Financials Warrix Sport

Equities

WARRIX

THB127010007

Recreational Products

End-of-day quote Thailand S.E. Other stock markets 23:00:00 13/06/2024 BST			5-day change	1st Jan Change
5.5 ^THB	+2.80%		-1.79%	-16.67%

05-20	Tranche Update on Warrix Sport Public Company Limited's Equity Buyback Plan announced on November 17, 2023.	CI
05-20	Warrix Sport Public Company Limited's Equity Buyback announced on November 17, 2023, has expired with 10,920,000 shares, representing 1.83% for THB 66.71 million.	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	3,911	3,240	-	-
Enterprise Value (EV) ¹	3,702	2,994	3,060	3,240
P/E ratio	31.4 x	18.5 x	15.3 x	12.8 x
Yield	1.55%	2.41%	2.82%	3.09%
Capitalization / Revenue	3.19 x	2.15 x	1.85 x	1.71 x
EV / Revenue	3.02 x	1.98 x	1.74 x	1.71 x
EV / EBITDA	16.3 x	11.2 x	9.11 x	9.08 x
EV / FCF	-165 x	40.7 x	50.6 x	-
FCF Yield	-0.61%	2.45%	1.98%	-
Price to Book	2.81 x	2.2 x	2.03 x	1.83 x
Nbr of stocks (in thousands)	592,550	589,080	-	-
Reference price ²	6.600	5.500	5.500	5.500
Announcement Date	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2023	2024	2025	2026
Net sales ¹	1,225	1,508	1,754	1,900
EBITDA ¹	226.6	266.7	336	357
EBIT ¹	144	231	264	-
Operating Margin	11.76%	15.31%	15.05%	-
Earnings before Tax (EBT) ¹	163.6	234	268.3	-
Net income ¹	127.4	179	215.8	257
Net margin	10.4%	11.87%	12.3%	13.53%
EPS ²	0.2100	0.2967	0.3600	0.4300
Free Cash Flow ¹	-22.5	73.5	60.5	-
FCF margin	-1.84%	4.87%	3.45%	-
FCF Conversion (EBITDA)	-	27.56%	18.01%	-
FCF Conversion (Net income)	-	41.06%	28.04%	-
Dividend per Share ²	0.1025	0.1325	0.1550	0.1700
Announcement Date	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	325.4	393.2	327.7
EBITDA ¹	-	66.94	-	37.92
EBIT ¹	-	53.65	64.1	20.83
Operating Margin	-	16.48%	16.3%	6.36%
Earnings before Tax (EBT) ¹	-	51.5	71.03	26.59
Net income ¹	20.96	40.33	55.02	20.23
Net margin	-	12.39%	13.99%	6.17%
EPS ²	0.0300	0.0700	0.0900	0.0400
Dividend per Share	-	-	-	-
Announcement Date	18/08/23	14/11/23	29/02/24	20/05/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2023	2024	2025	2026
Net Debt ¹	-	-	-	-
Net Cash position ¹	209	246	180	-
Leverage (Debt/EBITDA)	-	-	-	-
Free Cash Flow ¹	-22.5	73.5	60.5	-
ROE (net income / shareholders' equity)	8.95%	12.2%	13.3%	14%
ROA (Net income/ Total Assets)	6.93%	10.2%	10.5%	-
Assets ¹	1,839	1,755	2,055	-
Book Value Per Share ²	2.350	2.500	2.710	3.000
Cash Flow per Share ²	-0.0100	0.3600	0.2500	-
Capex ¹	74.5	72.7	66.7	-
Capex / Sales	6.08%	4.82%	3.8%	-
Announcement Date	29/02/24	-	-	-

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 Warrix Sport

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.5 THB

Average target price

7.088 THB

Spread / Average Target

+28.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sporting & Outdoor Goods

	1st Jan change	Capi.
WARRIX SPORT	-16.67%	88.35M
AMER SPORTS OYJ	+4.27%	5.09B
FLUIDRA, S.A.	+14.06%	4.37B
ACUSHNET HOLDINGS CORP.	+1.01%	4.02B
TOPGOLF CALLAWAY BRANDS CORP.	+4.81%	2.76B
TECHNOGYM S.P.A.	+1.99%	1.97B
PELOTON INTERACTIVE, INC.	-37.44%	1.41B
MIZUNO CORPORATION	+116.54%	1.38B
MIPS AB	+18.79%	1.09B
YONEX CO., LTD.	+37.00%	1.01B

Sporting & Outdoor Goods