Financials Thai Union Group

Equities

TU

TH0450010Y08

Food Processing

End-of-day quote Thailand S.E. Other stock markets 12/12/2024			5-day change	1st Jan Change
13.10 ^THB	-2.96%		-2.24%	-12.67%

11-06	Thai Union Group Public Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2024	CI
08-08	Thai Union Group Public Company Limited, Q2 2024 Earnings Call, Aug 08, 2024

Projected Income Statement: Thai Union Group

income-statement-evolution-chart THAI-UNION-GROUP

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	126,275	132,402	141,048	155,586	136,153	139,754	145,097	150,650
Change	-	4.85%	6.53%	10.31%	-12.49%	2.64%	3.82%	3.83%
EBITDA ¹	7,264	12,482	12,440	12,374	11,103	12,845	13,318	13,867
Change	-	71.84%	-0.34%	-0.53%	-10.27%	15.69%	3.68%	4.13%
EBIT ¹	3,573	8,527	8,256	8,050	6,912	8,068	8,446	9,101
Change	-	138.66%	-3.17%	-2.49%	-14.15%	16.73%	4.69%	7.76%
Interest Paid ¹	-2,056	-1,724	-1,730	-1,998	-2,302	-2,524	-2,349	-2,320
Earnings before Tax (EBT) ¹	4,428	7,279	9,013	7,593	5,813	6,802	7,347	8,186
Change	-	64.38%	23.83%	-15.75%	-23.45%	17.02%	8.01%	11.41%
Net income ¹	3,816	6,246	8,013	7,138	-13,933	5,342	5,843	6,297
Change	-	63.69%	28.29%	-10.92%	-	-	9.38%	7.77%
Announcement Date	17/02/20	22/02/21	23/02/22	20/02/23	19/02/24	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	32,854	31,103	33,051	34,784	33,464	31,125	35,883	35,539	38,501	36,272	38,946	40,756	39,613	32,652	34,057	33,915	35,529	33,220	35,283	34,840	37,814
Change	-	-5.33%	6.26%	5.24%	-3.79%	-6.99%	15.29%	-0.96%	8.33%	-5.79%	7.37%	4.65%	-2.81%	-17.57%	4.31%	-0.42%	4.76%	-6.5%	6.21%	-1.26%	8.54%
EBITDA	-1,293	2,466	3,336	2,994	3,110	-	3,558	2,954	3,065	2,688	2,713	3,521	3,451	1,844	2,814	3,217	3,227	2,612	3,252	3,211	-
Change	-	-	35.27%	-10.25%	3.87%	-100%	-	-16.97%	3.75%	-12.28%	0.91%	29.77%	-1.97%	-46.57%	52.62%	14.32%	0.31%	-19.07%	24.5%	-1.27%	-100%
EBIT	1,289	1,500	2,356	1,998	2,096	1,871	2,524	1,885	1,976	1,667	1,664	2,335	2,384	795.1	1,773	2,188	2,155	1,545	2,164	2,100	-
Change	-	16.36%	57.08%	-15.19%	4.89%	-10.74%	34.92%	-25.32%	4.84%	-15.66%	-0.14%	40.29%	2.1%	-66.65%	122.99%	23.43%	-1.53%	-28.31%	40.08%	-2.99%	-100%
Charge d'intérêts ¹	-503.2	-434.5	-438.3	-437	-414.6	-396.7	-433.9	-444.4	-455	-445	-464.9	-517.1	-570.9	-532.4	-550.2	-589.3	-630.2	-647.2	-620	-627.4	-667
Earnings before Tax (EBT)	1,284	1,233	1,932	2,450	1,664	2,037	2,667	2,266	2,043	1,573	1,326	2,713	2,238	917.3	986.6	1,262	-	1,537	1,544	1,919	-
Change	-	-4%	56.68%	26.81%	-32.08%	22.42%	30.93%	-15.04%	-9.86%	-23.01%	-15.7%	104.64%	-17.51%	-59.01%	7.55%	27.87%	-100%	-	0.46%	24.3%	-100%
Net income ¹	1,057	1,016	1,716	2,056	1,457	1,803	2,343	1,937	1,930	1,746	1,624	2,530	1,238	1,022	1,029	1,206	-17,189	1,153	1,219	1,400	1,392
Change	-	-3.89%	68.88%	19.81%	-29.12%	23.7%	29.95%	-17.33%	-0.33%	-9.58%	-6.97%	55.83%	-51.07%	-17.49%	0.69%	17.23%	-	-	5.69%	14.9%	-0.59%
Announcement Date	17/02/20	05/05/20	11/08/20	04/11/20	22/02/21	10/05/21	09/08/21	08/11/21	23/02/22	09/05/22	08/08/22	02/11/22	20/02/23	03/05/23	07/08/23	06/11/23	19/02/24	08/05/24	07/08/24	06/11/24	-

