TRUE CORPORATION Financials True Corporation Deutsche Boerse AG
Equities
TAF0
THB231010R11
Wireless Telecommunications Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.212 THB | -0.93% |
|
+2.91% | +66.93% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 153,494 | 114,787 | 159,500 | 161,502 | 174,488 | 302,331 | - | - |
| Enterprise Value (EV) 1 | 316,817 | 439,861 | 509,212 | 536,271 | 618,417 | 742,487 | 727,833 | 711,732 |
| P/E ratio | 27.1 x | 115 x | -119 x | -8.8 x | -12 x | 181 x | 41.5 x | 26.7 x |
| Yield | 1.96% | 2.03% | 1.46% | 1.45% | - | 0.14% | 1.05% | 2.21% |
| Capitalization / Revenue | 1.09 x | 0.83 x | 1.11 x | 1.2 x | 1.03 x | 1.45 x | 1.44 x | 1.45 x |
| EV / Revenue | 2.25 x | 3.18 x | 3.54 x | 3.97 x | 3.66 x | 3.56 x | 3.46 x | 3.42 x |
| EV / EBITDA | 9.14 x | 7.8 x | 8.4 x | 9.64 x | 8.17 x | 7.72 x | 7.2 x | 6.71 x |
| EV / FCF | -13.7 x | 158 x | -94.9 x | -135 x | 21.9 x | 19.2 x | 17.3 x | 13.6 x |
| FCF Yield | -7.3% | 0.63% | -1.05% | -0.74% | 4.57% | 5.22% | 5.78% | 7.34% |
| Price to Book | 1.22 x | 1.35 x | 1.96 x | 2.65 x | 2.03 x | 3.47 x | 3.27 x | 3.15 x |
| Nbr of stocks (in thousands) | 20,026,923 | 20,026,923 | 20,026,923 | 20,026,923 | 34,552,101 | 34,552,101 | - | - |
| Reference price 2 | 7.664 | 5.732 | 7.964 | 8.064 | 5.050 | 8.750 | 8.750 | 8.750 |
| Announcement Date | 28/02/20 | 25/02/21 | 18/02/22 | 20/02/23 | 22/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 140,943 | 138,212 | 143,655 | 135,076 | 169,074 | 208,478 | 210,091 | 207,929 |
| EBITDA 1 | 34,645 | 56,400 | 60,612 | 55,623 | 75,718 | 96,173 | 101,056 | 106,066 |
| EBIT 1 | 5,301 | 10,646 | 12,413 | 2,216 | 14,101 | 24,953 | 31,289 | 35,803 |
| Operating Margin | 3.76% | 7.7% | 8.64% | 1.64% | 8.34% | 11.97% | 14.89% | 17.22% |
| Earnings before Tax (EBT) 1 | 7,745 | 944.3 | -1,367 | -17,979 | -12,728 | 2,319 | 6,939 | 12,314 |
| Net income 1 | 5,637 | 1,048 | -1,428 | -18,285 | -14,581 | 3,252 | 7,656 | 8,492 |
| Net margin | 4% | 0.76% | -0.99% | -13.54% | -8.62% | 1.56% | 3.64% | 4.08% |
| EPS 2 | 0.2832 | 0.0500 | -0.0666 | -0.9164 | -0.4200 | 0.0484 | 0.2109 | 0.3280 |
| Free Cash Flow 1 | -23,141 | 2,792 | -5,365 | -3,971 | 28,234 | 38,772 | 42,063 | 52,246 |
| FCF margin | -16.42% | 2.02% | -3.73% | -2.94% | 16.7% | 18.6% | 20.02% | 25.13% |
| FCF Conversion (EBITDA) | - | 4.95% | - | - | 37.29% | 40.31% | 41.62% | 49.26% |
| FCF Conversion (Net income) | - | 266.33% | - | - | - | 1,192.16% | 549.4% | 615.2% |
| Dividend per Share 2 | 0.1500 | 0.1166 | 0.1166 | 0.1166 | - | 0.0126 | 0.0917 | 0.1929 |
| Announcement Date | 28/02/20 | 25/02/21 | 18/02/22 | 20/02/23 | 22/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 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 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 41,467 | 35,138 | 34,055 | 32,608 | 33,274 | - | 49,113 | 49,932 | 52,348 | 51,347 | 50,943 | - | - | - | - |
