	27.1 x	19.9 x
FCF Yield	2.94%	1.74%	3.69%	5.02%
Price to Book	8.08 x	9.31 x	7.23 x	6.25 x
Nbr of stocks (in thousands)	640,000	640,000	-	-
Reference price ²	16.10	23.00	23.00	23.00
Announcement Date	21/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	1,644	1,857	2,093	2,303
EBITDA ¹	-	579.1	706	843.5	949.5
EBIT ¹	-	514.8	636	751.5	853
Operating Margin	-	31.31%	34.25%	35.91%	37.04%
Earnings before Tax (EBT) ¹	-	361.8	580	709.5	815
Net income ¹	199.5	271.6	436	543	623.5
Net margin	-	16.51%	23.48%	25.94%	27.07%
EPS ²	0.3460	0.4600	0.6800	0.8500	0.9700
Free Cash Flow ¹	-	303.1	247	515	739.4
FCF margin	-	18.43%	13.3%	24.61%	32.11%
FCF Conversion (EBITDA)	-	52.34%	34.98%	61.05%	77.87%
FCF Conversion (Net income)	-	111.62%	56.64%	94.84%	118.59%
Dividend per Share ²	-	0.7500	0.4100	0.4650	0.6300
Announcement Date	25/09/23	21/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	400.8	534.3	408.2
EBITDA ¹	-	-	159.2
EBIT ¹	146.5	129.4	142.1
Operating Margin	36.55%	24.21%	34.82%
Earnings before Tax (EBT) ¹	-	89.73	125
Net income ¹	90.78	66.77	94.26
Net margin	22.65%	12.5%	23.09%
EPS ²	0.1560	0.1060	0.1470
Dividend per Share	-	-	-
Announcement Date	08/11/23	21/02/24	10/05/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	-	506	765	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	303	247	515	739
ROE (net income / shareholders' equity)	-	33.6%	30.5%	29.3%	30.9%
ROA (Net income/ Total Assets)	-	13.1%	25.2%	23.5%	26.4%
Assets ¹	-	2,069	1,730	2,316	2,362
Book Value Per Share ²	-	1.990	2.470	3.180	3.680
Cash Flow per Share ²	-	0.6800	0.9000	1.120	1.290
Capex ¹	-	101	162	141	87
Capex / Sales	-	6.14%	8.72%	6.74%	3.78%
Announcement Date	25/09/23	21/02/24	-	-	-

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 Samart Aviation Solutions

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

23 THB

Average target price

23.8 THB

Spread / Average Target

+3.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Airport Operators

	1st Jan change	Capi.
SAMART AVIATION SOLUTIONS	+42.86%	404M
AIRPORTS OF THAILAND	+3.35%	24.21B
KØBENHAVNS LUFTHAVNE A/S	+1.08%	5.37B
FLUGHAFEN WIEN AG	-3.14%	4.5B
GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.	-7.94%	3.56B
GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED	+3.48%	3.31B
JAPAN AIRPORT TERMINAL CO., LTD.	-11.50%	3.28B
ATHENS INTERNATIONAL AIRPORT S.A.	0.00%	2.7B
ENAV S.P.A.	+11.18%	2.25B
SHENZHEN AIRPORT CO., LTD.	+4.82%	1.91B

Airport Operators