¹THB in Million

Estimates

Fiscal Period: December	2020 S1	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	64,154	-	75,217	66,709	68,503
Change	-	-100%	-	-11.31%	2.69%
EBITDA ¹	-	-	5,402	4,658	5,999
Change	-	-	-	-13.76%	28.78%
EBIT ¹	3,856	-	3,331	-	3,845
Change	-	-100%	-	-100%	-
Charge d'intérêts ¹	-872.8	-	-909.9	-	-1,267
Earnings before Tax (EBT) ¹	3,165	-	2,898	-	3,081
Change	-	-100%	-	-100%	-
Net income ¹	2,732	4,146	3,369	2,050	2,372
Change	-	51.72%	-18.73%	-39.15%	15.68%
Announcement Date	11/08/20	09/08/21	08/08/22	07/08/23	07/08/24

¹THB in Million

Estimates

Forecast Balance Sheet: Thai Union Group

balance-sheet-analysis-chart THAI-UNION-GROUP

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	53,866	52,129	61,318	47,328	51,538	47,786	44,687	39,953
Change	-	-3.22%	17.63%	-22.82%	8.9%	-7.28%	-6.49%	-10.59%
Announcement Date	17/02/20	22/02/21	23/02/22	20/02/23	19/02/24	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: Thai Union Group

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	4,605	3,855	4,174	5,340	4,925	4,611	4,580	4,453
Change	-	-16.28%	8.27%	27.95%	-7.78%	-6.37%	-0.67%	-2.77%
Free Cash Flow (FCF) ¹	7,151	9,578	2,118	530.6	6,317	8,700	5,060	4,961
Change	-	33.94%	-77.88%	-74.95%	1,090.44%	37.72%	-41.84%	-1.96%
Announcement Date	17/02/20	22/02/21	23/02/22	20/02/23	19/02/24	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: Thai Union Group

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	5.75%	9.43%	8.82%	7.95%	8.15%	9.19%	9.18%	9.21%
EBIT Margin (%)	2.83%	6.44%	5.85%	5.17%	5.08%	5.77%	5.82%	6.04%
EBT Margin (%)	3.51%	5.5%	6.39%	4.88%	4.27%	4.87%	5.06%	5.43%
Net margin (%)	3.02%	4.72%	5.68%	4.59%	-10.23%	3.82%	4.03%	4.18%
FCF margin (%)	5.66%	7.23%	1.5%	0.34%	4.64%	6.23%	3.49%	3.29%
FCF / Net Income (%)	187.39%	153.34%	26.44%	7.43%	-45.34%	162.86%	86.59%	78.78%
Profitability
ROA	2.69%	4.36%	5.15%	4.09%	3.28%	3.44%	3.66%	3.94%
ROE	8.33%	12.42%	14.37%	10.2%	8.18%	9.1%	9.59%	10.1%
Financial Health
Leverage (Debt/EBITDA)	7.42x	4.18x	4.93x	3.82x	4.64x	3.72x	3.36x	2.88x
Debt / Free cash flow	7.53x	5.44x	28.95x	89.19x	8.16x	5.49x	8.83x	8.05x
Capital Intensity
CAPEX / Current Assets (%)	3.65%	2.91%	2.96%	3.43%	3.62%	3.3%	3.16%	2.96%
CAPEX / EBITDA (%)	63.39%	30.88%	33.55%	43.16%	44.35%	35.9%	34.39%	32.11%
CAPEX / FCF (%)	64.4%	40.25%	197.03%	1,006.36%	77.96%	53%	90.52%	89.77%
Items per share
Cash flow per share ¹	2.463	2.85	1.304	1.261	2.486	2.022	2.292	2.167
Change	-	15.68%	-54.26%	-3.25%	97.15%	-18.66%	13.31%	-5.44%
Dividend per Share ¹	0.47	0.72	0.95	0.84	0.54	0.6275	0.6817	0.7449
Change	-	53.19%	31.94%	-11.58%	-35.71%	16.21%	8.63%	9.28%
Book Value Per Share ¹	10.15	10.94	12.74	17.32	12.97	13.76	14.26	14.41
Change	-	7.77%	16.53%	35.94%	-25.14%	6.09%	3.63%	1.09%
EPS ¹	0.8	1.26	1.66	1.47	-3.15	1.149	1.264	1.361
Change	-	57.5%	31.75%	-11.45%	-314.29%	-136.49%	10%	7.64%
Nbr of stocks (in thousands)	4,771,815	4,654,815	4,654,815	4,655,133	4,455,133	4,255,133	4,255,133	4,255,133
Announcement Date	17/02/20	22/02/21	23/02/22	20/02/23	19/02/24	-	-	-