| EBITDA 1 | 15,626 | 14,866 | 14,662 | 14,952 | 11,143 | - | 23,064 | 21,782 | 23,369 | 24,323 | 23,971 | - | - | - | - |
| EBIT 1 | 2,566 | 1,957 | - | 1,513 | -2,678 | - | 4,483 | 3,584 | 4,520 | 5,961 | 6,700 | - | - | - | - |
| Operating Margin | 6.19% | 5.57% | - | 4.64% | -8.05% | - | 9.13% | 7.18% | 8.63% | 11.61% | 13.15% | - | - | - | - |
| Earnings before Tax (EBT) | 92.6 | -1,422 | -727.9 | -2,707 | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | 54.35 | -1,617 | -761.3 | -2,757 | -13,150 | 615.5 | -2,320 | -1,598 | -11,279 | -769.3 | -853.8 | - | - | - | - |
| Net margin | 0.13% | -4.6% | -2.24% | -8.46% | -39.52% | - | -4.72% | -3.2% | -21.55% | -1.5% | -1.68% | - | - | - | - |
| EPS 2 | 0.0167 | -0.0833 | -0.0333 | -0.1333 | -0.6665 | 0.0200 | -0.0700 | -0.0500 | -0.3200 | -0.0200 | 0.0147 | 0.0131 | 0.0104 | 0.0300 | 0.0700 |
| Dividend per Share 2 | 0.1166 | - | - | - | 0.1166 | - | - | - | - | - | - | - | - | - | 0.0355 |
| Announcement Date | 18/02/22 | 17/05/22 | 15/08/22 | 14/11/22 | 20/02/23 | 10/05/23 | 27/07/23 | 09/11/23 | 22/02/24 | 03/05/24 | - | - | - | - | - |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 163,323 | 325,074 | 349,712 | 374,769 | 443,929 | 440,156 | 425,502 | 409,401 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.714 x | 5.764 x | 5.77 x | 6.738 x | 5.863 x | 4.577 x | 4.211 x | 3.86 x |
| Free Cash Flow 1 | -23,141 | 2,792 | -5,365 | -3,971 | 28,234 | 38,772 | 42,063 | 52,246 |
| ROE (net income / shareholders' equity) | 4.36% | 1% | -1.72% | -25.7% | -19.9% | 1.79% | 8.08% | 11.7% |
| ROA (Net income/ Total Assets) | 1.11% | 0.18% | -0.23% | -2.94% | -2.14% | 0.29% | 1.5% | 1.9% |
| Assets 1 | 509,779 | 570,712 | 621,236 | 621,502 | 681,417 | 1,135,152 | 509,737 | 445,954 |
| Book Value Per Share 2 | 6.290 | 4.250 | 4.060 | 3.050 | 2.480 | 2.520 | 2.670 | 2.780 |
| Cash Flow per Share 2 | 0.7200 | 2.200 | 1.770 | 1.760 | 1.510 | 1.860 | 2.120 | 2.300 |
| Capex 1 | 37,565 | 41,327 | 40,821 | 39,193 | 23,929 | 33,191 | 31,205 | 29,063 |
| Capex / Sales | 26.65% | 29.9% | 28.42% | 29.02% | 14.15% | 15.92% | 14.85% | 13.98% |
| Announcement Date | 28/02/20 | 25/02/21 | 18/02/22 | 20/02/23 | 22/02/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
8.75
THB
Average target price
10.13
THB
Spread / Average Target
+15.77%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +9.89% | 207B | |
| +13.89% | 137B | |
| -5.17% | 55.06B | |
| +46.33% | 28.1B | |
| +1.75% | 23.56B | |
| -3.69% | 16.92B | |
| +4.37% | 15.62B | |
| -8.01% | 10.34B | |
| +8.52% | 9.96B |
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