THAI SOLAR ENERGY |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1.16 THB | -1.69% |
|
-5.69% | -31.76% |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 3,964 | 6,226 | 5,252 | 5,548 | 4,955 | 3,600 |
| Enterprise Value (EV) 1 | 12,869 | 15,249 | 17,181 | 17,738 | 18,312 | 7,950 |
| P/E ratio | 22.8 x | 7.4 x | 12.5 x | 11.3 x | 6.85 x | -1.21 x |
| Yield | 2.64% | 4.08% | 2.02% | 2.86% | - | 5.29% |
| Capitalization / Revenue | 7.06 x | 4.62 x | 3.43 x | 3.64 x | 3.77 x | 2.86 x |
| EV / Revenue | 22.9 x | 11.3 x | 11.2 x | 11.6 x | 13.9 x | 6.31 x |
| EV / EBITDA | 171 x | 27.9 x | 27.4 x | 36 x | 36.8 x | -25.2 x |
| EV / FCF | -4.71 x | 23,950 x | -7.85 x | -10.1 x | -5.67 x | -4.46 x |
| FCF Yield | -21.2% | 0% | -12.7% | -9.91% | -17.6% | -22.4% |
| Price to Book | 0.83 x | 1.11 x | 0.89 x | 0.87 x | 0.77 x | 0.99 x |
| Nbr of stocks (in thousands) | 1,905,750 | 2,117,716 | 2,117,716 | 2,117,716 | 2,117,716 | 2,117,716 |
| Reference price 2 | 2.080 | 2.940 | 2.480 | 2.620 | 2.340 | 1.700 |
| Announcement Date | 27/02/19 | 27/02/20 | 25/02/21 | 24/02/22 | 23/02/23 | 29/02/24 |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 561.4 | 1,349 | 1,530 | 1,524 | 1,315 | 1,261 |
| EBITDA 1 | 75.43 | 545.6 | 626.8 | 492.4 | 498.3 | -315.8 |
| EBIT 1 | -80.49 | 206.4 | 236.4 | 102.4 | 195.2 | -974.6 |
| Operating Margin | -14.34% | 15.3% | 15.45% | 6.72% | 14.85% | -77.32% |
| Earnings before Tax (EBT) 1 | 266.6 | 803.8 | 419 | 501.6 | 739.1 | -1,032 |
| Net income 1 | 174 | 774.6 | 421.4 | 492.7 | 723.8 | -2,981 |
| Net margin | 30.99% | 57.42% | 27.54% | 32.33% | 55.06% | -236.48% |
| EPS 2 | 0.0913 | 0.3971 | 0.1990 | 0.2327 | 0.3418 | -1.408 |
| Free Cash Flow 1 | -2,731 | 0.6367 | -2,190 | -1,758 | -3,227 | -1,781 |
| FCF margin | -486.55% | 0.05% | -143.08% | -115.35% | -245.48% | -141.26% |
| FCF Conversion (EBITDA) | - | 0.12% | - | - | - | - |
| FCF Conversion (Net income) | - | 0.08% | - | - | - | - |
| Dividend per Share 2 | 0.0550 | 0.1200 | 0.0500 | 0.0750 | - | 0.0900 |
| Announcement Date | 27/02/19 | 27/02/20 | 25/02/21 | 24/02/22 | 23/02/23 | 29/02/24 |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 8,905 | 9,023 | 11,930 | 12,190 | 13,356 | 4,350 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 118.1 x | 16.54 x | 19.03 x | 24.75 x | 26.81 x | -13.77 x |
| Free Cash Flow 1 | -2,731 | 0.64 | -2,190 | -1,758 | -3,227 | -1,781 |
| ROE (net income / shareholders' equity) | 3.78% | 15.1% | 7.25% | 8.04% | 11.3% | -20.6% |
| ROA (Net income/ Total Assets) | -0.37% | 0.84% | 0.84% | 0.33% | 0.61% | -3.96% |
| Assets 1 | -46,524 | 91,754 | 49,980 | 149,713 | 119,297 | 75,293 |
| Book Value Per Share 2 | 2.500 | 2.660 | 2.790 | 3.000 | 3.040 | 1.710 |
| Cash Flow per Share 2 | 0.2900 | 0.3000 | 0.4200 | 0.4000 | 0.1700 | 0.9200 |
| Capex 1 | 2,255 | 434 | 2,659 | 1,787 | 3,002 | 1,901 |
| Capex / Sales | 401.73% | 32.21% | 173.74% | 117.24% | 228.35% | 150.78% |
| Announcement Date | 27/02/19 | 27/02/20 | 25/02/21 | 24/02/22 | 23/02/23 | 29/02/24 |
1THB in Million2THB
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -31.76% | 66.8M | |
| +547.03% | 3.2B | |
| -5.20% | 2.86B | |
| -2.94% | 1.62B | |
| -15.15% | 974M | |
| -6.79% | 858M | |
| -34.99% | 710M | |
| -19.26% | 647M | |
| +63.85% | 555M | |
| -11.11% | 552M |
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